• 동아시아경상학회지
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• 제7권4호
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• pp.41-49
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• 2019

Purpose - This paper empirically investigates what factors contribute to corporate investments under financial constraint condition in the Korean stock market. In the paper, tangible assets' growth rate and fixed assets' growth rate were employed as investment performance and total assets were also used for comparison purpose. Research design and methodology - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted a fixed panel regression model to assess the sample construction including yearly and cross-sectional data. Results - This results support the literatures that major shareholders showed positive significance to investment in financially unconstrained firms and no significance to investment in financially constrained firms. ROA showed positive significance to investment in financially unconstrained and constrained firms, whereas firm size showed negative significance to investment in financially unconstrained and constrained firms. Debt showed no positive significance to investment in financially unconstrained firms and negative significance to investment in financially constrained firms. Conclusions - This paper documented evidence that ROA and firm size are important factors to investment irrespective of firms' financial constraints. And this paper also supports that major shareholders give positive impact to investments in financially unconstrained firms. This means that financial constraints itself rule corporate' investment decision in financially constrained firms.

• 수산경영론집
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• 제28권2호
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• pp.1-18
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• 1997

The purpose of this study is to investigate empirically the characteristics of financial structure by using 76 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. For the empirical test, we choose the following factors as the explanatory variables of cross-sectional regression analysis:firm-size(SIZE), collateral value of assets(TFATA), business risk(BRISK), growth(GROWTH), effective tax(ET), profitability(PROFIT). Two different debt ratios are used as dependent variables. One is defined as the ratio of total debt to total assets and the other is as that of long-term debt to total asset in terms of book value. The sample consists of 76 fisheries firms and sample period is 14 years from 1982 till 1995. From the results of cross-sectional regression analysis, the adjusted R$^2$values were high, 16∼79% and the overall F values indicated to be statistically significant. The results of cross sectional regression analysis show that the characteristics of financial structure fur fisheries corporations are as follows ; (1) Firm-size and collateral value of assets are the major factors of financial structure for fisheries corporations. That is, the larger firm-size the higher is debt ratio. This means that financial institutions conventionally lend more collateral loans with fixed assets like land, building rather than management capacities or credits. (2) To be consistent with a pecking-order theory, the higher is profitability the lower is debt ratio in fisheries corporations. (3) Corporations with high effective tax rate have lower financial leverage. Although the empirical results are inconsistent with traditional static trade-off theory, we think it would be attributed to government's various tax shelterings for fisheries which are likely to reduce tax shield effect of interests.

• 유통과학연구
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• 제12권11호
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• pp.77-83
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• 2014

Purpose - The National Agricultural Cooperative Federation of Korea and National Fisheries Cooperative Federation of Korea have prosecuted both financial and retail businesses. As cooperatives are public institutions and receive government support, their sound management is required by the Financial Supervisory Service in Korea. This is mainly managed by CAEL, which is changed by CAMEL. However, NFFC's business section, managing the finance and retail businesses, is unified and evaluated; the CAEL model has an insufficient classification to evaluate the retail industry. First, there is discrimination power as regards CAEL. Although the retail business sector union can receive a higher rating on a CAEL model, defaults have often been reported. Therefore, a default prediction model is needed to support a CAEL model. As we have the default prediction model using a subdivision of indexes and statistical methods, it can be useful to have a prevention function through the estimation of the retail sector's default probability. Second, separating the difference between the finance and retail business sectors is necessary. Their businesses have different characteristics. Based on various management indexes that have been systematically managed by the National Fisheries Cooperative Federation of Korea, our model predicts retail default, and is better than the CAEL model in its failure prediction because it has various discriminative financial ratios reflecting the retail industry situation. Research design, data, and methodology - The model to predict retail default was presented using logistic analysis. To develop the predictive model, we use the retail financial statements of the NFCF. We consider 93 unions each year from 2006 to 2012 to select confident management indexes. We also adapted the statistical power analysis that is a t-test, logit analysis, AR (accuracy ratio), and AUROC (Area Under Receiver Operating Characteristic) analysis. Finally, through the multivariate logistic model, we show that it is excellent in its discrimination power and higher in its hit ratio for default prediction. We also evaluate its usefulness. Results - The statistical power analysis using the AR (AUROC) method on the short term model shows that the logistic model has excellent discrimination power, with 84.6%. Further, it is higher in its hit ratio for failure (prediction) of total model, at 94%, indicating that it is temporally stable and useful for evaluating the management status of retail institutions. Conclusions - This model is useful for evaluating the management status of retail union institutions. First, subdividing CAEL evaluation is required. The existing CAEL evaluation is underdeveloped, and discrimination power falls. Second, efforts to develop a varied and rational management index are continuously required. An index reflecting retail industry characteristics needs to be developed. However, extending this study will need the following. First, it will require a complementary default model reflecting size differences. Second, in the case of small and medium retail, it will need non-financial information. Therefore, it will be a hybrid default model reflecting financial and non-financial information.

• 컴퓨터교육학회논문지
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• 제17권5호
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• pp.69-77
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• 2014

본 연구는 시 도교육청 및 유치원 차원에서 유아통합교육의 행 재정 지원체제 시스템 구축을 위한 인식을 알아보는 것이었다. 이에 대한 구체적인 연구결론은 다음과 같다. 첫째, 교원 개인의 차원, 직위별에 따른 인식의 차이에서는 법과 제도, 교육과정, 행 재정 지원, 평가 영역 등에서, 교육경력별에 따른 인식의 차이에서는 법과 제도, 교육과정, 장학 영역 등에서, 통합교육 경력별에 따른 인식의 차이에서는 법과 제도, 행 재정 지원, 평가 영역 등에서 집단 간 유의한 차이가 있는 것으로 나타났다. 둘째, 유치원 기관의 차원에서, 설립별에 따른 인식의 차이에서는 법과 제도, 교육과정, 교수-학습, 행 재정 지원, 평가 영역 등에서, 규모별에 따른 차이에서는 법과 제도, 교육과정, 장학, 행 재정 지원, 평가 영역 등에서 집단 간 유의한 차이가 있는 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.79-89
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• 2021

Green finance plays an important role in environmental protection missions and fighting climate change. The Environment Fund in Vietnam is the main channel of preferential capital offered to firms for environmental protection. Unfortunately, it was previously unknown which criteria influenced these companies' ability to obtain green financing. Using a survey method, we collected data through a structured questionnaire of 203 respondents that represent firms that had received concessional loans from 26 Environment Funds. A Multiple Linear Regression model was used to examine the determinants of access to concessional loans for environmental protection. We found relationships between age, size, ownership type, and industry sector, and access to green finance. Third-party guarantees were a significant factor in financing through Environment Funds. Moreover, we found commercial environmental projects face fewer green financing obstacles. Surprisingly, showing audited financial statements does not mitigate the information asymmetry between firms and these financial institutions. These findings suggest that Environment Funds should classify environmental project types to develop appropriate lending policies. In emerging markets, enterprises need to build a trusted relationship with financial institutions so that they can replace asset-based lending techniques, thereby increasing the firms' accessibility to green finance.

• 한국경제지리학회지
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• 제10권3호
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• pp.281-303
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• 2007

이 글은 외환위기 이후 지방은행이 퇴출된 인천경기지역과 대전충남지역에서 지역중소기업의 주거래은행관계가 어떻게 변화하고 있는지를 검토하고 있다. 분석결과를 보면 전국은행은 지역의 중소기업과 주거래관계를 맺는데 주저하고 있으며, 전국은행의 주거래기업은 비교적 다수의 은행과 거래관계를 맺고 있다. 외환위기 이후 뚜렷해진 이러한 경향은 주거래기업의 종업원 규모별 현황에서도 확인되는데, 전국은행의 주거래기업은 비교적 규모가 크다. 이러한 가운데 기업은행과 국민은행이 지역중소기업의 주거래은행으로서 중요한 역할을 하고 있다. 전국은행은 윌리암슨형 조직적 불경제에 기인하여 관계적 금융을 취급하기 곤란하다. 지역금융문제를 완화하기 위해 서민금융기관의 적극적인 역할이 기대되고 있다.

• Journal of Information Technology Applications and Management
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• 제21권4_spc호
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• pp.485-499
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• 2014

Sharing Economy is the modern main item with ICT Development. Of course sharing economic item is the old and long run mainstream, but by the ICT technological development sharing economy is the fostering and affluent factors in the world economic growth. Though, in Korea, till now sharing economy is minimal, that will growth sharply. We can track various business models of sharing economy. Sharing economy is to buy use right not ownership. With the sharing economic business model wee can make also financial sharing model. In finance model we can divide two kind models. First, we can trace small size lending model with p2p type. And second, we can make financial information transaction model. But till now sharing economic system is not activated, because of many reasons. To activate, first we have to set law and various standards, and also government actively support many sharing economy firms and institutions. To catch up developed countries in the field of sharing economy we have to make aggressive and flexible rules and standards.

• 한국문헌정보학회지
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• 제16권
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• pp.243-279
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• 1989

Public library effectiveness is determined by a complexity of the internal and external environments of the library. The purpose of this article is to investigate community environments and library resources as determinants of the output measures of the 15 municipal libraries in Seoul and to cope with changes in the environments for the improvement of their performance. This study is based on the hypotheses that the library's output would be proportioned to the size of budget and library collection, and to the relationships between the characteristics of the library and of the community in which the library develops. The variables identified in this .study are population density, family size, institutions (social, cultural, financial and educational), presence of the mass media, size of service area, and economic level of the community. The output measures employed for analysis are: number of professional staff, expenditures, number of books in the collection, number of books added annually, total circulation, number of library visits, circullation per capita, library visits per capita, .and registration as a percentage of population. The recommendation made in this study is the innovation of the 15 libraries in organization.

• 보건행정학회지
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• 제12권2호
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• pp.43-75
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• 2002

This study focuses on the factors that make the financial structure of hospitals in Korea different, and on recommended courses of action that could be very helpful to hospitals in maintaining a sound financial structure. Data used in this study were collected from 132 hospitals with complete general data of present conditions as well as financial statements. They were chosen from the 174 hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1996 to 2000 for the purpose of accrediting training hospitals. The dependent variable in this study is financial structure. It consists of liabilities as against total assets (total liabilities to total assets, short-term liabilities to total assets, long-term liabilities to total assets, short-term borrowings to total assets, long-term borrowings to total assets). The independent variables are ownership type, hospital type, location, whether or not a representative is a director of the hospital, the possibility of changing a hospital director, bed size, period of establishment, asset structure, profitability, growth, tax shields, business risk, competition. The factors that appear to have the strongest impact on the liabilities to total assets of all the hospitals sampled are ownership type, hospital type, profitability, tax shields, and business risk. It was found that not-for-profit private hospitals and for-profit private hospitals have more liabilities than public hospitals, and tertiary medical institutions have less liabilities than the secondary general hospitals. Moreover, hospitals earning more at the expense of high business risk have a distinct tendency to lower liabilities. Concerning the current ratio, it was found that factors such as ownership type, hospital type, period of establishment, asset structure, and business risk are the more significant variables. The current ratio of public hospitals is higher than that of both not-for-profit private hospitals and for-profit private hospitals, and the current ratio of tertiary medical institutions is higher than that of general hospitals. As business risk is higher in hospitals compared to other businesses, the current ratio becomes higher; this is because it is assumed that for fear of bankruptcy, hospitals lessen liabilities to total assets. On the other hand, as hospitals become older, the fixed assets to total assets become lower. It is remarkable that in hospitals, the factors affecting liabilities to total assets have an opposite regression coefficient sign against factors affecting current ratio. It brings out the same results borne out by the old financial theories and researches, in which a lot of the liabilities of hospitals are considered as the cause of worsening liquidity. Therefore, it is very important for hospitals to maintain a sound financial structure in order to survive using the rational acquisition and maintenance of capital.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.27-35
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• 2019

The paper examines the level of disclosure on Islamic banks' performance in the United Arab Emirates (UAE). The data was collected through content analysis of annual reports and financial statements of all fully-fledged Islamic banks working in the UAE over the period 2009 to 2013. Return on Assets is used as a proxy for the performance of Islamic banks while disclosure index is used as a proxy for Islamic banks' disclosure. Also, predetermined variables are used in the study like Size, Deposits, Non-Performing Investments and Capital to Risk Weighted Assets Ratio. Two-Stage Least-Square regression method is used to check the interdependence relationships between disclosure and performance of Islamic banks in the UAE. The results show a significant relationship between performance and disclosure in the UAE Islamic banks. Our regression results show that Islamic banks with higher levels of disclosure lead to higher operating performance. Furthermore, the performance has a great impact on the level of disclosure which means Islamic banks with high performance measures will disclose more information for investors and other institutions in order to reduce the cost of equity and increase their values in the market. This study is considered as a battery for further studies in the relationship between disclosure and financial performance of Islamic banks at a global level.