• Culinary science and hospitality research
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• v.14 no.4
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• pp.93-105
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• 2008

This study was attempted to analyze causal relations among flexibility, growth, and profitability variables, which are the financial indexes of restaurant enterprises. The samples were 24 restaurant enterprises in total, and 102 financial statements between 2002 and 2006 were analyzed. As a result of the analysis, total asset growth rate influenced all profitability variables among growth variables. Also, the net sales growth influenced return on sales and return on assets, and the assets turnover influenced return on assets and return on equity. Among flexibility variables, current ratio and interest coverage ratio to operating profit influenced return on assets, and return on equity was influenced by current ratio and debt-to-equity ratio.

• Journal of the Korean Home Economics Association
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• v.35 no.3
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• pp.151-169
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• 1997

The purpose of this study was to analyze contributing factors to elder's life problem and their life planning. The sample in this study consisted of 556 elderly husband and wives over 55 years old loving in Seoul, Daejeon, Jeonju and Daegu. Statistics employed for the analysis were frequencies, means, and multiple regression analysis. The results could be summarized as follows. Elderly's life problem and planning were negatively related in economic and leisure domain. And family relationship and self-esteem had significant effects on the perception of life problem, while hoe ownership, total income and total asset had not effect on perception of life problem of elderly. Also, family relationship, self-esteem and locus of control had effect on life planning of elderly. These findings pointed that psychological variables as family relationship and self-esteem play a more important role than economic variables in life of elderly.

• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.39-55
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• 2019

Recently banks and large financial institutions have introduced lots of Robo-Advisor products. Robo-Advisor is a Robot to produce the optimal asset allocation portfolio for investors by using the financial engineering algorithms without any human intervention. Since the first introduction in Wall Street in 2008, the market size has grown to 60 billion dollars and is expected to expand to 2,000 billion dollars by 2020. Since Robo-Advisor algorithms suggest asset allocation output to investors, mathematical or statistical asset allocation strategies are applied. Mean variance optimization model developed by Markowitz is the typical asset allocation model. The model is a simple but quite intuitive portfolio strategy. For example, assets are allocated in order to minimize the risk on the portfolio while maximizing the expected return on the portfolio using optimization techniques. Despite its theoretical background, both academics and practitioners find that the standard mean variance optimization portfolio is very sensitive to the expected returns calculated by past price data. Corner solutions are often found to be allocated only to a few assets. The Black-Litterman Optimization model overcomes these problems by choosing a neutral Capital Asset Pricing Model equilibrium point. Implied equilibrium returns of each asset are derived from equilibrium market portfolio through reverse optimization. The Black-Litterman model uses a Bayesian approach to combine the subjective views on the price forecast of one or more assets with implied equilibrium returns, resulting a new estimates of risk and expected returns. These new estimates can produce optimal portfolio by the well-known Markowitz mean-variance optimization algorithm. If the investor does not have any views on his asset classes, the Black-Litterman optimization model produce the same portfolio as the market portfolio. What if the subjective views are incorrect? A survey on reports of stocks performance recommended by securities analysts show very poor results. Therefore the incorrect views combined with implied equilibrium returns may produce very poor portfolio output to the Black-Litterman model users. This paper suggests an objective investor views model based on Support Vector Machines(SVM), which have showed good performance results in stock price forecasting. SVM is a discriminative classifier defined by a separating hyper plane. The linear, radial basis and polynomial kernel functions are used to learn the hyper planes. Input variables for the SVM are returns, standard deviations, Stochastics %K and price parity degree for each asset class. SVM output returns expected stock price movements and their probabilities, which are used as input variables in the intelligent views model. The stock price movements are categorized by three phases; down, neutral and up. The expected stock returns make P matrix and their probability results are used in Q matrix. Implied equilibrium returns vector is combined with the intelligent views matrix, resulting the Black-Litterman optimal portfolio. For comparisons, Markowitz mean-variance optimization model and risk parity model are used. The value weighted market portfolio and equal weighted market portfolio are used as benchmark indexes. We collect the 8 KOSPI 200 sector indexes from January 2008 to December 2018 including 132 monthly index values. Training period is from 2008 to 2015 and testing period is from 2016 to 2018. Our suggested intelligent view model combined with implied equilibrium returns produced the optimal Black-Litterman portfolio. The out of sample period portfolio showed better performance compared with the well-known Markowitz mean-variance optimization portfolio, risk parity portfolio and market portfolio. The total return from 3 year-period Black-Litterman portfolio records 6.4%, which is the highest value. The maximum draw down is -20.8%, which is also the lowest value. Sharpe Ratio shows the highest value, 0.17. It measures the return to risk ratio. Overall, our suggested view model shows the possibility of replacing subjective analysts's views with objective view model for practitioners to apply the Robo-Advisor asset allocation algorithms in the real trading fields.

• The Korean Journal of Community Living Science
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• v.21 no.1
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• pp.53-69
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• 2010

The purpose of this study was to find how financial structures differ from the family life cycle. The data was drawn from the 2002 Korean Labor and Income Panel Study conducted by the Korea Labor Institute, and 1,957 households. The level of total income and subcategories of income were found to be significantly different from the family life cycle and showed tendencies to increase up to the period of child birth and then sharply dropped down during the retirement period. Household consumption expenditures in total and subcategories showed a U shape by family life cycle and were also found to be significantly different from the family life cycle. The consumption expenditure of dining out showed the highest level at the beginning of family establishment, whereas medical cost showed the highest level for later years. The level of total assets increased gradually from the family life cycle and a little decreased for the later years, and the level of real estate assets showed the highest ratio(90% over) out of total asset components of family life cycle.

• Journal of Intelligence and Information Systems
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• v.24 no.3
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• pp.157-176
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• 2018

The purpose of this research is to develop a detection model for companies designated as administrative issue in KOSDAQ market using financial data. Administration issue designates the companies with high potential for delisting, which gives them time to overcome the reasons for the delisting under certain restrictions of the Korean stock market. It acts as an alarm to inform investors and market participants of which companies are likely to be delisted and warns them to make safe investments. Despite this importance, there are relatively few studies on administration issues prediction model in comparison with the lots of studies on bankruptcy prediction model. Therefore, this study develops and verifies the detection model of the companies designated as administrative issue using financial data of KOSDAQ companies. In this study, logistic regression and decision tree are proposed as the data mining models for detecting administrative issues. According to the results of the analysis, the logistic regression model predicted the companies designated as administrative issue using three variables - ROE(Earnings before tax), Cash flows/Shareholder's equity, and Asset turnover ratio, and its overall accuracy was 86% for the validation dataset. The decision tree (Classification and Regression Trees, CART) model applied the classification rules using Cash flows/Total assets and ROA(Net income), and the overall accuracy reached 87%. Implications of the financial indictors selected in our logistic regression and decision tree models are as follows. First, ROE(Earnings before tax) in the logistic detection model shows the profit and loss of the business segment that will continue without including the revenue and expenses of the discontinued business. Therefore, the weakening of the variable means that the competitiveness of the core business is weakened. If a large part of the profits is generated from one-off profit, it is very likely that the deterioration of business management is further intensified. As the ROE of a KOSDAQ company decreases significantly, it is highly likely that the company can be delisted. Second, cash flows to shareholder's equity represents that the firm's ability to generate cash flow under the condition that the financial condition of the subsidiary company is excluded. In other words, the weakening of the management capacity of the parent company, excluding the subsidiary's competence, can be a main reason for the increase of the possibility of administrative issue designation. Third, low asset turnover ratio means that current assets and non-current assets are ineffectively used by corporation, or that asset investment by corporation is excessive. If the asset turnover ratio of a KOSDAQ-listed company decreases, it is necessary to examine in detail corporate activities from various perspectives such as weakening sales or increasing or decreasing inventories of company. Cash flow / total assets, a variable selected by the decision tree detection model, is a key indicator of the company's cash condition and its ability to generate cash from operating activities. Cash flow indicates whether a firm can perform its main activities(maintaining its operating ability, repaying debts, paying dividends and making new investments) without relying on external financial resources. Therefore, if the index of the variable is negative(-), it indicates the possibility that a company has serious problems in business activities. If the cash flow from operating activities of a specific company is smaller than the net profit, it means that the net profit has not been cashed, indicating that there is a serious problem in managing the trade receivables and inventory assets of the company. Therefore, it can be understood that as the cash flows / total assets decrease, the probability of administrative issue designation and the probability of delisting are increased. In summary, the logistic regression-based detection model in this study was found to be affected by the company's financial activities including ROE(Earnings before tax). However, decision tree-based detection model predicts the designation based on the cash flows of the company.

• Journal of Consumption Culture
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• v.15 no.2
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• pp.213-247
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• 2012

The purpose of this study was to analyze the economic structures of low-income households, and to provide the policy suggestions for their economic well-being. The data for this study was from the 2009 year of the Korea Welfare Panel Survey (KOWEPS). The results are as follows: As for income structure, the low-income households had lower amounts in earned income, business and side-work income, and property income, but a higher amount in transfer income. They had a lower amount in private transfer income, but a higher amount in public transfer income. They had the highest rate of transfer income, showing that the rate of public transfer income was higher than that of private transfer income, and the government assistance was the highest rate in public transfer income. The households in extreme poverty had the lowest amounts in earned income, financial income, private transfer income, but the highest amount in public transfer income. The households in poverty had the lowest amount in transfer income. The households in extreme poverty, poverty and near poverty showed the highest rate in transfer income. As for asset structure, the low-income households had a lower amount in every type of assets. They showed the highest rate in total debt, and had a higher rate in housing asset, but lower rates in real-estate asset, financial asset and other asset. The households in extreme poverty had a lower amount in every type of assets than the households in near poverty. Three types of the low-income households showed the highest rate in housing asset, but the households in extreme poverty was the highest among them. As for expenditure structure, the low-income households had lower amounts in all of the expenditure items. They showed the highest rate in food expenditure, the second highest in other consumption expenditure. The households in extreme poverty showed lower amounts in almost all of the expenditure items than the households in near poverty, but the households in extreme poverty showed a higher amount in monthly rent than the households in neat poverty. Three types of the low-income households showed the highest rate in food expenditure. The expenditure rates of food, monthly rent and light·heat·water for households in extreme poverty were higher than those for the households in near poverty.

• The Korean Journal of Community Living Science
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• v.21 no.1
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• pp.91-103
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• 2010

The purpose of this study was to find the differences of household characteristics between homeowners and renters. The data was drawn from the 2002 Korean Labor and Income Panel Study and conducted by the Korea Labor Institute. 3,743 households were selected. The householder's mean age of homeowners was found to be 8 years older than those of renters, and the households in Seoul showed a higher rent ratio than those in other areas. The levels of household financial elements for homeowners were found to be higher than those of renters. Moreover, the levels of total real estate assets for homeowners were higher than those for renters, and the levels of total debt, and the debt from financial institutes were also higher than those for renters, reflecting that most Korean households may use loans from financial institutes for holding real estate assets. The results of the Chow-test showed that the group of homeowners and renters were significantly different in terms of socio-demographic and financial factors affecting the ratio of real estate assets to total asset.

• Journal of Distribution Science
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• v.14 no.4
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• pp.13-20
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• 2016

Purpose - This paper attempts to determine the importance of financial sustainability and the impact of Selling, General and Administrative Expenses (SG&A) on the financial sustainability of the IT industry. Research design, data, and methodology - Primarily the impact of SG&A expenditure on the sales revenue, assets, gross margins and profit is ascertained. After that the impact of SG&A expenditure, sales revenue, assets, gross margins and profit on the financial sustainability i.e., return on assets is worked out. Finally the impacts of financial sustainability i.e., return on assets on total enterprise value and market valuation multiples are found out. Results - The empirical result shows that SG&A expenditure most strongly impacted sales revenue, assets, gross margins and profit positively. Financial sustainability impacted in mixed manner with SG&A expenditure, sales revenue, assets, gross margins and profit. Assets and gross margins have weak positive impact on financial sustainability. Sales revenue has no impact on financial sustainability. Finally financial sustainability had moderate positive impact on total enterprise value and had no impact on market valuation multiples. Conclusions - SG&A expense has moderate positive impact on the financial sustainability and magnitude is very low.

• Journal of the Korean Home Economics Association
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• v.38 no.10
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• pp.181-197
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• 2000

The purposes of this study were to compare financial status of home-based family business with that of ensile family business, and to analyze the factors effected on financial status of both business groups. The sample consisted of 295 home-based family business and 418 ensile family business among self-employed household of 1998 Korea Household Panel Data, and analyzed into Frequencies, Percentile, t-test, $\chi$$^2$-test and Regression. The findings were as follows: First, in case of financial status of household, there was no significant difference between home-based family business and ensile family business. Second, in case of financial status of business, total sales amount and net profit of home-based family business were lower than those of onsite family business, however net profit to total sales ratio of home-based family business was higher than those of onsite family business. Third, the factors contributing to total expenditure to total income ratio of home-based family business were business owner's present economic perception, future economic expectancy and residence, while business owner's age, the number of children and of tamer, and residence were significant variables contributing to same ratio of onsite family business. The factors contributing to total asset to total debt ratio of home-based family business was only business owner's future economic expectancy, however factors affected on the counterpart were business owler's future economic expectancy and job type of family business. Fourth, the variables of sex, age, educational level of family business owner, job type and family type of family business were associated with net profit to total sales ratio of home-based family business, and sex, educational level of family business owner, job type of family business, and the number of employees were related to same ratio of the counterpart. In addition, educational level of family business owner, job type and residence were related with total sales to the number of employees ratio of home-based family business, and educational level of family business owner and job tape of family business were related to same ratio of ensile family business.

• Journal of Korea Society of Industrial Information Systems
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• v.25 no.2
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• pp.101-113
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• 2020

Since the number of social enterprises have been increased more than double over the past five years, the determinant of their growth by regional comparison is examined in this paper. In terms of the sale determinant, experimental results show that the total number of workers, business history, and capital intensity in Seoul metropolitan area, the total number of workers, business history, and capital intensity in Gyeongsang area, the total number workers, business history, and the dependence on government subsidies in Chungcheong area, the total number of workers, and the capital intensity in Jeolla/Jeju area have showed positive effects. In terms of asset determinants, experimental results show that the total number of workers, business history, and capital in Seoul metropolitan area, the capital in Gangwon area, the total number of workers, business history, and capital in Gyeongsang area, the total number of workers, business history, and capital intensity in Chungcheong area, the total number of workers, capital, and capital intensity in Jeolla/Jeju area have showed positive effect.