• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.697-706
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• 2020

This study investigates the relationship between related loan, ownership concentration and real estate firm performance. The data was collected from 35 real estate firms listed on Indonesia Stock Exchange from 2007 to 2012. Related loans are viewed from the angle of related lending and loan. Related lending and loan is measured by the related lending on total lending ratio and related loan on total loan ratio. Firm performance is measured by the asset turnover ratio and return on assets ratio. Ownership concentration is measured by the right cash flow. The data analysis was done with regression analysis and panel data. The results of the study found that related loans had a positive effect on sales but had no effect on profits. This supports the efficient transaction hypothesis. On the other hand, related lending has a positive effect on profits that supports opportunistic transactions. Ownership concentration moderates the effect of related loan on company's performance. The related lending are beneficial for mutually supporting activities in the real estate sector business group in Indonesia, but related loans have the potential to be used in tunneling activities. The paper contributes to the related party transaction in benefits-risks of related lending and related loan in uncertainty context.

• 벤처창업연구
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• 제11권3호
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• pp.157-167
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• 2016

본 연구에서는 경쟁력 있는 기업으로 성장하기 위한 잠재성장 요인으로 기업 내 교육훈련을 통해 직원들의 인적자원개발이 조직성과에 영향을 미치고 있다는 실증적 분석결과를 제시함으로써 기업들의 체계적 교육훈련 등 인적자원개발에 대한 인식의 중요성과 지원강화에 대한 필요성을 제시하는 것이다. 기존의 선행연구들이 교육훈련과 기업성과와의 관계만을 검증한 반면, 본 연구는 인터넷교육의 훈련요소별 학습정도에 따라 기업성과가 달라질 수 있다는 가정 하에 실증분석을 실시하였다. 또한 교육훈련정도와 조직성과에서 직무역량과 조직몰입이 매개효과가 있을 것이라는 기초를 토대로 효과분석을 함께 시행하였다. 분석결과를 살펴보면 다음과 같다. 첫째, 인터넷교육훈련정도 중 강좌 수, 수료율은 직무만족에 정(+)의 영향이 있다. 둘째, 인터넷교육훈련정도 중 강좌 수는 재무적 직무만족에 부분매개효과가 있다. 셋째, 인터넷교육훈련정도 중 기업교육지원금비중은 이직의도에 부(-)의 영향이 있으며, 기업지원형태는 정(+)의 영향이 있다. 넷째, 통제변수인 결혼유무는 직무만족에 정(+)의 영향이 있으며, 기업규모는 이직의도에 부(-)의 영향이 있다. 본 연구의 시사점은 매개효과로 작용하는 조직몰입은 현실적인 교육계획 및 대안을 통해서 질 높은 교육훈련이 이루어짐으로써 직원들의 조직몰입은 극대화시킬 수 있다는 점이다, 그리고 인터넷교육훈련이라는 학습형태의 고도화작업을 통해서 질적 교육 콘텐츠 개발이 이루어져야 할 필요성이 있다는 부분도 함께 시사하고 있다.

• 보건행정학회지
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• 제12권4호
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• pp.1-17
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• 2002

This study was attempted to identify the liquidity trends and determinants of private hospitals in Korea different. Data used in this study were collected from 98 hospitals with complete general data of present conditions as well as financial statements(balance sheets, income statements). They were chosen from 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 variables in this study were used current ration and quick ratio as a proxy indicator for liquidity. The independent variables were ownership type, hospital type, location, bed size, period of establishment, short-term liabilities to total assets, long-term liabilities to total assets, borrowings to total assets, fixed asset ration, net profit to total assets, operating margin to gross revenue, growth rate of net worth to total assets, total asset turnover, and business risk(volatility of profit). The major findings of this study were as follows. Trends of liquidity(current ratio, quick ratio) had been continuously decreased. Especially, There were very distinct decreasing trends of personal hospitals and less than 300beds, which weakened liquidity. The factors had significant effect on current ratio were short-term debt to total assets(-), fixed asset ratio(-), business risk(+). High short-term debt to total assets, high fixed asset ratio and high business risk significantly decreased in liquidity. The factors that significantly affected on quick ratio were short-term debt to total assets(-), borrowings to total assets(+), fixed asset ratio(-), business risk(+).

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.441-449
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• 2021

Bankruptcy is indicated by the inability of the company to meet its maturity obligations. The Covid-19 pandemic has had a terrible impact on the economy and businesses. The aim of this study to determine the effect of the ratios of activity, growth, leverage, and profitability in predicting bankruptcy projected by earnings per share (EPS). The sample of this research was non-banking financial sector companies listed on the Indonesia Stock Exchange in 2015-2019 and the purposive sampling technique was used. The data analysis method used was the logistic regression method to test the hypotheses. Company growth shows the company's ability to manage sales and generate high company profits, as such, the probability of the company experiencing bankruptcy will be lower. The results of this study showed that the debt to assets ratio (DAR), debt to equity ratio (DER), and return on assets (ROA) can predict bankruptcy. Meanwhile, this research found that the total assets turnover (TATO) ratio, sales growth, and net profit margin (NPM) cannot be used to predict bankruptcy.

• 한국항해항만학회지
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• 제48권2호
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• pp.109-115
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• 2024

To develop a shipping company insolvency prediction model, we sampled shipping companies that closed between 2005 and 2023. In addition, a closed company and a normal company with similar asset size were selected as a paired sample. For this study, data of a total of 82 companies, including 42 closed companies and 42 general companies, were obtained. These data were randomly divided into a training set (2/3 of data) and a testing set (1/3 of data). Training data were used to develop the model while test data were used to measure the accuracy of the model. In this study, a prediction model for Korean shipping insolvency was developed using financial ratio variables frequently used in previous studies. First, using the LASSO technique, main variables out of 24 independent variables were reduced to 9. Next, we set insolvent companies to 1 and normal companies to 0 and fitted logistic regression, LDA and QDA model. As a result, the accuracy of the prediction model was 82.14% for the QDA model, 78.57% for the logistic regression model, and 75.00% for the LDA model. In addition, variables 'Current ratio', 'Interest expenses to sales', 'Total assets turnover', and 'Operating income to sales' were analyzed as major variables affecting corporate insolvency.

• 한국병원경영학회지
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• 제9권2호
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• pp.102-127
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• 2004

The objective of this study is to analyze a current trend of and relating factors on profitability of the Korean Public Corporation Medical Centers(KPCMCs, hereinafter, hospitals) in Korea. There are 34 hospitals in Korea as of 2004. Among these hospitals some are red ink hospitals, others are black inks in terms of profitability. Data were collected by Korea Health Industry Development Institute(KHIDI) Statistics for Hospital Management 2000-2002 and Ministry of Health and Welfare(MOHW) financial data of public hospitals which was planned to coordinate public health care services roadmap in the long run. The samples are 32 hospitals. Profitability was measured in the aspect of profit rate with normal profit to total assets, and normal profit to gross revenues as dependent variables in respective. Independent variables were classified by general factors, i.e., location, intern/resident training, period of opening, number of beds, and managerial factors(current ratio, fixed ratio, liability to total assets, total assets turnover, personnel costs, materials cost, administrative cost), and finally factors related to patient treatment(average length of stay, bed occupancy rate, admission ratio of outpatients). The methods of analysis are correlation and multiple regression analysis. This study shows firstly, a lot of hospitals are optimal current ratio. Hospitals in upper 100% current ratio are 81.2%. And the personnel cost in total costs are high. Secondly, the trend of normal profit to gross revenues of hospitals are deteriorating gradually. And lastly, as a result of multiple regression analysis, the factors had on significant effect on normal profit to total assets are fixed ratio(+), liability to total assets(-), bed occupancy rate(+), admissions of outpatients(+), etc. And the factors had on significant effect on normal profit to gross revenues are current ration(+), fixed ratio(+), personnel cost(-), administrative expenses(-), admissions of outpatients(+), etc. In conclusion, to improve the profitability of hospitals, the efforts to reduce personnel cost and average length of stay might be needed. And also beds utilization rate need to be increased.

• 한국콘텐츠학회논문지
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• 제17권11호
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• pp.515-524
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• 2017

본 연구는 전염병이 관광산업의 경영성과에 미치는 영향을 분석하기 위해 메르스 발생 전후 호텔업, 여행업, 항공업의 경영성과에 차이가 있는가를 분석하였다. 분석결과 호텔업의 경우 수익성 지표인 매출액세전 순이익률과 매출액영업이익률이 메르스 발생 전후 통계적으로 유의적인 차이가 있는 것으로 나타났는데 두 변수 모두 메르스 발생 이후 낮아진 것으로 나타났다. 여행업의 경우 안정성지표인 부채비율과 차입금의존도가 메르스 발생 전후 통계적으로 유의적인 차이가 있는 것으로 나타났으며 두 변수 모두 메르스 발생이후 높아진 것으로 나타났다. 또한 활동성지표 중 재고자산회전율이 메르스 발생이후 낮아진 것으로 나타났다. 항공업의 경우 수익성지표 중 매출액영업이익률이 메르스 발생 이후 약간 높아졌으며 활동성 지표 중 총자산회전율이 메르스 발생이후 낮아진 것으로 나타나 통계적으로 유의적인 차이가 있었다. 따라서 관광산업의 경영자는 업종의 특성에 맞게 전염병에 대한 부정적 인식을 완화할 수 있는 마케팅 전략의 수립 등 적극적인 대처 방안을 모색해야 한다.

• 아태비즈니스연구
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• 제11권4호
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• pp.205-224
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• 2020

Purpose - This study aimed to identify the effects of ownership structures on agency costs in internationally diversified firms listed on the KOSDAQ market. Design/methodology/approach - A total of 5,824 samples were finally selected and empirically analyzed for a total of nine years from 2011 to 2019, during which the International Accounting Standards had been mandatory for firms listed on the KOSDAQ market. Findings - The results of this study showed that the effects of ownership structures on the ratio of asset turnover are positive for the major share and foreign equity ratios of international diversified firms. Moreover, by selecting the ratio of entertainment expenses as a proxy for agency expenses, this study confirmed that the effects of the ownership structure of an international diversified entity on entertainment expenditure were determined to show a significantly negative relation to entertainment expenditure, thus indicating that the higher the ratio of major shareholders, the more appropriately control the expenditure of entertainment expenses through arbitrary private deviations of the management.Furthermore, considering the effect of the ownership structure on the expenditure of sales and administrative expenses as a proxy variable for agency costs, this study verified that the majority share ratio of international diversified firms was negative to the expenditure of sales and administrative expenses, confirming that the higher the share of major shareholders, the lower the selling and administrative costs, but insignificant.Finally, as a result of determining whether the ownership structure of an international diversified firm affects the holding of free cash, the majority share of this firm shows a significantly negative relation to the ratio of the holding of surplus cash, indicating that the higher the proportion of major shareholders, the more appropriately control the holding of the entity's free cash through arbitrary private deviance by the manager. Research implications or Originality - Major shareholders of an internationally diversified firm listed on the KOSDAQ market play a positive role in the firm's performance by properly controlling agency costs that may be incurred by the management.

• 벤처창업연구
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• 제17권1호
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• pp.229-249
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• 2022

본 연구는 다양한 머신러닝 기법을 통해 코스닥(KOSDAQ) 시장 내 관리종목 지정을 예측할 수 있는 모델에 대해 연구하였다. 증권시장 내 기업이 관리종목으로 지정이 되면 시장에서는 이를 부정적인 정보로 인식하여 해당 기업과 투자자에게 손실을 가져오게 된다. 본 연구를 통해 기업의 재무적 데이터를 바탕으로 조기에 관리종목 지정을 예측하고, 투자자들의 포트폴리오 리스크 관리에 도움을 주기 위한 머신러닝 접근이 타당한지 살펴본다. 본 연구를 위해 활용한 독립변수는 수익성, 안정성, 활동성, 성장성을 나타내는 21개의 재무비율을 활용하였으며, K-IFRS가 적용된 2011년부터 2020년까지 관리종목과 비관리종목의 기업의 재무 데이터를 표본으로 추출하였다. 로지스틱 회귀분석, 의사결정나무, 서포트 벡터 머신, 랜덤 포레스트, LightGBM을 활용하여 관리종목 지정 예측 연구를 수행하였다. 연구결과는 분류 정확도가 82.73%인 LightGBM이 가장 우수한 예측 모형이었으며 분류 정확도가 가장 낮은 예측 모형은 정확도가 71.94%인 의사결정나무였다. 의사결정나무 기반 학습 모형의 변수 중요도의 상위 3개 변수를 확인한 결과 각 모형에서 공통적으로 나온 재무변수는 ROE(당기순이익), 자본금회전율(Capital stock turnover ratio)로 해당 재무변수가 관리종목 지정에 있어 상대적으로 중요한 변수임을 확인하였다. 대체적으로 앙상블을 이용한 학습 모형이 단일 학습 모형보다 예측 성능이 높은 것을 확인하였다. 기존 선행연구가 K-IFRS에 대한 고려를 하지 않았고, 다소 제한된 머신러닝에 의존하였다. 따라서 본 연구의 필요성과 함께 현실적 요구를 충족시키는 결과를 제시하였음을 알 수 있으며, 시장참여자들에게 있어 관리종목 지정에 대한 사전 예측을 확인할 수 있도록 기여했다고 볼 수 있다.

• 벤처창업연구
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• 제18권6호
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• pp.11-26
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• 2023

본 연구는 한국기업의 해외직접투자가 재무성과에 미치는 영향을 수익성, 안정성, 성장성, 활동성 부문으로 구분하여 실증 분석하였고, 기업 속성이 다른 중소기업과 대기업에서 각각 특징적 재무성과가 있는지 비교하였다. 해외직접투자 기업은'한국무역투자진흥공사'해외진출기업 Directory에서 선정하였고,'Fn Guide'를 활용하여 1990년부터 2021년까지의 재무자료 중 최초 투자 후 5년간의 재무자료가 완벽한 총 409개 기업(중소기업 136개, 대기업 273개)의 재무자료를 사용하였다. 분석 결과, 수익성부문에서 중소기업은 총자산영업이익률(ROA), 총매출액영업이익률(ROS)에 각각 정(+), 대기업은 각각 부(-)의 영향이 나타나 결과가 달랐다. 안정성부문에서 중소기업은 통계적 유의성이 없었으나 대기업은 부채비율(LEV)에 유의한 부(-)의 영향을 보였다. 성장성부문에서 중소기업은 총자산증가율(AGR)에 유의한 부(-)의 영향이 나타났고, 대기업은 유의한 결과가 없었다. 활동성부문에서 중소기업은 통계적 유의성이 없었으나 대기업은 총자산회전율(ATR), 고정자산회전율(FATR)에 정(+)의 영향이 있었다. 결론적으로 중소기업과 대기업의 해외직접투자는 수익성과 안정성, 성장성, 활동성의 재무성과가 서로 다르게 나타났다.