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The Effects of Enterprise Value and Corporate Tax on Credit Evaluation Based on the Corporate Financial Ratio Analysis (기업 재무비율 분석을 토대로 기업가치 및 법인세가 신용평가에 미치는 영향)

  • Yoo, Joon-soo
    • Journal of Venture Innovation
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    • v.2 no.2
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    • pp.95-115
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    • 2019
  • In the context of today's business environment, not only is the nation or company's credit rating considered very important in our recent society, but it is also becoming important in international transactions. Likewise, at this point of time when the importance and reliability of credit evaluation are becoming important at home and abroad, this study analyzes financial ratios related to corporate profitability, safety, activity, financial growth, and profit growth to study the impact of financial indicators on enterprise value and corporate taxes on credit evaluation. To proceed with this, the financial ratio of 465 companies of KOSPI securities listed in 2017 was calculated and the impact of enterprise value and corporate taxes on credit evaluation was analyzed. Especially, this further study tried to derive a reliable and consistent conclusion by analyzing the financial data of KOSPI securities listed companies for eight years from 2011, which is the first year of K-IFRS introduction, to 2018. Research has shown that the significance levels among variables that show the profitability, safety, activity, financial growth, and profit growth of each financial ratio were significant at the 99% level, except for the profit growth. Validation of the research hypothesis found that while the profitability of KOSPI-listed companies significantly affects corporate value and income tax, indicators such as safety ratio and growth ratio do not significantly affect corporate value and income tax. Activity ratio resulted in significant effects on the value of enterprise value but not significant impacts on income taxes. In addition, it was found that the enterprise value has a significant effect on the company's credit and corporate income taxes, and that corporate income taxes also have a significant effect on the corporate credit evaluation, and this also shows that there is a mediating function of corporate tax. And as a result of further study, when looking at the financial ratio for eight years from 2011 to 2018, it was found that two variables, KARA and LTAX, are significant at a 1% significant level to KISC, whereas LEVE variables is not significant to KISC. The limitation of this study is that credit rating score and financial score cannot be said to be reliable indicators that investors in the capital market can normally obtain, compared to ranking criteria for corporate bonds or corporate bills directly related to capital procurement costs of enterprise. Above all, it is necessary to develop credit rating score and financial score reflecting financial indicators such as business cash flow or net assets market value and non-financial indicators such as industry growth potential or production efficiency.

An Empirical Testing of Employee Attchment Model: A Comprison of South Korean and U.S. Teachers (조직유착모형의 경험적 적합성에 관한 고찰 - 교사들의 경우를 중심으로 한 한 . 미간 비교연구 -)

  • 조동기
    • Korea journal of population studies
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    • v.19 no.1
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    • pp.139-159
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    • 1996
  • This study comparatively examines a causal model of employee attatchment which focuses on employee's organizational commitment and intent to stay with an organization. This study is based on two separate studies of employee attachment among teachers : the U.S. case of the Chicago Public Schools (CPS) and the South Korean case of the Seoul Educational District (SED). The main purpose of this study is to replicate in Korea the CPS study. A revised model based on the unique characteristics of Korean teachers is also developed and estimated. The Price Mueller model of employee attachment provides the basic theoretical framework for this study. It includes five general classes of variables : 1) employee responses to work variables : job satisfaction, commitment, and intent to stay; 2) psychological stress variables: role ambiguity, role conflict, work overload, and quality of students; 3) social structural variables: autonomy, routinization, distributive justice, and legitimacy; 4) economic structural variables: pay, job security, promotional opportunities, and job opportunities; and 5) work orientation variables : career commitment, normative commitment, work motivation, affectivity, work values, and met expectations. The data was collected through questionnaire survey and a sample of 649 secondary school teachers in Seoul, South Korea, was included in the final analysis. Covariance structure analysis (LISREL) was used to estimate the causal model. The results indicate that the endogenous variables of job satisfaction and commitment play a considerably less important role than in the U.S. model in mediating the effects of the exogenous variables on intent to stay, and the model fails to explain the majority of the variance in intent to stay. In addition, the new variables added to the revised Korean model do not bave significant effects on intent to stay. The structural characteristics of the employment relationship and labor markets associated with Korean teachers forced mobility and closed external markets - are largely accountable for the major differences between the Korean and the U.S. cases. The study suggests that conceptual and empirical work on what produces employee attachment under these structural constraints needs to receive more attention in future studies.

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Factors Affecting Intention to Experience of 6th Industry (6차 산업 체험 의향에 영향을 미치는 요인에 관한 연구)

  • Choi, Yang-ae
    • Journal of Venture Innovation
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    • v.3 no.1
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    • pp.117-142
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    • 2020
  • The purpose of this study is to explore the factors affecting the 6th industry experience by Schmitt experience model. The newly introduced variables are the cognitive experience, emotional experience, and social experience that are reconstructed based on Schmitt's experience theory and gender, family as a moderrating variable and trust as a mediation variable. In addition to experience intention. The hypothesis was set as follows. the experience factors that are the cognitive factor, the emotional factor, and the social factor will have a positive(+) influence on the intention to experience. Mooring factors will have a negative(-) effect on intention to experience. For statistical analysis, SPSS 24 and AMOS 23 statistical packages were used to test the research hypothesis. The research was based on 320 questionnaire data and tested by 314 valid responses were analyzed. As a result of the research, First, cognitive, emotional, and social factors had positive(+) effects on experience intention. Among the factors that directly affect the experience intention, the magnitude of influence appeared in the order of cognitive factors > social factors > emotional factors > mooring factors. Second, mooring factors have negative(-) effects on experience intention. Third, Trust has been partially influenced by factors of attraction, cognitive, emotional, and social. Fourth, there are significant statistical differences between men and women in cognitive and mooring factors in the path differences. Fifth, Social factors and mooring factors differed significantly in the composition of the household. Social factors with significant differences in path analysis have also been statistically demonstrated. The results of this study are academically verified that the cognitive, emotional, and social factors have an important influence on the experience intention in the 6th industry experience and the Schmitt's experience model proposed in this study is useful framework of analysis. In practical terms, it could provide implications for what factors should be strategically and marketingly focused to activate the 6th industry experience.

The Effect of Histamine on Polymorphonuclear Leukocyte-induced Pneumocyte Injury in Vitro (다형핵구에 의한 폐포세포 손상에 Histamine이 미치는 영향)

  • Kim, Young-Kyoon;Kwon, Soon-Seog;Kim, Kwan-Hyung;Han, Ki-Don;Moon, Hwa-Sik;Sang, Jeong-Sup;Park, Sung-Hak
    • Tuberculosis and Respiratory Diseases
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    • v.39 no.3
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    • pp.228-235
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    • 1992
  • Background: Although polymorphonuclear leukocytes (PMN) are important in protecting the airways and alveolar surfaces, there is evidence that they can also injure the lung while exercising their defensive role. However it has been unclear whether PMN-induced pneumocyte injury is mediated by their direct cytotoxic effect on target cells or by PMN-derived cytotoxic mediators. On the other hand histamine was known not only to act as an important chemical mediator participated in the pathogenesis of some atotic and allegic disorders, but also to have an inhibitory effect on normal PMN functions. Method: To study the mechanism by which PMN induce pneumocyte injury, we cocultured PMN from four healthy nonsmokers or their PMN-derived supernatants (PMN-SPN) with monolayers of $^{51}Cr$-labeled human A549 pneumocytes and compared PMN-and PMN-SPN-mediated pneumocyte injuries measured by $^{51}Cr$ release assay. We also compared the effects of histamine on each pneumocyte injury. Results: 1) PMN-SPN showed more injurious effect on A549 pneumocytes than that of PMN itself regardless histamine pretreatment of PMN. 2) Pneumocyte injury by PMN with histamine pretreatment was increased or decreased compared with that by PMN without histamine pretreatment, according to histamine concentrations, and PMN stimulating agents and their concentrations. 3) Pneumocyte injury by PMN-SPN with histamine pretreatment tended to be decreased compared with that by PMN-SPN without histamine pretreatment. Conclusion: Our results suggest that PMN-SPN may play more important role in mediating pneumocyte injury than PMN itself and that histamine may partially play a protective role on PMN-induced pneumocyte injury. Alternatively we conclude that the effects of histamine on PMN-induced pneumocyte injury may be affected by microenvironment in vivo.

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Implementation Strategy for the Elderly Care Solution Based on Usage Log Analysis: Focusing on the Case of Hyodol Product (사용자 로그 분석에 기반한 노인 돌봄 솔루션 구축 전략: 효돌 제품의 사례를 중심으로)

  • Lee, Junsik;Yoo, In-Jin;Park, Do-Hyung
    • Journal of Intelligence and Information Systems
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    • v.25 no.3
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    • pp.117-140
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    • 2019
  • As the aging phenomenon accelerates and various social problems related to the elderly of the vulnerable are raised, the need for effective elderly care solutions to protect the health and safety of the elderly generation is growing. Recently, more and more people are using Smart Toys equipped with ICT technology for care for elderly. In particular, log data collected through smart toys is highly valuable to be used as a quantitative and objective indicator in areas such as policy-making and service planning. However, research related to smart toys is limited, such as the development of smart toys and the validation of smart toy effectiveness. In other words, there is a dearth of research to derive insights based on log data collected through smart toys and to use them for decision making. This study will analyze log data collected from smart toy and derive effective insights to improve the quality of life for elderly users. Specifically, the user profiling-based analysis and elicitation of a change in quality of life mechanism based on behavior were performed. First, in the user profiling analysis, two important dimensions of classifying the type of elderly group from five factors of elderly user's living management were derived: 'Routine Activities' and 'Work-out Activities'. Based on the dimensions derived, a hierarchical cluster analysis and K-Means clustering were performed to classify the entire elderly user into three groups. Through a profiling analysis, the demographic characteristics of each group of elderlies and the behavior of using smart toy were identified. Second, stepwise regression was performed in eliciting the mechanism of change in quality of life. The effects of interaction, content usage, and indoor activity have been identified on the improvement of depression and lifestyle for the elderly. In addition, it identified the role of user performance evaluation and satisfaction with smart toy as a parameter that mediated the relationship between usage behavior and quality of life change. Specific mechanisms are as follows. First, the interaction between smart toy and elderly was found to have an effect of improving the depression by mediating attitudes to smart toy. The 'Satisfaction toward Smart Toy,' a variable that affects the improvement of the elderly's depression, changes how users evaluate smart toy performance. At this time, it has been identified that it is the interaction with smart toy that has a positive effect on smart toy These results can be interpreted as an elderly with a desire to meet emotional stability interact actively with smart toy, and a positive assessment of smart toy, greatly appreciating the effectiveness of smart toy. Second, the content usage has been confirmed to have a direct effect on improving lifestyle without going through other variables. Elderly who use a lot of the content provided by smart toy have improved their lifestyle. However, this effect has occurred regardless of the attitude the user has toward smart toy. Third, log data show that a high degree of indoor activity improves both the lifestyle and depression of the elderly. The more indoor activity, the better the lifestyle of the elderly, and these effects occur regardless of the user's attitude toward smart toy. In addition, elderly with a high degree of indoor activity are satisfied with smart toys, which cause improvement in the elderly's depression. However, it can be interpreted that elderly who prefer outdoor activities than indoor activities, or those who are less active due to health problems, are hard to satisfied with smart toys, and are not able to get the effects of improving depression. In summary, based on the activities of the elderly, three groups of elderly were identified and the important characteristics of each type were identified. In addition, this study sought to identify the mechanism by which the behavior of the elderly on smart toy affects the lives of the actual elderly, and to derive user needs and insights.

Active Seniors' Organizational and Functional Entrepreneurial Competencies: Discovering Unobserved Heterogeneous Relationships between Entrepreneurial Efficacy and Entrepreneurial Intention using PLS-POS (액티브 시니어의 조직적과 기능적 창업역량: PLS-POS를 이용한 창업 효능감과 창업의지의 이질성 관계 확인)

  • Shin, Hyang Sook;Bae, Jee-eun;Chao, Meiyu;Lee, Yong-Ki
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.2
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    • pp.15-31
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    • 2022
  • This study was conducted to suggest a start-up policy that includes start-up education and support for active seniors with various careers who try to change their careers before and after retirement. From this point of view, this study divided the factors affecting the entrepreneurial will of active seniors into entrepreneurship organizational and functional competency and identified the effect of these competencies on entrepreneurial efficacy and entrepreneurial intention. In the proposed model, start-up competency is divided into organizational competency (leadership, creativity problem-solving, communication, decision-making) and functional competency (management strategy, marketing, business plan). And this study examined the mediating role of entrepreneurial efficacy in the relationship between entrepreneurial competency factors and entrepreneurial intention. Meanwhile, PLS-POS analysis was performed to uncover the heterogeneity and pattern in the proposed structural model. The survey was conducted with the help of an online survey company from November 27 to December 15, 2020 for the active senior age group from 40 to under 65 years old. Data were collected from a total of 433 panelists and analyzed using SPSS 22.0 and SmartPLS 3.3.7 programs. The findings are as follows. First, the finding shows that the entrepreneurial organizational and functional competencies of active seniors had significant positive(+) effects on entrepreneurial efficacy. Second, the result shows that entrepreneurial organizational and functional competencies of active seniors had significant positive(+) effects on entrepreneurial intention. Third, the findings show that entrepreneurship efficacy had a significantly positive(+) effect on entrepreneurial intention. The findings of PLS-POS show that entrepreneurship education needs to be carried out by identifying the needs that require entrepreneurial organizational and functional competency when training for entrepreneurship competency. In summary, the findings of the current study are to determine what the competency factors are for the government (local government) to increase the policy direction necessary for establishing and implementing entrepreneurship education and training programs to develop policies to enhance the economic activity participation rate of active seniors.

An Analysis of the Impact of Strategic Festival Planning on Festival Satisfaction and Urban Regeneration : Focusing on the Gimje Horizon Festival (전략적 축제기획이 축제만족과 도시재생에 미치는 영향 분석: 김제지평선축제를 중심으로)

  • Kim, Namhee
    • 지역과문화
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    • v.7 no.1
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    • pp.59-98
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    • 2020
  • An empirical study utilizing data was performed with a variable called 'strategic planning' for festivals in order to look into the impact of a cultural tourism festival on urban regeneration. As a success factor of a festival, strategic festival planning was drawn up, and the following hypotheses were set: Seven strategic factors verified through an exploratory factor analysis will have a positive impact on festival satisfaction (festival success) and on urban regeneration, and festival satisfaction will have a positive impact on urban regeneration by having a mediating effect on it. For the analysis, the Gimje Horizon Festival was selected as it was considered as a typical case of urban regeneration through a festival, and the relationship between the festival and urban regeneration was understood by conducting a combined analysis of a quantitative analysis through a survey, a literature search, field investigations and in-depth interviews. The quantitative analysis indicates that strategic planning has a positive impact on festival satisfaction (festival success) and on urban regeneration and that festival satisfaction has a positive impact on urban regeneration. The same study result as the quantitative analysis result was obtained even through a qualitative analysis. This shows that the higher the path coefficient of strategic planning, the higher the path coefficient of festival satisfaction and urban generation and that with better strategic planning, the effects of festival satisfaction and urban regeneration are maximized. In other words, when planning and implementing a festival by actively incorporating the seven strategic planning factors which were suggested as festival success factors earlier in this study beginning from the stage of festival planning, it is likely to have a positive impact not only on the success of the festival but also on urban regeneration. This is an implication that gives a new alternative to software-based urban regeneration through festivals. It is meaningful to present the importance of festival planning and the direction of planning to maximize the effect of urban regeneration to festival planners and urban regeneration experts. This study is believed to serve as a momentum for people to take a new approach to studies on festivals and urban regeneration utilizing software in the future.

Effect of Adenovirus-p53 to Non-Small Cell Lung Cancer Cell Lines (Adenovirus-p53이 비소세포폐암세포 성장에 미치는 영향에 관한 연구)

  • 박종호;이춘택;김주현
    • Journal of Chest Surgery
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    • v.31 no.12
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    • pp.1134-1146
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    • 1998
  • Background: The tumor suppressor gene p53 is one of the most frequently altered genes in human tumors, including those of the lung. There is now a compelling evidence that wild-type p53 can negatively influence cell growth by causing G1 arrest or by inducing apoptosis. The possibilities of using p53 for gene therapy are also gathering much interest. Material and Method: Our approach towards understanding p53 function would be to study the biological consequences of overexpression of wild-type p53 in normal and tumor cells by using adenovirus vectors capable of giving high levels of the p53 gene product in cells. We have used this vector containing wild-type p53 to infect tumor cells with different p53 status (null, mutant, or wild-type) to confirm that expression of p53 in null or mutant cell lines becomes possible by Adenovirus-p53 transduction, to examine the effects of high levels of p53 expression on the growth properties of tumor cells, to evaluate the role of apoptosis in p53-mediated biological effects, and to examine the effect of Adenovirus-p53 on the tumorigenicities of the lung cancer cell lines in vitro. Result: The results of our study showed that cells expressing endogenous mutant p53 and those devoid of p53 expression altogether were significantly more sensitive to Adenovirus-p53-mediated cytotoxicity compared to tumor cells expressing endogenous wild-type p53 and that overexpression of wild-type p53 induced programmed cell death. Also we knew that Adenovirus-p53 significantly reduced tumor colony formation of human non-small cell lung cancer cell lines, and decreased the growth of pre-formed colonies in vitro. Conclusion: These results suggest that adenovirus is an efficient vector for mediating transfer and expression of tumor suppressor genes in human non-small cell lung cancer cells and that the tumor cells null for p53 or expressing mutant p53 readily undergo apoptosis by Adenovirus-p53.

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An Empirical Study on the Importance of Psychological Contract Commitment in Information Systems Outsourcing (정보시스템 아웃소싱에서 심리적 계약 커미트먼트의 중요성에 대한 연구)

  • Kim, Hyung-Jin;Lee, Sang-Hoon;Lee, Ho-Geun
    • Asia pacific journal of information systems
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    • v.17 no.2
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    • pp.49-81
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    • 2007
  • Research in the IS (Information Systems) outsourcing has focused on the importance of legal contracts and partnerships between vendors and clients. Without detailed legal contracts, there is no guarantee that an outsourcing vendor would not indulge in self-serving behavior. In addition, partnerships can supplement legal contracts in managing the relationship between clients and vendors legal contracts by itself cannot deal with all the complexity and ambiguity involved with IS outsourcing relationships. In this paper, we introduce a psychological contract (between client and vendor) as an important variable for IS outsourcing success. A psychological contract refers to individual's mental beliefs about his or her mutual obligations in a contractual relationship (Rousseau, 1995). A psychological contract emerges when one party believes that a promise of future returns has been made, a contribution has been given, and thus, an obligation has been created to provide future benefits (Rousseau, 1989). An employmentpsychological contract, which is a widespread concept in psychology, refers to employer and employee expectations of the employment relationship, i.e. mutual obligations, values, expectations and aspirations that operate over and above the formal contract of employment (Smithson and Lewis, 2003). Similar to the psychological contract between an employer and employee, IS outsourcing involves a contract and a set of mutual obligations between client and vendor (Ho et al., 2003). Given the lack of prior research on psychological contracts in the IS outsourcing context, we extend such studies and give insights through investigating the role of psychological contracts between client and vendor. Psychological contract theory offers highly relevant and sound theoretical lens for studying IS outsourcing management because of its six distinctive principles: (1) it focuses on mutual (rather than one-sided) obligations between contractual parties, (2) it's more comprehensive than the concept of legal contract, (3) it's an individual-level construct, (4) it changes over time, (5) it affects organizational behaviors, and (6) it's susceptible to organizational factors (Koh et al., 2004; Rousseau, 1996; Coyle-Shapiro, 2000). The aim of this paper is to put the concept, psychological contract commitment (PCC), under the spotlight, by finding out its mediating effects between legal contracts/partnerships and IS outsourcing success. Our interest is in the psychological contract commitment (PCC) or commitment to psychological contracts, which is the extent to which a partner consistently and deeply concerns with what the counter-party believes as obligations during the IS project. The basic premise for the hypothesized relationship between PCC and success is that for outsourcing success, client and vendor should continually commit to mutual obligations in which both parties believe, rather than to only explicit obligations. The psychological contract commitment playsa pivotal role in evaluating a counter-party because it reflects what one party really expects from the other. If one party consistently shows high commitment to psychological contracts, the other party would evaluate it positively. This will increase positive reciprocation efforts of the other party, thus leading to successful outsourcing outcomes (McNeeley and Meglino, 1994). We have used matched sample data for this research. We have collected three responses from each set of a client and a vendor firm: a project manager of the client firm, a project member from the vendor firm with whom the project manager cooperated, and an end-user of the client company who actually used the outsourced information systems. Special caution was given to the data collection process to avoid any bias in responses. We first sent three types of questionnaires (A, Band C) to each project manager of the client firm, asking him/her to answer the first type of questionnaires (A).

A Study on the Effects of the Internal Competence of Small Business on Competitive Advantage and Startup Intention to Commercialize a Franchise: Focusing on the Moderating Effect of Franchise Suitability (소기업의 내부역량이 경쟁우위 및 프랜차이즈 사업화 의도에 미치는 영향: 프랜차이즈 적합성의 조절효과를 중심으로)

  • Kim, Soo Il;Kim, Hong Keun
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.14 no.5
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    • pp.25-42
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    • 2019
  • The purpose of this study is to analyze the effect of internal competence of small business on the competitive advantage and start-up intention. Through this, which key competence of small business can be proposed for market growth against of large companies that have a great capital power. Also, implications for development direction can be suggested. For this purpose, technology capability, financing capability, marketing capability, and product/service differentiation capability factors were set as independent variables, as well as competitive advantage as a mediating factor, and startup intention to be franchiser as a dependent variable. For the analysis, a structured questionnaires survey was conducted to 276 domestic small business in capital area. The main results are as follows. First, in relation to the internal competency and the competitive advantage of small businesses, it was found that technological capabilities, financing capabilities and product (service) differentiation have a positive effect on competitive advantage. Second, the relationship between the internal capacity of a small entity and startup intention to commercialize a franchiser business indicates that its financing capacity and marketing capabilities have a positive effect on startup intention to commercialize the business, and that competitive advantage has a significant effect on startup intention to commercialize the franchise. Third, competitive advantage was found to mediate the relationship between internal competency and startup intention. Finally, it was shown that the internal capacity of a small business has a regulating effect in relation to its financing capacity, marketing capabilities and startup intention to commercialize the franchise, and that it also had a regulating effect in relation to its relationship with its competitive advantage and franchise suitability. Based on the above results, if small business can take competitive advantage in the market, they also consider startup intention to commercialize a franchiser, in addition, it is expected that one suggestion can be made from an internal capacity perspective required more emphasis on operations and management as an alternative to expanding small businesses' business, including market access measures that can be linked to internal capacity factors of small businesses.