• International conference on construction engineering and project management
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• 2013.01a
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• pp.133-140
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• 2013

The purpose of this study is identifying the relationship among the business strategy, order receiving capability and leverage variables of a construction company using industry characteristic variables, in addition to the explanation variables used in the previous studies. The samples of this study were limited to the construction companies listed in Korean stock market. This study built multiple regression analysis models, which have been frequently used in traditional previous studies, in the explanation of company capital structure. Empirical analysis on Static Trade-off Theory and Pecking Order Theory was done by the built model. The study results suggested that the capital structure determination behavior of a construction company generally follows Static Trade-off Theory; however, profitability was found to follow Pecking Order Theory. The explanation variables used in the previous capital structure studies mostly produced significant results; however, the variables, which this study experimentally used, did not produce significant results. It is believed that it implies that additional studies are required in the selection of variables and study methodology. Consequently, a case that unconditionally supports a particular theory is scarce. It has been also found that a case can support both theories at the same time. Therefore, it is believed that development study methodology or introduction of new study methodology that can identify the dynamic characteristic of construction company capital structure formation is required.

• East Asian Journal of Business Economics (EAJBE)
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• v.7 no.4
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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.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.195-204
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• 2020

The aim of this study is to estimate the impact of ownership structure on the performance of listed firms in transition economy. Buiding upon agency theory, hypotheses on such relationship are proposed. A detailed panel data of 502 non-financial companies listed on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange over the period from 2013 to 2018, and the system generalized method of moment estimation are employed to test the proposed hypotheses. To ensure the reliability of data, this study excludes companies that violate information disclosure regulations or that are subject to special supervision by the State Securities Commission of Vietnam. Some firms with inadequate information, firms that lack the financial data required for creating variable or firms that have inconsistent construction are also re-screened. We only collect the data of enterprises that have ownership structure of two or more components. Estimation results reveal that state ownership has an U-shaped relationship with the performance of Vietnamese listed firms, while foreign ownership and the degree of ownership concentration have an inverted U-shaped relationship with listed firms' performance. The article provides governance implications that Vietnamese listed firms should decrease state ownership and foreign ownership to improve firm performance in order to boost investors' confidence.

• Journal of East Asia Management
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• v.3 no.2
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• pp.1-19
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• 2022

This study suggests an integrated theoretical framework for the relationship between political risk and multinational corporation (MNC) subsidiary's performance in the emerging market. The political risk would have a negative impact on MNC subsidiary's performance in the emerging countries that are developing in Asia, the Commonwealth of Independent States, Africa, and South America. The major reason is that political risks could generate a loss of benefit or a loss of control for MNC's subsidiary. In this study, I suggest that corporate social responsibility (CSR) strategy would be a solution to overcome various political risks. Specifically, the affiliated firms with diversified industries or greater financial resources could mitigate the negative impact of political risk than unaffiliated firms. Because they can use their tangible or nontangible asset such as information, technology, and construction in order to gain legitimacy and trust from local government, local community, and local firms in the emerging market. Finally, I claimed the costs of the affiliated firms would exceed the benefits at the initial stages, while the benefits of affiliated firms would exceed the costs over time when political risks become higher. The reason is that the trust gained from local stakeholders accumulates over time and the impact of CSR strategy would become an important solution to overcome the risks in and unstable context.

• Korean Journal of Construction Engineering and Management
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• v.15 no.1
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• pp.62-69
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• 2014

Since a government policy greatly affects markets and firms, an evaluation on government's policies is recognized as a critical issue. In Korea, two major policy plans on CM(Construction Management) include the Construction Industry Promotion Plan and the Construction Technology Promotion Plan from which Government's CM policies can be understood. The objective of the study is to analyze and discuss CM firm's perception and evaluation toward the Government's CM policies of the two plans based on the Gap analysis. The paper identified that the CM firms perceive that the Government's CM policies properly deal with key issues of the industry. However, they evaluate that the execution of the policies has been overall under-performed. As a way forward, the Government needs to improve on the execution plan and performance measurement rather than to develop new policy agenda.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.27-34
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• 2002

Utilizing information and knowledge is one of the major objectives in the management of construction firm. This trend has been developed both inside of the firms and overall industry-wise. Therefore conventional methods of performance evaluation based on the financial statements such as balance sheet under GAAP(Generally Accepted Accounting Principles) are not sufficient to cover various Performance of constriction firms. Core competency of construction firms needs to be evaluated by the new performance evaluation model. In this research, the concept of BSC (Balanced Score Cards) is utilized to develop the performance evaluation model for construction firms considering four major performance indicators including financial perspective, customer perspective, learn and growth perspective, anti internal business perspective. A model of performance evaluation including criteria is proposed to evaluate construction firms based on their vision and strategy.

• Korean Journal of Construction Engineering and Management
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• v.5 no.1 s.17
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• pp.88-98
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• 2004

In recent, Information Technology(IT) is the biggest issue on the social whole including the construction industry. IT is recognized as a key strategic means to reinforce competitive power and raise the effectiveness. However, CEOs of each firm have trouble with IT investment decision-making. Because there is neither any case to measure real value of IT nor any confidence to economic effect of information system. IT evaluation is so helpful for most construction firms to make a plan of IT investment. In addition, which will eventually facilitate to achieve their management goal and have the maximum of the firms' value. Therefore, the purpose of this research is to develop IT evaluation system for monitoring IT level continually. And this will be enable a construction company to increase IT investment and improve the level of IT in the construction industry.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.322-326
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• 2007

Recently, as construction projects are getting bigger and more complex, the number of participants has been tremendously increased. According to the current trend, the necessity of collaboration design management controlling communication and information exchange among many participants has came up. So this study considers the roles and tasks of each participant and informations that occur in each design stage, and looks into the present status of collaboration in design management of domestic design companies. Finally, the function of collaboration system is drove. It supports tasks of design participants, such as input design outcome, decision making among concerned people and solution of design change and interference.

• Geomechanics and Engineering
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• v.17 no.5
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• pp.439-444
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• 2019

It is generally known that high strength soil is indicative of well-graded particle size distribution. However, there are some special cases of firm ground despite poor grade distribution, especially a specific gap-graded soil. Based on these discoveries, this study investigated the development of an additive of gap-graded soils designed to increase soil strength. This theoretical concept was used to calculate the mixed ratio required for optimal soil strength of the ground sample. The gap-graded aggregate was added according to Plato's polyhedral theory and subsequently calculated ratio and soil strength characteristics were then compared to characteristics of the original soil sample through various test results. In addition, the underground stress transfer rate was measured according to the test conditions. The test results showed that the ground settlement and stress limit thickness were reduced with the incorporation of gap-graded soil. Further field tests would confirm the reproducibility and reliability of the technology by using gap-graded soil to reinforce soft ground of a new construction site. Gap-graded soil has the potential to reduce the construction cost and time of construction compared to other reinforcing methods.

• Korean Journal of Construction Engineering and Management
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• v.14 no.3
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• pp.78-87
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• 2013

The modern society has been drastically changed from the industrial economic society to the knowledge based society, to catch up with the knowledge and the change of technology required for the modern people, the people can not live in the modern society without the continued study or education. In case of architectural design firm, it is concentrating on the productivity of enterprise by cultivating the working level through the self education focused on the improvement of inner capacity. In connection with this, the efficiency of enterprises are analyzed by carrying out the Data Envelopment Analysis(DEA) utilizing the financial ratio index in the various field of industries recently, the analysis study for the efficiency utilizing DEA is increased in the construction industries as well. However, in case of construction industries, the study focused on the efficiency of administration only has been progressed, it is the real situation that the approach for the analysis of education efficiency of each enterprise is very insufficient. Therefore, this study analyzed the education efficiency of architectural design firm after the selection of input and output variables by utilizing the DEA model and utilizing the AHP analysis technique by deducting the variables through the preceding study in relation to the education efficiency and the interview with the specialists.