• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.63-72
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• 2020

The study aims to investigate the impact level of earnings quality on firm value. The study has used data with 3,910 observations at listed firms on Vietnam Stock Exchange for the period from 2010 to 2018, and GLS regression analysis is employed in this research. Earnings quality is measured in the aspects of earnings management, earnings persistence, and timeliness of profitability. This study also considers a number of controlled variables that positively influence the firm's value such as firm size, fixed asset investment rate and dividend payout ratio. The results show that earnings quality is positively associated with firm value with having statistical significance. In contrast, some determinants negatively influence firm value such as financial leverage, ratio of market value to book value, and revenue growth. Determinants of firm size, the rate of investment in fixed assets, the rate of dividend payment positively affect the firm value. In contrast, determinants of financial leverage, revenue growth rate and market value to book value ratio are inversely related to firm value according to economic value, Tobin's Q or Price. Based on the findings, some recommendations are proposed for investors, management and policy makers as well in the context of emerging countries including Vietnam.

• 한국사회복지학
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• 제41권
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• pp.43-67
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• 2000

The main source in financing the National Pension benefits is the contribution raised from the insured's earnings. So, Most of the insured take a great interest in the questions of what return on the payment of contribution National Pension benefits provide and whether there be the difference in return according to earnings level. The Purpose of this study is to assess money's worth of National Pension and to answer the above questions. There are two basic types of money worth analysis, empirical and hopothetical. This study basically belongs to the former in terms that it is based on actual earnings and insured term. For performing money's worth analysis, four different measures which are referred as the "break-even period", the "benefit/tax ratio", the "net lifetime transfer", the "internal rate of return" are used and they all involve the way in which the relationship between the present value of contributions and the present values of benefit is present. The results which evaluate average money's worth of accrued rights before 1999 are le as follows. Break-even period is about 43 months, benefit/tax ratio being 4.9, net lifetime transfers being about 37 mil1ion won, internal rate of return being 33.2%. This verifies that money' worth of National Pension is much higher than actuarially fair. In the mean while, money' worth is proved to be very different according to earnings level. The progressivity relationship between earnings level and rate of return is found in all measures but net lifetime transfer.

• 한국항해항만학회지
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• 제46권4호
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• pp.385-391
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• 2022

본 연구에서는 수요 및 공급요인 외 해상운임에 영향을 주는 다양한 변수들을 발굴하고자 다변량 시계열분석을 수행해 보았다. 우선 종속변수에는 해상운임을 대용할 변수로 Shipping Intelligence에서 제공하고 있는 종합운임지수(ClarkSea Index), 벌크선운임(Clarksons Average Bulker Earnings), 탱커선운임(Clarksons Average Tanker Earnings) 등을 활용하였다. 선행연구를 통해 해상운임에 영향을 미칠 것으로 예상되는 세계 해상물동량(World Seaborne Trade), 세계 선복량(World Fleet), 유가(Brent Crude Oil Price), 세계 GDP성장률(GDP World), OECD 산업생산성장률(Industrial Production OECD), 금리(US$ LIBOR 6 Months), OECD 인플레이션(CPI OECD) 등을 독립변수로 설정하여 회귀분석을 수행해 보았다. 데이터는 시계열자료로 1992년부터 2020년까지의 연데이터로 구성하였다. 분석결과 종합운임지수에는 해상물동량과 유가가, 벌크선운임에는 해상물동량만이, 탱커선운임에는 해상물동량, 유가, 산업생산성장률, 인플레이션 등이 통계적으로 유의미한 영향을 미치는 것으로 나타났다.

• 노동경제논집
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• 제36권3호
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• pp.65-96
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• 2013

한국노동패널 자료를 이용하여 분석한 결과 1998년부터 2010년 사이 소득불평등은 전반적으로 확대되어 왔음에도 불구하고 소득변동성은 감소되어 왔으며 이 소득변동성의 추세적 감소는 첫째, 다양한 인구-경제학적 집단 사이의 구성변화가 아니라 모든 집단에서 변동성 자체가 감소하였기 때문이며 둘째, 이러한 변동성의 감소는 동 기간 소득이동성이 모든 집단에서 추세적으로 감소했기 때문이다. 아울러 소득변동성은 경기역행적이며, 소득변동은 경기하강기에서조차 대칭적으로 나타나 변동성 증가가 반드시 소득위험의 증가를 의미하는 것은 아님을 알 수 있다. 이론적인 면에서 볼 때 Moffitt-Gottschalk의 방법론은 소득의 일시적 부분의 시계열 상관성이 추세를 가질 경우 이를 추정 과정에 반영하지 못함으로써 변동성 추세 연구에 적합하지 않은 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.81-90
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• 2020

We examine the effects of the complexity of tax-related information on the issuance of analyst's pre-tax income forecast and its value relevance. If analysts respond adequately to the needs of investors, they are more likely to provide a pre-tax income forecast. The provision of a pre-tax income forecast may indicate analysts' confidence in assessing the quality of earnings. Thus, investors, in turn, would be more confident in the analysts' pre-tax income forecasts if analysts provide both pre-tax and earnings forecasts than only the latter. Using a sample of Korean listed companies for 2005-2014, we find that analysts are likely to provide an implicit tax forecast when the volatility of the effective tax rate is low and the book-tax differences are small. We also find that when analysts provide pre-tax and after tax income forecasts, the value relevance for unexpected earnings increases. These results indicate that analysts are likely to be interested in corporate tax information and the complexity of tax-related information affects the availability of implicit tax forecasts. Furthermore, this study provides empirical evidence that when analysts provide both pre-tax and after tax income forecasts, investors have more confidence in analysts' earnings forecasts, which results in greater investors' responses.

• 아태비즈니스연구
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• 제12권2호
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• pp.115-129
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• 2021

Purpose - This study aimed to clarify the effects of tax investigation probability on accounting transparency in KOSDAQ firms by using financial statement. In particular, it was analyzed whether the characteristics of a firm's listed market have a discriminatory effect on the relationship between the tax investigation selection rate (or detection rate) and earnings management. Design/methodology/approach - This paper examines analyzed the effect of tax investigation of the National Tax Service on the earnings management. The sample includes 9,603 firms listed on KOSPI and KOSDAQ from 2011 to 2018, all of which are manufacturing firms. This study conducted correlation and multiple regression analyses to verify the relationship between tax investigation probability and earnings management. The possibility of a tax investigation is the selection rate and the detection rate, and the profit adjustment was estimated at discretionary amount. Findings - As a result of empirical analysis, both firms listed on KOSPI and KOSDAQ markets showed that the higher the tax investigation rates, the more significant the possibility of reducing the earnings management of discretionary accruals. Additionally it was found that in KOSDAQ markets firms, the tax investigation detection rates had a signigicant nagative effect on discretionary accruals. Research implications or Originality - It can be interpreted that firms with a high rates of receiving a tax investigation decrease earnings management consideration of expenses such as additional tax amount due to the tax audit or a decline in corporate image.

• Journal of Korea Trade
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• 제23권6호
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• pp.66-92
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• 2019

Purpose - Foreign Exchange Rates (FER) have been one of the most significant factors for both Korean exporters and the economy of Korea. The purpose of this study is to evaluate whether exporters with a high level of Exchange Rate Elasticity of Sales (ERES) make the use of earnings management for Income Smoothing (IS). Design/methodology - Income smoothing was obtained using the methodology suggested by Leuz, Nanda and Wysocki (2003). Accruals-based Earnings Management (AEM) was estimated using Discretionary Accruals (DA) calculated by the operant Jones Model developed by Dechow, Sloan and Sweeney (1995). Real Earnings Management (REM) was obtained using the methodologies suggested by Roychowdhury (2006) and Cohen and Zarowin (2010). Data were 2,402 firm years of public listed companies on the KRX, which were not in the financial industry and had a settlement of accounts in December for the period from 2013 to 2017. Findings - Results of the evaluation are as follows. First, companies with higher levels of ERES have relatively lower levels of smoothing of reported income. This might be because a fluctuation in sales caused by an exchange rate fluctuation has a direct impact on the volatility of the reported income. Second, companies with high levels of both ERES and IS have a positive correlation with both AEM and REM. This might be because companies with high levels of IS engage in earnings management to smooth reported income. Specifically, it is possible to assume that for smoothing the reported income, not only AEM but also REM is practiced. Third, companies with high levels of ERES but low levels of IS have a negative correlation with both AEM and REM. This could be interpreted as companies exhibiting low levels of IS due to higher levels of ERES tend to control IS. In addition, such results were supported by firms relying highly on exporting, and are consequently sensitive to exchange rate fluctuation. Therefore, it may conclude that companies with high levels of ERES make the use of earnings management as a means of IS. Originality/value - This study can find its significance from the fact that it is the first study, empirically verifying that companies of Korea, where exportation is a large part, use both AEM and REM as a means for smoothing reported income upon facing exchange rate fluctuations. In addition, it is highly expected that the results of this study could be useful for participants of financial markets when making IS-related decisions.

• The Journal of Asian Finance, Economics and Business
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• 제9권10호
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• pp.29-38
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• 2022

Ready-made Garments (RMG) export earnings, which are almost 80% of the total exports of Bangladesh, have been recognized as one of the main catalysts for the recent development of the country. Therefore, the need to determine whether the RMG export had served as a mechanism for increasing the GDP growth as well as the economic development of the country is topical and pressing. We have applied the Johansen Co-integration test and Vector Error Correction Model (VECM) to reveal the linkage of RMG export earnings and other variables with the GDP growth rate in Bangladesh. Using data from 1990 to 2020 for Bangladesh, we have found long-run as well as short-run associations among RMG Export earnings, Foreign Direct Investment (FDI), and GDP growth. A co-integration among the variables is validated through the Johansen Co-integration test. Moreover, a causal correlation running from RMG export earnings to GDP was revealed by the Granger causality test in the long run. Finally, we estimated impulse response functions to observe the variations of model variables in response to a shock. Our result supports the proposition that RMG export earnings are one of the main growth engines in Bangladesh and this sector leads growth in other sectors also in the long term.

• 한국병원경영학회지
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• 제15권2호
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• pp.1-14
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• 2010

This study tried to analyze about the investment effects on the spent capital and possessed tangible assets of some hospitals during their hospital management. For this analysis purpose, this study used the financial data of 100 hospitals which presented their financial statements to an finance-information company from 2004 to 2006. The analysis was done with PEFR(Percentage of External Funds Required) and Tangible Asset. The FEPR considered the retained interior fund relating to the investment types in the hospital industry. And the Tangible Asset was related to the possession condition of facilities and equipment. The EBIT rate(Earnings before interest and tax to sales) meaning the management performance and tangible asset turnover were used as the measured variables of investment effect. As the result of data analysis, it was identified that the tangible asset like the hospitals's facilities and equipment was not an agent significantly to influence on the management performance(EBIT rate), the eventual goal of hospital management. But, it was identified that there was some differences tangible asset turnover according to each hospital's main characteristics. And at targeting the all sample hospitals, it was found that the management performance(EBIT rate) had some significant effect on the retained earnings rate, a part of source of PEFR.

• 한국사회복지학
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• 제64권2호
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• pp.55-83
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• 2012

우리나라 노동시장에서 자영업이 차지하는 비중이 크지만, 자영업내 소득격차도 크다. 그럼에도 아직까지 자영업 소득불평등에 초점을 맞춘 연구가 많지 않다. 이에 본 연구는 한국복지패널 1~4차 자료를 통해, 일반화된 엔트로피지수로 자영업 소득불평등을 측정하고 불평등 요인과 추세를 분해하였다. 분석결과, 첫째, 우리나라 자영업 근로소득 불평등은 매우 높으며, 자영업내 소득양극화가 심각해지고 있었다. 둘째, 자영업 근로소득 불평등의 주된 요인은 고용형태, 교육수준, 연령집단, 사업체규모 그리고 산업으로 나타났다. 셋째, 고용형태에 따른 고용주와 자영자 집단의 상대소득변화효과가 불평 등 증가에 기여하는 정도가 가장 크다. 교육수준과 연령집단, 사업체 규모에 따른 불평등 증가는 집단 내 불평등(순효과) 증가의 기여도가 가장 크고, 집단구성의 변화효과도 불평등 악화에 기여한 것으로 나타났다.