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  • Title/Summary/Keyword: equity

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An Empirical Study on the Determinants of Ownership Structure of Listed Companies in Korea : Evidence from Panel Data (우리나라 상장기업의 소유구조 결정요인에 관한 실증적 연구 : 패널자료로부터의 근거)

  • Lee, Hae-Young;Lee, Jae-Choon
    • The Korean Journal of Financial Management
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    • v.20 no.2
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    • pp.41-72
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    • 2003
  • The purposes of this paper are to build theoretical and empirically testable model to identify determining factors of ownership structure, and to analyze this model empirically using th Korea Stock Exchange panel data, and to test the impact of opening the stock market on the determinants of ownership structure. The determining factors of ownership structure identified in this paper include debt ratio, dividend, asset characteristics, profitability, growth business risk, size, institutional investors and chaebol-non chaebol dummy variable. Empirical panel estimation test reveals that this model can explain about 911 of the cross sectional variance in the equity ratio of large shareholders. The reasons that this model has too explanatory power are that some variables were measured with errors, and that there were some omitted variables in tested model. The regression results on the model variables ar generally in line with predictions. But the coefficient estimates on size is never significant. And it appears that the exogenous variable which explains opening the stock market has positive effect on the determinants of ownership structure.

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Interdependence of the Asia-Pacific Emerging Equity Markets (아시아-태평양지역 국가들의 상호의존성)

  • Moon, Gyu-Hyun;Hong, Chung-Hyo
    • The Korean Journal of Financial Management
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    • v.20 no.2
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    • pp.151-180
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    • 2003
  • We examine the interdependence of the major Asia-Pacific stock markets including S&P 500, FTSE 100, Kualar Lumpur Composite, Straits Times, Hang Seng, NIKKEI 225 and KOSPI 200 from October 4, 1995 to March 31,2000. The analysis employs the vector-auto-regression, Granger causality, impulse response function and variance decomposition using daily returns on the national stock market indices. The findings in this paper indicate that the volatilities of all countries has grown after IMF crisis, while there is no significance in cointegration test of both total period and sub-periods. This result implies that investors are able to get abnormal returns by investment diversification according to the portfolio theory. We find that while the effect from NIKKEI 225 to others is relatively weak, the interdependence from S&P 500 to other countries is strong. Also we find that the strong effect from Straits Times to Hang Seng exists. This study suggests that there is slight feedback relation between KOSPI 200 and Kualar Lumpur Composite, Straits Times, Hang Seng stock market.

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A Study on the Relationships among Students' Perceptions of Computerized Science Learning Environments, Computer-Related Attitudes, and Computer Experiences (컴퓨터실 과학 학습 환경에 대한 인식과 컴퓨터 관련 태도 및 컴퓨터 경험의 관계성 조사)

  • Noh, Tae-Hee;Cha, Jeong-Ho
    • Journal of The Korean Association For Science Education
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    • v.20 no.1
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    • pp.12-19
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    • 2000
  • The relationships among students' perceptions of computerized science learning environments, computer-related attitudes. and computer experiences were investigated with a sample of 164 9thgraders (80 boys and 84 girls) from two middle schools. The Computerized Science Learning Environment Inventory (CSLEI) and the Computer-Related Attitudes Scale (CRAS) were administered, and students' computer experiences were examined. Students' perceptions of preferred learning environments were also studied with the preferred form of the CSLEI, and compared with those of actual learning environments. Gender differences in the perceptions of computerized science learning environments, computer-related attitudes, and computer experiences were also studied. Students' perceptions of preferred learning environments were significantly better than those of actual learning environments in all subscales of the CSLEI except gender equity. There was no gender difference in the perceptions of computerized science learning environments. However, boys were found to have more positive computer-related attitudes and more computer experiences than girls. Students' perceptions of computerized science learning environments were significantly correlated with computer-related attitudes in resource adequacy subscale, but not with computer experiences. Significant relationships between computer-related attitudes and computer experiences were also found.

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An analysis on the Investment Determinants for Urban Business Hotel Development (도심 비즈니스호텔 개발사업의 투자결정요인에 관한 연구)

  • Ha, Jung-huhn;Jeong, Moonoh;Lee, Sangyoub
    • Korean Journal of Construction Engineering and Management
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    • v.16 no.4
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    • pp.107-117
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    • 2015
  • As the demand for urban business hotel has increased in the recent years due to the sharp rise in overseas tourists, the potential of business hotel development has gained in financial attention for the real estate investment. However, its concept and business domain has not been defined, and none of investment guidance for the development has not been clarified. Accordingly, this report intends to define the concept of urban business hotel in perspective of real estate investment through prior case studies and literature review, and provide the structure of determinants which control its investment decisions. Furthermore, this study develops the weight of determinants depending on the type of investment, and evaluate the two actual projects in urban area of Seoul, differed from investment type: direct and indirect, based on AHP and Fuzzy methodologies. Research finding indicate that the financial factors affecting the sales and tour business condition factors are critical determinants regardless of investment type. And it is notable that the direct investment perspective pays more attention on the finance and investment associated determinants while the indirect one more focuses on the regional and environmental ones. From the analysis of case evaluation, it is also noteworthy that the direct investors turn out to be more conservative than indirect investors due to the risk of equity capital investment.

A methodology for Predicting Equity Input Timing/Amount for Decision Making of Financing Apartment Housing Projects - From the Perspective of Mid-sized Construction Companies - (공동주택 PF사업 참여 의사결정을 위한 자기자본 투입 시점/규모 예측방법론 - 중견 건설사의 관점에서-)

  • Yoo, Jinhyuk;Cha, Heesung;Shin, Dongwoo;Kim, Kyungrai
    • Korean Journal of Construction Engineering and Management
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    • v.17 no.2
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    • pp.21-30
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    • 2016
  • The current PF project is entirely relying on construction company's credibility. As such, it has increased a negative and bad recognition in domestic real estate economy. In addition, PF experts has a perception that a project's safety of future cash flow profitability is more important than the construction company's credibility. So many PF experts make an effort in order to set aside safe project structure of PF and analyse systematically the risks of the project. In common feasibility study of the PF Project, financial specialists and real estate specialists are forecasting and evaluating the suitability of the project through reviewing the development profit from the project of sales. However, cash flow analysis and evaluation from the perspective of mid-sized construction companies are still in the primary level. Therefore, this study has analysed the current feasibility study and go/no go decision making procedures. Then the authors have a new cash flow analysis method from the perspective of mid-sized construction companies, by improving the feasibility study and go/no go decision making procedures.

The Evolution of the Science Education Policy for the Gifted, 1968-2012: The Interaction of the Policy of Human Resource in Science and Technology and Education Policy for the Gifted (과학영재교육정책의 진화, 1968-2012: 과학기술인력정책과 영재교육정책의 상호작용)

  • Woo, Saimi
    • Journal of Gifted/Talented Education
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    • v.25 no.2
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    • pp.279-298
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    • 2015
  • This study analyzes the interaction of the policy of human resource in science and technology and the policy of education for the gifted. In Korea, the goals of gifted education seem to have gravitated more toward serving the national perspective of creating a pool of high-quality scientists for economic development, rather than toward helping individuals achieve their educational aspirations and promote their talents. The science education policy for the gifted can be categorized into two: one primarily by the Ministry of Science (MOST) and another by the Ministry of Education (MOE). So far, the policy of science education for the gifted has been written by MOE. Such an imbalance has been created because the two ministries differed in their values and priorities. MOST has designed the science education policy in order to foster the gifted as high-quality human resources in science and technology that can help contribute to economic development. On the other hand, MOE has designed the policy for the gifted with educational equity in mind. Although the policy by MOST had have more influence in implementing overall policies of educating the gifted, the two ministries have interacted and formulated the educational system of gifted in Korea. This study sheds light on the process that MOST has legitimized their science education policy for the gifted by designing it in line with the national and social goals, and has formulated a basis on which the gifted can contribute to R&D for economic development.

IR and Relationship Marketing Management (IR의 관계마케팅관리에 관한 연구)

  • Kim, Kyung-Hoon;Park, Kee-Hong
    • Journal of Global Scholars of Marketing Science
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    • v.8
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    • pp.341-373
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    • 2001
  • Firms are confronting the age of an infinite competition. In order to respond to the rapidly changing business environment and make a success and survival in the international and domestic securities market, firms must take a consideration on the stockholders value-oriented philosophy which has greatly contributed not only to the maximization of corporate profits but also to the stability of financial markets. To pursue stockholders value-oriented philosophy, a firm should build strong relationship with investors by providing exact information of firm's state, financial statement, management policy. Stockholders value-oriented philosophy contributes to long-term growth and development of the firm as well as efficient equity financing and friendship with stockholder. IR is the key factor to attain successful implementation of company's objective. It should be equipped with the most suitable organization and qualified man-power for IR activities. The purpose of this study was to examine the relationship between IR and relationship marketing management. Strategic implications of this study are as follows: First, This study provides a new explanations of IR activities in Relationship Marketing Management. Second, IR activities were key determinants of Trust and Commitment. That means the more a firm does IR activities, the more Trust and Commitment a firm has for their investors. Third, The variables of trust and commitment are highly related to marketing and financial success. IR have a positive effect on a company total value and its cost of capital relative to that of the overall market.

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Health Center Director's Cognition and Attitude on the Strategies for Utilizing Oriental Public Health Doctors (공중보건한의사의 효율적인 활용방안에 대한 보건소장의 인식 및 태도)

  • Park Jae-San;Chang Dong-Min;Moon Ok-Ryun
    • Journal of Society of Preventive Korean Medicine
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    • v.6 no.1
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    • pp.1-14
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    • 2002
  • The proportion and role of public sector in health care industry is very small in Korea. Asymmetric distribution of health care resources is one of the major health care concerns. This issue is so important that it raises a question of accessibility, availability, continuity of care and equity of rural area people's health care utilization. To solve these problems and to satisfy the basic demand of oriental medical service in rural areas, the oriental public health doctors were placed in rural health centers since 1998. The main objectives of this study are twofold: to measure the cognition and attitude of health center directors on the strategies for utilizing oriental public health doctors and to provide basic data for improving the health manpower management program. Data have been collected by way of the self-administrative questionnaires. Developing the questionnaire, the literature review on the previous studies and delphi method were carried out. The response rate was 38.7%. The results of this study are summarized as follows; 1. community people respond positively on the oriental medical service activity in health center. 2. In regard to workloads of oriental public health doctor, 'appropriate' was 81.1% and 'burdensome' was 18.2%, respectively. 3. The 94.0% of respondents thought that the oriental medical service will be continued. 4. To activate oriental medical service in health center, the sufficient budget and provision of aid workers is a necessity. 5. The 75.5% of health center directors respond positively on the allocation of oriental public health doctor to health sub-centers. 6. Health center directors agreed that oriental public health doctor should perform the clinical service as well as prevention and health promotion activity. These results recommend that oriental medical service in health center should be continued gradually, and oriental public health doctors working at health center perform their work efficiently. Undoubtedly, their activity should be more focused on health promotion and disease prevention than daily patient care. For achieving this objective, more support of governmental policy is essential for utilizing oriental public health doctor and better health of the rural area community people.

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An Empirical Study on Debt Financing of Family Firms : Focused on Packing Order Theory (가족기업의 부채조달에 관한 실증연구 : 자본조달순위이론을 중심으로)

  • Jung, Mingeu;Kim, Dongwook;Kim, Byounggon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.19 no.3
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    • pp.337-345
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    • 2018
  • The purpose of this study is to analyze the relationship between the characteristics of Korean family firms and the impact of debt financing. The analysis period was 10 years from 2004 to 2013, and the sample consisted of 4,008 non-financial firms listed on the Korea Exchange. For the analysis, the unbalanced panel data with time - series, cross - section data were formed and analyzed using panel data regression analysis. The results are as follows. First, Korean family firms use relatively less debt than non - family firms. It can be understood that family firms in which the dominant family owns and dominates the corporation are less likely to increase their debt because the agent problem is alleviated and the need for the control effect of Jensen (1986) is lowered. Second, in the verification of the packing order theory using the model proposed by Shyam-Sunder and Myers (1999), family firms have higher compliance with the packing order theory than non-family firms do. When financing is needed, debt is preferred over equity issuance. However, for Korean family firms, 24.38% of the deficit funds are financed through the issuance of net debt, which is relatively low compared to the 75% shown in the analysis of Shyam-Sunder and Myers (1999). These results reveal the limit to the strong claim that the Korean family firms follow the packing order theory.

Assessment of the Potential Carbon Credits from Reducing Emissions from Deforestation and Enhancement of Forest Carbon Stock Activities in Developing Countries (개도국의 산림전용으로 인한 온실가스 배출량 감축 및 산림탄소축적 증진 활동의 탄소배출권 잠재력 평가)

  • Bae, Jae Soo;Bae, Ki Kang
    • Journal of Korean Society of Forest Science
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    • v.98 no.3
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    • pp.263-271
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    • 2009
  • This study aims to identify negotiation alternatives related to Post-2012 reducing emissions from deforestation (RED) and enhancement of forest carbon stock (EFCS) activities. It also aims to recommend a negotiation strategy considering environmental integrity and national interest on the basis of estimating reduction potentials of each alternative on the assumption that tradable carbon credits play an important role as positive incentives. In order to estimate greenhouse gas (GHG) reduction potentials and income potential from RED and EFCS activities, 99 countries were selected by the Global Forest Resources Assessment of the Food and Agriculture Organization of the United Nations. A 'baseline and credit' method was applied to estimate RED activities. Gross-net and net-net methods were applied for EFCS activities. According to the results, Brazil, Indonesia, and the Democratic Republic of Congo have more potential to get positive incentives through RED, while China, Chile, and the Republic of Korea have more potential to get positive incentives through EFCS. This study suggests including both RED and EFCS activities in the boundary of policy approaches and endowment of positive incentives to consider GHG reduction potentials in the global scale and equity among developing countries. Making a discount rate application of forest management activities can be also recommended to factor out the effects of human-induced activities by EFCS activities.