• Journal of Korean Society on Water Environment
• /
• v.26 no.1
• /
• pp.168-176
• /
• 2010

This study proposes the improvement of the present Total Maximum Daily Load (TMDL) management system of MOE (Ministry of Environment). The margin of safety (MOS) is calculated by a method using standard error and a method using variability and uncertainty. The allocation of pollutant loads are calculated using three methods, equal load reduction method, equal percent removal method and method using equity standards. This study applied the improved TMDL management system to the Anyangcheon watershed. Since MOS varies from 12% to 44% due to the high variability of measured and simulated data, it must not be ignored in the TMDL. The method using equity standards is the most proper in this application since the others produced unrealistic allocations. Area, runoff, water use quantity, population and budget are considered for equity standards. This study shows that this allocation method can be also applicable for the administrative units as well as the sub-watersheds. Finally, Hydrologic Simulation Program-FORTRAN (HSPF) with the allocated pollutant load was used to confirm whether it satisfy the water quality standard or not. This study will be helpful to improve the MOS and allocation system TMDL in the future.

• Asia-Pacific Journal of Business
• /
• v.13 no.1
• /
• pp.167-183
• /
• 2022

Purpose - The purpose of this study is to show the need to use the past long-term returns for investment decisions in U.S. equity funds and to suggest an investment strategy using long-term returns. Design/methodology/approach - This study solves the problem of high return volatility in long-term returns and proposes new investment portfolios based on the behavior of fund investors according to past returns. For the investment portfolio of this study, 60 months are divided into several periods and the average of the performance ranks for each period is used. Findings - First, funds with high average returns over multiple periods have lower future outflows and higher future returns than funds with high 60-month cumulative returns. Second, funds with low average returns over multiple periods have lower future inflows and lower future returns than funds with low 60-month cumulative returns. The findings mean that when making decisions based on past long-term returns, it is a smarter investment choice to buy funds with high average returns over multiple periods and sell funds with low average returns over multiple periods. Research implications or Originality - This study shows that it is necessary to use long-term returns in fund investment by analyzing the characteristics of the portfolio based on past returns. In addition, the study is meaningful in that it suggests a way to use long-term returns more efficiently based on the behavior of fund investors and shows that such investments lead to higher returns in the future.

• Industry Promotion Research
• /
• v.7 no.4
• /
• pp.97-108
• /
• 2022

This paper examined the impact of financing structure on the innovation efficiency of SMEs by constructing an econometric model using panel data of SMEs listed on the SME board from 2010 to 2020 as the research sample. The innovation efficiency of SMEs was measured by the Stochastic Frontier Analysis (SFA), the relationship between financing structure and innovation efficiency of SMEs was examined with the help of the Tobit model, and the corresponding heterogeneity analysis was conducted. Finally, the robustness of the model was tested. It was concluded that the effects of debt and equity financing on the quantitative efficiency of innovation were non-linear and mainly showed an inverted "U" shaped relationship. For innovation quality efficiency, bond financing could positively contribute, while equity financing negatively inhibits. Finally, the corresponding advice was given.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.8
• /
• pp.99-108
• /
• 2022

This study aims to examine the influence of capital structure on the business efficiency of joint stock commercial banks listed on the Vietnamese stock market. The article uses data collected from the financial statements of 15 prominent joint-stock commercial banks out of 27 joint-stock commercial banks listed in Vietnam from 2011 to 2021. The research uses E-view software in quantitative analysis to build regression models to determine the relationship and the impact of capital structure factors on the business efficiency of listed joint stock commercial banks. Research results show that ROA is affected by 2 variables of capital structure. It is the sum of customer deposits to total assets and total liabilities to total equity. Total debt to total equity and total customer deposits to total assets both have a negative effect on ROA. For the regression results of ROA with all control variables, the control variables have a positive relationship with the dependent variable. The article has provided recommendations based on the research findings to determine the proper capital structure. Managers must solve the outstanding amount of mobilized capital in previous years, combined with the bad debt handling activities that have arisen.

• Proceedings of the KSRS Conference
• /
• 2005.10a
• /
• pp.61-64
• /
• 2005

The purpose of this paper is to take a closer look at an area having shorted emergence facilities and to determine optional candidate sites instead of vulnerable area by using GIS spatial analysis. Newly determined new candidate is performed by concerning spatial efficiency and spatial equity for a public service. It was determined through using the analyzing of the physical accessibility measure, the Location-Allocation, sort of classic model in spatial statistics and general network analysis. The area of this research has been used in administrative boundary of Young-Dong in Gangneung including 13 emergency, medical hospitals, 46 fire-stations and sub-fire stations. In general terms, what all this show is that the way we are approached for geographical view from using GIS spatial analyzing technique of determined location and allocation problem by the social, economical, political factor and simple administrative discrimination at the meantime. At the same time, with problem occurred in the space it is possible to make an Effective proposal or means, policy, decision for new candidate location-allocation suggesting optimum model.

• Proceedings of the Safety Management and Science Conference
• /
• 2013.04a
• /
• pp.687-692
• /
• 2013

In this paper, we provide application strategies of representative finance and investment metrics using breakdown properties of Return On Equity(ROE). The research discusses the relationship of ROE for finance and investment metrics such as Return On Asset(ROA), Return On Invested Capital(ROIC), Price Book Ratio(PBR), and Price Earning Ratio(PER). Furthermore, we provide three different perspectives of its purpose and utility of Residual Income(RI) Models, Market Value(MV) Models and Enterprise Value(EV) Models.

• Korean Journal of Construction Engineering and Management
• /
• v.21 no.6
• /
• pp.75-83
• /
• 2020

This study intends to explore the scope of the recognized equity capital of developer in real estate project finance loan screening. The factors which can be recognized as equity capital are categorized into 24 factors with 3 upper categories and 6 mid categories. In order to develop the importance weight of factors, AHP and Fuzzy methodologies are implemented based on survey analysis by experts in financial institutions. Research findings indicate that the land cost, evacuation cost, and real estate acquisition tax as land-related direct costs, and the design cost, traffic impact assessment cost, underground safety impact assessment cost, boundary surveying cost, and geological survey cost as the construction permit-related costs are higher than any others. On the other hand, the supplementary costs related to the operation of the developer show very low importance weight. Accordingly, the hierarchy of factors for equity capital should be clearly developed in order to minimize any dispute and prevent non-performing loans to real estate project finance.

• The Journal of the Korea Contents Association
• /
• v.11 no.9
• /
• pp.275-292
• /
• 2011

In this research, we executed a questionnaire survey targeting men and women in 20' or more who reside in the metropolitan area and have experienced purchasing the vehicles in order to study how Promotion Mix Activity affects Brand equity, and ultimately what kind of relation it has with Purchase intention. In the statistical process of collected data, we analyzed the data by using SPSS 12.0 for Windows statistical package and AMOS 7.0 program. As the result of analysis, first, when we analyzed the relation of the Promotion Mix Activity and Brand Equity of the companies, the more affirmative the assessment on the advertising activities of the companies was, the higher the brand popularity, royalty and image increased, And it appeared that as the assessment on PR activities of the companies got more affirmative, the brand popularity, image and royalty increased. Second, as the result of the analysis of the relation between salespersons' Promotion Activities and Brand assets, it appeared that salespersons' social capacity improved Brand awareness and royalty and their strategic capacity improved Brand awareness, royalty and image. Third, seeing the result of the analysis on the relation between Brand equity and Purchase intention, it was shown that Brand popularity had a meaningful positive(+) effect upon satisfaction and repurchase(oral) intention, and Brand royalty had a meaningful positive(+) effect upon satisfaction and repurchase(oral) intention. In addition, it appeared that Brand image had a meaningful positive(+) effect upon satisfaction and repurchase(oral) intention, and finally it could be known that Brand assets had a close correlation with Purchase intention.

• The Journal of the Korea Contents Association
• /
• v.15 no.12
• /
• pp.541-549
• /
• 2015

Research about U.S. and European countries demonstrated that startups and young firms account for nearly all net job creation. If we want to bring down unemployment and to increase economic growth rate, we need to create new companies and to make them to grow. Credit availability is one of the most important factors for entrepreneurs as they attempt to start or expand a business. For young firms, access to credit for business growth can mean the difference between survival and failure. Equity crowdfunding is an innovative means of raising capital for businesses. Crowdfunding campaigns can give new business access to a large pool of investors. This brings huge benefits for marketing and increase provability of success of business and ROI, so it leads follow-on investment from Venture Capital and Angel investors. In Korea, the survival rate of startups and average growth rate of survivors is far lower than those of the U.S or other countries due to lack of funds for startup or early business growth. Equity crowdfunding can be a new funding source for venture or startups. It can increase startup and survival rate, in addition to the growth rate of survivors, resulting in decreased unemployment rate. In Korea, Equity crowdfunding will be available from 2016. Further study is needed to determine whether the impact of crowdfunding in Korea on job creation will be similar to its impact in the U.S.

• Management & Information Systems Review
• /
• v.37 no.4
• /
• pp.63-74
• /
• 2018

Recently, in the asset management industry, the smart beta strategy, which has an intermediate nature between passive and active strategies, is attracting attention. In this smart beta strategy, value, momentum, low volatility, and quality index are widely used. In this study, we analyzed the quality index which is not clear and complicated to calculate. According to the MSCI methodology, the quality index was calculated using three variables: return on equity, debt to equity, and earnings variability. In addition, we use the index using only return on equity variable, the index using only two variables of return on equity and debt to equity, and the KOSPI index as comparison targets for the quality index. In order to evaluate the performance of the indices used in the analysis, the arithmetic mean return, the coefficient of variation, and the geometric mean return were used. In addition, Fama and French (1993) model, which is widely used in related studies, was used as a pricing model to test whether abnormal returns in each index are occurring. The results of the empirical analysis are as follows. First, in all period analysis, quality index was the best in terms of holding period returns. Second, the quality index performed best in the currency crisis and the global financial crisis. Third, abnormal returns were not found in all indices before the global financial crisis. Fourth, in the period after the global financial crisis, the quality index has the highest abnormal return.