• Journal of Korea Society of Digital Industry and Information Management
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• v.9 no.4
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• pp.227-238
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• 2013

Although several studies show close relationships between social capitals and their performances, a little is known about specific social capitals and their effects on organizational culture and behaviour leading to their innovative outcomes within small and medium sized enterprises(: SMEs). This study examines some dimensions of social capitals and their influences on creating innovative culture and employees' behaviour. The importance of these are regarded as an imperative for SMEs to overcome the inequality of financial leverage and competitive power over resources. For the empirical analysis, survey data were collected from 51 domestic SMEs and analyzed by partial least squares(: PLS) that is one of popular structural modeling and multi-variate projection techniques to latent variables. The findings confirm a positive support of social capitals and their influences on the innovative culture and bahaviour. This result implies that managing the capability of social capitals is important for SMEs to develop the innovative culture and bahaviour and create a competitive advantage.

• Korea Journal of Hospital Management
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• v.25 no.4
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• pp.48-59
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• 2020

Purposes: The purposes of this study is analysis of business performance in national university hospitals in Korea. Methodology: Data from 2010 to 2019 were collected from balance sheet, income statement, and annual reports in 11 national university hospitals. The dependant variables are business performance which are operating margin to total assets, operating margin to gross revenue, and net income to gross revenue. The independent variables are the number of bed, hospital location, opening, liquidity, stability, and activity. Findings: In recent years, activity has been shown to have a lot of influence on management performance. National university hospitals increase profitability by using resources as efficiently as possible. The short-term debt and fixed assets have been increased rapidly in recent years. It was found that management performance has been increased through active investment using financial leverage. Practical Implications: Based on these results, this study will be the basic data for efficient management of national university hospitals.

• Journal of Information Technology Services
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• v.22 no.4
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• pp.81-95
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• 2023

The emergence of Security Token has revolutionized the way assets are traded, bringing efficiency, transparency, and accessibility to the market. However, the Real Estate Security Token market faces challenges, particularly in terms of liquidity. The CMTO(Collateralized Mortgage Token Obligation) model addresses this issue by introducing a novel approach that combines the benefits of NFT(Non-Fungible Token), STO(Security Token Offering), and CMO(Collateralized Mortgage Obligation) techniques to enhance liquidity and promote investment in Real Estate Security Token. The CMTO framework functions by allowing DABS token investors to leverage their tokens as collateral for loans. These token-collateralized loans are pooled together and form the basis for issuing Sequential CMO named CMTO. The CMTO represent a diversified portfolio of token-collateralized loans, providing investors with options based on their financial goals and risk preferences. By implementing CMTO, the Real Estate Security Token market can overcome liquidity challenges, attract a broader range of investors, and unlock the full potential of digital assets in the real estate industry.

• 한국벤처창업학회:학술대회논문집
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• 2023.11a
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• pp.69-71
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• 2023

The Modigliani-Miller Proposition II (MM2) is a cornerstone in the field of corporate finance, positing that in a frictionless environment with perfect capital markets, the cost of equity capital is linearly related to a firm's leverage. This paper critically re-evaluates this proposition, particularly examining the determination of the cost and value of equity. We find that under specific circum-stances, especially when the value of a tax shield is influenced by endogenous variables, the cost and value of equity may be ambiguous. This calls into question the universal applicability of MM2. Our research offers new perspectives on the theoretical underpinnings of financial management and underscores the significance of situational factors in the practical application of these theories.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.5
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• pp.352-362
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• 2019

The study investigates one of the long-standing, but still controversial issues in modern finance from the international and domestic perspectives. That is, financial components and differences on corporate profitability are identified and compared under the primary hypotheses. Empirical research settings include the sample data as KOSPI-listed chaebol firms, time reference covering the post-era of the global financial turmoil and two differently defined profitability indices measured by the market- and the book-value bases. A majority of total 7 explanatory variables except firm size and leverage ratio reveal their statistically significant power to explain profitability indices for the chaebol firms in the first hypothesis. The results are generally compatible with those obtained from their counterparts of non-chaebol firms. In the second hypothesis applying multinomial logistic model, the chaebol firms are classified into three groups according to the level of profitability. It is then confirmed that variables to represent the market-valued debt ratio, business risk and growth potential are financially discriminating factors among the three groups. The study may provide a new vision to identify financial factors of corporate profitability for Korean chaebol firms after the global financial crisis, which can enhance the benefits of interested parties at the government or corporate level in a virtuous cycle.

• The Korean Journal of Applied Statistics
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• v.28 no.3
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• pp.429-442
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• 2015

Volatility forecasting in financial markets is an important issue because it is directly related to the profit of return. The volatility is generally modeled as time-varying conditional heteroskedasticity. A generalized autoregressive conditional heteroskedastic (GARCH) model is often used for modeling; however, it is not suitable to reflect structural changes (such as a financial crisis or debt crisis) into the volatility. As a remedy, we introduce the Markov regime switching GARCH (MRS-GARCH) model. For the empirical example, we analyze and forecast the volatility of the daily Korea Composite Stock Price Index (KOSPI) data from January 4, 2000 to October 30, 2014. The result shows that the regime of low volatility persists with a leverage effect. We also observe that the performance of MRS-GARCH is superior to other GARCH models for in-sample fitting; in addition, it is also superior to other models for long-term forecasting in out-of-sample fitting. The MRS-GARCH model can be a good alternative to GARCH-type models because it can reflect financial market structural changes into modeling and volatility forecasting.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.31-64
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• 2009

This article investigates the short-term cash flow exposures to Korea's major trading partners' currencies based on the kospi and kosdaq firm data from 2000 to 2008. The cash flow approach allows us to analyze the influence on operational performances of individual firm's hedging strategies. Taken all three foreign exchange rates together, more than 30% of the sample firms exhibit significant exposure. Given that the short-term cash flow is rather easy to hedge, the result proves a poor exchange rate risk management practices of Korean firms. Kosdaq firms are more exposed than Kospi firms. On the contrary to the previous researches using stock prices, the operational cash flows show a positive relationship with the value of foreign currencies. The exchange rate-firm sample further shows that the size and leverage affect the level of exposure.

• The Korean Journal of Applied Statistics
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• v.29 no.7
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• pp.1213-1229
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• 2016

Cho and Shin (2016) recently demonstrated that an integrated HAR model has a forecast advantage over the HAR model of Corsi (2009). Recalling that realized volatilities of financial assets have asymmetries, we add a leverage term to the integrated HAR model, yielding the LIHAR model. Out-of-sample forecast comparisons show superiority of the LIHAR model over the HAR and IHAR models. The comparison was made for all the 20 realized volatilities in the Oxford-Man Realized Library focusing specially on the DJIA, the S&P 500, the Russell 2000, and the KOSPI. Analysis of the realized volatility data sets reveal apparent long-memory and asymmetry. The LIHAR model takes advantage of the long-memory and asymmetry and produces better forecasts than the HAR, IHAR, LHAR models.

• Journal of Digital Convergence
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• v.15 no.12
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• pp.233-238
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• 2017

Although numerous theoretical and empirical studies on the capital structure have been performed, the studies on the capital structure of the high potential enterprises have not been worked. This paper performed empirical analyses for the first time to find out the determinants of capital structure of the high potential enterprises of Korea using the financial data of the manufacturing high potential enterprises listed on the Korea Exchange and KOSDAQ during 2010~2016. The results of regression analyses with debt ratio as dependent variable and profitability, firm size, asset tangibility and non-debt tax shield as independent variables show that the coefficients were relatively significant. The variables of the profitability and the tangibility were found to have positive relationship with the debt ratio. The non-debt tax shield were found to have in general positive relation with the leverage.

• The Journal of the Korea Contents Association
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• v.20 no.6
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• pp.38-50
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• 2020

The purpose of this study is to identify the risks to financial institutions in terms of expanding potential risks due to the deferral of exposure, by identifying the structures in which real estate finance and financial institutions affect real estate prices at low interest rates. To this end, real estate financing is categorized according to the method of financing and the type of value measurement from a risk management perspective and analyzed for each case. As a result of analysis, in the case of profitable real estate, the rate of real estate is increased by directly decreasing the cap rate and directly affecting the fair value calculation method. In the case of non-profitable real estate, the real estate price is increased by expanding the leverage width of investors or financial institutions. Through the analysis of this case, the continuous increase in real estate prices over the past 10 years has the potential to prevent financial institutions from losing under the circumstances such as the growth of real estate finance due to the advancement of the financial market and the continued low interest rate trend that has continued for 10 years. It is judged that the deferred delay is part of the cause, which leads to an increase in the risk to financial institutions.