• 한국병원경영학회지
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• 제17권1호
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• pp.79-112
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• 2012

The purpose of this study is to examine the differences of profitability based on the analysis of business and medical service performances of four hospitals in Incheon area with similar size. and to compare hospitals with the best and the worst performances and analyze the factors behind the differences. The differences could be caused by differences in medical service statistics, number of staff, and financial results, etc. The data was acquired through the homepage of the National Tax Service(financial statements for the fiscal year 2009) and the Medical Record Association of Incheon(medical service statistics for the years 2008 and 2009) along with questionnaire survey to the hospitals(personnel data for the year 2009). The results of the study are as follows. Medical profits to medical revenues ratio for the hospitals(referred as Hospital A, B, C, and D) shows, in order, C(8.2%), A(8.0%), B(7.8%), and D(7.4%). However, net income to medical revenues ratio shows otherwise: C(8.5%), D(5.8%), A(3.0%), and B(0.6%). Hospital B shows a high medical profit to revenue ratio but the lowest net income to revenue ratio due to large interest expenses. The leverage ratio of Hospital B is the highest (419.6%), resulting in a very low interest coverage ratio(1.1). On the other hand, Hospital C shows favorable results in both profit ratios, with 8.2% and 8.5% each. Hospital C has the lowest leverage ratio(53.0%) and the highest interest coverage ratio(34.9). Therefore, the results show Hospital C has the best performance while Hospital B the worst. The two hospitals(B and C) show similar results in certain areas and big differences in other areas. The area that has the biggest influence on financial results turns out leverage ratio. Hospital B shows 'very good' to 'good' results in terms of medical service statistics in general. However, the leverage ratio is too high and the liquidity ratio too low, resulting in a very low profit ratio. The results of this study have some limitations in terms of generalization as only four hospitals in Incheon area were selected for the study, resulting in a deficiency in the representativeness of the sample. Further studies with bigger sample size and deeper analysis are expected in this area.

• 한국프랜차이즈경영연구
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• 제3권1호
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• pp.1-25
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• 2012

프랜차이즈 산업의 발전과 더불어 프랜차이즈 기업과 관련한 다양한 연구들이 진행되고 있다. 그 중 프랜차이즈 성과와 관련된 논의들은 가맹본부 성과, 가맹점 성과, 관계특성에 대한 성과, 재무적 성과, 비재무적 성과 등 연구의 주제나 목적에 따라 다양한 관점에서 제시되어 왔다. 그러나 기존의 프랜차이즈 성과와 관련된 논의들이 너무 포괄적으로 제시되거나 만족, 장기지향성 등 정성적인 측면만을 강조하는 한계를 안고 있다. 따라서 본 연구는 프랜차이즈 기업의 성과를 보다 명확하게 제시할 필요성에 의해 진행하게 되었다. 즉, 프랜차이즈 기업의 특성을 반영한 계량화되고 수치화된 정량적인 성과지표를 제시하고자 한 것이다. 이를 위해 프랜차이즈 기업의 계약관리 실태를 체계적으로 분석 정리하고 이를 전사적 계약관리(ECM)지표로 제시하였으며, 보다 정량적인 분석을 위해 계약관리 레버리지를 제안하였다. 계약관리 레버리지는 가맹점과의 계약증가율이 가맹본부의 매출액증가율의 변화에 어떠한 유의적인 변화를 가져오는가를 보여주는 지표로서 프랜차이즈 기업을 대상으로 분석한 결과, 주목할 만한 시사점을 발견할 수 있었다. 따라서 본 연구는 프랜차이즈 기업의 성과를 매출액이나 가맹점증가율, 만족 또는 재계약의도라는 일면적 측면에서 제시되던 관점에서 보다 종합적이고 입체적인 차원에서 계량화된 분석 틀을 제공함으로써 프랜차이즈 기업 성과연구와 실무적인 차원의 기업 성과관리에 새로운 방법론을 제시하였다는데, 그 목적과 의의가 있다.

• 농촌계획
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• 제14권2호
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• pp.85-97
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• 2008

The purpose of this paper is to review current state of farm household's debt which is considered as one of the biggest problem in the rural community, to analyze the cause of farm household debt rising in Jeju province, and to make improvement schemes on how this problem of farm household debt could be alleviated. In order to achieve these objectives, raw data are collected from the interviews with 400 farming households in Jeju region. The results of the study are as follows; An average amount of total farm households debt was 42,000 thousand won in 2005, but an average of farm households debt excluding no debt farm households was increased by 10,000 thousand to 51,750 thousand won. But the debt properties are variable according to the farm type. Non-citrus farmers, younger farmers, rural area resident farmers hold more debt problems than other type. Among total farm households, 30 percent showed over 40 percent leverage ratio(debt/total assets), which is considered as risky or heavily indebted. Therefore, I designed a workout program and a program of land liquidation for heavily indebted farm households in Korea.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.1005-1015
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• 2020

This paper aims to propose a Comprehensive Decision Support Model to evaluate retail companies' financial performance traded on the Vietnam Stock Exchange Market. The financial performance has been examined in terms of the valuations ratios, profitability ratios, growth rates, liquidity ratios, efficiency ratios, and leverage ratios. The data of twelve companies from the first quarter to the fourth quarter of 2019 and the first quarter of 2020 were employed. The weights of 18 chosen financial ratios are calculated by using the Standard Deviation method (SD). Grey Relational Analysis technique was applied to obtain the final ranking of each company in each quarter. The results showed that leverage ratios have the most significant impact on the retail companies' financial performance and gives some long-term investment recommendations for stakeholders and indicated that the Taseco Air Services Joint Stock Company (AST), Mobile World Investment Corporation (MWG), and Cam Ranh International Airport Services Joint Stock Company (CIA) are three of the top efficient companies. The three of the worst companies are Viglacera Corporation (VGC), Saigon General Service Corporation (SVC), and HocMon Trade Joint Stock Company (HTC). Furthermore, this study suggests that the GRA model could be implemented effectively to ranking companies of other industries in the future research.

• Asian Journal of Business Environment
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• 제9권2호
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• pp.35-46
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• 2019

Purpose - The purpose of this study is to find out the intellectual capital disclosure (ICD) and its determinants in the pharmaceutical and chemical industry of Bangladesh. Research design, data, and methodology - This research study is conducted on the listed firms of pharmaceutical and chemical industry in Bangladesh during the period of 2016 to 2017. This study develops a self-structured intellectual capital disclosure index; and the proxies of determinants of ICD are used as board characteristics (board size, independent directors and female directors), ownership structures (institutional ownership and director ownership), and firm characteristics (firm size, leverage and performance). The study uses a content analysis to analyze the extent of ICD and a pooled cross-sectional method to find the determinants of ICD. Research Findings - This study finds that intellectual capital disclosure is positively associated with firm size, leverage, and firm performance and negatively associated with director ownership and institutional ownership. This study also finds that there is no significant association of ICD with independent director or female director. Conclusions - The study recommends that the regulatory authority should develop mandatory guidelines on ICD for ensuring proper and consistent disclosure about the intellectual capitals. Besides, the companies should include a separate section in the annual reports to disclose the measurement and management of intellectual capital.

• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.41-53
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• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• 정보관리학회지
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• 제28권4호
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• pp.221-242
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• 2011

본 연구를 위하여 공공도서관의 경영과 서비스에 영향을 미치는 대학 입시제도의 변화와 국내 사교육시장의 실태를 분석하였다. 분석결과 우리나라에서는 미국, 유럽 등 선진국에서는 사례를 찾아보기 어려운 다양한 경쟁적 요소가 도서관서비스 시장에 존재하고 있음이 밝혀졌다. 이들은 도서관 입장에서 보면, 소속된 지역과 업무현장에서 자연스럽게 경쟁관계가 성립되어 상호 조직의 발전이 제한될 수 밖에 없으며, 결국 도서관 마케팅 측면에서 새로운 관계 정립이 필요하다. 도서관의 '영어도서관프로그램'을 새로운 서비스 확장 사업으로써, 마케팅레버리지(marketing leverage)로 활용하여 도서관이 공공기관으로서 의 단단한 입지와 도서관서비스 품질에 대한 만족도를 한층 더 높일 수 있도록 도서관 2곳을 선택하여 장서개발과 프로그램 운영 경험을 통해 모형을 고안, 제시하였다.

• 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.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.87-99
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• 2020

The study aims to investigate factors that determine dividend payout policy using 336 non-financial firm year observations covering the period 2005 to 2016 in Malaysia. We found a significant positive relationship between corporate board size, board members average age, board tenure and dividend payout policy. We also found a strong negative effect and statistically insignificant relationship of board diversity, board independence, CEO duality and dividend payout policy. Additional, financial leverage has a negative effect on dividend payout policy. It is also noticed that firms with diverse boards are more likely to pay dividends and tend to pay larger dividends than those with non-diverse boards. Our results suggest that board diversity has a significant impact on dividend payout policy. Impact of board diversity on dividend payout policy is particularly conspicuous for firms with potentially greater agency problems. Our findings are consistent with the argument that corporate board traits enhancement positively affect the dividend payout policy which is beneficial for shareholders. This study offers useful insights into the current global debate on board traits and its implications for firms. The dividend payout policy signals good news to investors. Corporate board traits and firm's financial decision are the factors that disrupt the dividend decision.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.37-43
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• 2019

The research aims to study the relationship between export performance and stock return of Vietnamese fishery companies. To conduct this study, quarterly data was collected for period from 2010-2018 of 13 fishery companies listing in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). The export performance was measured by export intensity, export growth and export market coverage. In addition, interest rate, exchange rate, GDP, firm size, profitability, and financial leverage were considered as the control variables in the research model. Panel data analysis with Generalized Least Squares model was employed to estimate the predictive regression. The findings indicated that export intensity and export growth have a significant and positive relationship with stock returns. However, export market coverage has not a significant relationship with stock return at the 0.05 level. Profitability, financial leverage, and exchange rate have a positive relationship, while interest rate and GDP have no relation to stock return at the 0.05 significance level. The findings imply that investors should consider the export intensity instead of export growth and export market coverage as selecting stock of fishery exports firms to invest; managers should increase export intensity to increase company's stock price or firm market value.