• 유통과학연구
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• 제13권9호
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.497-501
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• 2013

An important decision-making element for the success of housing redevelopment projects is a prediction of the profitability of redevelopment. Risk factors influencing profitability were deduced through a review of the literature about profitability and a risk analysis developed by a survey of maintenance projects. In addition, a profitability prediction depending on the analysis of risk factors is necessary to judge the business feasibility of a project in the planning stages. A profitability prediction model of management and disposal method, which is calculated by proportional rate and which helps estimate contributions to profitability, is proposed to prevent difficulties in business development. The proposed model has the potential to prevent interruptions, reduce the length of projects, generate cost savings, and enable rational decision-making during the project period by allowing a judgment of profitability at the planning stage.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.769-778
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• 2020

The purpose of this study was to examine the role of profitability as a mediating variable in influencing firm value. This study uses a sample of manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2018. The data used is panel data, with data analysis using multiple regression. Based on the Sobel test, profitability plays a role in mediating the effect of firm size on firm value. The effect of firm size on firm value is indirect, however, through profitability. Therefore, the market price of the shares of large-scale companies will increase if the resulting profitability is high. The capital structure and managerial ownership directly influence firm value. The results showed that managerial ownership and firm size had a positive effect on profitability, while capital structure had no effect on profitability. Capital structure and managerial ownership have a negative effect on firm value, while firm size and profitability have a positive effect on firm value. The main finding of this study is that profitability acts as an intervening variable in mediating the relationship between firm size and firm value.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.185-191
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• 2022

The purpose of this research is to see if liquidity, non-performing assets, sensitivity, and efficiency have an impact on the profitability and capital of Indonesian state-owned banks. A random sample of public banks was used in this study. The data was collected from the first quarter of 2014 to the fourth quarter of 2019. Purposive sampling was used as the sampling technique. According to the findings of this study, liquidity (LDR) had a significant positive effect on capital but had no significant effect on profitability. Productive asset quality as proxied by the ACA and NPL ratios did not affect profitability or capital. As for the sensitivity ratio, which was proxied by the ratio of NOP and IRR, there were differences in behavior. Sensitivity had no significant impact on profitability or capital, while NOP had a significant positive impact on capital but not on profitability. In terms of efficiency, both OER and FBIR had a significant effect on profitability and capital, although in different directions. OER has a significant negative impact on both profitability and capital. Fee-based income (FBIR) had a significant positive impact on capital, but it had the opposite effect on profitability.

• 보건행정학회지
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• 제4권1호
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• pp.123-137
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• 1994

The objectives of this research is to find the factors which determined hospital profitability. The unit of analysis is hospital, and the data is collected from two sources. One source is derived from Ministry of Health and Social Affairs(4 years' data from 134 hospitals), and another source is derived from Sam-II Accounting Co.(1 year's data from 37 hospitals). Hospital profitability, which is dependent variable in our research, is measured with financial ration, such as ROI(reture on investment). The major findings are as follows; 1) The hospital profitability is determined with not hospital type itself but management-incentives associated with hospital type. 2) The maximum profitability is obtained in 775 bed-size. 3) The hospital location isn't a factor to determine profitability 4) The internal control and management, such as account receivables, inventory, fixed assert investment, is major factor to hospital profitability.

• 아태비즈니스연구
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• 제11권2호
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• pp.189-206
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• 2020

Purpose - The purpose of this study is to clarify the mediating effect of profitability and activity in the relationship between productivity and stock return, assuming that the productivity of the company will affect share prices with the parameters of profitability and activity. Design/methodology/approach - The study extracted productivity indicators, profitability indicators, activity indicators, and share price-related indicators from 1999 to 2018 of non-financial enterprises listed on the securities market, and then classified them into three factors: productivity (labor productivity LP, capital productivity CP), activity (TT), and profitability (net profit rate NI, operating profit ratio OI) through the factor analysis method, and analyzed the impact of each factor on the stock return through steps 1 to 3. Findings - The regression analysis shows that productivity has a significant positive effect on the stock return through the full mediating effect of profitability and activity. Research implications or Originality - In a situation where the relationship between productivity and profitability is not clear, this study is meaningful in that it has empirically analyzed that productivity has a positive effect on the stock return by mediating effects of profitability and activity.

• 한국건설관리학회논문집
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• 제14권1호
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• pp.63-70
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• 2013

주택재개발사업에서 수익성 예측은 성공적인 사업의 수행을 위한 중요한 요소이기 때문에 수익성 예측을 소홀히 할 경우 많은 그에 따른 리스크가 커지게 된다. 그러나 현행 주택재개발사업은 사업이 많이 진행된 시점에서 수익성을 분석하기 때문에, 수익성이 없는 것으로 판단될 경우 그에 따른 큰 손실을 감수해야 한다. 이로 인해 현재 사업이 중단되거나 지연됨에 따라 경제적인 손실을 보는 사업장이 늘어나고 있으며, 그에 따른 이해관계자간 갈등이 심화되고 있다. 주택재개발사업 시 이러한 사회적 갈등과 경제적 손실을 줄이기 위해서는 사업추진여부를 결정하기 위한 적절한 수익성 예측 방법의 개발이 필요하며, 더불어 적절한 시기에 적용할 수 있는 프로세스의 제시가 요구된다. 본 연구는 사업 초기단계인 기획단계에서 수익성을 예측할 수 있는 방법을 제시하여, 합리적이고 타당한 의사결정의 지원을 위한 것으로 본 연구모델의 적용 시 사업 초기단계에 사업 수행 여부의 결정이 가능하도록 하여, 부적절한 사업의 무리한 진행으로 인한 경제적인 손실과 그에 따른 이해관계자간의 갈등을 줄일 수 있을 것으로 판단된다.

• 한국콘텐츠학회논문지
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• 제9권6호
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• pp.196-206
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• 2009

병원의 수익성이란 병원이 회계년도 기간동안 환자 진료 및 기타 경영활동을 통해 달성한 경영성과를 말한다. 본 연구는 병원의 수익성 측정 지표로 병원을 운영하여 얻은 의료수익에서 의료비용을 뺀 순수한 의료이익인 의료수익의료이익율을 사용하였다. 이를 통해 수익성에 영향을 미치는 다양한 지표를 대상으로 병원 수익성 관련 요인을 도출하였다. 이 결과를 토대로 병원의 수익성 제고 방안을 강구할 수 있는 보다 유용한 기초자료를 산출하고자 하였다. 분석결과 공공병원이 민간병원보다 수익성이 낮았다. 각 지표의 수익성을 적자병원군과 흑자병원군으로 구분하여 분석한 결과 인건비 비율, 관리비 비율, 전문의 1인당 수술건수, 의료장비 회전율와 관련한 지표에서 유의한 차이를 보였다. 관련 지표가 수익성에 미치는 영향을 보면 모형에 따라 설명력은 25%-74.5%였다.

• 보건행정학회지
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• 제29권1호
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• pp.27-39
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• 2019

Background: This study is designed to estimate the factors that affect the level of three different performance (publicity, efficiency, profitability) among regional public hospitals. Methods: The units of analysis are the regional 30 hospitals, which have the operating data during 22 years (from 1933 to 2014). The research method is used by fixed panel analysis. The publicity is measured by medicaid outpatient proportion and medicaid inpatient proportion. The efficiency is measured by two types of efficient score by DEA (data envelopment analysis). The profitability is measured by medical income to medical revenue and ROA (return on total asset). Results: At first, the increase of bed gives negative affect to the publicity but give positive effect to the efficiency and profitability. Because it means the increase of the region population, it gives more profitability compare to hospital with small number of beds. The more the operating period is the higher effect to the publicity and efficiency because of it's refutation. The debt ratio gives negative effect to publicity, but positive effect to profitability. It is the normal belief that there is inverse relationship between publicity and profitability. The turnover rate of bed gives the negative affect to the publicity, but positive affect to the efficiency and profitability. That give us the implication that type of the inpatient make different effect the hospital performance. The ratio of labor cost give negative effect to all kind of performance. That means that the higher labor cost don't mean the higher publicity and labor cost control is very important factors to hospital performance. So the region hospital have to focus the labor factors more to make higher performance. Conclusion: As the conclusion, the independent variables give similar effect to the efficiency and the profitability, but give inverse effect to the publicity. That means that if an region hospital want to make the more publicity, it loss the higher efficiency and profitability. Specially publicity is higher negative relation with the profitability.

• 한국병원경영학회지
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• 제18권3호
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• pp.43-61
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• 2013

The purpose of this study is to analyze the relations between publicness and profitability of national university hospitals in Korea. Finance and management data from 2008 to 2010 were collected from balancing accounts and annual reports in 13 national university hospitals. The dependant variables are used profitability indicators which are operating margin, net profit to gross revenues, normal profit to gross revenues. The independent variables are publicness indicators which are medical social work, ratio of medical aid in inpatients, ratio of medical aid in outpatients, publicness index. The results show that operating margin, net profit to gross revenues in profitability indicators are affected by medical social work in publicness indicators. Normal profit to gross revenues in profitability indicators is strong related to medical social work and hospital province in publicness indicators. Based on these results, this study suggests implications to balance the publicness and the profitability in national university hospitals.