• Journal of Navigation and Port Research
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• v.39 no.3
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• pp.261-266
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• 2015

Many of previous studies suggested that working capital management is an important component of firm's financial decision and efficient working capital management affects firms' profitability and it's value. Recently, Korean shipping firms have been suffering from financial distress by recession of shipping economy. In this point of view, this study tries to investigate the relationship between working capital management and shipping firm's profitability, using panel data on 46 Korean shipping firms for the period of 2004-2013. As result of panel regression, it proved that average payment period, inventory turnover, cash conversion cycle and operating cycle are significantly associated with firms profitabilities such as profit margin ratio and operating profit ratio, and the manager of shipping firm can increase firms profitability by more efficient working capital management. There are strong positive relationships between average payment period and operating cycle and firm's profitability. These results suggest that managers can create firm's value by increasing average payment period and operating cycle. Otherwise inventory turnover and cash conversion cycle have negative relationships with firm's profitability. It means that managers can increase firm's profitability by reducing these variables.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.229-235
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• 2021

The ability of entrepreneurs to arrange working capital is the key to maximizing the profitability of small- and medium-sized enterprises and the wealth of entrepreneurs. The study investigates the correlation between entrepreneurs' working capital management and the profitability of SMEs listed on six Gulf Cooperation Council (GCC) stock exchanges between 2019 and 2020. The secondary data is collected from the financial statements of SMEs listed on the six GCC stock exchanges. Actual sample for the research study was a total of 136 small- and medium-sized enterprises selected using purposive sampling methods. Four research models were considered in this analysis, all ending up affecting gross profits. The selected entrepreneurial SMEs were listed on six different Gulf Cooperation Council stock exchanges during 2019-2020. The fixed financial assets ratio, financial debt ratio, and company size are used as control variables and data were analyzed using multiple regression. The research results demonstrate that there is a statistically significant negative correlation between profitability measured by gross profit and cash cycle and the components of the cash cycle (including days of accounts receivable and days of inventory). The study further reveals that there is no significant correlation between gross profit and days of accounts payable.

• Journal of Distribution Science
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• v.11 no.2
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• pp.5-10
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• 2013

Purpose - The current research examines the effect of life cycle stages on capital structure of listed companies in Tehran Stock Exchange. Research design, data, methodology - By aid of 685 year-company data, which collected from financial statements of companies during 2006-2012, first, the companies, are classified into three groups including companies in growth, maturity and decline stages. After removing the companies, which were not in accordance with life cycle model, 86 companies were selected to test two main hypotheses of the research. Results - The results show that the capital structure of the sample companies is different in various life cycle stages. More investigation by LSD test also revealed that the total debt to total assets ratio means of the companies in growth stages were significantly different from those companies in maturity stages and those in growth stages had high level of debt to assets ratio. Conclusions - The result showed the average amount of the working capital for companies in three stages are significantly different and due to high level of operation of the companies in maturity and decline stages, these companies held high amount of working capital than those in the growth stages.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.741-750
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• 2020

This study examines the influence of working capital management (WCM) factors on the profitability of steel companies listed on the Stock Exchange of Vietnam. Data was collected from audited financial statements of companies for a period of 10 years, from 2010 to 2019. The number of samples eligible for research is 20 out of 26 companies, which is equivalent to 76.9%. With the help of dedicated software Stata version 14, the impact determination of WCM (through 8 independent variables: DIO, DPO, DSO, CCC, SIZ, CR, LEV, GRO) to the firm's profitability (through the dependent variable) is performed through multivariate regression models. Research results from companies in the steel industry in Vietnam during this period indicate that WCM has a strong impact on the profitability of businesses. Among 8 factors affecting the profitability of steel enterprises, factors DPO, DIO, DSO, CR, SIZ, GRO have a positive impact, boosting profitability; 2 factors CCC and LEV have a negative impact on profitability; in which, the effect of CCC is negligible. This conclusion is almost in contrast to many previously published studies due to the specifics of the industry as well as the different stages of economic development associated with the economic management policies of the State.

• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.25-51
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• 2008

In this paper, we analyse empirically the fixed asset investment smoothing of working capital of firms listed on Korea Securities Market. The main results of this study can be summarized as follows. Firms will seek to lower long-term cost by smoothing fixed asset investment and maintaining stationary investment with working capital. Working capital is not only an important use of fund, but also a source of liquidity that should be used to smooth fixed asset investment relative to cash flow shocks if firms face financial constraints. Working capital investment is more sensitive than fixed asset investment to cash flow fluctuations. If firms face financial constraints, working capital investment will compete with fixed asset investment for the limited pool of available cash flows. So, fixed asset investment will have negative relationship with working capital investment. However, criticism that the positive correlation between cash flows and fixed asset investment could arise simply because cash flows is proxy variable for investment demand. Finally, controlling for the fixed asset investment smoothing effects of working capital results in a much larger estimate of the long run impact of financial constraints. Financial constraints is measured by dividend payout ratio and market access level. Fazzari et al. (1988), Fazzari and Petersen (1993), and Faulkender et al. (2008) emphasize that low dividend firms or market unaccessible firms are more likely to face financial constraints, and rarely make use of new equity issuing. The results from empirical analysis show that financial constraints can be better explained using 'adjustment cost' concept. Specifically, the results show that financial constraints exist and that in order to measure financial constraint effects more succinctly, fixed asset investment smoothing effects with working capital should be considered.

• Journal of Digital Convergence
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• v.17 no.4
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• pp.57-64
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• 2019

This study collected 270 defectors working in domestic companies as a sample. The purpose of this study is to examine the effects of compassion experienced by defectors on positive psychological capital in the organization and secondly to demonstrate the effect of positive psychological capital formed through compassion on job crafting. Third, the purpose of this study is to verify the mediating effect of positive psychological capital in the relationship between compassion and job crafting, and finally to demonstrate the moderating effect of deep acting in the relationship between compassion and positive psychological capital. As a result of this study, it is proved that the compassion experienced by the defectors has a positive effect on positive psychological capital, and positive psychological capital has a positive effect on job crafting. In addition, the mediating effect of positive psychological capital and the moderating effect of deep acting were also proved to be significant and all hypotheses were supported. This study suggests that it provides motivation for positive emotions and active work design to defectors who need sympathetic care while working for Korean companies.

• Korea Journal of Hospital Management
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• v.29 no.1
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• pp.32-45
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• 2024

Purpose: This study was performed to determine whether positive psychological capital and role conflict among hospital nurses influence patient safety competencies. Methods: Data were collected from nurses working at one hospital with more than 800 beds in J Province. Data were analyzed using descriptive statistics, t-test, ANOVA, Scheffé's test, Pearson's correlation analysis and hierarchical regression analysis using SPSS 26.0 program. Findings: In the hierarchical regression analysis, positive psychological capital, role conflict, bachelor's degree or higher as the highest level of education achieved, and three or more experiences reporting accidents impacting patient safety were found to significantly correlate with subjects patient safety competency. Among these, positive psychological capital emerged as the strongest factor, and the explanatory power of Model 4 was determined to be 38.1%. Conclusion: This study confirmed that hospital nurses' positive psychological capital and role conflict impact patient safety competency, underscoring the importance of organizational measures to increase patient safety awareness. Therefore, it is necessary to develop an educational program to strengthen hospital nurses' patient safety capabilities and conduct follow-up research to test its efficacy.

• Journal of the Korean Operations Research and Management Science Society
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• v.4 no.1
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• pp.33-39
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• 1979

The cash management problem as a part of working capital management has been extensively studied. By and large the articles surveyed lacked consideration of long-term assets and the proper tax treatment of them. Recognizing that investment activities - long-term as well as short-term generate cash inflows, leads one to conclude that these investments should be included in the cash management problem. The liquidity of long term investments is an integral part of the cash management problem. This paper formulated a cash management model which incorporate the effect of long term investments and their liquidity on cash holdings. Although all of the models formulated could be solved using mathematical programing techniques, the mere size of the problem in terms of the number of variables and constraints leads one to seek other methods. For this reason rules were developed using the Kuhn-Tucker conditions thereby substaintially avoiding the programming calculations or at least easing them significantly.

• International Journal of Internet, Broadcasting and Communication
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• v.14 no.3
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• pp.51-62
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• 2022

This study tried to confirm the mediating effect of positive psychological capital on the relationship between the communication Competence of managers who are recognized as organizational members working in the company and the adaptive performance of the members. To this end, the research hypothesis established through the final 255 data was verified as follows using the SPSS 21.00 and AMOS 21.1 version statistical programs. First, the higher the manager's communication Competence, the higher the positive psychological capital of organizational members. Second, the higher the communication Competence of the manager, the higher the adaptive performance of the members. Third, as the positive psychological capital of organizational members improved, adaptation performance improved. Fourth, positive psychological capital showed a partial mediating effect between the manager's communication Competence and the member's adaptive performance. The results of this study empirically analyzed the relationship between manager's communication Competence and members' positive psychological capital assumption (+) on the improvement of organizational members' adaptive performance ability. This study has the meaning of the most important research in that it provides additional theoretical and practical implications in the face of insufficient research on factors affecting the adaptation performance of organizational members.

• Journal of Korean Clinical Nursing Research
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• v.29 no.3
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• pp.271-282
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• 2023

Purpose: This study is a descriptive research study attempted to identify the job stress and positive psychological capital of clinical nurses and to identify the factors that impact job embeddedness. Methods: Data were collected from 115 nurses with over one year of clinical experience working at a 500-bed B General Hospital. The collected data were analyzed with the SPSS 27.0 program using frequency and percentage, mean and standard deviation, Independent t-test, One-way ANOVA, Scheffé test, Pearson's correlation coefficients, and multiple linear regression. Results: As a result of multiple regression analysis, hope among the sub-factors of positive psychological capital (β=0.48, p<.001), matters related to the work schedule (β=-0.23, p=.005) among the sub-factors of job stress, and conflict with doctor (β=0.20, p=.013) was found to have an impact on job embeddedness, and the explanatory power of this regression model was 52.0% (F=13.12, p<.001). Conclusion: It was found that the positive psychological capital of clinical nurses has a positive impact on job embeddedness. In order to increase the job embeddedness of clinical nurses, it is necessary to develop, educate, and utilize specific intervention programs that can strengthen positive psychological capital. Efforts should be needed to prepare specific strategies for nurses to recognize the importance of hope and actively utilize positive psychological capital. In addition, it is necessary to create an organization-level working environment and continuous management to reduce the job stress of clinical nurses.