• Industry Promotion Research
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• v.5 no.3
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• pp.31-36
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• 2020

This study explores the determinants of capital structure of the hospitality industry such as hotels, lodging industry and tourism industry using financial data from 2000 to 2019. Several explanatory variables suggested by related theories and past studies were regressed with the dependent variable, debt ratio for the entire sample period, pre-crisis period and post-crisis period and the regression coefficients of the sales expenses, profitability and firm size were found to be statistically significantly negative. Especially the sign of the coefficient of the firm size was opposite to that of the manufacturing industry, which implies the uniqueness of the hospitality industry.

• Korean Journal of Construction Engineering and Management
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• v.12 no.5
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• pp.117-126
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• 2011

With Public-private partnership PF (project financing) deals saw explosive increase in quantity since its introduction to Korea in 2001, but, met with severe recession in the fallouts of the financial crisis that hit the global economy in 2008. This study intends to identify the risk factors corresponding to issues of public-private partnership projects financing structure and classify and analyze them by project phase. Outcomes of this research are expected to help recognize risk factors in each project phase during project planning and develop risk control and mitigation strategy during project implementation.

• 한국벤처창업학회:학술대회논문집
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• 2016.04a
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• pp.88-92
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• 2016

2008년 글로벌 금융위기 이후 세계 주요 국가들은 이러한 상황의 생존전략으로 창업 및 기업가정신의 부활을 강조하고 있다. 우리나라도 경기침체 및 청년실업률 증가와 같은 장기불황을 극복하기 위해 '국민행복, 희망의 새 시대'라는 국정비전하에 '일자리 중심의 창조경제' 실현을 제1의 국정목표로 설정하였다. 2016년 4년차에 접어드는 창조경제는 수많은 예산과 인력을 투입하여 창업지원사업을 하고 있지만, 그 효과성에 대해서는 의문이 든다. 이에 본 연구는 실제 창업을 하거나 준비 중인 창업가, (예비)창업가, 학생을 중심으로 현 창업생태계의 문제점을 분석하였고, 이 분석결과를 토대로 정부, 지방자치단체 및 민간의 창업지원사업에 바람직한 지원방향을 제시하여 건강한 창업생태계 구축을 위한 방안을 제시하고자 한다. 분석결과, 정부의 창업지원 정책의 문제점은 보겨 주기식 창업지원사업 및 행사라고 응답한 비율이 41.5%로 가장 높은 응답률을 보였고, 국내 창업생태계 조성을 위해 제 역할을 충분히 하지 않은 당사자는 34.1%가 중앙정부, 28.3% 국내 대기업이라고 응답하였다. 창업경험 유무에 따른 창업과정의 애로사항은 자금조달이 46.1%로 가장 높았고, 창업 초기자금 조달방법은 응답자의 절반인 50.4%가 개인자금으로 창업 초기자금을 조달한다고 응답하였다. 창업이 주저되는 주요 이유로는 창업자금 마련 및 기회비용이 40.4%로 가장 높은 응답률을 보였고, 창업 시 가장 필요하고 중요하다고 생각되는 지원정책으로는 자금 및 투자 지원이 26.6%, 사무실공간지원 13.5%, 마케팅 및 판로 지원이 13.5%의 응답률을 보였다.

• Journal of Information Technology and Architecture
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• v.10 no.2
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• pp.211-222
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• 2013

The adoption of ERP systems is most important factor for the competitive advantages which can be achieved by the business process improvement of the company. In the Korean business environment, achieving competitive advantages become more important after financial crisis in 2009. The purpose of this study is to analyze the factors (organizational characteristics, number of years after implementing ERP systems) affecting the ERP adoption effect and to suggest the direction for improving this effect. This study presents the organizational characteristics(Strategic alignment, CEO support, changement management effect) affecting the ERP adoption effect and suggest the direction to improve the corporate performance in the ERP systems.

• Journal of Distribution Science
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• v.7 no.4
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• pp.37-45
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• 2009

As part of the government's efforts to stabilize the people's livelihood in response to the economic downturn arising from the global financial crisis, this research focuses on a more efficient and appropriate political operation of gift certificate issuance (Onnuri, Hope Labor, regional gift certificates) to support the socially disadvantaged class and increase the income of less affluent regions to stimulate local economy through employment opportunities. This study extends beyond a short-term solution for distributors in traditional markets to provide a framework to improve regional competitiveness.

• Korean Journal of Construction Engineering and Management
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• v.15 no.5
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• pp.127-137
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• 2014

Project Financing (PF) development project is the type which influences national economy and building industry largely because it is exerted by using borrowed money from many kinds of investors and huge amount of financial raising. Many domestic PF projects are focused mainly on the profit maximization lacking in a sufficient feasibility study. Nowadays many projects are suspending due to the global finance debacle and stagnation of real estate industry. Therefore, in this paper, risk factors of PF project are deducted and Key Success Factors (KSFs) are derived through Factor-Analysis and qualified using Fuzzy-AHP method. And through the evaluation of the derived success factors in real projects, a strong correlationship has been identified between the score of each PF success factor and the level of success and/or expected rate of return (ROR). So, the result of this paper can help decision makers of the PF projects make a better decision and give a meaningful guidance in achieving successful PF projects.

• Journal of the Korean Data and Information Science Society
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• v.27 no.2
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• pp.327-335
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• 2016

The People's Republic of China has vigorously been pursuing the internationalization of the Chinese Yuan or Renminbi after the financial crisis of 2008. In this view, an abrupt increase of use of the Chinese Yuan in the onshore and offshore markets are important milestones to be one of important currencies. One of the most frequently used methods to forecast volatility is GARCH model. Since a prediction error of the GARCH model has been reported quite high, a lot of efforts have been made to improve forecasting capability of the GARCH model. In this paper, we have proposed MLP-GARCH and a DL-GARCH by employing Artificial Neural Network to the GARCH. In an application to forecasting Chinese Yuan volatility, we have successfully shown their overall outperformance in forecasting over the GARCH.

• International Commerce and Information Review
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• v.14 no.3
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• pp.3-30
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• 2012

In the development process, small and medium-sized enterprises in China have shown their unique features and regularities which are closely related to China's national condition and economic characteristics. But in 2008, because of the global financial crisis which started in the USA, the rate of Chinese export and the rate of economic growth has evidently slowed. Due to shortage of funds, foreign orders fell, increase the value of RMB, lack of talented factors, Chinese SMEs are facing bankruptcy. In this context, the purpose of this study is to examine the effects of domestic and international market environment, the government assistance for entering overseas market, entrepreneur characteristics, etc. on the global performance. Based on these, a research model and some hypotheses were set up and tested by the multiple regression analysis with total 317 effective survey data. The results of this paper are as follows. First, a positive effect relation on the financial performance was shown for the companies with high domestic and international market environment in the aspect of market environment. According to such analysis result, it was found that the market environment in which SMEs belong to is a very important factor. Second, in the aspect of government export assistance related to overseas, market development showed a positive effect relation on the both financial and non-financial performance. However, the direct financial assistance showed a positive effect relation only on the non-financial performance. Overall, it was found that the government assistance program on entering overseas market is having significant effects on SMEs, but direct financial assistance have not achieved the desired results. Third, the innovative-ness and progressiveness of entrepreneur showed a positive effect relation on the global market performance. However, the risk-taking of entrepreneur only showed a negative effect relation on the non-financial performance. Overall, it was found that the entrepreneurship of SMEs is an important and influential factor. This is a result implying that the propensity of taking too much risk is not desirable based on the uncertainty of the global environment market. To sum up, this study confirmed that the market environment, the government assistance and entrepreneur characteristics, which are the major prerequisites of global performance, have effects on global performance.

• Land and Housing Review
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• v.5 no.4
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• pp.259-269
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• 2014

After global financial crisis, the ratio of household debt to GDP was decreasing in other advanced countries such as the U.S., and the U.K. and so on. But, in Korea, household debt (of which residential mortgage loan account for a large part) ratio is still increasing. This paper focuses on the scale and characteristics of households in negative housing equity (those are called House-poors in Korea), and also the socio-economic backgrounds of the formation process. In financial perspective, the problem of negative housing equity depends on financial debt repayment capability. We used DSR (Debt Service Ratio) and LTA (Loan to Asset ratio) as financial indicators to evaluate the debt repayment capability. The critical value of DSR is assumed as 40%, and LTA 100%. The socio-economic backgrounds of the House-poors are as follows : increasing households debt dependency, over lending competition of financial institutions and unreasonable loan in household economy, instability of real estate market, week regulation on mortgage loan. Finally, this paper suggests some implications about the range and the target of public intervention.

• International Commerce and Information Review
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• v.16 no.4
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• pp.3-34
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• 2014

Nowadays to thrive on the intensively competitive environments based on drastic and rapid technical evolutions, exporting manufacturing companies need to keep very stable relationship with suppliers. Thus, analyzing key factors of strengthening relationship with suppliers in a B2B environment is important. In this regard, this study develops a research model to deeply understand key antecedents of relationship strength between B2B companies. Relationship quality was considered as the key factor affecting to the relationship strength. This study considers relationship satisfaction, trust, and relationship commitment as the factors of relationship quality. Moreover, technical service quality and relational service quality were considered to be the antecedents of relationship satisfaction, while communication and information exchange, relationship policies and practices, and opportunistic behavior were regarded as the antecedents of trust. The PLS method was applied for the empirical analysis of 107 companies data. The results indicated that the relationship commitment has a significant impact on relationship strength. Moreover, relationship satisfaction and trust had indirectly impact on relationship strength through relationship commitment. Although the quality of technical service quality had a significant impact on relationship satisfaction, relational service quality did not have a significant impact. While communication and information exchange, relationship policies, and practices had positively significant impacts, opportunistic behavior had a negative impact.