• Title/Summary/Keyword: 기업재무성과

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The Study on Relation between Company's Efforts for Quality Management(6 sigma) and Financial Performance (6 시그마 품질경영을 위한 노력이 기업의 재무적 성과에 미치는 영향분석)

  • Park, Jae-Young;Ryu, Changheon;Park, Minjae;Kwon, Kyoung-Min;You, Gunjae
    • Journal of Korean Society for Quality Management
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    • v.42 no.3
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    • pp.361-372
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    • 2014
  • Purpose: In this paper, we investigate whether the endeavors for 6 sigma quality management by a firm have positive effects on its financial performance and the length of 6 sigma implemented period affects its financial status. Methods: We conduct the analysis using the data from Workplace Panel Survey 2009. We use multiple linear regression in order to analyze the relationship between the efforts for quality management and financial performance. Specifically, the return on assets (ROA) and return on equity (ROE) are investigated as dependent variables and the efforts for quality management as independent variable. The Box-Cox transformation and Cook's distance are also used. Results: As a result of the analysis, the indication is that companies that put effect into the six sigma quality management have a positive result in its financial status. In detail, the efforts for six sigma quality management have positive effects on total asset turnover ratio and six sigma implemented period on net income to net sales ratio. Additionally, companies with longer(shorter) period of six sigma program have more (less) improvement in its financial status. Conclusion: It can be concluded that the company's efforts for quality management positively influence financial performance.

The Relationship between Firms' Environmental, Social, Governance Factors and Their Financial Performance : An Empirical Rationale for Creating Shared Value (기업의 환경, 사회, 지배구조 요인과 재무성과의 관계 : 공유가치창출의 경험적 근거)

  • Min, Jae H.;Kim, Bumseok;Ha, Seungyin
    • Korean Management Science Review
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    • v.32 no.1
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    • pp.113-131
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    • 2015
  • We examine the relationship between firms' environmental (E), social (S), and governance (G) factors, with their financial performance in order to provide an empirical rationale for CSV (creating shared value) pursuing both of firms' profitability and CSR (corporate social responsibility). The financial performance is classified into four aspects such as profitability, stability, efficiency, and cash-flow, and each of these aspects is measured by two financial ratios respectively. To measure the firms' ESG performance, we employ the published performance grades by the Korea Corporate Governance Service for a three year span, from 2011 to 2013. Total of eight regression analyses are performed. The results show that firms' non-financial performance in general has statistically significant positive relationships with return on assets, return on net sales, and cash-flow from operating activities ratio, while it has negative relationships with net working capital ratio, asset turnover ratio, and cash-flow from investing activities ratio. It has no significant relationships with debt ratio and equity turnover ratio. The results imply that firms' non-financial performance may have a negative impact on some financial performance such as liquidity and efficiency in a short term, but it would eventually improve the firms' profitability and cash-generating ability, which provides an empirical evidence for the concept of CSV, and motivates the firms to participate in social contribution activities without sacrificing their profitability for their respective sustainablity management.

RPI-X Regulation Based on Data Envelopment Analysis to Prepare Strategic Business Unit (Data Envelopment Analysis에 기초한 RPI-X regulation 및 독립사업부제 운영)

  • Norbekov, Nodir;Kim, D.H.;Lee, H.C.;Yoon, Y.T.;Lee, S.S.
    • Proceedings of the KIEE Conference
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    • 2006.11a
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    • pp.170-173
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    • 2006
  • 2006년 9월 1일에 제정된 독립사업부제는 각 단위별로 자율적인 운영권을 가지면서 비용 등에 대해서도 스스로 책임지도록 하는 제도이다. 배전계통의 사업구역 분할로 시작된 배전 사업부제는 독립 재무제표를 통해 경영실적이 드러나기 때문에 경영혁신과 원가절감 경쟁을 유도할 수 있다는 게 특징이다. 이런 체제의 변화는 기업의 규제 시스템에도 새로운 변화가 필요하게 될 것이다. 하지만 서로 다른 규모와 환경을 가진 사업부들을 하나의 기준으로 평가하는 것은 어려운 일이다. 그래서 본 논문에서는 배전 사업부제로 인해 나눠진 사업부들의 경제성과 상대적인 가치를 평가할 수 있는 방법 중의 하나로 세계적으로 널리 쓰이고 있는 Data Envelopment Analysis를 제안한다. 그 결과를 통해서 사업부에 대한 경영 평가나 각 사업부가 더 높은 경제성을 갖출 수 있는 RPI-X regulation을 수행하는데 하나의 모델로서 사용될 수 있을 것이다. RPI-X regulation에서 X값을 결정하는 것은 비용 경쟁력을 향상시키는 비율을 나타내기 때문에 적절한 X값을 찾는 것이 가장 중요하다고 하겠다. 이 때 여러 개의 입력과 여러 개의 출력을 가지는 문제에 대해서 쉽게 결과를 나타낼 수 있는 Data Envelopment Analysis를 X를 결정하는 방법으로 사용하였다. 그리고 사업부들의 노동력과 선로긍장과 용량 등의 값을 입력으로 하고 고객호수와 판매량을 결과로 하여 RPI-X regulation의 적절한 X값을 찾는 예를 통하여 이 방법이 실제적으로 어떤 효과가 있는지 확인해보았다. 본 논문에서는 분화된 사업부들에 대하여 Data Envelopment Analysis 기법을 이용하여 RPI-X regulation을 수행하였고 결과적으로 본 논문에서 제안한 방법을 통하여 분화된 배전 시스템에도 적용할 수 있는 가능성을 보였다.

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The Study on Relation between Implementation of Six Sigma Quality Management and Financial Performance using Propensity Score Matching (식스 시그마 품질경영활동이 기업의 재무적 성과지표에 미치는 영향연구: 경향점수매칭을 이용하여)

  • Park, Byounghwa;Park, Taeyoung;Park, Minjae
    • Journal of Korean Society for Quality Management
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    • v.44 no.2
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    • pp.341-356
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    • 2016
  • Purpose: The purpose of this paper is to study whether the adoption of Six Sigma quality management by a firm positively affects its financial performance. The correlation between the duration of Six Sigma implementation period and the financial status of the firm is investigated as well. Methods: We conduct the analysis using data from Manufacturing Industry Productivity Panel Survey 2013 provided by Korea Productivity Center and Ministry of Trade, Industry and Energy. Propensity score matching is used to reduce sample selection bias of observational study. Furthermore, we use multiple linear regression in order to study the relationship between the implementation of Six Sigma quality management and financial performance. The return on assets and ratio of net income to net sales are considered as dependent variable and implementation of Six Sigma as independent variable. Results: The indication of this analysis is that implementation of Six Sigma quality management does not significantly enhance financial status. The firms that adopted Six Sigma quality management were categorized into three groups according to the implementation period. Comparison of each group with the firms that do not adopt Six Sigma quality management does not show statistically significant enhancement of financial status. Conclusion: In conclusion, both adoption and duration of six sigma quality management do not affect financial performance significantly.

Analysing Decision Making Factors of IT Investment Projects (IT 프로젝트의 기본속성과 사전타당성 분석결과가 투자의사결정에 미치는 영향요인)

  • Koo, Bon-Jae;Lee, Kuk-Hie
    • Information Systems Review
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    • v.9 no.1
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    • pp.161-189
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    • 2007
  • The purposes of this dissertation are to identify various factors affecting the outcomes of feasibility analysis and investment decision makings of new IT project plans and empirically analysis the relationships among them. 9 variables which have been drawn from prior studies and industry practices are the amount of the necessary resource such as development budget and time, the expect financial benefits, the degree of alignments between IT projects and the business strategy, the estimated risk, and the investment priority as the dependent variable. Data from 125 IT projects of K bank, the leading commercial bank in Korea, have been collected and Regression Analysis and ANOVA have been performed. As results, 5 out of 8 hypothesis have been accepted partially or totally.

The Relationship between Win-Win Growth Effort and Financial Performance with Time-lag : Development of Win-Win Growth Index using Ordered Probit Model (기업의 동반성장 노력과 재무성과의 선후행 관계 : 순위 프로빗 모형을 이용한 계량적 동반성장지수의 산출)

  • Min, Jae H.;Kim, Bumseok
    • Journal of the Korean Operations Research and Management Science Society
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    • v.39 no.2
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    • pp.67-82
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    • 2014
  • The purpose of this study is two-fold : the one is to examine the causal relationship between domestic large firms' win-win growth effort and their financial performance by fiscal years; and the other is to develop a quantitative win-win growth index to overcome the limitation of the current one mainly using a survey method developed by NCCP (National Commission for Corporate Partnership). To serve the first purpose, we take a sample of 128 large companies whose win-win growth indices as of year 2011 and 2012 were evaluated by NCCP. We use their respective fiscal year's financial data to select 62 candidate financial ratios, which are then used in subsequent empirical tests. For the tests, we employ ordered probit model with stepwise selection method and two-way ANOVA with randomized block design to identify which of the 62 financial ratios are statistically significant ones to affect the firms' win-win growth index as well as to determine if the firms' win-win growth effort would cause their financial performance positively. To serve the second purpose, we devise a model using the 123 firms' 45 financial ratios, which employs ordered probit model with stepwise selection, and the validation of the model follows. We claim that the model suggested in this study serve as an alternative complementing the current one as it can produce the index in a more objective and swift manner using the firms' publicized financial statements.

A Study on the Influential Effect of Critical Success Factors of IT Adoption to Financial Performance in Korea Service Industry (IT 도입 핵심성공요인이 서비스기업의 재무적 성과에 미치는 영향에 관한 연구)

  • Kim, Jin-Soo;Hwang, In-Ho
    • Journal of Information Technology Applications and Management
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    • v.20 no.4
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    • pp.127-149
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    • 2013
  • Competitiveness of service industry in Korea is relatively lower than OECD countries'. Korean government, therefore, has been trying to improve the competitiveness of service industry by accelerating information technology (IT) adoption. Even though most of factors of IT can be contributed to improve the financial performance, it may be affected differently among various industry types and life cycles of companies. Therefore, it is one of very important research issues to analyze the influential effect of IT considering industry types and organizational life cycles in service industries. The purpose of this study is to find out critical success factors of IT which influence financial performance considering different types and life cycles of service industries. We developed the model and identified key success factors of IT adoption as IT system quality, Information quality, IT maintenance, CEO support, IT education of organization, and IT competence of user. Additional analysis of moderating effect by organizational life-cycle and types of service industry are conducted. For data sampling 856 companies are participated and total 2,000 questionnaires are collected. Structural equation modeling method is conducted for statistical analysis. The results show that the model is valid and most of success factors of it are very useful for improving financial performance of service industries except organizational IT education. Moderating effect of industry types and organizational life cycles is valid but partially accepted. The results might be able to provide useful directions and guide lines of IT acceleration in service industries.

A SWOT Analysis by Market Size Forecasting and a Business Analysis of Korean Ship Management Companies (우리나라 선박관리기업의 시장규모추정과 경영분석에 의한 SWOT분석)

  • Lee, Shin-Won;Ahn, Ki-Myung
    • Journal of Korea Port Economic Association
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    • v.32 no.2
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    • pp.157-178
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    • 2016
  • The purpose of this study is to forecast the ship-management market size and to propose a management improvement scheme to support Korean ship management companies in the stagnating world shipping market. Recently, global shipping companies have begun outsourcing all ship management activities. However, the Korean ship-management market represents just 3.75% of ocean shipping companies' sales, making it necessary to enlarge this market. This study performs a business analysis of ship management companies in Korea. The findings show that these companies' profitability and financial structures are not very good, mainly because of insufficient management ability and small firm sizes. Therefore, we propose that the Korean government supports crew training programs and shipping financial systems.

A Study on the Relationship between the Strengthen Non Financial Performance and Shareholder Return (기업의 비재무적 성과와 주주환원의 관계에 대한 연구)

  • Kim, Jong-Hee
    • Asia-Pacific Journal of Business
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    • v.13 no.3
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    • pp.311-328
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    • 2022
  • Purpose - The purpose of this study was to examine the relationship between firm's non financial performance and its shareholder return by analyzing PCA while focusing on the classifying all the variables into three categories such as financial, characteristics, and non financial factors of the firms. Design/methodology/approach - By exploring the pattern of self tender from the 801 firms in KOSPI while focusing on the objective of stock disposal, this paper analyzes the change of shareholder return of the firm. Findings - First, the higher major ownership, the lower self tender gets, whereby the higher ownership by foreigners, the ratio of self tender is higher. Secondly, cash dividend has not significant impact on the disposal of self stock, and the high ratio of ownership by foreigners leads to the high probability of retirement rather than the general disposal. In contrast, the major ownership has a negative impact on the general disposal as well as retirement. Thirdly, the score of non financial factors such as Environment(E), Social responsibility(S), and Governance(G) shows the high value in case of the firms with self tender. More specifically, the firms with retirement has the highest value of ESG while it has the lowest value in case of the firms with general disposal. Research implications or Originality - The retirement which means the active shareholder return is strongly affected by the non financial factors. Specifically, the probability of retirement increases in case of the firms with retirement, and even such a tendency is found to the case of the firms with general disposal.

The Strategies for the Sustainable Management of Insurance Companies (보험회사의 지속가능경영 전략에 관한 연구)

  • Jung, Se-Chang;Seon, Hwan-Kyu
    • Communications for Statistical Applications and Methods
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    • v.18 no.1
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    • pp.119-130
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    • 2011
  • This paper measures and analyzes the performance of insurance companies in Korea in respect to sustainable development and suggest strategic implications based on the analysis. The correlation, regression, ANOVA, and t-test are employed. The results of this study are summarized as follows. First, it shows tat social index is important in the life insurance industry; however, the environmental index, is important in the non-life insurance industry. Second, the result gained by regressing the size and financial soundness on the performance of sustainable development demonstrates that the size variable is statistically significant. It suggests that size is a necessary condition for sustainable development. Finally, ANOVA shows that the small and medium sized companies have a significantly poor performance compared to the large companies concerning the social index and reputation index in the life insurance industry. The small and medium sized companies in the non-life insurance industry exhibit a significantly poor performance compared to the large companies in respect to all the indexes, except for the social index. Therefore, the small and medium sized companies make every endeavor in the poor indexes to improve performance.