• Journal of Digital Convergence
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• v.19 no.11
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• pp.113-119
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• 2021

This study compared business performance and earnings quality before and after the COVID-19 pandemic for information and communication companies whose sales increased due to the impact of the COVID-19 pandemic. For this, 4 indicators of ROA, growth potential, liquidity, and stability are used for business performance, and for earnings quality, the standard deviation of the residuals measured by the Dechow and Dichev(2002) model and Francis et al.(2005) model was used. As a result of the analysis, ROA, a representative business performance indicator, increased after xthe period compared to the period before the pandemic, but liquidity was rather deteriorated. As for the quality of earnings, it was confirmed that earnings sustainability is maintained in the post-pandemic period compared to the previous period, similar to ROA. Overall, the profit level and earnings quality of information and communications companies seemed to be improving, while liquidity was deteriorating. This confirms that companies that have overcome the immediate crisis are not ready to pay off their debts right away. Therefore, it suggests that companies need restructuring to reduce their increased debt from the time the COVID-19 subsides.

• International Area Studies Review
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• v.22 no.2
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• pp.41-59
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• 2018

After global financial crisis, policy makers in major countries tried to find a new bank recovery and resolution policy. The new policy intends to normalize the market not by bail-out approach in which public funds should be provided bankrupt banks, but by market discipline approach in which unsecured creditors take part in liquidation process. Bail-in system is a new and dominant financial policy after crisis period in resolution regimes led by the government administration. This study tries to analyze the relationship between bail-in system and pro-cyclicality. Empirical analysis has been done by taking the basis of the 8 year data from 2008 to 2015, which is selected from financial statistics information system of Korea Financial Supervisory Service. Accounting and financial data are collected from the dataguide 5.0 between 2008 and 2015. Through the analysis, the effect of bail-out system and bail-in system on pro-cyclicality of total loans did not show the statistically significant relationship. However the effect of bail-out system on pro-cyclicality of SME loans showed the statistically significant relationship, meanwhile the effect of bail-in system on pro-cyclicality of SME loans did not show the statistically significant relationship. In conclusion, bail-in system can be useful policy which improves the support and promotion of SMEs.

• Vending industry
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• v.6 no.1 s.16
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• pp.44-57
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• 2006

이보다 더 나쁠 수가 있을 까. 2005년 자판기 산업 전체 매출을 지난 92년 이후 처음으로 1000억대 이하로 떨어지는 부끄러운 성적표를 남겼다. 산업매출이 917억 8천만 원대로 2004년 대비 -12.7% 급락을 한 탓에 산업계는 5년 연속 마이너스 성장을 기록해야 했다. 커피, 복합형자판기의 시장 부진, 뚜렷한 히트상품의 부재 속에 불황에 불황을 거듭해야 했던 게 지난 2005년의 상황이다. 그 결과 적지 않은 중소기업이 좌초되는 아픔을 겪어 산업 기반도 약화되었으며, 경기 불황의 여파는 R&D투자마저 극히 위축시키는 결과를 나았다. 지난해의 부진한 성적표는 자판기 산업의 새로운 분발을 촉구하고 있다. 자판기 시장의 비전을 모색하기 위해서는 지난해의 부진한 성적을 분발의 계기로 삼아야 한다. 한편으로는 혹독한 시장불황을 겪으면서 산업계의 거품이 제거되는 구조조정이 이루어졌다는 점을 주목해야 한다. 이는 시련의 시기를 헤쳐 오며 생존해 온 업체들의 내공과 경쟁력을 강화하게 한 불황의 아이러니한 산물이다. 시련만큼 굳건해 지고 강해진 자판기 산업계의 분발을 기대하며, 지난 2005년 자판기 산업계의 성적표를 살펴보기로 한다.

• Proceedings of the KAIS Fall Conference
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• 2010.11b
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• pp.721-724
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• 2010

경제 불황으로 기업들의 구조조정이 가시화되면서 고용 축소와 청년실업이 늘어나면서 창업이나 경영을 통해 경제적 독립과 자아실현을 이루려는 창업가들이 점차 증가하고 있으며, 그에 따른 학계 연구의 필요성도 대두되고 있다. 본 연구는 이러한 연구 필요성에 따라 창업의도에 결정요인으로서 사회적 네트워크와 자아 효능감을 개인특성요인의 핵심변수로 설정하여 창업활동과 창업목표달성에 미치는 영향을 중심으로 살펴보았다. 본 연구를 위해 국내 창업가를 대상으로 208부를 분석에 이용하였다. 가설검증 결과, 사회적 네트워크의 강한 유대가 창업의도에 유의한 영향을 미치는 것으로 나타났으며, 창업활동에는 약한 유대가 영향을 나타나는 것으로 분석되었으며, Podolny와 Baron(1997) 네트워크의 특성에 따라 네트워크 강도의 효과가 달라질 수 있다는 주장과 일치하는 것을 발견 할 수 있었다. 또한 자아효능감은 창업활동보다 창업의도에 더 영향을 미치는 것으로 나타났다. 이러한 연구결과를 통해 목표달성을 분석한 결과 창업의도보다 창업활동이 목표달성에 더 유의 한 영향을 미치는 것을 알 수 있었다.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.2 no.2
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• pp.207-214
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• 1998

This paper is focused on the desirable schemes of policy on future telecommunication Network. In the scope and method of this study there must invalve following two items: 1) the first item is about the telecommunication Network System. 2) the second item is about the telecommunication network policy in future. The results of study is as follow: 1) an establishment of middle-long range planning for the telecommunication network 2) an establishment of the organization of society for system telecommunication network.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.1
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• pp.87-97
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• 2021

It is not easy to go on business. Many businesses are fails for many reasons. The purpose of this research was to study ongoing business intention of entrepreneurs that were related to the business burdens such as economic loss, psychological stress, bankruptcy and other failure stresses. To study this search, wide surveys were conducted targeting entrepreneurs of small and medium size companies. About 300 research papers were distributed and 260 papers were collected and 247 questionaries were used for final analysis. And SPSS 24.0 programs were used. The results of this study were as follows. First, the entrepreneurial intention was closely related to the debt burdens. If the burdens of debt were high, ongoing entrepreneur intention went down. Second, the recognition of bankruptcy systems gave positive impacts for the entrepreneurs of small and medium size companies. Third, among the psychological costs, the intention of business stop gave negative impacts to ongoing business intention. There are many obstacles and difficulties in real business world. Especially in Korea failure costs are considered to individual costs and responsibilities. However, countries such as U.S., E.U. and Israel, the costs of failures considered to social costs. According to this study, burdens related to business failure were closely related to entrepreneur intentions. Therefore, the implications of this study are diverse solutions to easy business burdens are necessary.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.29-58
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• 2007

We develop a model to estimate the value of growth opportunities, which is based on the seminal papers of M&M(1961, 1963) and Lee(2006). Making use of the estimation model, we estimate a new proxy variable of the growth opportunities, other than the usual proxy variables such as quasi Tobin's Q, MBR, and so on. The new proxy variable of growth opportunities can represent a necessary condition to identify whether the increase in new investments are successful or not. The empirical findings on the growth opportunities during the IMF currency crisis period and the post-IMF period are as follows; First, the overall success rate of new investments is as low as 50%, that means only half of the listed firms were increasing new investments when they had the growth opportunities. Second, during the crisis, one third of the listed firms were experiencing negative growth opportunities. However, during the post-IMF period, the growth opportunities on new investments were turned to be positive due to the turnaround efforts of listed firms. Third, the value of intangible assets, which are resulting from the investment of R&D and human capital, are becoming more important than ever. It seems to be true that larger portions of the value of growth opportunities are coming from the intangible assets, not from the increases in new investments of the physical assets.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.10
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• pp.440-453
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• 2020

Given the dynamics of the changing economic or financial conditions in Chungcheong province in the domestic capital market, foreign and domestic investments are expected to continually increase their investments in volume and size in this particular province. Considering the unprecedented business climate, it may be essential to examine the primary financial aspects, such as corporate profitability, growth rate, and capital structure, which may work as effective catalysts to enhance corporate value. Concerning the outcomes, five proposed variables, such as market-value based leverage ratio, growth rate, Tobin's Q, business risk, and R&D intensity, highlighted the significant effects to determine the current level of profitability. Moreover, two variables, such as profitability and firm size, shared commonalities to discriminate between firms in the Chungcheong province (96 firms) and their counterparts (746 firms) in the other domestic provinces in terms of the growth rate and financial leverage. In contrast, three variables, including the interaction effect and firm size, had pronounced effects on profitability. The results of the study are expected to help enhance the corporate value in Chungcheong province by controlling the level of each significant factor.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.331-339
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• 2003

We investigate long-run relationships between industry relatedness, operating performance, and stock performance after equity carve-outs(ECO). For homo-industry ECOs, 12-month CAR of subsidiary firms is 26.52% and significantly positive at the 5% level and BHAR is 22.19%. For hetero-industry ECOs, subsidiary 12-month CAR and BHAR are 35.14% and 39.64%, respectively, which are significant at the 1% level. On the other hand, long-run performance of parent firms is insignificant for any sub-sample. Excess operating performance of subsidiaries is significantly positive at the first year and insignificant thereafter. The lower the offering ratio is and the better the operating performance is, the better the subsidiary stock performance is. Unlike IPOs and SEOs, shareholders of subsidiaries benefit from ECOs and parent stocks do not underperform. Hetero-industry ECOs improving corporate focus are more effective restructurings than homo-industry ECOs.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2002.11a
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• pp.63-69
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• 2002

Construction of Private networks is becoming easier due to the openness of telecommunication market, rapidly developing telecommunication technology. The size of existing private networks is becoming huge which resulted in surplus of capacity of the networks. These trends will generate a problem of efficient use of "national telecommunication resources" and which ill be a factor for the structure of domestic telecommunication market which will have a big impact on the existing telecommunication carriers. Therefore, national policy of private network issues should be considered along with the national efforts for the information infrastructure, control of telecommunication market, fairness of competition, strength power of national competition. In this paper it will be suggested that the efficient policy on the issue of domestic private network, by analyzing present situation, status quo, laws, regulation and procedure for domestic private networks and comparing it with those of U.S.A, Japan, EU.apan, EU.