• Korea Trade Review
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• v.41 no.1
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• pp.67-90
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• 2016

This study examines whether there is any significant relation between executive compensation and future firm performance for the Korean export manufacturing small and medium-sized firms. We sorted the whole sample firms into the sub-groups of 10 deciles by firm size and the KSIC standard. We found the following empirical results. First, Korean export manufacturing small and medium-sized firms typically showed lower or even negative profitability in terms of return on equity and operating profit ratio to sales. Foreign equity ownership is very low with an average of 3.77%. Second, for the firms with higher ratio of excess executive compensation to asset had lower future firm performance. It implies that the typical owner-manager in Korean export manufacturing SMEs earns excess pay, but do not contribute much to firm performance. Third, as for future cumulative abnormal returns for future one- and three-year periods, firms with higher owner-executive pay had lower returns compared with firms with lower pay. So the stock market investors set a lower value on them. Fourth, there is a positive relation between excess executive pay and executive overconfidence, and it implies that owner-CEOs with higher pay may become overconfident, thereby lowering future firm performance somehow.

• Journal of Digital Convergence
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• v.11 no.5
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• pp.159-168
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• 2013

This study analyze the business efficiency of securities company based on the 2011 performance of 29 securities firms which engage in domestic investment brokerage by applying a combination model of BSC and DEA. And we evaluate business state focused on efficiency which is based on logical system of BSC as business innovation method. The analysis of result is that companies with high customer efficiency index appeared that business efficiency composite index tended to be higher and we identified that customer perspective have an important factor to calculate business efficiency composite index of korea security company. In addition, based on the results of the efficiency analysis we analyze correlation analysis between traditional financial ratio and business efficiency composite index. We confirmed that company of high business efficiency level in terms of BSC have a good record in terms of profitability. BSC-DEA combination model expect to be utilized in security industry sector as well as other industrial sectors as good business indicator to determine the business efficiency and to be used a model can be evaluated the integrated firm valuation of tangible and intangible assets.

• Korean Business Review
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• v.17
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• pp.27-52
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• 2004

The miraculous growth of Korean economy and its business corporations during 1960' s and 1970's are mainly due to the government leadership and its market intervention. We can find the reasons why the government initiated economic growth plan was so successful in Korea in its efficient bureaucratic government system and fair discipline to the corporations based on its contribution to the economy. During 1960's, the primary factors for the growth of business entities and the formation of business groups were the financial special favor, the preferential treatment in the new industry entrance and the merge & acquisition, lavish export incentives from the government, and the export explosion to Vietnam. During 1970's, the substantial deduction of corporations' private debt, enormous support in heavy industry investment, special benefits to general trading companies by the government, and the construction export to the Middle-East were the main causes of the business growth and the business groups formation. Also, the economic rent for the big companies had still been effective since 1960's. However, the preferential benefit to the big companies made them to diversify into the unrelated business ares and to be in very vulnerable financial position. The governmental support brought about the monopoly as well.

• 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.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.423-426
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• 2004

Costs of public rental housing development project consist on various kinds of profits and expenses such as national housing fund, rental cost, construction cost, financing cost. Therefore, project would not be executed without minute management and precise prediction about each item. Cash (low prediction and analysis are necessary to grasp current situation of project, because construction project which is conducted for a long period has fluent risks and inflows and outflows of cash. Although cash flow analysis has been conducted, cash flow has never been expected and managed. General matters to expect cash flow can be known by actual results and literatures. Hut there is no thesis which is studied about risk to enhance precision of expectation of cash flow. As existing thesises studied the risk about whole project, we haven't known precise relations of cash flow and project. Therefore, in this study, we are supposed to analysis and distinguish risk facts which can affect each item of cash flow for precise cash flow expectation and management of public rental housing development project.

• Journal of the Korea Society of Computer and Information
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• v.18 no.12
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• pp.83-90
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• 2013

Every activity of companies whose goal is pursuit of profits occurs much information such as buying and selling consistently. This information is a factor that evaluates employees' results at least and can be a highly trusted data for facing an overall market conditions at large for CEO, so it should be managed efficiently. This paper helps CEO to run a business efficiently by establishing the business strategy for dealing flexibly and checking the level of contribution of each of employees through the management process in the rapidly changing market and it tries to construct the system that employees can evaluate their business profits and is able to evaluate the reliability of connections. This system is based on On-line, able to share data in real time, and limits an employees' authority for access capability of information.

• Korea Journal of Hospital Management
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• v.26 no.3
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• pp.84-99
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• 2021

Purposes: 우리나라 공공의료기관들의 경영실적 보고에 따르면 대부분의 공공의료기관들이 만성적자로 인한 경영난 문제를 겪고 있는 실정이다. 이는 공공의료서비스 제공 등이 주요 원인이겠지만 그럼에도 공공의료기관들의 경영효율화 문제는 지속적으로 지적되고 있음은 공공연한 사실이다. 이에 본 연구는 고정비 성격이 강한 인적자원관리비용과 경영성과 간의 관계를 분석하여 공공의료기관의 경영성과 개선을 위한 경영적 함의를 제공하고자 하였다. Methodology: 분석자료는 2014년부터 2019년까지 39개 지역거점 공공병원의 재무자료를 이용하였고, STATA SE 12.0을 사용하여 다중회귀분석과 패널회귀분석을 실시하였다. Findings: 다중회귀분석을 통한 단면연구 결과에서는 인건비가 높을수록 경영성과가 높은 경향을(2014년 의료수익:1.523/ 2015년 의료수익: 2.002, 의료수익의료이익률: 0.002/ 2016년 의료수익: 1.223) 보였으나 패널회귀분석을 통한 종단연구 결과에서는 복리후생비가 높을수록 경영성과가 의미있게 높은 경향을(의료수익: 3.232582/ 의료수익의료이익률: 0.0014502) 보였다. 이는 인건비는 경영성과에 단기적인 효과가 있는 반면 복리후생비는 경영성과에 장기적인 효과가 있음을 반영하는 것이라고 볼 수 있다. Practical Implication: 본 연구는 이러한 결과를 기반으로 장기적인 효과가 있는 복리후생비의 중요성을 제시하고, 공공의료기관의 경영성과에 영향을 미치는 인건비와 복리후생비의 특성 파악을 통하여 효과적인 인적자원관리방법을 위한 경영적 함의를 도출하였다는 점에서 의의가 있겠다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.1-20
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• 2023

This study attempted to identify the relationship between the investment determinants of accelerators and investment performance through empirical analysis. Through literature review, four dimensions and 12 measurement items were extracted for investment determinants, which are independent variables, and investment performance was adjusted to the cumulative amount of subsequent investment based on previous studies. Performance data from 594 companies selected by TIPS from 2017 to 2019, which are relatively reliable and easy to secure data, were collected, and the subsequent investment cumulative attraction amount, which is a dependent variable, was hypothesized through multiple regression analysis three years after the investment. As a result of the study, 'industrial experience years' in the characteristics of founders, 'market size', 'market growth', 'competitive strength', and 'number of patents' in the characteristics of products and services had a significant positive (+) effect. The impact of independent variables on dependent variables was most influenced by the competitive strength of market characteristics, followed by the number of years of industrial experience, the number of patents, the size of the market, and market growth. This was different from the results of previous studies conducted mainly on qualitative research methods, and in most previous studies, the characteristics of founders were the most important, but the empirical analysis results were market characteristics. As a sub-factor, the intensity of competition, which was the subordinate to the importance of previous studies, had the greatest influence in empirical analysis. The academic significance of this study is that it presented a specific methodology to collect and build 594 empirical samples in the absence of empirical research on accelerator investment determinants, and created an opportunity to expand the theoretical discussion of investment determinants through causal research. In practice, the information asymmetry and uncertainty of startups that accelerators have can help them make effective investment decisions by establishing a systematic model of experience-dependent investment determinants.

• Korean Journal of Construction Engineering and Management
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• v.17 no.2
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• pp.12-20
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• 2016

Along with the change of national accounting, the importance of systematic management of assets is emphasized and the awareness that the concept termed Asset Management should be introduced to the construction field too to manage facilities. The present study is a basic study for the introduction of the concept Asset Management and proposed accounting guidelines(proposal) for public building maintenance cost that can clarify maintenance cost accounting. Existing literatures and current accounting standards were examined and the actual states of maintenance cost accounting of public buildings in A metropolitan city were examined to draw problems. For the practice guidelines(proposal), the types and contents of government office building maintenance expenditures were analyzed and items that must be treated as OPEX and CAPEX were presented. Expert interviews were conducted to verify the reliability of the items presented. The practice guidelines(proposal) were applied to the public buildings in A metropolitan city to identify situations of changes in asset values and review the effects of the practice guidelines(proposal) on increases in asset values. When applied to practices, the practice guidelines(proposal) suggested in the present study are considered to increase building asset values and provide consistent financial information to help stakeholders' decision making.

• Journal of Digital Convergence
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• v.14 no.8
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• pp.163-175
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• 2016

The purpose of this study is to provide an efficient internal control system formation incentives for company and to confirm empirically usefulness of the internal accounting control system for financial institutions by analyzing whether the internal control vulnerabilities of companies related significantly to the classification and assessment of soundness of financial institutions. Empirical analysis covered KOSPI, KOSDAQ listed companies and unlisted companies with more than 100 billion won of assets which have trading performance with "K" financial institution from 2008 until 2013. Whereas non-internal control vulnerability reporting companies by the internal control of financial reporting received average credit rating of BBB on average, reporting companies received CCC rating. And statistically significantly, non-reporting companies are classified as "normal" and reporting companies are classified as "precautionary loan" when it comes to asset quality classification rating. Therefore, reported information of internal control vulnerability reduced the credibility of the financial data, which causes low credit ratings for companies and suggests financial institutions save additional allowance for asset insolvency prevention and require high interest rates. It is a major contribution of this study that vulnerability reporting of internal control in accordance with the internal control of financial reporting can be used as information significant for the evaluation of financial institutions on corporate soundness.