• The Journal of the Convergence on Culture Technology
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• v.9 no.3
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• pp.19-26
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• 2023

The impact of environmental, social and governance (ESG) performance on investors' decision-making is growing. Investors' focus on the financial performance of firms in the past is expanding to the non-financial performance of the interests of stakeholders surrounding firms. Against this backdrop, this study conducted a panel regression analysis on firms evaluated by Korea Corporate Governance Service to analyze the impact of ESG performance, a firm's non-financial performance, on firm risk. According to the analysis, ESG performance has a negative (-) effect on all three firm risks (systematic risk, unsystematic risk, and total risk), indicating that the stakeholder theory and risk management theory are supported. The implications of this study are: First, ESG reduces not only unsystematic risk but also broad and indiscriminate systematic risk; Second, investors can reduce the risk of their investment portfolio by executing ESG investments; Third, companies can achieve stable financial performance even in adverse circumstances by utilizing the insurance function of ESG management; Lastly, the government can enhance the stability of the financial market while improving the financial soundness of firms through reasonable ESG-related regulations.

• Journal of the Korea Society of Computer and Information
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• v.27 no.4
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• pp.161-167
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• 2022

This study aims to analyze the relation between management efficiency and financial performance in public institutions. Based on 135 public institutions published in public business information system from 2017 to 2020, Data Envelopment Analysis(DEA) for estimating management efficiency was performed. This study analyzed the relationship between DEA and financial performance included ROA and ROS using multi-regression analysis. The results of this study are as follows; We find that there is significant positive relation between management efficiency and ROA. We also find this significant relation in model with ROS. This finding implies that management efficiency a factor that improve financial performance in public institutions. The results of this study can provide an important empirical evidence for evaluating the strategy of governance to improve financial performance by enhancing management efficiency.

• The Journal of the Korea Contents Association
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• v.18 no.12
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• pp.299-308
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• 2018

In modern society, a basic understanding of financial understanding is recognized as very important for stable economic activities. Advanced countries are operating various regular education courses and programs to improve their financial literacy, but this is not enough for Korea. Recognizing this reality, the study examined the level of financial literacy among students at K University and analyzed whether liberal accounting education could be a useful tool to improve financial literacy levels. The study found that the level of financial literacy among the students at K University after the education was conducted was very high, so it is deemed that liberal accounting education for improving financial literacy is very effective. However, there is a difference in each area by major and grade, so there is a need to develop customized education programs when preparing institutional programs to enhance financial literacy.

• Culinary science and hospitality research
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• v.15 no.4
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• pp.212-226
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• 2009

This study attempted to analyze the correlation between financial ratio and operating performance of foodservice companies, using the financial data by DART service. Financial ratio is an index to identify the management of foodservice companies from calculating the ratio associating two accounts in the financial statements. Managers, creditors and investors often have different purposes for using the ratio analysis to evaluate the contents of the financial statements. According to the analysis of financial ratio and operating performance, listed food and beverage companies proved to have a high correlation in all except for interest coverage. However, foodservice companies showed a high correlation in stability and growth ratio. Therefore, managers of the foodservice companies will need to improve operating performance for using efficient utilization plans of debt from assets and operating expenses(cost of goods sold, general and other expenses).

• The Korean Journal of Financial Studies
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• v.6 no.1
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• pp.171-192
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• 2000

본 논문은 한국에서 상장기업의 주가와 주당순이익의 관계에 대한 계량분석이다. 특히, 주가나 주당순이익이 모두 비안정적 자료임에 착안하였고, 최근 개발되어 발전하고 있는 '패널자료에서의 단위근검정 및 공적분검정' 방법을 이용하였다. 분석결과, 주가 및 주당순이익은 모두 단위근을 갖고 있었으며, 주가수익비율인 PER도 개별단위근 검정에서는 단위근을 갖는 것으로 나왔다. 또한, 개별기업 차원에서는 주가와 주당순이익 사이에도 공적분관계가 없는 것으로 나타났다. 하지만, 패널 단위근방법을 이용하여 검정하였을 때는 PER이 안정적인 것으로 나타났으며, 패널공적분방법을 이용했을 때는 주가와 EPS사이에도 공적분관계가 있다는 결과를 얻었다. 이는, 우리나라의 주식시장에서도, 최소한 기업 전체적으로는, 주가가 주당순이익을 반영한다는 것을 의미한다. 본 논문에서는, PER이 어떤 일정한 수준으로부터 벗어나는 경우, 그 괴리가 반으로 줄어드는 데는 전체기업 평균적으로 볼 때 4개월$\sim$16개월 정도 걸리는 결과를 얻었다.

• The Korean Journal of Financial Management
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• v.10 no.2
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• pp.161-179
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• 1993

본 논문은 벡터자기상관(VAR) 모형과 벡터자기상관이동평균(VARMA) 모형을 사용하여 명목금리와 물가(도매물가)사이의 동태적 관계를 분석한다. 명목금리와 물가사이의 정(+)의 상관관계는 소위 $\ulcorner$깁슨의 역설$\lrcorner$로 불리워지고 있는데, 실증분석 결과에 의하면 한국의 경우 깁슨의 역설은 존재하지 않는 것으로 보여진다. 과거의 많은 연구들이 $\ulcorner$깁슨의 역설$\lrcorner$을 지지하는 실증결과들을 발견한 것은 관련변수들의 안정성(stationarity)을 고려치 않은 것으로 판단된다. 본 논문에서처럼 관련변수들의 안정성을 얻기위해 수준변수(예를들면, 도매물가지수) 대신에 차분되거나 증가율을 사용하고, 금리 및 물가이외에 두변수에 영향을 줄 수 있는 변수(예를들면, 통화변수)들을 포함하는 다변수 모형을 이용한다면 우리나라에서는 $\ulcorner$깁슨의 역설$\lrcorner$은 발견되지 않은 것으로 보여진다. 즉, 회사채 수익율과 도매물가상승율을 명목금리와 물가변수로 각각 사용하고, $1972.III{\sim}1991.III$사이의 분기별 자료를 대상으로 분석한 결과, 두변수 사이의 관계는 일방적 인과관계보다는 독립적인 관계로 나타나고 있다.

• The Korean Journal of Financial Management
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• v.18 no.2
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• pp.99-123
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• 2001

예금보험제도는 금융기관에 대한 예금자의 신뢰성을 보장해 주어 금융제도의 안정성을 유지시킨다는 면에서 유용한 제도이나 보험의 일반적인 속성인 도덕적 해이를 유발할 수 있다는 단점이 있으며, 이를 방지하기 위한 대안으로 예금보험료율을 금융기관의 위험에 따라 차등화 하는 위험예금 보험료율 제도가 검토되어 왔고 일부 국가에서는 이를 시행하고 있다. 위험예금보험료율을 결정하는 방안으로 그간 주가자료를 이용한 옵션가격결정모형이 주로 연구되어 왔는데, 본 연구에서는 Cox의 위험비례모형을 이용하여 은행의 위험을 측정하고 보험료율을 결정하는 방안에 관하여 연구하였다. 위험비례모형은 옵션가격결정모형과 달리 재무지표를 사용하므로 감독당국에서 실무상 적용하기가 용이하다는 등의 장점이 있다. 위험비례모형을 국내은행에 적용하여 실증분석한 연구결과 현행의 고정 예금보험료율은 국내은행의 위험에 비해 상당히 낮은 수준으로 나타났으며, 보험료율 결정에 가장 큰 영향을 미치는 변수인 은행 실패시 예금보험기구가 부담하는 손실비율을 최소화하기 위해서는 부실은행은 조기 퇴출시켜야 한다는 논리적 타당성도 도출하였다.

• Korean Journal of Construction Engineering and Management
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• v.16 no.6
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• pp.84-91
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• 2015

Project Financing (PF) is a financing method, executed based upon the projected profitability from a project itself instead of relying on the credit rating of project sponsors or any type of collateral. However, most financial institutions of Korea lacks the long term profitability assessment capability, and they prefer to acquire credit reinforcement from the construction companies in the form of the guarantor or debt argument commitments. As a result, PF contingent liabilities as an indirect debt, are burdened to the construction companies. Even though the PF contingent liabilities are not supposed to be part of the financial statements, they became a mandatory disclosure items since 2009. In this study, PF contingent liabilities were studied to indicate how they were correlated with construction firms' financial ratios. Construction firms were grouped by their credit rating and each group was compared in order to analyze PF contingent liabilities' impact on the financial condition of the company in terms of liquidity, liability, and stability.

• Journal of Convergence Society for SMB
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• v.3 no.2
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• pp.1-8
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• 2013

This study examine the relation between small and medium firm's stability and tax avoidance. We use some financial data of small and medium IT firms in KOSDAQ during 2001 to 2009. Following previous research(Desai and Dhamapala 2006), we estimate corporate tax avoidance. And we use quick ratio and current ratio as a short-term stability and equity ratio as a long-term stability. Empirical results follows as. First, It was not significant statistically between short-term stability and corporate tax avoidance. Second, it was significant statistically between the long-term stability and corporate. As corporate tax avoidance increases, the long-term stability(equity ratio) was low. Our analysis provides the empirical evidence between long-term stability and tax avoidance. It offers implications of corporate tax avoidance to small and medium IT firms in KOSDAQ. But this results is difficult generalization because of sample limits.

• Journal of Digital Convergence
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• v.13 no.11
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• pp.267-276
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• 2015

This study divided hospital management performance as surplus and deficit, Liquidity, Growth, Turnover Ratios, Productivity, Operating Expense, Patient Care Performance and evaluate the relationship between profitability. In addition to providing a useful basis for seeking profitability and effective management measures based on the findings of the hospital has its purpose. The study period was 2013 to identify the hospital's financial performance as evaluation criteria, were selected for a total of 147 hospitals surveyed. In conclusion, the more profitable medical and hospital financial performance, results showed a higher rate. In addition to the factors affecting the profitability of the Salaries, Administrative Expenses, Material Costs was a major factor. To to enhance the future profitability of hospital care it is also important to increase revenue, but Salaries, the cost reduction-effective strategy for reducing Administrative Expenses may be required.