• The Journal of the Korea Contents Association
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• v.11 no.6
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• pp.302-310
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• 2011

Recently, many construction firms fall on hard times because construction business continues to stagnate. In this paper, we analyze the efficiency of the listed construction firms using a combined AHP and DEA model. In order to determine the input and output factors of DEA, the AHP model is applied to evaluate the importance of input and output factors. The benchmarking companies and efficiency value for the construction firms with inefficiency are also provided to improve the their efficiency. We analyzed the 57 listed companies consisted of 36 listed on KOSPI and 21 listed on KOSDAQ at the end of 2009. The analysis results show that eleven companies whose values of CCR are 1, and fourteen enterprises whose values of BCC efficiency are 1. In additions, the eleven firms have the scalability efficiency. Finally, we test the correlation between efficiency and the stock price and the correlation coefficient of efficiency group is 0.7 in the CCR model.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.31-64
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• 2009

This article investigates the short-term cash flow exposures to Korea's major trading partners' currencies based on the kospi and kosdaq firm data from 2000 to 2008. The cash flow approach allows us to analyze the influence on operational performances of individual firm's hedging strategies. Taken all three foreign exchange rates together, more than 30% of the sample firms exhibit significant exposure. Given that the short-term cash flow is rather easy to hedge, the result proves a poor exchange rate risk management practices of Korean firms. Kosdaq firms are more exposed than Kospi firms. On the contrary to the previous researches using stock prices, the operational cash flows show a positive relationship with the value of foreign currencies. The exchange rate-firm sample further shows that the size and leverage affect the level of exposure.

• Venture DIGEST
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• s.95
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• pp.8-11
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• 2006

사람에게는 업(業)을, 기업에게는 인재를 주선하는 '일과 사람의 포털' 사이트가 있다. 1998년 우리나라 최초로 온라인 채용 시스템을 개설해 국내 취업시장의 판도를 재편한 인크루트는 꾸준한 성장세를 유지하며 동종업계 최초로 코스닥에 상장되는 등 취업·인사 전문기업으로써의 위상을 떨치고 있다. 경쟁보다는 협력의 전략을, 속도보다는 정도의 경영을 강조하는 이광석 대표에게 인크루트의 글로벌 전략과 비전을 들어보았다.

• Product Safety
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• s.195
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• pp.38-41
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• 2010

21세기 환경 및 에너지, 위생 분야를 선도하는 미래를 생각하는 기업인 주식회사 무경은 중소기업으로써 5년 이내 코스닥 상장을 목표로 모든 임직원 일동이 한마음으로 끊임없는 기술개발과 품질보증의 생활화를 통하여 장인정신으로 제품을 개발하고 있는 건실한 기업이다. 꾸준히 발전하고 있는 (주)무경의 대표이사를 찾아가 인터뷰해 보았다.

• The Journal of the Korea Contents Association
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• v.12 no.10
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• pp.430-438
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• 2012

This study researches the correlation between the firm value, which can be represented as Tobin's Q in this paper, and other financial information. The research is based on the financial statistics of KOSDAQ-listed Venture manufactures, which is comprised of the venture businesses group and the general group. The multiple regression, the correlation test tool, shows the R&D expenditures and tangible assets have the positive relation with the firm value while training expenses and the return on assets have the negative one. More specifically, R&D expenditures and total assets have the affirmative relations with the firm value among the venture businesses, whereas tangible assets, advertising expenses, and training expenses have the negative ones. The positive correlation between total assets and the firm value of venture business, shows that the volume of intangible assets impacts on the firm value of venture businesses. It also reflects the features of venture businesses highly relying on the technology development. The results are summarized as follows: First, The R&D expenditures and firm value have been positively correlated in the KOSDAQ-listed companies. Second, total assets and firm value has the positive correlation in the venture businesses.

• Journal of Korea Technology Innovation Society
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• v.12 no.2
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• pp.360-387
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• 2009

In this paper, we analyse empirically the effects of internal financing on investment of innovative small and medium sized enterprises listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Free cash flows by proxy variables of internal financing have the significant effects on R&D investment as well as fixed asset investment. Internal financing has much more effects on R&D investment of general enterprises listed on Kosdaq Market than that of venture enterprises listed on Kosdaq Market, and on R&D investment of innovative enterprises than that of non-innovative enterprises. Internal financing has more effects on asset-counted R&D investment than cost-counted R&D investment. Asset-counted R&D investment is counted in intangible assets on Balance Sheet, and cost-counted R&D investment is counted in cost on Income Statement. Internal financing has more effects on R&D investment of financial constrained enterprises than that of financial unconstrained enterprises. Financial constraints is measured by credit ratings. Faulkender and Smith (2007) emphasize that low credit ratings enterprises are more likely to face financial constraints, and they rely largely on internal financing.

• 한국벤처창업학회:학술대회논문집
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• 2006.11a
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• pp.251-273
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• 2006

• The Journal of the Korea Contents Association
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• v.15 no.8
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• pp.473-480
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• 2015

The purpose of this study is to analyze the influence of the cash flow of pharmaceutical companies on R&D investment. 143 pharmaceutical companies listed in the KOSDAQ market from 2009 to 2013. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association (KLCA), and data related to stock price was extracted from KISVALUE-III of NICE Information Service Co., Ltd. STATA 12.0 was used as the statistical package for panel analysis. The summary of the findings and the interpretation of the significance of this are as follows: First, the current ratio (internal finance) had a positive influence on R&D investment. Second, the debt ratio (external finance) had a negative influence on R&D investment. The pharmaceutical company prefers internal funds to external funds due to the asymmetry of information in the loan markets. In other words, this shows why internal finances have a significant influence on R&D investment at pharmaceutical companies.

• Journal of the Korea Society of Computer and Information
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• v.13 no.5
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• pp.279-289
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• 2008

This study has the primary purpose to understanding the present situation through research on the actual condition about human resource outsourcing in the stocks and KOSDAQ enterprises, and would give the basic and useful data to develop human resource outsourcing. Data were collected from 1,500 charge of human resource management in the stocks and KOSDAQ enterprises which introduced or will be introduced human resource outsourcing. Frequencies, cross-tabs and independent-samples t-test were used to understanding the actual condition. Research findings are summarized as follows. First, as the introduction area of human resource outsourcing following training and development on the list were personnel information system, recruitment and selection. Second, tasks that transfer outsourcing supply firms owing to human resource outsourcing were common and typical operation function than complex and specific planning function.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.12
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• pp.5663-5670
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• 2011

This study performed empirical analyses of the static trade-off theory and the pecking order theory which explain financing behavior of firms. The results of regression analyses using the data of 762 listed non-financing firms on the KOSDAQ market from 2000 to 2010 have shown mixed evidences supporting either the trade-off theory or the pecking order theory. Specifically, as the effective tax rate and the firm size increases, debt ratio increases, which is consistent with the trade-off theory. However as the growth opportunity and the profitability increases, debt ratio decreases, which is consistent with the pecking order theory.