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The Effects of Enterprise Value and Corporate Tax on Credit Evaluation Based on the Corporate Financial Ratio Analysis (기업 재무비율 분석을 토대로 기업가치 및 법인세가 신용평가에 미치는 영향)

  • Yoo, Joon-soo
    • Journal of Venture Innovation
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    • v.2 no.2
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    • pp.95-115
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    • 2019
  • In the context of today's business environment, not only is the nation or company's credit rating considered very important in our recent society, but it is also becoming important in international transactions. Likewise, at this point of time when the importance and reliability of credit evaluation are becoming important at home and abroad, this study analyzes financial ratios related to corporate profitability, safety, activity, financial growth, and profit growth to study the impact of financial indicators on enterprise value and corporate taxes on credit evaluation. To proceed with this, the financial ratio of 465 companies of KOSPI securities listed in 2017 was calculated and the impact of enterprise value and corporate taxes on credit evaluation was analyzed. Especially, this further study tried to derive a reliable and consistent conclusion by analyzing the financial data of KOSPI securities listed companies for eight years from 2011, which is the first year of K-IFRS introduction, to 2018. Research has shown that the significance levels among variables that show the profitability, safety, activity, financial growth, and profit growth of each financial ratio were significant at the 99% level, except for the profit growth. Validation of the research hypothesis found that while the profitability of KOSPI-listed companies significantly affects corporate value and income tax, indicators such as safety ratio and growth ratio do not significantly affect corporate value and income tax. Activity ratio resulted in significant effects on the value of enterprise value but not significant impacts on income taxes. In addition, it was found that the enterprise value has a significant effect on the company's credit and corporate income taxes, and that corporate income taxes also have a significant effect on the corporate credit evaluation, and this also shows that there is a mediating function of corporate tax. And as a result of further study, when looking at the financial ratio for eight years from 2011 to 2018, it was found that two variables, KARA and LTAX, are significant at a 1% significant level to KISC, whereas LEVE variables is not significant to KISC. The limitation of this study is that credit rating score and financial score cannot be said to be reliable indicators that investors in the capital market can normally obtain, compared to ranking criteria for corporate bonds or corporate bills directly related to capital procurement costs of enterprise. Above all, it is necessary to develop credit rating score and financial score reflecting financial indicators such as business cash flow or net assets market value and non-financial indicators such as industry growth potential or production efficiency.

A Study on a Effect of Product Design and a Primary factor of Qualify Competitiveness (제품 디자인의 파급효과와 품질경쟁력의 결정요인에 관한 연구)

  • Lim, Chae-Suk;Yoon, Jong-Young
    • Archives of design research
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    • v.18 no.4 s.62
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    • pp.95-104
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    • 2005
  • The purpose of this study is to estimate the determinants of product design and analyze the impacts of product design on quality competitiveness, product reliability, and consumer satisfaction in an attempt to provide a foundation for the theory of design management. For this empirical analysis, this study has derived the relevant measurement variables from a survey on 400 Korean manufacturing firms during the period of $August{\sim}October$ 2003. The empirical findings are summarized as follows: First, the determinants of product design are very significantly (at p<0.001) estimated to be the R&D capability, the level of R&D expenditure, the level of innovative activities(5S, TQM, 6Sigma, QC, etc.). This empirical result can support Pawar and Driva(1999)'s two principles by which the performance of product design and product development can be simultaneously evaluated in the context of CE(concurrent engineering) of NPD(newly product development) activities. Second, the hypothesis on the causality: product design${\rightarrow}$quality competitiveness${\rightarrow}$customer satisfaction${\rightarrow}$customer loyalty is very significantly (at p<0.001) accepted. This implies that product design positively affects consumer satisfaction, not directly but indirectly, by influencing quality competitiveness. This empirical result of this study can also support the studies of for example Flynn et al.(1994), Ahire et at.(1996), Afire and Dreyfus(2000) which conclude that design management is a significant determinant of product quality. The aforementioned empirical results are important in the following sense: the empirical result that quality competitiveness plays a bridging role between product design and consumer satisfaction can reconcile the traditional debate between QFD(quality function development) approach asserted by product developers and conjoint analysis maintained by marketers. The first empirical result is related to QFD approach whereas the second empirical result is related to conjoint analysis. At the same time, the empirical results of this study can support the rationale of design integration(DI) of Ettlie(1997), i.e., the coordination of the timing and substance of product development activities performed by the various disciplines and organizational functions of a product's life cycle. Finally, the policy implication (at the corporate level) from the empirical results is that successful design management(DM) requires not only the support of top management but also the removal of communication barriers, (i.e. the adoption of cross-functional teams) so that concurrent engineering(CE), the simultaneous development of product and process designs can assure product development speed, design quality, and market success.

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Importance of End User's Feedback Seeking Behavior for Faithful Appropriation of Information Systems in Small and Medium Enterprises (중소기업 환경에서의 합목적적 정보시스템 활용을 위한 최종사용자 피드백 탐색행위의 중요성)

  • Shin, Young-Mee;Lee, Joo-Ryang;Lee, Ho-Geun
    • Asia pacific journal of information systems
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    • v.17 no.4
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    • pp.61-95
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    • 2007
  • Small-and-medium sized enterprises(SMEs) represent quite a large proportion of the industry as a whole in terms of the number of enterprises or employees. However researches on information system so far have focused on large companies, probably because SMEs were not so active in introducing information systems as larger enterprises. SMEs are now increasingly bringing in information systems such as ERP(Enterprise Resource Planning Systems) and some of the companies already entered the stage of ongoing use. Accordingly, researches should deal with the use of information systems by SME s operating under different conditions from large companies. This study examined factors and mechanism inducing faithful appropriation of information systems, in particular integrative systems such as ERP, in view of individuals` active feedback-seeking behavior. There are three factors expected to affect end users` feedback-seeking behavior for faithful appropriation of information systems. They are management support, peer IT champ support, and IT staff support. The main focus of the study is on how these factors affect feedback-seeking behavior and whether the feedback-seeking behavior plays the role of mediator for realizing faithful appropriation of information systems by end users. To examine the research model and the hypotheses, this study employed an empirical method based on a field survey. The survey used measurements mostly employed and verified by previous researches, while some of the measurements had gone through minor modifications for the purpose of the study. The survey respondents are individual employees of SMEs that have been using ERP for one year or longer. To prevent common method bias, Task-Technology Fit items used as the control variable were made to be answered by different respondents. In total, 127 pairs of valid questionnaires were collected and used for the analysis. The PLS(Partial Least Squares) approach to structural equation modeling(PLS-Graph v.3.0) was used as our data analysis strategy because of its ability to model both formative and reflective latent constructs under small-and medium-size samples. The analysis shows Reliability, Construct Validity and Discriminant Validity are appropriate. The path analysis results are as follows; first, the more there is peer IT champ support, the more the end user is likely to show feedback-seeking behavior(path-coefficient=0.230, t=2.28, p<0.05). In other words, if colleagues proficient in information system use recognize the importance of their help, pass on what they have found to be an effective way of using the system or correct others' misuse, ordinary end users will be able to seek feedback on the faithfulness of their appropriation of information system without hesitation, because they know the convenience of getting help. Second, management support encourages ordinary end users to seek more feedback(path-coefficient=0.271, t=3.06, p<0.01) by affecting the end users' perceived value of feedback(path-coefficient=0.401, t=6.01, p<0.01). Management support is far more influential than other factors that when the management of an SME well understands the benefit of ERP, promotes its faithful appropriation and pays attention to employees' satisfaction with the system, employees will make deliberate efforts for faithful appropriation of the system. However, the third factor, IT staff support was found not to be conducive to feedback-seeking behavior from end users(path-coefficient=0.174, t=1.83). This is partly attributable to the fundamental reason that there is little support for end users from IT staff in SMEs. Even when IT staff provides support, end users may find it less important than that from coworkers more familiar with the end users' job. Meanwhile, the more end users seek feedback and attempt to find ways of faithful appropriation of information systems, the more likely the users will be able to deploy the system according to the purpose the system was originally meant for(path-coefficient=0.35, t=2.88, p<0.01). Finally, the mediation effect analysis confirmed the mediation effect of feedback-seeking behavior. By confirming the mediation effect of feedback-seeking behavior, this study draws attention to the importance of feedback-seeking behavior that has long been overlooked in research about information system use. This study also explores the factors that promote feedback-seeking behavior which in result could affect end user`s faithful appropriation of information systems. In addition, this study provides insight about which inducements or resources SMEs should offer to promote individual users' feedback-seeking behavior when formal and sufficient support from IT staff or an outside information system provider is hardly expected. As the study results show, under the business environment of SMEs, help from skilled colleagues and the management plays a critical role. Therefore, SMEs should seriously consider how to utilize skilled peer information system users, while the management should pay keen attention to end users and support them to make the most of information systems.

Development of Analytical Reference Material for Proficiency Test of Pesticide Multi-residue Analysis in Green-pepper (풋고추 농약다성분분석 정도관리용 분석표준물질 개발)

  • Kim, Jong-Hwan;Choi, Sung-Gil;Oh, Young-Gon;Kwon, Young-Sang;Hong, Su-Myeong;Sung, Mun-Hyun;Lee, Se-Ja;Hwang, Sun-Young;Seo, Jong-Su
    • The Korean Journal of Pesticide Science
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    • v.20 no.3
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    • pp.211-220
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    • 2016
  • This study was to develop the analytical reference material of green-pepper for multi-residue analysis of pesticides. According to the ISO Guide 35, ISO Guide 13528 and EURL-PT protocol, the homogeneity, stability, assigned value and uncertainty were calculated to assess if it was suitable to be used as the proficiency test or quality control. The values of the within-bottle standard variation ($s_{wb}$) and the between-bottle standard variation ($s_{bb}$) were 1.7~3.7% of assigned value according to the requirement of the ISO guide 35. And, the uncertainty ($u^*{_{bb}}$) due to inhomogeneity was 0.8~1.1% for all pesticides. The storage stabilities of ten-pesticides at various conditions were assessed. For all target pesticides, the slop ($b_1$) values were smaller than the corresponding values of $[t_{0.95,n-2}{\times}s(b_1)]$ specified by the ISO guide 35, indicating that there were no statistically significant decreases in the concentration of the target pesticides when the analytical reference material was stored at room temperature ($20{\sim}30^{\circ}C$) for 7 days, freezing ($-20^{\circ}C$) for 30 days and deep freezer ($-80^{\circ}C$. except for bifenthrin, fenpropathrin) for 245 days. For proficiency test by using it developed by Korea Institute of Toxicology, inter-lab test was performed with eight organization performing the residual pesticide analysis. We found that there were some different results among them. Some were assessed as questionable or unacceptable for two pesticides and one organization didn't analyze the six pesticides. From these results, this green-pepper analytical reference material containing ten-pesticides could be used as a tool for the proficiency test to improve the reliability or consistency for pesticide residue's results.

A Study on the Effects of the Institutional Pressure on the Process of Implementation and Appropriation of System: M-EMRS in Hospital Organization (시스템의 도입과 전유 과정에 영향을 미치는 제도적 압력에 관한 연구: 병원조직의 모바일 전자의무기록 시스템을 대상으로)

  • Lee, Zoon-Ky;Shin, Ho-Kyoung;Choi, Hee-Jae
    • Asia pacific journal of information systems
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    • v.19 no.2
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    • pp.95-116
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    • 2009
  • Increasingly the institutional theory has been an important theoretical view of decision making process and IT adoption in many academic researches. This study used the institutional theory as a lens through which we can understand the factors that enable the effective appropriation of advanced information technology. It posits that mimetic, coercive, and normative pressures existing in an institutionalized environment could influence the participation of top managers or decision makers and the involvement of users toward an effective use of IT in their tasks. Since the introduction of IT, organizational members have been using IT in their daily tasks, creating and recreating rules and resources according to their own methods and needs. That is to say, the adaptation process of the IT and outcomes are different among organizations. The previous studies on a diverse use of IT refer to the appropriation of technology from the social technology view. Users appropriate IT through not only technology itself, but also in terms of how they use it or how they make the social practice in their use of it. In this study, the concepts of institutional pressure, appropriation, participation of decision makers, and involvement of users toward the appropriation are explored in the context of the appropriation of the mobile electronic medical record system (M-EMRS) in particularly a hospital setting. Based on the conceptual definition of institutional pressure, participation and involvement, operational measures are reconstructed. Furthermore, the concept of appropriation is measured in the aspect of three sub-constructs-consensus on appropriation, faithful appropriation, and attitude of use. Grounded in the relevant theories to appropriation of IT, we developed a research framework in which the effects of institutional pressure, participation and involvement on the appropriation of IT are analyzed. Within this theoretical framework, we formulated several hypotheses. We developed a second order institutional pressure and appropriation construct. After establishing its validity and reliability, we tested the hypotheses with empirical data from 101 users in 3 hospitals which had adopted and used the M-EMRS. We examined the mediating effect of the participation of decision makers and the involvement of users on the appropriation and empirically validated their relationships. The results show that the mimetic, coercive, and normative institutional pressure has an effect on the participation of decision makers and the involvement of users in the appropriation of IT while the participation of decision makers and the involvement of users have an effect on the appropriation of IT. The results also suggest that the institutional pressure and the participation of decision makers influence the involvement of users toward an appropriation of IT. Our results emphasize the mediating effect of the institutional pressure on the appropriation of IT. Namely, the higher degree of the participation of decision makers and the involvement of users, the more effective appropriation users will represent. These results provide strong support for institutional-based variables as predictors of appropriation. These findings also indicate that organizations should focus on the role of participation of decision makers and the involvement of users for the purpose of effective appropriation, and these are the practical implications of our study. The theoretical contribution of this study is lies in the integrated model of the effect of institutional pressure on the appropriation of IT. The results are consistent with the institutional theory and support previous studies on adaptive structuration theory.

The Relationship between the Stage of Exercise Behavior Change and Physical Self-Concept and Self-Efficacy of Casino Security Employees (카지노 시큐리티 종사자의 운동변화단계에 따른 신체적 자기개념과 자기 효능감의 관계)

  • Chun, Yong-Tae;Oh, Jung-Il
    • Korean Security Journal
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    • no.21
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    • pp.95-120
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    • 2009
  • This study was designed to investigate the relationship between the stages of exercise behavior change and physical self-concept and self-efficacy of security employees in hotel casinos. The sampling was drawn from employees at 8 casinos which had more than 30 employees. Participants were selected by convenience sampling method and they completed questionnaires about Physical Self-Concept and Self- Efficacy by self-administration method under supervision of trained researchers SPSS 16.0 (Statistical Package for the Social Science) was used for data analysis in the present study. Reliability and validity were examined for the present study. The principle component factor analysis and varimax rotation were used for the present study. Eigen value 1.0 was the criterion for selecting factors. Chi-square (X) 2 test was utilized for measuring the difference in gender and types of job duties at the stages of exercise behavior change. One-way ANOVA was employed to examine the relationship between the stages of exercise behavior change as an independent variable and physical self-concept and self-efficacy as dependent variables. The Scheffe method was used to determine mean differences of groups as a follow-up test. Multiple regression analysis was utilized to test the difference of physical self-concept as dependent variable and self-efficacy as independent variable. To verify hypothesis for the study, a statistical significance level of $\alpha$=.05 was used. The results were as follow: first, there were differences found for gender and types of job responsibilities in the stages of exercise behavior change. Secondly, as security employees progressed through the stages of exercise behavior change, their physical self-concept and self-efficacy improved. Finally, physical activity and body fat had significant main effects on self-efficacy.

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Development of Science Academic Emotion Scale for Elementary Students (초등학생 과학 학습정서 검사 도구 개발)

  • Kim, Dong-Hyun;Kim, Hyo-Nam
    • Journal of The Korean Association For Science Education
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    • v.33 no.7
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    • pp.1367-1384
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    • 2013
  • The purpose of this study was to develop a Science Academic Emotion Scale for Elementary Students. To make a scale, authors extract a core of 14 emotions related to science learning situations from Kim & Kim (2013) and literature review. Items on the scale consisted of 14 emotions and science learning situations. The first preliminary scale had 174 items on it. The number of 174 items was reduced and elaborated on by three science educators. Authors verified the scale using exploratory factor analysis, confirmatory factor analysis, inter-item consistency and concurrent validity. The second preliminary scale consisted of 141 items. The preliminary scale was reduced to seven factors and 56 items by applying exploratory factor analysis twice. The seven factors include: enjoyment contentment interest, boredom, shame, discontent, anger, anxiety, and laziness. The 56 items were elaborated on by five science educators. The scale with 56 items was fixed with seven factors and 35 items to get the final scale by applying confirmatory factor analysis twice. Except for Chi-square and GFI (Goodness of Fit Index), other various goodness of fit characteristics of the seven factors and 35 items model showed good estimated figures. The Cronbach of the scale was 0.85. The Cronbach of seven factors are 0.95 in enjoyment contentment interest, 0.81 in boredom, 0.87 in shame, 0.82 in discontent, 0.87 in anger, 0.77 in anxiety, 0.81 in laziness. The correlation coefficient was 0.59 in enjoyment contentment interest, 0.54 in anxiety, 0.42 in shame, and 0.28 in boredom, which were estimated using the Science Academic Emotion Scale and National Assessment System of Science-Related Affective Domain (Kim et al., 1998). Based on the results, authors judged that the Science Academic Emotion Scale for Elementary Students achieved an acceptable validity and reliability.

A Validation Study of the Korean Version of Social Communication Questionnaire (한국어판 사회적 의사소통 설문지 타당화 연구)

  • Kim, Joo-Hyun;Sunwoo, Hyun-Jung;Park, Su-Bin;Noh, Dong-Hyun;Jung, Yeon Kyung;Cho, In-Hee;Cho, Soo-Churl;Kim, Bung-Nyun;Shin, Min-Sup;Kim, Jae-Won;Park, Tae-Won;Son, Jung-Woo;Chung, Un-Sun;Yoo, Hee Jeong
    • Journal of the Korean Academy of Child and Adolescent Psychiatry
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    • v.26 no.3
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    • pp.197-208
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    • 2015
  • Objectives : The purposes of this study were to examine the reliability and validity of the Korean version of Social Communication Questionnaire (K-SCQ) and to determine cut-off scores for diagnosis of autism spectrum disorder (ASD). Methods : A total of 166 subjects with ASD and their 186 unaffected siblings were recruited through child psychiatry clinics of university hospitals. Board certified child psychiatrists screened all probands suspected to have ASD based on the Diagnostic and Statistical Manual of Mental Disorders, fourth edition. To confirm the diagnoses, the Korean versions of the Autism Diagnostic Observation Schedule and the Autism Diagnostic Interview-Revised (K-ADI-R) were administered to all the subjects. All parents completed the K-SCQ and Social Responsiveness Scale (SRS). The non-ASD siblings were evaluated with the same instruments as the probands with ASD. We performed a factor analysis to examine the structure of K-SCQ. For testing the validity of K-SCQ, we compared the difference in Lifetime and Current scores of probands with ASD and their non-ASD siblings using t-test and analysis of covariance. Correlations between the K-SCQ and other measurements of ASD symptomatology, including K-ADI-R totals and domain scores and SRS, were examined. Receiver operation characteristic curve analysis was performed to extract cutoff scores discriminating affection status. Results : Four factors were extracted through factor analysis of K-SCQ ; 1) social relation and play, 2) stereotyped behavior, 3) social behavior, and 4) abnormal language. Cronbach's internal consistency was .95 in K-SCQ Lifetime, and .93 in K-SCQ Current. There were significant differences in total score of K-SCQ, both in Lifetime and Current between the ASD group and non-ASD siblings group (p<.05). K-SCQ scores were significantly correlated with K-ADI-R subdomain scores and SRS total scores (p<.05). The best-estimate cut-off scores of K-SCQ for diagnosis of ASD were 12 for 48 months and over, and 10 for below 47 months. Conclusion : Our findings suggest that the K-SCQ is a reliable and valid instrument for screening autistic symptoms in the Korean population. Lower cut-off scores than the original English version might be considered when using it as a screening instrument of ASD.

Effect Assessment and Derivation of Ecological Effect Guideline on CO2-Induced Acidification for Marine Organisms (이산화탄소 증가로 인한 해수 산성화가 해양생물에 미치는 영향평가 및 생태영향기준 도출)

  • Gim, Byeong-Mo;Choi, Tae Seob;Lee, Jung-Suk;Park, Young-Gyu;Kang, Seong-Gil;Jeon, Ei-Chan
    • Journal of the Korean Society for Marine Environment & Energy
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    • v.17 no.2
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    • pp.153-165
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    • 2014
  • Carbon dioxide capture and storage (CCS) technology is recognizing one of method responding the climate change with reduction of carbon dioxide in atmosphere. In Korea, due to its geological characteristics, sub-seabed geological $CO_2$ storage is regarded as more practical approach than on-land storage under the goal of its deployment. However, concerns on potential $CO_2$ leakage and relevant acidification issue in the marine environment can be an important subject in recently increasing sub-seabed geological $CO_2$ storage sites. In the present study effect data from literatures were collected in order to conduct an effect assessment of elevated $CO_2$ levels in marine environments using a species sensitivity distribution (SSD) various marine organisms such as microbe, crustacean, echinoderm, mollusc and fish. Results from literatures using domestic species were compared to those from foreign literatures to evaluate the reliability of the effect levels of each biological group and end-point. Ecological effect guidelines through estimating level of pH variation (${\delta}pH$) to adversely affect 5 and 50% of tested organisms, HC5 and HC50, were determined using SSD of marine organisms exposed to the $CO_2$-induced acidification. Estimated HC5 as ${\delta}pH$ of 0.137 can be used as only interim quality guideline possibly with adequate assessment factor. In the future, the current interim guideline as HC5 of ${\delta}pH$ in this study will look forward to compensate with supplement of ecotoxicological data reflecting various trophic levels and indigenous species.

Experimental Comparison and Analysis of Measurement Results Using Various Flow Meters (유량측정 기기별 측정성과에 대한 실험적 비교분석)

  • Lee, Jae-Hyug;Lee, Suk-Ho;Jung, Sung-Won;Kim, Tae-Woong
    • Journal of Wetlands Research
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    • v.12 no.1
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    • pp.95-103
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    • 2010
  • Discharge data examine the process of hydrologic cycle and used significantly in water resource planning and irrigation and flood control planning. However, it needs lots of time and money to get the discharge data. So discharge rating curve is usually used in converting discharge data. Therefore reliability of discharge rating curve absolutely depends on quality of discharge data. Many engineers who study hydrologic engineering make high quality discharge data to develop reliable discharge rating curve. And they carry out research on standard and method of discharge measurement, and equipment improvement. Now various flow meters are utilized to make discharge data in Korea. However, accuracy of equipment and experimental research data from measurement are not enough. In this paper, constant discharge flowed through standard concrete channel, and the velocity is measured using various flow meters. Also Discharge is calculated by measured data to compare and analyze. The equipment for the experiment is Price AA(USGS Type AA Current meter), flow meter, ADC, C2 small current meter, flow tracker, Electromagnetic current meter. The discharge got form various flow meters which are widely used for discharge measurement. The various depths of water were examined and compared such as 0.30 m, 0.35 m, 0.40 m, 0.45 m, 0.50 m, 0.55 m. The experiment progresses a round-measurement on 6-case. Wading measurement(one point method : the 60 % height in surface of the water) was applied to improve creditability and accuracy among measurement methods. USGS Type AA current Meter, Flow Meter, ADC, C2 Small Current meter got the certificate of quality guaranteed. So the results of experiment were used to compare discharge. The Results showed the difference based on USGS Type AA current Meter at average discharge and velocity. Electromagnetic current meter made differences over $\pm$ 10 % and Flow Meter made differences under $\pm$ 10 %. Also ADC, Flow Meter, C2 Small Current meter made differences under $\pm$ 5 %.