• Journal of Distribution Science
• /
• v.17 no.1
• /
• pp.89-94
• /
• 2019

Purpose - In recent digital information society, the most important factor of to increase the firm value of the distribution company is not the activity to increase the sales through the general advertisement of the unspecified majority by purchasing the finished product, but to grasp the needs of the consumers and to develop a new distribution platform that connects producers and consumers directly through consumer-tailored advertisements centering on e-commerce. Therefore each company in the distribution industry is spending a lot on research and development investment to innovate the distribution technology and distribution system, and the research and development investment expenditures can affect firm value. The purpose of this study is to analyze the impact of research and development investment expenditures in the distribution industry on market value of the firm. Research design, data, and methodology - As a research method, the sample firms are those which are listed on korea stock exchange market from 2011 to 2017 and the research model is Ohlson(1995) model, which is a representative valuation model using accounting information. This study analyzes the effect of distribution company's research and development investment expenditures and advertising expenditures on market value of the firm Results - The results of empirical analysis show that research and development investment expenditures for developing new distribution technology and advertising expenditures for promoting sales in the distribution company are all positively related to the market value of firm. Therefore, in describing market value of the distribution company, it is shown that the research and development investment expenditures and advertising expenditures together with the net asset and net profit are the important accounting information that explains the market value of firm. This result show that investment expenditures on research and development for the innovation of distribution technology of distribution company creates intangible intellectual assets and increases market value of the firm. Conclusions - The result of this study shows that research and development investment expenditures for the new distribution technology as well as the spending for the advertisement in the future is a very important investment expenditures that can increase the market value of the distribution company.

• Journal of agriculture & life science
• /
• v.46 no.3
• /
• pp.143-151
• /
• 2012

This paper analyzes whether under-investment due to hold-up exists in broiler industry or not by using survey data on broiler growers. When a grower who has facilities to be required for contract is aware of the possibility of being held-up by an integrator, he/she may invest in relation-specific asset less than is optimal. The result shows that when a grower thinks that finding a new integrator in the region is difficult after the current contract being terminated, under-investment exists. When a grower has the experience that a current integrator required her/him to do something not written on the contract, she/he may have invested less. However it is not statistically significant.

• The Journal of The Korea Institute of Intelligent Transport Systems
• /
• v.18 no.2
• /
• pp.93-103
• /
• 2019

This study analyzed the impact of smartphone usage on walking speed during walking on two pedestrian walkways in Daejeon Metropolitan City. For the analysis, the video data about the actual use of smartphone was acquired and the walking speed was calculated based on the walking density of the pedestrian Level Of Service(LOS) presented in the Road Capacity Manual. Multiple regression analysis and decision tree using machine learning were used to analyze the impact of smartphone usage on walking speed, and as the explanatory variables, gender, disable smartphone, use of smartphone using auditory function, use of smartphone using visual function, LOS A, LOS B, LOS C were adopted. The result showed that LOS C had the highest impact on walking speed change and the women's group using their visual function was founded to have the slowest walking speed in LOS C. In particular, the author found that walking speed significantly decreased in the case of use of visual function rather than listening to music or the hearing on the phone.

• Asia-Pacific Journal of Business
• /
• v.11 no.4
• /
• pp.205-224
• /
• 2020

Purpose - This study aimed to identify the effects of ownership structures on agency costs in internationally diversified firms listed on the KOSDAQ market. Design/methodology/approach - A total of 5,824 samples were finally selected and empirically analyzed for a total of nine years from 2011 to 2019, during which the International Accounting Standards had been mandatory for firms listed on the KOSDAQ market. Findings - The results of this study showed that the effects of ownership structures on the ratio of asset turnover are positive for the major share and foreign equity ratios of international diversified firms. Moreover, by selecting the ratio of entertainment expenses as a proxy for agency expenses, this study confirmed that the effects of the ownership structure of an international diversified entity on entertainment expenditure were determined to show a significantly negative relation to entertainment expenditure, thus indicating that the higher the ratio of major shareholders, the more appropriately control the expenditure of entertainment expenses through arbitrary private deviations of the management.Furthermore, considering the effect of the ownership structure on the expenditure of sales and administrative expenses as a proxy variable for agency costs, this study verified that the majority share ratio of international diversified firms was negative to the expenditure of sales and administrative expenses, confirming that the higher the share of major shareholders, the lower the selling and administrative costs, but insignificant.Finally, as a result of determining whether the ownership structure of an international diversified firm affects the holding of free cash, the majority share of this firm shows a significantly negative relation to the ratio of the holding of surplus cash, indicating that the higher the proportion of major shareholders, the more appropriately control the holding of the entity's free cash through arbitrary private deviance by the manager. Research implications or Originality - Major shareholders of an internationally diversified firm listed on the KOSDAQ market play a positive role in the firm's performance by properly controlling agency costs that may be incurred by the management.

• The Journal of the Institute of Internet, Broadcasting and Communication
• /
• v.21 no.2
• /
• pp.41-47
• /
• 2021

Manufacturing is facing radical changes around the world. The manufacturing industry, which has been changing since Germany, is now being introduced, improved, and developed worldwide by manufacturers under the name of smart factory. By utilizing IT technologies such as artificial intelligence and cloud at the production site, the desire to break away from the past manufacturing environment is increasing. How these technologies will be efficient in the future, manufacturing worldwide now faces radical changes. The manufacturing industry, which has been changing since Germany, is now being introduced, improved, and developed worldwide by manufacturers under the name of smart factory. By utilizing IT technologies such as artificial intelligence and cloud at the production site, the desire to break away from the past manufacturing environment is increasing. Discussions continue on how these technologies can be used efficiently and effectively. Increasingly, the expansion of the range from factory areas to regions, countries, and around the world raises the need for international standards for interactions. In this paper, we propose a design and implementation method for managing facilities, sensors, etc. as assets and monitoring facility data collected through OPC UA.

• Journal of Convergence for Information Technology
• /
• v.10 no.12
• /
• pp.166-174
• /
• 2020

Cosmetic functional ingredients are products of emotional convergence technology. Unlike pharmaceuticals, it is very important that cosmetics ingredients contain emotional attractiveness because they are household products that have limitations in their effectiveness. Ginseng has long been used as a major prescription of oriental medicine for human health. Detailed records such as the origin and propagation of ginseng can lead to various cosmetical application of ginseng as an emotional convergence ingredients that utilizes the authenticity and excellence of ginseng as an asset of K-beauty. In the unfortunate reality that the first records of ginseng use depend on ancient Chinese literature, it is very meaningful to describe and leave the records of ginseng used in the field of beauty. This study examined the general historical records needed for the study of the cosmetics application of ginseng and the recent findings of ginsenoside in the area of skin function, and provided basic data that can be applied to new cosmetics development research.

• International Area Studies Review
• /
• v.12 no.2
• /
• pp.79-97
• /
• 2008

After entering into the WTO in October, 2001, China started opening her bank industry on a full scale and her financial markets from the end of 2006. It is true that the Chinese commercial banks should make efforts to enhance their operational efficiency for adapting the rapid change of financial environments. In this paper, the efficiency of 4 Chinese state-owned commercial banks and 11 share holding commercial banks has been estimated. Our Tobit model to find out the determinants of these banks' efficiency. The results are as follows: The efficiency of these banks kept being improved from 1999 to 2003. With regard to the relationship between the determinants and the bank efficiency, their capital ratios, ownership structures and government subsidies are significant at the 5% level while the return on asset(ROA) is significant at the 10% level. The relationship between the determinants and the efficiency has showed that the size, capital ratios, ROA and ownership structure showed significantly before the entry to WTO, on the other hand, after WTO their capital ratios are the only factor to determine their efficiencies.

• Journal of the Korea Institute of Information Security & Cryptology
• /
• v.22 no.3
• /
• pp.637-644
• /
• 2012

In our current information focused society, information is regarded as a core asset and the leakage of customers' information has emerged as a critical issue, especially in financial companies. It is very likely that the technology that safeguards which is currently in commercial use is not focused at an enterprise level but is fragmented by function or by only guards portions of a customer's personal information. Therefore, It is necessary to study the systems which monitor the indicators of access at an enterprise level in order to preemptively prevent the compromise of such data. This study takes an enterprise perspective on such systems for a financial company. I will focus on examination of the methods of implementation of the monitoring system, the application of pattern analysis and examination of Security Risk Indicators (SRI). A trial of the monitoring system provided security managers and related departments with proper screening capabilities of information. Therefore, it is possible to establish a systemic counter-plans based on detectable patterns.

• The Journal of Bigdata
• /
• v.5 no.2
• /
• pp.215-229
• /
• 2020

The interest in machine learning is growing in all industries, but it is difficult to apply it to real-world tasks because of inexplicability. This paper introduces a case of developing a financial customer churn prediction model for a securities company, and introduces the research results on an attempt to develop a machine learning model that can be explained using the SHAP Value methodology and derivation of interpretability. In this study, a total of six customer churn models are compared and analyzed, and the cause of customer churn is inferred through the classification and data analysis of SHAP Value and the type of customer asset change. Based on the results of this study, it would be possible to use it as a basis for comprehensive judgment, such as using the Value of the deviation prediction result that can infer the cause of the marketing manager's actual customer marketing in the future and establishing a target marketing strategy for each customer.

• The Korean Journal of Applied Statistics
• /
• v.34 no.1
• /
• pp.39-56
• /
• 2021

Many researches have been done on portfolio optimization since Markowitz (1952) published a diversified investment model. Markowitz's mean-variance portfolio optimization problem is established under the assumption that the distribution of returns follows a normal distribution. However, in real life, the distribution of returns does not follow a normal distribution, and variance is not a robust statistic as it is heavily influenced by outliers. To overcome these potential issues, mean-shortfall portfolio model was proposed that utilized downside risk, shortfall, as a risk index. In this paper, we propose a perturbation method that uses the shortfall as a risk index of the portfolio. The proposed portfolio utilizes an adaptive Lasso to obtain a sparse and stable asset selection because it can reduce management and transaction costs. The proposed optimization is easily applicable as it can be computed using an efficient linear programming. In our real data analysis, we show the validity of the proposed perturbation method.