• Journal of Intelligence and Information Systems
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• v.20 no.1
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• pp.35-48
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• 2014

According to the 2013 construction market outlook report, the liquidation of construction companies is expected to continue due to the ongoing residential construction recession. Bankruptcies of construction companies have a greater social impact compared to other industries. However, due to the different nature of the capital structure and debt-to-equity ratio, it is more difficult to forecast construction companies' bankruptcies than that of companies in other industries. The construction industry operates on greater leverage, with high debt-to-equity ratios, and project cash flow focused on the second half. The economic cycle greatly influences construction companies. Therefore, downturns tend to rapidly increase the bankruptcy rates of construction companies. High leverage, coupled with increased bankruptcy rates, could lead to greater burdens on banks providing loans to construction companies. Nevertheless, the bankruptcy prediction model concentrated mainly on financial institutions, with rare construction-specific studies. The bankruptcy prediction model based on corporate finance data has been studied for some time in various ways. However, the model is intended for all companies in general, and it may not be appropriate for forecasting bankruptcies of construction companies, who typically have high liquidity risks. The construction industry is capital-intensive, operates on long timelines with large-scale investment projects, and has comparatively longer payback periods than in other industries. With its unique capital structure, it can be difficult to apply a model used to judge the financial risk of companies in general to those in the construction industry. Diverse studies of bankruptcy forecasting models based on a company's financial statements have been conducted for many years. The subjects of the model, however, were general firms, and the models may not be proper for accurately forecasting companies with disproportionately large liquidity risks, such as construction companies. The construction industry is capital-intensive, requiring significant investments in long-term projects, therefore to realize returns from the investment. The unique capital structure means that the same criteria used for other industries cannot be applied to effectively evaluate financial risk for construction firms. Altman Z-score was first published in 1968, and is commonly used as a bankruptcy forecasting model. It forecasts the likelihood of a company going bankrupt by using a simple formula, classifying the results into three categories, and evaluating the corporate status as dangerous, moderate, or safe. When a company falls into the "dangerous" category, it has a high likelihood of bankruptcy within two years, while those in the "safe" category have a low likelihood of bankruptcy. For companies in the "moderate" category, it is difficult to forecast the risk. Many of the construction firm cases in this study fell in the "moderate" category, which made it difficult to forecast their risk. Along with the development of machine learning using computers, recent studies of corporate bankruptcy forecasting have used this technology. Pattern recognition, a representative application area in machine learning, is applied to forecasting corporate bankruptcy, with patterns analyzed based on a company's financial information, and then judged as to whether the pattern belongs to the bankruptcy risk group or the safe group. The representative machine learning models previously used in bankruptcy forecasting are Artificial Neural Networks, Adaptive Boosting (AdaBoost) and, the Support Vector Machine (SVM). There are also many hybrid studies combining these models. Existing studies using the traditional Z-Score technique or bankruptcy prediction using machine learning focus on companies in non-specific industries. Therefore, the industry-specific characteristics of companies are not considered. In this paper, we confirm that adaptive boosting (AdaBoost) is the most appropriate forecasting model for construction companies by based on company size. We classified construction companies into three groups - large, medium, and small based on the company's capital. We analyzed the predictive ability of AdaBoost for each group of companies. The experimental results showed that AdaBoost has more predictive ability than the other models, especially for the group of large companies with capital of more than 50 billion won.

• Journal of Korean Society of Archives and Records Management
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• v.24 no.3
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• pp.85-104
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• 2024

While there have been ongoing discussions and attempts to utilize archives for marketing purposes in various organizations, including businesses, there has been a lack of clarity regarding what should be archived and what should be considered as marketing targets within an organization's history. Consequently, historical marketing has often been past-oriented, with results varying significantly based on the capabilities of those in charge. To introduce and effectively utilize archives in organizational settings, it is crucial to demonstrate that archives can positively impact organizational performance. The Heritage Archives is a utilization plan that offers an approach to digitizing and preserving the valuable heritage and assets of a business, explaining them to various stakeholders through records, serving as a foundation for building trust in the business, and linking them to marketing, branding, and other applications. This study focuses on fundamental concepts for constructing and utilizing heritage archives by defining and interpreting key concepts such as the affordance of records, organizational heritage, and heritage assets. To this end, the study incorporates Geoffrey Yeo's affordance and John M.T. Balmer's concept of heritage. In addition, it compares definitions of assets in KS Q ISO 55000:2021, KS X ISO 15489-1:2016, and KS X ISO 30300:2020. Through the study's findings, insights can be obtained for organizations seeking to implement heritage archives and leverage them for marketing, branding, and related purposes.

• The Journal of the Korea Contents Association
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• v.13 no.2
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• pp.420-430
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• 2013

In this study, we investigate the current status of family friendly management and determinants of its level. We choose measures about family friendly management and use their results from ESG evaluation model by Korea Corporate Governance Service. We find that firms with larger size, lower leverage and higher firm value are more family friendly. And in contrast to previous studies, firms are more family friendly when they have less women to total employees. But firms with higher largest shareholder holdings are less family friendly. These results show that listed firms in Korea should be more family friendly considering their level of woman employment. Also the interest and support from top management are needed for activating family friendly management, but largest shareholder of korean firms are not active yet.

• Journal of Communications and Networks
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• v.7 no.2
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• pp.144-156
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• 2005

Video streaming over wireless networks is challenging due to node mobility and high channel error rate. In this paper, we propose a multi-source video streaming (MUVIS) system to support high quality video streaming service over IEEE 802.1l-based wireless networks. We begin by collocating a streaming proxy with the wireless access point to help leverage both the media server and peers in the WLAN. By tracking the peer mobility patterns and performing content discovery among peers, we construct a multi-source sender group and stream video using a rate-distortion optimized scheme. We formulate such a multi-source streaming scenario as a combinatorial packet scheduling problem and introduce the concept of asynchronous clocks to decouple the problem into three steps. First, we decide the membership of the multisource sender group based on the mobility pattern tracking, available video content in each peer and the bandwidth each peer allocates to the multi-source streaming service. Then, we select one sender from the sender group in each optimization instance using asynchronous clocks. Finally, we apply the point-to-point rate-distortion optimization framework between the selected sender-receiver pair. In addition, we implement two different caching strategies, simple caching simple fetching (SCSF) and distortion minimized smart caching (DMSC), in the proxy to investigate the effect of caching on the streaming performance. To design more realistic simulation models, we use the empirical results from corporate wireless networks to generate node mobility. Simulation results show that our proposed multi-source streaming scheme has better performance than the traditional server-only streaming scheme and that proxy-based caching can potentially improve video streaming performance.

• 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.

• Journal of Preventive Medicine and Public Health
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• v.54 no.5
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• pp.330-339
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• 2021

Objectives: Tobacco control in Indonesia is very lenient compared to international standards. This study explored the perspectives of tobacco control stakeholders (TCSs) on the likelihood of advancing tobacco marketing regulation in Indonesia. Methods: Data were collected from TCSs who were members of the Indonesia Tobacco Control Network group in a modified Delphi study. We collected the data in 2 waves using a questionnaire that comprised a set of closed and open-ended questions. For this paper, we analysed 2 of the 3 sections of the questionnaire: (1) tobacco advertising, promotions, and sponsorship (TAPS) bans, and (2) marketing and retailing regulations. We conducted a descriptive analysis of the scores using Stata/IC.13 and summarised the comments for each item. Results: The TCSs viewed the measures/strategies across all aspects of TAPS and tobacco marketing regulation as highly desirable, but provided varied responses on their feasibility. They rated political feasibility lower than technical feasibility for most measures. Advancing TAPS measures and prohibition of selling to minors were considered more attainable by sub-national governments, while prohibition of tobacco corporate social responsibility was considered as the least feasible measure in the next 5 years. Conclusions: Despite little optimism for substantial national-level change, there is a positive expectation that sub-national governments will strengthen their tobacco control regulation. It is paramount that the government reduce tobacco industry leverage by implementing Article 5.3 of the World Health Organization Framework Convention on Tobacco Control. Extending advocacy networks beyond tobacco control groups and framing tobacco control more effectively are necessary steps.

• Journal of Industrial Convergence
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• v.20 no.11
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• pp.11-17
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• 2022

The development of digital technology is changing many things in our daily lives and the marketing environment of companies. Therefore, in this research, we grasp the recent overseas research trends of digital marketing. For that purpose, I would like to utilize SCOPUS, a foreign academic database, to grasp the research trends of digital marketing. As a result of the analysis, it was found that the number of digital marketing papers has been increasing continuously since 2013. In addition, as a result of topic modeling analysis, it was found that the 2nd and 4th topics were similar among the 6 topics in total, and the main topics were digital, marketing, research and so on. The results of this research are significant in that they provided information on digital marketing research trends to researchers and business practitioners. In addition, the results of this study provide practical suggestions for corporate marketers to recognize and leverage the importance of digital marketing.

• Journal of Intelligence and Information Systems
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• v.20 no.4
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• pp.141-154
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• 2014

The adoption of International Financial Reporting Standards (IFRS) is the one of important issues in the recent accounting research because the change from local GAAP (Generally Accepted Accounting Principles) to IFRS has a substantial effect on accounting information. Over 100 countries including Australia, China, Canada and the European Union member countries adopt IFRS (International Financial Reporting Standards) for financial reporting purposes, and several more including the United States and Japan are considering the adoption of IFRS (International Financial Reporting Standards). In Korea, 61 firms voluntarily adopted Korean International Financial Reporting Standard (K-IFRS) in 2009 and 2010 and all listed firms mandatorily adopted K-IFRS (Korea-International Financial Reporting Standards) in 2011. The adoption of IFRS is expected to increase financial statement comparability, improve corporate transparency, increase the quality of financial reporting, and hence, provide benefits to investors This study investigates whether recognized accounts receivable discounting (AR discounting) under Korean International Financial Reporting Standard (K-IFRS) is more value relevant than disclosed AR discounting under Korean Generally Accepted Accounting Principles (K-GAAP). Because more rigorous standards are applied to the derecognition of AR discounting under K-IFRS(Korea-International Financial Reporting Standards), most AR discounting is recognized as a short term debt instead of being disclosed as a contingent liability unless all risks and rewards are transferred. In this research, I try to figure out industrial responses to the changes in accounting rules for the treatment of accounts receivable toward more strict standards in the recognition of sales which occurs with the adoption of Korea International Financial Reporting Standard. This study examines whether accounting information is more value-relevant, especially information on accounts receivable discounting (hereinafter, AR discounting) is value-relevant under K-IFRS (Korea-International Financial Reporting Standards). First, note that AR discounting involves the transfer of financial assets. Under Korean Generally Accepted Accounting Principles (K-GAAP), when firms discount AR to banks before the AR maturity, firms conventionally remove AR from the balance-sheet and report losses from AR discounting and disclose and explain the transactions in the footnotes. Under K-IFRS (Korea-International Financial Reporting Standards), however, most firms keep AR and add a short-term debt as same as discounted AR. This process increases the firms' leverage ratio and raises the concern to the firms about investors' reactions to worsening capital structures. Investors may experience the change in perceived risk of the firm. In the study sample, the average of AR discounting is 75.3 billion won (maximum 3.6 trillion won and minimum 18 million won), which is, on average 7.0% of assets (maximum 38.6% and minimum 0.002%), 26.2% of firms' accounts receivable (maximum 92.5% and minimum 0.003%) and 13.5% of total liabilities (maximum 69.5% and minimum 0.004%). After the adoption of K-IFRS (Korea-International Financial Reporting Standards), total liabilities increase by 13%p on average (maximum 103%p and minimum 0.004%p) attributable to AR discounting. The leverage ratio (total liabilities/total assets) increases by an average 2.4%p (maximum 16%p and minimum 0.001%p) and debt-to-equity ratio increases by average 14.6%p (maximum 134%p and minimum 0.006%) attributable to the recognition of AR discounting as a short-term debt. The structure of debts and equities of the companies engaging in factoring transactions are likely to be affected in the changes of accounting rule. I suggest that the changes in accounting provisions subsequent to Korea International Financial Reporting Standard adoption caused significant influence on the structure of firm's asset and liabilities. Due to this changes, the treatment of account receivable discounting have become critical. This paper proposes an intelligent diagnostic system for estimating negative impact on stock value with self-organizing maps and case based reasoning. To validate the usefulness of this proposed model, real data was analyzed. In order to get the significance of this proposed model, several models were compared to the research model. I found out that this proposed model provides satisfactory results with compared models.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.1
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• pp.85-93
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• 2013

While relatively many researches have been performed on the legal issues of leverage buyout(LBO) in the Korean capital market, the on-going 'interdisciplinary studies' between the legal and the financial aspects of LBO financing structure seems to be relatively few so far. In this particular study, the concept and major financing structures on LBO have been discussed, by which domestic investors including institutional investors, may acquire in-depth knowledge on the issue given the dynamically changing circumstances surrounding the Korean domestic capital market. Moreover, legal analyses related to the conventional case studies on two types of LBO structures such as 'asset-backed LBO' and 'merger-related LBO', have been illustrated, coupled with the review of the previous literature on mergers & acquisitions(M&A) related to the financial aspects of LBO financing structure. From the director's perspective, who is employed by an acquired firm, legal issues in terms of 'fiduciary duty' and 'duty of loyalty' have been discussed, along with the logical scope of 'business judgement principle' in terms of modern finance theory.

• Journal of Navigation and Port Research
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• v.45 no.3
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• pp.173-180
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• 2021

Although accounting is one of the core fields of corporate management, few studies have reported accounting phenomena involving shipping companies. In addition, although financial reporting is very important to shipping companies that use several financial tools such as ship finance and financial lease, it is difficult to identify studies investigating shipping companies' financial reporting, especially their earnings management. The purpose of this study is to analyze accrual earnings management behavior of shipping companies. Companies with high debt ratios and net losses are known to have incentives for earnings management. Due to the nature of the industry, shipping companies have a high debt ratio and often report net losses. Accordingly, shipping companies are expected to engage in substantial earnings management. Based on the analysis of KOSP I companies listed on the Korea Exchange from 2001 to 2020, it was found that shipping companies are engaged in higher levels of earnings management than non-shipping companies. Discretionary accrual was used as a proxy variable for earnings management. Discretionary accrual was measured using the modified Jones model of Dechow et al. (1995) and the performance matched model of Kothari et al.(2005). In this study, significant results were derived by comparatively analyzing the earnings management practices, which is one of the major accounting behaviors of shipping and non-shipping companies. Stakeholders such as external auditors, investors, financial institutions, analysts, and government authorities need to be aware of the earnings management behavior of listed shipping companies during their external audit, financial analysis, and supervision. Finally, listed shipping companies must conduct stricter accounting based on accounting principles.