• Korean journal of food and cookery science
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• v.23 no.2 s.98
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• pp.270-279
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• 2007

The purposes of this study were to analyze the profitability of audited restaurant franchise firms and to investigate the financial variables affecting profitability. This study decomposed profit variation into the three main factors comprising the Du Pont Identity (operating efficiency, asset use efficiency and financial leverage). The operating efficiency of restaurant franchise firms was on the rise until 2004, but dropped dramatically in 2005. Especially, the profit margin dropped from 13.46% in 2004 to 6.54% in 2005. The asset use efficiency has been decreasing since 2003. The total asset turnover ratio, which can be indicative of over-investment, dropped from 1.55 in 2003 to 1.50 in 2005. The financial leverage remained stable after 2002. There were major differences in debt accumulation among the firms, and the current level of debt was thought to be higher in the restaurant industry than in other industries. Based on the results of a multiple regression analysis, we concluded that the factors affecting ROE were the debt-equity ratio, total asset turnover and the size of the firm. The debt-equity ratio and total asset turnover had a significantly positive effect on ROE, while the firm size had a significantly negative effect on ROE. However, the current ratio and sales growth rate were not significant. The finding that firm size and profitability were negatively related implied that restaurant franchise firms should pursue qualitative growth rather than quantitative growth. There was no major difference in profitability between domestic brands and foreign brands. However, the domestic brand was more efficient in terms of asset usage than the foreign brand.

• Journal of Distribution Science
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• v.15 no.11
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• pp.73-82
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• 2017

Purpose - This paper aims to investigate a profit maximizing incentive of foreign traders in distributing the KOSPI 200 Futures. Such an incentive may induce unsophisticated retail traders to suffer loss from speculative trading. Since Korean government increased the entry barriers of the market to protect unsophisticated traders, the market size has been decreasing while the proportion of the contract held by foreign traders has been increasing. These on going changes make the market imperfectly competitive, where a profit maximization incentives of foreign traders are expected to grow. In this paper, we attempt to find any evidence of such behavior, thereby providing implications regarding market policy and market efficiency. Research design, data, and methodology - According to Kyle(1985), an informed trader exploits his/her monopoly power optimally in a dynamic context so that he/she makes positive profit, where he/she could conceal his/her trading utilizing noise trading as camouflage. We apply the KOSPI 200 Futures market to the Kyle's model: foreign traders who take into account the effect of his/her trading to maximize expected profits as an informed trader, retail investors as noise traders, and financial institutions as market makers. To find any evidence of monopolistic behavior, we test the variants of trading volume and price data of the KOSPI 200 Futures over the period of 2009 and 2017. Results - First, we find that the price of the KOSPI 200 Futures are more volatile than the price of underlying asset. Second, we find that monopolistic foreign trader's trading order flows are consistent with exploiting his/her monopoly power to maximize profit. Finally, we find that retail investors' trading order flows are inversely consistent with maximizing profit, that is, uninformed retail investors suffer loss continuously in speculative trading against informed traders. Conclusions - Our results show that the quantity of strategic order flows may have a large effect on the price, therefore, resulting the market inefficiency. The results also imply that, in implementing regulations, the depth of the market must be considered to maintain market liquidity, and suggesting interesting research topics regarding the market structure.

• KOREAN JOURNAL OF PACKAGING SCIENCE & TECHNOLOGY
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• v.24 no.2
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• pp.73-84
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• 2018

This study sought efficiency of collaboration between manufacturers and distributors by finding a way to improve logistics efficiency in order to save distribution cost and standardize packaging together with profit generation by way of simple-display packaging in discount stores. For the study purpose, the impact of products with RRP (Retail Ready Packaging) by each discount store on the collaboration achievement such as loading efficiency was observed. From this observation, an alternative packaging system that can improve logistics efficiency between manufacturers and distributors was sought and the role of distributors in distribution standardization was explored. The purpose of this study also includes suggesting some implications on future basic direction of environment-friendly management. If this study would induce distributors to have more interest in distribution standardization and if logistics efficiency would be enhanced by the operation of packaging system considered of compatibility with pallets, this study would have academic significance and create practical values.

• Korean Management Science Review
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• v.32 no.3
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• pp.37-54
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• 2015

This paper suggests energy efficiency which can be the foundation on corporate profit and effective energy management following by change of global climate and of energy-related regulations. Using comparable financial information and information related to energy use, an DEA (Data Envelopment Analysis) model has been used to identify energy efficiency with DMU (Decision Making Unit)s which are companies subjected to reduce greenhouse gas emission in 2009. Through this research, different from existing researches, environmental variables which can influence on energy efficiency are identified. The results show as follows. First, most of companies follow IRS, which means scale of economy exists among units so that they have more opportunity to increase efficiency by increasing scale of inputs. Second, this research identified that depending on the difference of environmental characters such as the emission structure and the size of companies, energy efficiency of the companies turns out differently.

• The Journal of Korean Medicine
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• v.41 no.1
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• pp.1-10
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• 2020

Objectives: This study investigated the financial performance of Korean Medicine hospitals in Korea in order to understand the current status of hospital management and improve its efficiency. Methods: Financial statements of 24 medical corporations, 19 juridical foundations and 18 school hospitals from 2016 to 2018 were obtained from the secondary data published by the Health Insurance Review and Assessment Service, the National Tax Service and the Korea Advancing Schools Foundation. Financial performance was measured on 6 dimensions: liquidity, profitability, activity, growth, cost and productivity (investment efficiency) by analyzing 8 financial indicators: Liability to Total Assets, Net Profit to Patient Service Revenues, Total Assets Turnover, Growth Rate of Patient Service Revenues, Operating Expenses to Patient Service Revenues, Value Added to Patient Service Revenues, Value Added to Total Assets, and Value Added to Personnel Expenses. Results: Korean Medicine hospitals showed lower Liability to Total Assets, Liquidity and Value Added to Total Assets than Western Medicine hospitals did. They also showed higher Value Added to Patient Service Revenues and Value Added to Personnel Expenses than Western Medicine hospitals did. They also showed higher Value Added to Patient Service Revenues and Value Added to Personnel Expenses than those of Western Medicine hospitals do. The net profit decreased significantly (-50.8%) in 2018 whereas Patient Service Revenues increased (6.9%) for the same period due to Operating Expenses increase and Non-Operating loss. Conclusions: These findings suggest that the Korean Medicine hospital sector in Korea needs to improve liquidity and financial structure and to enhance profitability by reducing Personnel Expenses and generating Non-operating revenues in order to improve its investment efficiency and competitiveness.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.18 no.35
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• pp.165-175
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• 1995

The objective of this study is to evaluate the reliability of DEA for the measurement of efficiency of Commercial banks in Korea using the DEA methods. DEA is basically a mathematical programing technique initially developed by Chanes, Cooper and Rhodes(197n) to evaluate the relative efficiency of not-for-profit organizations where multiple outputs are produced with multiple inputs. This study show that DEA approach is not only usefulness in evaluating performance of banks but also a useful bank management tool.

• Korea Trade Review
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• v.46 no.5
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• pp.31-47
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• 2021

Recently, third-party logistics and second-party logistics are well known as a form of logistics service. However, there are several opinions about the effectiveness of second-party logistics and third-party logistics. In this study, the efficiency of second-party logistics companies and third-party logistics companies, which are the main providers of logistics services, was compared and the sales impact on the logistics market was measured. Efficiency was measured using DEA's CCR and BCC models. Debt and equity were used as input variables, and sales, operating profit, and net income were used as output variables. As a result of measuring the efficiency of logistics companies, the efficiency of third-party logistics companies was higher than that of second-party logistics companies in 2019 and 2020, and it had a positive effect on the rate of change in sales.

• Korean Journal of Agricultural Science
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• v.25 no.2
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• pp.321-328
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• 1998

This study was performed to provide reference materials for the vegetable cultivating farmhouses by investigating profit and marketing situation for the folk vegetables. The survey areas covered 10 cities and counties including Kumsan, 72 farmhouses, and 8 crops including buffterbur and wild rocambole. As a result, the cultivated area of folk vegetables was increased as much as 13.7%, however, marketing cost was higher than that of horticultural crops, because they were not accessed to wholesale market. It was that the optimal period to sell the folk vegetables was shown like Jan. - Feb. for butterbur and day lily, Nov. - Dec. for wild rocambole, and Oct. - Nov. for kind of lettuce respectively. As the result of analyzing economical efficiency, the net profit per 0.1 ha was amounted to 3,438,000 won for butterbur, 3.291,000 won for wild rocambole 1,712,000 won for day lily, and 1,464,000 won for fatsia shoots. Besides, these four crops occupied more than 60% in cultivation area, and their profit was high. Therefore, it is necessary to foster them with special crops in Chnugnam area. The crops that require more labor time were such crops as 632.9 hours for day lily, 584.3 hours for butterbur, and 409.2 hours for fatsia shoots, whereas the crops that required less labor time were such field crops as 219.2 hours for fragrant edible wild aster and 233.8 hours for kind of lettuce.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.55 no.2
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• pp.85-93
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• 2006

Since the SMP(System Marginal Price) is a vital factor to the market participants who intend to maximize the their profit and to the ISO(Independent System Operator) who wish to operate the electricity market in a stable sense, the short-term marginal price forecasting should be performed correctly. In an electricity market the short-term market price affects considerably the short-term trading between the market entities. Therefore, the exact forecasting of SMP can influence on the profit of market participants. This paper presents a new methodology for a day-ahead SMP forecasting using ARIMA(Autoregressive Integrated Moving Average) model based on the time-series method. And also the correction algorithm is proposed to minimize the forecasting error in order to improve the efficiency and accuracy of the SMP forecasting. To show the efficiency and effectiveness of the proposed method, the case studies are performed using historical data of SMP in 2004 published by KPX(Korea Power Exchange).

• Journal of the military operations research society of Korea
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• v.3 no.1
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• pp.109-114
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• 1977

There are some factors which cause the profits from the production to be decreased or increased. They are, for example, the rise in efficiency of production facilities resulting from the development of the scientific technique, the changes of purchase price of those, and the drop in efficiency of those owing to there long-term operation. In this connection, an manager can get the highest profit by deciding the proper time of new facilities replacement for those in operation or in being planned, which leads to good management planning of his manufactaring business for a given period or a long time. Main purpose of this is the study of how we decide the optimal time or facilities replacement in order to maximize the total profits for a given period by considering them as continous function as to the time in the case where a machineng is set. The results are following: 1. The definition of profit function is in duced in consideration of the breakdowns caused from continous operation of the machinery. 2. The necessary conditions are obtained for the optimal time of replacement and find out the methods of its solution. 3. Comparing between the 'Short cut' method and method in this paper, we obtained that our method is more realistic.