• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.6 no.4
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• pp.111-135
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• 2011

While previous studies and publications all assert a strong correlation between company's business plan and performance, very few have actually conducted practical analyses to support that. This study takes a practical approach in its analysis of Korean small and mid-sized enterprises(SME) with the view to finding an answer to the question. In addition, with the considerations of entrepreneur type and company's development stage, I analyzed the differences of business plan components' effects on performances. I selected business plan's components, which have been suggested only in theory and in concept, through the literature review and preliminary examination. Corporate performances were the recent improvements of ROS, ROA, market share and the number of employees to measure how greatly each is impacted by the components of a business plan. Results show that business plan components have influenced upon the number of employees. The business plan components discriminated superior company group and inferior company group properly. Especially, finance & related system and advertising & distribution factors showed statistically significant classification forecasting power. Technical/Craftsman evaluated the effects of producing & sales and profit & quality factors high and General/Opportunistic evaluated the effects of finance & related system, advertising & distribution, corporate mission factors high. The effect of corporate mission was highest among company development stages. Finance & related system and advertising & distribution factors showed the statistically significant difference in entrepreneur type and company development stages.

• Journal of the Korea Institute of Building Construction
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• v.24 no.1
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• pp.157-168
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• 2024

The frequent occurrence of structural failures at building construction sites in Korea has underscored the critical role of rigorous oversight in the inspection and management of construction projects. As mandated by prevailing regulations and standards, onsite supervision by designated supervisors encompasses thorough documentation of construction quality, material standards, and the history of any reconstructions, among other factors. These reports, predominantly consisting of unstructured data, constitute approximately 80% of the data amassed at construction sites and serve as a comprehensive repository of quality-related information. This research introduces the SL-QPA model, which employs text mining techniques to preprocess supervision reports and establish a sentiment dictionary, thereby enabling the quantification of quality performance. The study's findings, demonstrating a statistically significant Pearson correlation between the quality performance scores derived from the SL-QPA model and various legally defined indicators, were substantiated through a one-way analysis of variance of the correlation coefficients. The SL-QPA model, as developed in this study, offers a supplementary approach to evaluating the quality performance of building construction projects. It holds the promise of enhancing quality inspection and management practices by harnessing the wealth of unstructured data generated throughout the lifecycle of construction projects.

• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• 제어로봇시스템학회:학술대회논문집
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• 2004.08a
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• pp.620-626
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• 2004

For general nonlinear processes, it is difficult to control with a linear model-based control method and nonlinear controls are considered. Among the numerous approaches suggested, the most rigorous approach is to use dynamic optimization. Many general engineering problems like control, scheduling, planning etc. are expressed by functional optimization problem and most of them can be changed into dynamic programming (DP) problems. However the DP problems are used in just few cases because as the size of the problem grows, the dynamic programming approach is suffered from the burden of calculation which is called as 'curse of dimensionality'. In order to avoid this problem, the Neuro-Dynamic Programming (NDP) approach is proposed by Bertsekas and Tsitsiklis (1996). To get the solution of seriously nonlinear process control, the interest in NDP approach is enlarged and NDP algorithm is applied to diverse areas such as retailing, finance, inventory management, communication networks, etc. and it has been extended to chemical engineering parts. In the NDP approach, we select the optimal control input policy to minimize the value of cost which is calculated by the sum of current stage cost and future stages cost starting from the next state. The cost value is related with a weight square sum of error and input movement. During the calculation of optimal input policy, if the approximate cost function by using simulation data is utilized with Bellman iteration, the burden of calculation can be relieved and the curse of dimensionality problem of DP can be overcome. It is very important issue how to construct the cost-to-go function which has a good approximate performance. The neural network is one of the eager learning methods and it works as a global approximator to cost-to-go function. In this algorithm, the training of neural network is important and difficult part, and it gives significant effect on the performance of control. To avoid the difficulty in neural network training, the lazy learning method like k-nearest neighbor method can be exploited. The training is unnecessary for this method but requires more computation time and greater data storage. The pH neutralization process has long been taken as a representative benchmark problem of nonlin ar chemical process control due to its nonlinearity and time-varying nature. In this study, the NDP algorithm was applied to pH neutralization process. At first, the pH neutralization process control to use NDP algorithm was performed through simulations with various approximators. The global and local approximators are used for NDP calculation. After that, the verification of NDP in real system was made by pH neutralization experiment. The control results by NDP algorithm was compared with those by the PI controller which is traditionally used, in both simulations and experiments. From the comparison of results, the control by NDP algorithm showed faster and better control performance than PI controller. In addition to that, the control by NDP algorithm showed the good results when it applied to the cases with disturbances and multiple set point changes.

• Management & Information Systems Review
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• v.28 no.1
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• pp.25-44
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• 2009

This study examines long term performance of initial public offerings(IPO) after book building was introduced in KOSDAQ market. We use event time portfolio approach and calendar time portfolio approach to test if the performance of IPO is fair or not in long term. We estimate the performance by using the BHAR(buy and hold abnormal return), CAR(cumulative abnormal return), WR(wealth relatives) model in event time portfolio approach. And we calculate the performance by using Fama-French three factor model, CTAR(calendar time abnormal return), RATS(Return Across Time and Securities approach) model in calendar time portfolio approach. This study shows that the long term performance of IPO is positive with statistical significance as the results of the analysis through the various research method and all windows in all kinds of firms and total firms.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.26 no.4
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• pp.1013-1023
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• 2016

Transborder data flow(TBDF) of personal information in Korea has been limited by current Privacy law which request data subject to give consent. As the IT industry is growing at an incredible rate, there is a need to review the existing law to cope with growing industrial demand and increasing numbers of international data transfer. The transfer of personal data overseas not only allow businesses providing IT services including finance, internet, e-commerce to thrive, but also impact every aspect of our lives which are increasingly depended on these technology. Transmitting personal data across borders raises serious questions of privacy protection and restriction of business operation. In ordrer to promote interoperability of personal data in international environment, a considerable amount of research and debate needs to be taken before implementing a sound policy. This paper presents a need for a sound TBDF policy in Korea by examine the main policy challenges associated with TBDF. Finally, the paper identify policy suggestions based on European Union's approach as they have successfully implemented TBDF policy that balanced data privacy and economic agenda.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.6
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• pp.2500-2505
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• 2011

This study pursues to compare the two types of cost efficiency model based on DEA. Two types of DEA are derived by the two different approaches by Farrell_Debreu and Tone. Based on two concepts, Two different DEA model are derived. The characteristics and difference of two are looked up. Based on the simple numerical case, The efficient rates, the rankings, the reference sets are different. The model based on Tone's approach shows the more cheap attainable target cost level. DEA model set by Tone is superior in measuring cost efficiency, but Farrell_Debreu type DEA model is better to explain data in technical efficiency. So, it is required to use the results of DEA more carefully.

• The Journal of the Korea Contents Association
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• v.13 no.1
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• pp.234-246
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• 2013

Microcredit was first introduced by non-profit organization in early 2000s and the Ministry of Health and Welfare promoted the support policy of self-support community and the hope-developing bank. And then, microcredit policy was suddenly changed while the microfinance policy was promoted in 2009. For example, there were changes of the control tower of the policy, the emphasis on financial approach from welfare approach, the establishment of the operation agency. This study analyzed the policy changes on microcredit policy using the framework of Hood(1994) and Joo(1999) in order to analyze causes of sudden changes. As results, the reason affecting microcredit policy change was changes of an unemployment rate and the financial environment, the change of outside situation, the policy idea of the middle practicalism of government and the success of the experiment in microcredit, the passive intervention of stakeholders, the internal factors on the policy custom. So the results suggests that the policy is produced illogically because of the absence of stakeholders' participation.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.137-145
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• 2020

The aim of this study is to find out the time-series nexus of public debt and economic growth in Malaysia. For an upper-middle income country, Malaysia had experienced over 50% ratio of debt to GDP since 2009 until now. The question arises is whether this trend is healthy to the economy. With a focus into the debt-to-GDP ratio from 1970-2015, this study investigates the short-run and long-run relationship between public debt and economic growth in Malaysia. This study used secondary data by collecting time-series data (1970-2015) from the World Bank Data and Bank Negara Malaysia. Autoregressive Distributed Lag (ARDL) model is applied in this study to examine the relationship between debt and economic growth. Based on ARDL framework, it shows that there is a long-run effect between the debt and economic growth in Malaysia. While the significance value of Error Correction Term shows that there is a long-run adjustment in the short run. Generally, this study found government expenditures, in the long run, strongly influence the GDP per capita. Through the findings, the government expenditures could increase the GDP per capita. The study also reveals that any increment of the debt ratio will result in reduction of the GDP per capita.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.1
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• pp.71-81
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• 2019

The objective of the study is to examine the impact of financial development and foreign remittances on poverty and income inequality in the context of Pakistan. The study used ARDL-Bounds testing approach for robust inferences. The results show that in the short-run, remittances increases poverty and income inequality, which further translated into its long-run impact. The result confirmed the inverted U-shaped relationship between per capita income and income inequality, while the second order coefficient of per capita income substantially decline poverty incidence in a country. In the long-run, the results disappeared and it's turned into U-shaped relationship between income inequality and country's per capita income. Education largely decreases income inequality both in the short and long-run, however, it increases poverty in the long-run. Unemployment rate substantially damaged the pro-poor growth scenario, as high unemployment rate increases both the poverty rates and income inequality, which suffered poor more than non-poor in a country. Financial development has a positive impact on poverty reduction and income inequality in the short-run. The impact of income inequality on poverty incidence is positive both in the short- and long-run, which need pro-poor growth policies and rationale income distribution in a country.