• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.1
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• pp.70-83
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• 2018

Korea's five leading industries-chemical, automobile, shipbuilding, metal and electronics-have been the growth engines of the Korean economy for the last 30 years. However, with their performance weakening in the past few years, Korea's annual growth rate has dropped to less than 2%. Just as the Japanese economy struggled through the lost decades, Korea's leading industries have been facing signals of arriving at a Strategic Inflection Point ("SIP") since the mid-2000s. The objective of this study is to present an appropriate value strategy for Korean firms in leading industries to gain sustainable competitive advantages. This paper examines the following issues : First, it diagnoses the signs and timing of SIP for the five leading industries. Second, this study examines 78 Korean and Japanese firms in order to understand the adaptation strategies of the highest and lowest performing firms from a value strategy point of view. Third, it empirically analyzes the correlation between the indicators of value strategy and the accounting performances of the Korean and Japanese firms. The data set used in the cluster analysis were collected from KISLINE database of NICE Information Service and annual reports. The findings in the case analyses of high and low performing companies show that high value-added specialty chemical materials and electronic component manufacturers that had a strong focus on value creation were defined as high performing companies. And in the cosmetic and automobile industries, companies with a strong emphasis on value appropriation gained high performance. Furthermore, the study conducted a cluster analysis based on two indicators R&D and advertisement expense. The analysis shows that a significant gap exists in the operating incomes among three groups classified under the value strategy. The study recommends that Korean firms are requested to increase R&D expenditure, conduct M&A and collaborate with companies that own source technologies to narrow the technology gap and improve their segment portfolio from commodity to value-added products.

• Korean Journal of Construction Engineering and Management
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• v.19 no.1
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• pp.3-11
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• 2018

In order to find methods to encourage active private participation for efficient road maintenance, this study examined the status of the road improvement project and the development of the private capital utilization improvement project. Based on this, the study conducted a case study and a financial feasibility study that applied the new business method and selected the applicable business method. As a result, it is analyzed that the method of using Crowd Funding is more advantageous than the private scheme of the private capital utilization improvement project. This is because it will be highly effective in raising funds from users of highway users, especially users of improvement projects. In addition, it can also mean that the road users who suffer from inconvenience due to the construction can return the toll profit of road construction to the user.

• Journal of the Korean Data and Information Science Society
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• v.23 no.2
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• pp.235-245
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• 2012

Logistic discrimination is an useful statistical technique for quantitative analysis of financial service industry. Especially it is not only easy to be implemented, but also has good classification rate. Generalized additive model is useful for credit scoring since it has the same advantages of logistic discrimination as well as accounting ability for the nonlinear effects of the explanatory variables. It may, however, need too many additive terms in the model when the number of explanatory variables is very large and there may exist dependencies among the variables. Mixtures of factor analyzers can be used for dimension reduction of high-dimensional feature. This study proposes to use the low-dimensional factor scores of mixtures of factor analyzers as the new features in the generalized additive model. Its application is demonstrated in the classification of some real credit scoring data. The comparison of correct classification rates of competing techniques shows the superiority of the generalized additive model using factor scores.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.1
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• pp.417-425
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• 2020

In this paper, value relevance of the level of dependence on separate accounts in non-life-insurance companies is studied. As noted by Shim et al. (2015), the separate accounts of insurance companies consist of contracts with different attributes from the general accounts, so it is likely that firm value will vary depending on the insurer's dependence on the separate accounts. Thus, in this paper, an empirical analysis has been conducted using quarterly financial data and stock price data from domestic listed non-life-insurance companies from 2011 to 2018. The analysis shows that variables representing the level of dependence on separate accounts have a significant negative relevance to firm value. These results may suggest that changes in the proportion of a non-life-insurer's separate accounts may result in a change to its firm value under the same net assets and net income scales in aggregate accounts. This study provides management implications for the operation of separate accounts from the perspective of maximizing firm value. In addition, this study suggests that disclosure system improvement would be necessary to more directly report the operational performance of the separate accounts.

• Journal of Digital Convergence
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• v.17 no.2
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• pp.73-80
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• 2019

This study analyzed the relevance between investment horizons of foreign investors and Book-Tax Difference. To do this, we measured investment horizons of foreign investors as the investment-turnover of foreign investors. We use the sample of 3,025 firm-year Korea listed companies belonging to non-financial corporate sector during 2011-2016. The results of empirical analyses show that investment horizons of foreign investors has a negative relevance with Book-Tax Difference. This result indicates that the firm have a long-term foreign investors has a good Accounting Earning's Quality than the firm have a short-term foreign investors. This study is expected to provide useful information by suggesting the need for more incentive for the long-term foreign investors. And Our Study has a contribution that this study extended prior research on foreign investors by utilizing investment horizons of foreign investors.

• International Area Studies Review
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• v.12 no.2
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• pp.149-173
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• 2008

This paper empirically studies the relationship between R&D expenditures and firms value. First, we can conjecture that R&D expenditures are enhancing the firms value. Such findings depend on an existing research, which R&D expenditures are intangible asset rather than expenses. Although, under U.S. accounting standards, financial statements do not report intangible assets but costs. Second, we can conjecture that short-term, the rate of increase in R&D expenditures had negative influence on firms valuation, because such findings indicates that R&D spending of costs incur mis-pricing. But long-term, consistently R&D expenditures may attract investors on the stock market. Third, lately firms focus on capital efficiency management, such a firms R&D expenditures incur high ROE. Generally investors put too much confidence in capital efficiency management and high ROE may attract investors on the stock market. Finally, High-Tech through the R&D investment improve firms competitive advantage, by competitive advantage, firms have reduced cost and raised productivity in the end improve firms value.

• Korean Medical Education Review
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• v.21 no.1
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• pp.41-50
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• 2019

The aim of this study is to analyze the current status and performance evaluation systems of faculty in Korean medical colleges and professional graduate medical schools (called medical schools). We developed a research tool based on previous studies and distributed it to 40 medical schools from July to October 2017. The response rate was 100%. We calculated the number of faculty members and analyzed the faculty evaluation systems and awareness according to national and private medical schools. As of 2017, the number of medical faculty in Korea was 11,111 (4,973 faculty were employed by their alma mater, which is 44.76% of the total), with non-medical doctor faculty accounting for 754 of the total. The medical schools reflect research achievements as most important for re-appointment and screening to promote faculty, and the area of education is secondary excepting clinical faculty of private medical schools. However, important issues in the faculty evaluation deal with the relevance of research achievement and the need for qualitative assessment. Some medical schools revised or have been revising the faculty evaluation system in areas such as minimum standards of education for promotion and separation of promotion and tenure review. Opening non-tenure track lines for faculty show positive effects such as increasing the number of positions for hire and easing the financial burdens of medical schools. Downfalls include inconsistencies between the responsibilities and actual practices of tenure not being available and the instability of faculty's status. In conclusion, medical schools need to prepare a faculty evaluation system that fits the position of faculty members and attempt to establish a reasonable compensation system.

• Journal of Convergence for Information Technology
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• v.11 no.4
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• pp.203-210
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• 2021

This study analyzed the financing ratio by operation fund financing method and their impact on management performance according to the establishment operation management entity of the medical institution. For the analysis method, ANOVA, logistic regression, and regression analysis were conducted using financial information registered with HASPA.The results of the study, The ratio of gross revenue to operating funds differed significantly depending on the establishment operation management entity. In addition, it was found that the financing ratio of each operation fund financing method was significantly related to the management results(deficit, surplus), and the impact of the operation fund financing method on management performance differed according to the establishment operation management entity. As a result, the management of operating funds of medical institutions is deemed appropriate to apply cost management first considering the ratio of revenue to operating funds, and then to utilize internal operating funds.

• Journal of Digital Convergence
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• v.19 no.1
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• pp.177-186
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• 2021

This study examined the effects of the firm characteristics of the manufacturing industry on the female employment ratio. Three hypotheses regarding female employment ratio, were tested for 5,729 firms that could use financial data among the firms listed on the KOSPI from 2011 to 2019, in terms firm size, listing period, and foreign ownership. Follwing the analyses, three hypotheses were mostly adopted. It was found that as the size firm and foreign ownership ratio increased, the female employment ratio increased in the number of regular and permanent contract employees, fixed-term employees, and total employees. As for the listing period, the higher the value, the lower the female employment ratio in the number of regular and permanent contract employees, fixed-term employees, and total employees. These research results may be used as basic data for gender equal employment policies such as Affirmative Atcion for Gender Equal Employment.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.83-91
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• 2021

Health is an outset of psychological, social, financial, and physical state. Several macroeconomic factors are entangled with health and mortality. Infant mortality and life expectancy are two keyguard on demographic research context on last few decades. On the other hand, foreign inflows play an unprecedent role for raising economic circulation and providing more opportunities to build a better society. The study aims to investigate the relationship between foreign direct investment (FDI), economic growth, and Bangladesh's health. This study employs time-series data from 1980 to 2018. Results show, with Auto-regressive Distribute Lag (ARDL) model, that there is significant cointegration among variables. Foreign investment and economic output relate significantly and positively to health. On the contrary, education is quasi-linked with a different sign-on different model. For model validation, pitfalls of time-series multicollinearity, heteroscedasiticy, and autocorrelation are not present. Also, CUSUM and CUSUMSQ tests are validating the model as stable and fit for future prediction. Medical assessment and education need more attention from the government as well as the private sector. FDI can play a catalyst role for improving the health sector, raising opportunity in educating and creating a better lifestyle. In order to optimize foreign investment, the government should implement necessary reforms and policies.