• 유통과학연구
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• 제12권4호
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• pp.31-39
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• 2014

Purpose - This study investigates the following two issues. First, we attempt to find the important determinants of housing investment and to identify their significance rank using survey panel data. Recently, the expansion of global uncertainty in the real estate market has directly and indirectly influenced the Korean housing market; households demonstrate a sensitive reaction to changes in that market. Therefore, this study aims to draw conclusions from understanding how the impact of financial strength of the household is related to house investment. Second, we attempt to verify the effectiveness of diverse indices of financial strength such as DTI, LTV, and PIR as measures to monitor the housing market. In the continuous housing market recession after the global crisis, the government places top priority on residence stability. However, the government still imposes forceful restraints on indices of financial strength. We believe this study verifies the utility of these regulations when used in the housing market. Research design, data, and methodology - The data source for this study is the "National Survey of Tax and Benefit" from 2007 (1st) to 2011 (5th) by the Korea Institute of Public Finance. Based on this survey data, we use panel data of 3,838 households that have been surveyed continuously for 5 years. We sort the base variables according to relevance of house investment criteria using the decision tree model (DTM), which is the standard decision-making model for data-mining techniques. The DTM method is known as a powerful methodology to identify contributory variables for predictive power. In addition, we analyze how important explanatory variables and the financial strength index of households affect housing investment with the binary logistic multi-regressive model. Based on the analyses, we conclude that the financial strength index has a significant role in house investment demand. Results - The results of this research are as follows: 1) The determinants of housing investment are age, consumption expenditures, income, total assets, rent deposit, housing price, habits satisfaction, housing scale, number of household members, and debt related to housing. 2) The impact power of these determinants has changed more or less annually due to economic situations and housing market conditions. The level of consumption expenditure and income are the main determinants before 2009; however, the determinants of housing investment changed to indices of the financial strength of households, i.e., DTI, LTV, and PIR, after 2009. 3) Most of all, since 2009, housing loans has been a more important variable than the level of consumption in making housing market decisions. Conclusions - The results of this research show that sound financing of households has a stronger effect on housing investment than reduced consumption expenditures. At the same time, the key indices that must be monitored by the government under economic emergency conditions differ from those requiring monitoring under normal market conditions; therefore, political indices to encourage and promote the housing market must be divided based on market conditions.

• 한국컴퓨터정보학회논문지
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• 제25권9호
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• pp.167-172
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• 2020

본 연구는 계속되는 코로나19의 여파로 경제적인 상황이 어려움에 처함에 따라 대학생뿐만 아니라 모든 금융소비자들의 재무관리에 대한 지식과 태도 등 높은 수준의 재무관리역량을 필요로 한다는 문제의식에서 출발하여, 대학생들의 건전한 재무관리역량 수준을 높여줄 수 있는 시사점을 제시하는데 연구의 목적을 두었다. 연구의 목적을 달성하기 위하여 대학생들을 대상으로 하여 설문조사를 실시하였다. 설문조사를 바탕으로 본 연구에서 설정한 연구모형과 관련하여 독립변수는 재무관리역량과 재무적 자기효능감을 종속변수는 재무관리행동을 선정하여 연구모형에 따른 구조적인 관계를 분석하였다. 분석결과 재무관리역량은 재무적 자기효능감과 재무관리행동에 영향을 미치는 것으로 나타났다. 이러한 결과를 기초로 하여 이론적 시사점과 정책적 시사점을 제시하였다. 마지막으로는 본 연구의 한계와 향후 연구방향을 제시하였다.

• 보건행정학회지
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• 제18권2호
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• pp.19-38
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• 2008

Financial ratios are key indicators of an organization's financial and business conditions. Among various financial indicators, profitability, financial structure, financial activity and liquidity ratios are frequently used and analyzed. Using the structural equation modeling(SEM) technique, this study examines the structural causal relationships among key financial indicators. Data for this study are taken from complete financial statements from 142 hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1998 to 2001 for the purpose of accrediting teaching hospitals. In order to improve comparability, ratio values are standardized using the Blom's normal distribution. The final model of the SEM has four latent constructs: financial activity(total asset turnover, fixed asset turnover), liquidity(current ratio, quick ratio, collection period), financial structure(total debt to equity, long-term debt to equity, fixed assets to fund balance), and profitability(return on assets, normal profit to total assets, operating margin to gross revenue, normal profit to gross revenue). While examining several model fit indices(Chi-square (df) = 178.661 (40), likelihood ratio=4.467, RMR=.11, GFI=.849, RMSEA=.157), the final SEM we employed shows a relatively good fit. After examining the path coefficient of the constructs, the financial structure of the hospital affects the hospital's profitability in a statistically significant way. A hospital which utilizes its liabilities, more specifically fixed liabilities, and makes a stable investment decision for fixed assets was found to have a higher profitability than other hospitals. Then, the standard path coefficients were examined to directly compare the influence of variables. It was found that there were no statistically significant path coefficients among constructs. When it comes to variables, however, statistically significant relationships were found. between. financial activity and. fixed. asset turnover, and between profitability and normal profit to gross revenue. These results show that the observed variables of fixed asset turnover and normal profit to gross revenue can be used as indicators representing financial activity and profitability.

• KSII Transactions on Internet and Information Systems (TIIS)
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• 제17권12호
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• pp.3218-3241
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• 2023

Financial fraud undermines the sustainable development of financial markets. Financial statements can be regarded as the key source of information to obtain the operating conditions of listed companies. Current research focuses more on mining financial digital data instead of looking into text data. However, text data can reveal emotional information, which is an important basis for detecting financial fraud. The audit opinion of the financial statement is especially the fair opinion of a certified public accountant on the quality of enterprise financial reports. Therefore, this research was carried out by using the data features of 4,153 listed companies' financial annual reports and audits of text opinions in the past six years, and the paper puts forward a financial fraud detection model integrating audit opinions. First, the financial data index database and audit opinion text database were built. Second, digitized audit opinions with deep learning Bert model was employed. Finally, both the extracted audit numerical characteristics and the financial numerical indicators were used as the training data of the LightGBM model. What is worth paying attention to is that the imbalanced distribution of sample labels is also one of the focuses of financial fraud research. To solve this problem, data enhancement and Focal Loss feature learning functions were used in data processing and model training respectively. The experimental results show that compared with the conventional financial fraud detection model, the performance of the proposed model is improved greatly, with Area Under the Curve (AUC) and Accuracy reaching 81.42% and 78.15%, respectively.

• 재무관리연구
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• 제26권1호
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• pp.127-163
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• 2009

This paper examines the results of survey that the foreign ownership is cointegrated with capital market conditions in Korea using Vector Error Correction Model (VECM) and how the mechanism of innovations and dynamics among the foreign ownership and capital market proxies in the VECM was described. Specifically, we find that the foreign ownership and capital market proxies follow I (1) process and there are cointegrated relations between the foreign ownership and capital market proxies. Adopting the impulse response function and variance decomposition in the VECM, we suggest, in turn, the default risk premia, liquidity of market and the rate of interest in long term business cycle take on a special function on the KSE and KOSDAQ. Finally, we also offer evidences of which there are differences of the mechanism of dynamics and innovations between on the KSE and on the KOSDAQ.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.905-915
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• 2021

This study examines the relationship between financial behavior, financial literacy, self-efficacy, and self-coping among emerging adults. The study population is 790 respondents from 11 Credit Counselling and Debt Management (CCDM). Statistical Package for Social Science (SPSS) was used to analyze Pearson Correlation and Multiple regression. It was used to determine the relationships and recognize determinants of emerging adults' financial behavior respectively. In this study, financial literacy, self-efficacy, self-coping, and financial behavior variables were entered into the regression. A total of 790 respondents aged 40 and below were selected. An independent sample t-test was administered to compare the financial behavior scores for females and males. The results reveal that there was significant difference in the mean of financial behavior scores for females (M = 87.20, SD = 18.00) and males (M = 89.70, SD = 16.80; t (765) = 2.010, p = 0.045, two-tailed). The multiple regression results indicate that the model explained 13.4% of the variance in financial behavior, which is predicted significantly by the model (F = 38.361, p = 0.000). This study will be beneficial to policymakers to improve living conditions and to promote good financial behavior, financial literacy, self-efficacy as well as self-coping especially for emerging adults in Malaysia.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.643-651
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• 2021

This study aims to determine the response of regional economic growth to the financial performance of regional economies in regard to the liquidity conditions, saving-investment gaps, trade openness, inflation, as well as the national economic growth. The basic logic theory of research uses the principles of open economics and financial intermediary systems. The data used in this study are secondary data, and the form of data is a quarterly time series for the period from 2008 to 2019. The data were obtained from various publications, such as the Central Statistics Agency (CSA), Regional Financial Economics Statistics (RFES), Indonesian Banking Statistics (IBS), and the Financial Services Authority (FSA). Data processing was done through VAR/VECM analysis; short-term and long-term equilibrium analyses were carried out. The results of the analysis illustrate that regional economic growth and the conditions of liquidity, saving-investment gaps, trade openness, inflation, and national economic growth are related and lead to significant impact variations in the provinces of Papua and West Papua. In conclusion, the findings of this research support the leading supply hypothesis and reformulate the strategy and policy of economic development, bearing in mind that there are still many underdeveloped districts in these two provinces.

• International Journal of Human Ecology
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• 제4권2호
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• pp.55-75
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• 2003

The purpose of this study was to investigate the effect of employment related factors on household savings for precautionary purposes when controlling for financial security and to compare the results between the two different economic periods. A conceptual framework was developed based on the precautionary saving theory, the family stress theory, and previous empirical studies. As a self-insurance, a measure of security funds were developed and used as the dependent variable. Using data on working households in the 1992 and the 1998 Survey of Consumer Finances (SCF), a MLE estimation was conducted on the pooled data. The 1992 and 1998 data were used to reflect periods of economic recession and expansion, respectively. The results suggested that factors representing resources played the most significant role in determining the amount of security funds. Some of the employment related factors, preferences, financial security, and race were also significantly affected the amount of security funds. The results suggested that stable employment conditions were important for households to accumulate security funds. Households with more human resources and financial resources had a larger amount of security funds than those that had less human and financial resources. From the findings, implications for research, policies, and financial educators had been suggested.

• 융합경영연구
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• 제7권1호
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• pp.39-50
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• 2019

Purpose - The article views the theoretical basis of adaptation concentric matrix models in the analysis of the financial condition of the organization. Presented the elements counting procedures in the assessment of economic stability. Research design, data, and Methodology - Used the economic indicates in the concentric matrix models. The article views the specific using the concentric matrix models in the analysis of the financial condition of the organization. Results - The concentric matrix models can be adaptation to the analysis of financial conditions of organizations and to the comparative analysis. In the process of analysis of economic stability can be used "a field of efficiency". The classical variant of methods is transformed. The detailed assessment of influence of individual factors defined the additional methods. Conclusions - In the article the methods are demonstrated on the material of organization (Hyundai Elevator Co, China Communications Construction Company).

• 한국산학기술학회논문지
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• 제12권4호
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• pp.1654-1662
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• 2011

본 연구의 목적은 $\"{O}$.Arslan et al.(2006)의 연구방법론을 적용하여 국내 기업의 현금보유(cash holdings)가 투자-현금흐름 민감도(investment-cash flow sensitivity)에 어떤 영향을 주는지를 분석하는 데 있다. 1981년부터 2009년까지 외환위기 이전과 이후 그리고 외환위기 기간으로 분류하여 각 기간별로 현금보유가 투자-현금흐름 민감도에 어떤 영향을 주는 지를 비교 분석하였다. 연구 결과는 다음과 같다. 첫째, 전체 기업을 재무적 제약(financial constraint) 에 대한 고려 없이 3개의 기간으로 분류해서 살펴본 결과 외환위기 기간을 제외한 외환위기 이전과 이후 기간에서는 현금보유가 많은 기업일수록 투자-현금흐름 민감도는 감소하였다. 둘째, 기업규모나 배당지급 기준에 의해 재무적 제약하에 있지 않은 기업으로 분류된 경우에는 현금보유가 많을수록 투자-현금흐름 민감도는 오히려 증가하는 것으로 나타났다. 이는 $\"{O}$.Arslan et al.(2006)의 연구와 일치하지 않는 결과인데 첫째, 기업규모나 배당지급 여부는 국내에서는 기업의 재무적 제약을 나타내는 기준으로 불완전하며 둘째, 본 연구에서 고려하지 못한 투자-현금흐름 민감도에 영향을 주는 다른 요인들이 존재할 수 있기 때문이다. 하지만 현금보유기준에 의해 재무적 제약하의 기업으로 분류된 경우에는 투자-현금흐름 민감도는 낮게 나타났다. 이는 $\"{O}$.Arslan et al.(2006)의 연구결과와 일치한다. 끝으로 전체 기간 동안 현금보유 결정요인은 다음과 같다. 현금흐름(cash flow)과 시장가/장부가비율(market to book ratio)은 증가할수록, 단기부채와 투자지출 그리고 기업규모는 감소할수록, 기업의 현금보유증가에 양(+)의 영향을 주는 것으로 나타났다.