• 아태비즈니스연구
• /
• 제10권3호
• /
• pp.1-16
• /
• 2019

This paper examines how firm's investment has been affected by offshoring and financialization in Korea over the period 2000-2014 by using industry-level data collected from World Input Output Database (WIOD) and firm-level data collected from the KIS-Value Database. The findings are summarized as follows. First, offshoring index as expected shows a negative relationship with real investment. This negative impact is stronger in a large firm group. Second, there is a positive relationship between dividend payments and real investment. The positive relationship is greater in a small & medium-sized firm group. Third, the purchase of financial assets and the income generated from financial assets are positively related to real investment. The positive relationship is stronger in the small & medium-sized firm group. The empirical results show that firm size is a factor that effectively affects firm's real investment. This paper suggests that the influence of financialization and offshoring on firm's real investment should be assessed in various contexts rather than in a unilateral context.

• 한국산업융합학회 논문집
• /
• 제27권2_2호
• /
• pp.467-473
• /
• 2024

Metaheuristics' impact is profound across many fields, yet domestic financial portfolio optimization research falls short, particularly in asset allocation. This study delves into metaheuristics for portfolio optimization, examining theoretical and practical benefits. Findings indicate portfolios optimized via metaheuristics outperform the Dow Jones Index in Sharpe ratios, underscoring their potential to enhance risk-adjusted returns significantly. Tabu search, in comparison to Simulated Annealing, demonstrates superior performance by efficiently navigating the search space. Despite these advancements, practical application remains challenging due to the complexities in metaheuristic implementation. The study advocates for broader algorithmic exploration, including population-based metaheuristics, to refine asset allocation strategies further. This research marks a step towards optimizing portfolios from an extensive array of financial assets, aiming for maximum efficacy in investment outcomes.

• 한국산학기술학회논문지
• /
• 제18권2호
• /
• pp.600-608
• /
• 2017

본 연구는 한국채택 국제회계기준(K-IFRS)이 본격 도입된 2011년 이후 금융감독원에 전자공시시스템(DART)에 공시된 공신력 있는 회계보고서를 바탕으로 축산업 농업법인의 경영지표 및 부채비율과 경영성과에 관하여 분석하였다. 첫째, 주요 경영지표를 분석한 결과, 안전성 지표는 유동비율, 부채비율, 유동부채비율이 낮아지고, 자기자본비율은 높아진 것으로 나타났다. 수익성 지표는 총자산순이익율, 자기자본순이익율, 매출액순이익율이 모두 2013년에 비해 2014년에 약간 증가한 것으로 나타났고, 성장성 지표는 전체적인 성장성 및 외형적인 성장성 모두 증가하지 않은 것으로 나타났다. 둘째, 부채비율과 경영성과를 분석한 결과, 부채비율은 경영성과 변수인 총자산순이익률(ROA)과 매출액순이익률(ROS)에 모두 부(-)의 영향을 미치는 것으로 나타났다. 이는 우리나라 축산업 농업법인의 부채사용이 외형적인 성장에는 기여하였으나 경영성과로는 이어지지 않고 오히려 무리한 부채사용이 경영성과에 부정적인 영향을 미친 것으로 해석할 수 있다. 분석결과를 종합해보면 축산업 농업법인의 수익성 및 성장성 개선을 위하여 원가절감과 같은 경영개선을 통한 매출액 증대 방안이 모색되어야 할 것으로 보인다. 또한 부채사용이 외형적인 성장에는 기여하였으나 경영성과로는 이어지지 않는 만큼 무리한 부채사용을 줄이고 기술개발 보급 등에 의한 농업경영비 절감으로 매출 및 수익 증대 방안이 모색되어야 할 것이다.

• 대한영양사협회학술지
• /
• 제13권4호
• /
• pp.331-344
• /
• 2007

This study was performed to improve the hospital food service in quality and customer satisfaction by using 6-sigma strategy which was processed by DMAIC methods. The research procedure was as follows; analyzing the main causes of customer dissatisfaction of food service by using numerical method, and then finding out the standardized problem solving methods, and finally reforming food service process. The effectiveness of 6-sigma activity was measured by ‘food service quality index’, ‘customer satisfaction index’ and ‘total food service satisfaction index’. Food service quality index was calculated by adding grade of soup temperature, food service, delivery time, and setting accuracy. Statistical data analyses were completed by using the Minitab Ver. 14. By performing 6 sigma activity, food service quality index was increased from 67 to 79 points (p<0.05) and customer satisfaction index also rise from 73 to 79points (p<0.05). Satisfaction of meals’ taste, diverse menu, food setting accuracy, remove of food service, overall food service were significantly improved(p<0.05). The results of capability analysis in food service quality index, customer satisfaction index, and total food service satisfaction index were improved 2.11$\sigma$ to 2.49$\sigma$, 1.88$\sigma$ to 2.43$\sigma$, and 2.04$\sigma$ to 2.47$\sigma$ respectively (p<0.05). Therefore this study showed that subjective food service improving process could be measured by objective numerical value which might be used for financial value in hospital management.

• 전기학회논문지
• /
• 제56권6호
• /
• pp.1017-1022
• /
• 2007

In this paper, we try to analyze the likelihood of exercising the power of market dominance by certain generators in future power industry of Korea. Firstly, we estimated installed generation capacity and sales volume of electricity in Korea, based on 'The 3rd Long Term Power Plan' which was announced in December 2006. Secondly, we calculated HHI, an index showing the degree of concentration of an industry, and RSI, an index showing how adequate the supply of goods or services of an industry is, using Fast-Forward. Thirdly, assuming a major generator employs the strategy of withholding a part of its available capacity at a peak time, we simulated hypothetical movement of SMP over a certain period of time, which is compared with that obtained without assuming such strategy to generate Lerner Index. an index showing the degree of market power of a monopoly. Regulators, home and abroad, have not given much interest in analyzing the effect of market dominance that is likely to be exercised by certain players in the future. That said, this paper provides insight into developing methodologies of analyzing and mitigating such effect by proposing the above indices to gauge it. In addition, this paper also shows the potential impact of employing capacity withholding strategy on the financial account of a dominant generator.

• 한국항해항만학회지
• /
• 제44권5호
• /
• pp.400-406
• /
• 2020

In this study, we first measured the malmquist productivity index by DEA among the Korean public firms. Second, there are 12 public corporations whose productivity (MPI) has decreased compared to 2014. This is mainly because of a decrease in productivity, as well as a decrease in the technical efficiency change index (TECI), impacted by the internal environment, and the increase in productivity because of an increase in the technology change index (TCI) impacted by the external environment. Finally, the analysis of the impact on the management assessment scores showed that the productivity (MPI), scale efficiency (CRS), size of sales, operating profitability, and total capital investment efficiency are significantly related (+), except for the asset turnover, which is a static financial ratio. Meanwhile, the management evaluation scores between the high-productivity public corporations and low-performing public corporations were significantly discriminating. Thus, it is confirmed that the nation's state-run companies must manage their MPIs in a time series to score high in management evaluation.

• 산업경영시스템학회지
• /
• 제37권4호
• /
• pp.202-211
• /
• 2014

Pairs trading is a type of arbitrage investment strategy that buys an underpriced security and simultaneously sells an overpriced security. Since the 1980s, investors have recognized pairs trading as a promising arbitrage strategy that pursues absolute returns rather than relative profits. Thus, individual and institutional traders, as well as hedge fund traders in the financial markets, have an interest in developing a pairs trading strategy. This study proposes pairs trading rules (PTRs) created from a price ratio between securities (i.e., stock index futures) using rough set analysis. The price ratio involves calculating the closing price of one security and dividing it by the closing price of another security and generating Buy or Sell signals according to whether the ratio is increasing or decreasing. In this empirical study, we generate PTRs through rough set analysis applied to various technical indicators derived from the price ratio between KOSPI 200 and S&P 500 index futures. The proposed trading rules for pairs trading indicate high profits in the futures market.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.181-190
• /
• 2021

This paper empirically examines the asymmetric response of the Indonesian Islamic stock market to macroeconomic variables encompassing money supply, domestic output, exchange rate, and Federal Reserve rate. Our study employs the Jakarta Islamic Index (JII) after the financial crisis in the Southeast Asian country using monthly data from January 2000 to December 2019. Non-linear Autoregressive Distributed lag (NARDL) is applied. Our study considers two models consisting of the model without the Federal Reserve rate and the model with it. Our findings confirm the long-run link between Jakarta Islamic Index and macroeconomic factors being studied. Furthermore, the Jakarta Islamic Index asymmetrically responds to broad money supply and exchange rate, but not to domestic output and Federal Reserve rate. A reduction in the money supply has a worse effect on Islamic stock prices as compared to an increase in the money supply. The Jakarta Islamic Index responds differently to depreciation and appreciation. The transmission of the exchange rate to Islamic stock prices occurs only for appreciation. Our study finds an absence of transmission mechanism from the domestic output and the interest rate to Islamic stock prices. Our results imply that the easy money policy and stabilizing currency are key to supporting Indonesian Islamic stock prices.

• 신재생에너지
• /
• 제17권2호
• /
• pp.9-23
• /
• 2021

In Korea, various community investment renewable project models are being implemented to increase community acceptance of renewable energy. An important factor for enhancing local acceptance is that renewable energy projects have a positive effect on revitalizing the local economy such as income increase or job creation for residents and local companies. To maximize the local economic effect of large-scale community investment renewable energy projects, this study developed an evaluation index for local economy activation, whose indicators are the local return on investment, local companies' participation, local job creation, regional cooperation, transparency, and governance. Analysis of existing evaluation indicators and current renewable projects, financial analysis, and expert interviews were used in this research. The pilot evaluation determined that, the local economic effect was high in the following order: a fund investment wind project (Gangwon), benefit-sharing wind project (Jeju), and general wind project. In particular, residents' investment amount, the number of participating residents, and the amount and transparency of the regional cooperation fund were key factors to expand the effect of local economy activation. This evaluation index could be used in public bidding for renewable energy projects such as offshore wind zoning areas of local government.

• 융합경영연구
• /
• 제10권3호
• /
• pp.21-36
• /
• 2022

Purpose: The purpose of this study is to compare and analyze the enterprise's score index calculated from atypical data and corrected data. Research design, data, and methodology: In this study, news articles which are non-financial information but qualitative data were collected from 2,432 SMEs that has been extracted "square proportional stratification" out of 18,910 enterprises with fixed data and compared/analyzed each enterprise's score index through text mining analysis methodology. Result: The analysis showed that qualitative data can be quantitatively evaluated by region, industry and period by collecting news from SMEs, and that there are concerns that it could be an element of alternative credit evaluation. Conclusion: News data cannot be collected even if one of the small businesses is self-employed or small businesses has little or no news coverage. Data normalization or standardization should be considered to overcome the difference in scores due to the amount of reference. Furthermore, since keyword sentiment analysis may have different results depending on the researcher's point of view, it is also necessary to consider deep learning sentiment analysis, which is conducted by sentence.