• 제목/요약/키워드: Financial Management ability

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산업의 주식시장 선행성에 관한 실증분석 - 자산간 수익률 예측 가능성 - (A Study on Industries's Leading at the Stock Market in Korea - Gradual Diffusion of Information and Cross-Asset Return Predictability-)

  • 김종권
    • 대한안전경영과학회:학술대회논문집
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    • 대한안전경영과학회 2004년도 추계학술대회
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    • pp.355-380
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    • 2004
  • 이 논문은 과거의 산업 포트폴리오 수익률이 어떻게 확률추세(stochastic trend)로부터 전체 주식시장과 두 가지 거시경제 변수(경기동행지수와 산업생산)들을 예측할 수 있는 지를 알아보는 데에 초점을 두고 있다. 먼저, 산업들의 포트폴리오 수익률과 전체 주식시장 수익률이 VAR모형을 토대로 볼 경우 Granger 인과관계를 갖고 있는지를 살펴보았다. 이 분석의 결과에서 건설, 금속, 무역, 반도체, 보험, 비금속광물, 서비스, 섬유, 식료, 운수/창고, 유통, 의류, 자동차부풀, 전기전자, 정유, 조선, 종이/목재, 증권, 컴퓨터, 통신, 화학 등 21개 업종은 각 산업별 포트폴리오 수익률이 전체 주식시장 수익률을 $5\%$ 수준에서 통계적으로 유의한 영향을 주고 있음을 알 수 있었다. 이들 21개의 산업별 포트폴리오 수익률은 경제적으로도 중요한 의미를 지니고 있다. 즉, 당월(t)의 비금속광물과 정유, 금속 포트폴리오 수익률 등은 다음 월(t+1)의 전체 주식시장 수익률과 음(-)의 상관관계를 갖고 있는 것을 알 수 있었다. 이는 역사적인 데이터를 살펴볼 때, 이들 산업 제품의 가격의 상승은 향후 경제에 악영향을 주기 때문인 것이다. 반면에, 의류 및 무역 등의 경우에는 반대로 이들 산업들의 포트폴리오 수익률이 전체 주식시장 수익률과 양의 상관관계를 나타내 이들 산업들에 있어서 높은 수익률은 향후 경제가 상승국면이 예상됨을 나타내어 주고 있다. 이와 같은 산업별 포트폴리오 수익률과 거시경제변수 간의 높은 상관관계를 토대로 하여 전체 주식시장 수익률 예측을 가능하게 하는 업종 정보(sector information)의 점진적 확산(slow diffusion) 현상이 발생하게 되는 것이다.수 있었다.의 20세 이하 골절 및 탈구가$30.3\%까지 감소하게되어 년도가 증가함에 따라 청장년 층에 비하여 소아골절 및 탈구가 전체적으로 감소하는 경향을 보였다. 스키골절의 부위별 발생빈도는 1990년 이전까지 하지골절 및 탈구가 많았으나 이후 점차 상지의 골절 탈구가 증가하였다 하지에서 가장 많은 골절은 경골 골절이었으며, 경골골절은 회전력에 의한 나선형골절이 $76.5\%로 가장 많았고 년도에 따른 변화는 보이지 않았다. 스키손상의 발생빈도는 초기에 비하여 점차 감소하는 경향을 보였으며, 손상의 특성도 부위별, 연령별로 다양한 변화를 나타내었다.해가능성을 가진 균이 상당수 검출되므로 원료의 수송, 김치의 제조 및 유통과정에서 병원균에 대한 오염방지에 유의하여야 할 것이다. 확인할 수 있었다. 이상의 결과에 의하면 고농도의 유기물이 함유된 음식물쓰레기는 Hybrid Anaerobic Reactor (HAR)를 이용하여 HRT 30일 정도에서 충분히 직접 혐기성처리가 가능하며, 이때 발생된 $CH_{4}$를 회수하여 이용하면 대체에너지원으로 활용 가치가 높은 것으로 판단된다./207), $99.2\%$(238/240), $98.5\%$(133/135) 및 $100\%$ (313)였다. 각각 두 개의 요골동맥과 우내흉동맥에서 부분협착이나 경쟁혈류가 관찰되었다. 결론: 동맥 도관만을 이용한 Off pump CABG를 시행하여 감염의 위험성을 증가시키지 않으면서 영구적인 신경학적 합병증을 일으키지 않았고 좋은 혈관 개존율을 보여주었다. 따라서 동맥 도관을 이용한 Off pump CABG는 관상동맥의 협착의 정도에

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병원 간호행정 개선을 위한 연구 (A Study for Improvement of Nursing Service Administration)

  • 박정호
    • 대한간호학회지
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    • 제3권1호
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    • pp.13-40
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    • 1972
  • Much has teed changed in the field of hospital administration in the It wake of the rapid development of sciences, techniques ana systematic hospital management. However, we still have a long way to go in organization, in the quality of hospital employees and hospital equipment and facilities, and in financial support in order to achieve proper hospital management. The above factors greatly effect the ability of hospitals to fulfill their obligation in patient care and nursing services. The purpose of this study is to determine the optimal methods of standardization and quality nursing so as to improve present nursing services through investigations and analyses of various problems concerning nursing administration. This study has been undertaken during the six month period from October 1971 to March 1972. The 41 comprehensive hospitals have been selected iron amongst the 139 in the whole country. These have been categorized according-to the specific purposes of their establishment, such as 7 university hospitals, 18 national or public hospitals, 12 religious hospitals and 4 enterprise ones. The following conclusions have been acquired thus far from information obtained through interviews with nursing directors who are in charge of the nursing administration in each hospital, and further investigations concerning the purposes of establishment, the organization, personnel arrangements, working conditions, practices of service, and budgets of the nursing service department. 1. The nursing administration along with its activities in this country has been uncritical1y adopted from that of the developed countries. It is necessary for us to re-establish a new medical and nursing system which is adequate for our social environments through continuous study and research. 2. The survey shows that the 7 university hospitals were chiefly concerned with education, medical care and research; the 18 national or public hospitals with medical care, public health and charity work; the 2 religious hospitals with medical care, charity and missionary works; and the 4 enterprise hospitals with public health, medical care and charity works. In general, the main purposes of the hospitals were those of charity organizations in the pursuit of medical care, education and public benefits. 3. The survey shows that in general hospital facilities rate 64 per cent and medical care 60 per-cent against a 100 per cent optimum basis in accordance with the medical treatment law and approved criteria for training hospitals. In these respects, university hospitals have achieved the highest standards, followed by religious ones, enterprise ones, and national or public ones in that order. 4. The ages of nursing directors range from 30 to 50. The level of education achieved by most of the directors is that of graduation from a nursing technical high school and a three year nursing junior college; a very few have graduated from college or have taken graduate courses. 5. As for the career tenure of nurses in the hospitals: one-third of the nurses, or 38 per cent, have worked less than one year; those in the category of one year to two represent 24 pet cent. This means that a total of 62 per cent of the career nurses have been practicing their profession for less than two years. Career nurses with over 5 years experience number only 16 per cent: therefore the efficiency of nursing services has been rated very low. 6. As for the standard of education of the nurses: 62 per cent of them have taken a three year course of nursing in junior colleges, and 22 per cent in nursing technical high schools. College graduate nurses come up to only 15 per cent; and those with graduate course only 0.4 per cent. This indicates that most of the nurses are front nursing technical high schools and three year nursing junior colleges. Accordingly, it is advisable that nursing services be divided according to their functions, such as professional, technical nurses and nurse's aides. 7. The survey also shows that the purpose of nursing service administration in the hospitals has been regulated in writing in 74 per cent of the hospitals and not regulated in writing in 26 per cent of the hospitals. The general purposes of nursing are as follows: patient care, assistance in medical care and education. The main purpose of these nursing services is to establish proper operational and personnel management which focus on in-service education. 8. The nursing service departments belong to the medical departments in almost 60 per cent of the hospitals. Even though the nursing service department is formally separated, about 24 per cent of the hospitals regard it as a functional unit in the medical department. Only 5 per cent of the hospitals keep the department as a separate one. To the contrary, approximately 12 per cent of the hospitals have not established a nursing service department at all but surbodinate it to the other department. In this respect, it is required that a new hospital organization be made to acknowledge the independent function of the nursing department. In 76 per cent of the hospitals they have advisory committees under the nursing department, such as a dormitory self·regulating committee, an in-service education committee and a nursing procedure and policy committee. 9. Personnel arrangement and working conditions of nurses 1) The ratio of nurses to patients is as follows: In university hospitals, 1 to 2.9 for hospitalized patients and 1 to 4.0 for out-patients; in religious hospitals, 1 to 2.3 for hospitalized patients and 1 to 5.4 for out-patients. Grouped together this indicates that one nurse covers 2.2 hospitalized patients and 4.3 out-patients on a daily basis. The current medical treatment law stipulates that one nurse should care for 2.5 hospitalized patients or 30.0 out-patients. Therefore the statistics indicate that nursing services are being peformed with an insufficient number of nurses to cover out-patients. The current law concerns the minimum number of nurses and disregards the required number of nurses for operation rooms, recovery rooms, delivery rooms, new-born baby rooms, central supply rooms and emergency rooms. Accordingly, tile medical treatment law has been requested to be amended. 2) The ratio of doctors to nurses: In university hospitals, the ratio is 1 to 1.1; in national of public hospitals, 1 to 0.8; in religious hospitals 1 to 0.5; and in private hospitals 1 to 0.7. The average ratio is 1 to 0.8; generally the ideal ratio is 3 to 1. Since the number of doctors working in hospitals has been recently increasing, the nursing services have consequently teen overloaded, sacrificing the services to the patients. 3) The ratio of nurses to clerical staff is 1 to 0.4. However, the ideal ratio is 5 to 1, that is, 1 to 0.2. This means that clerical personnel far outnumber the nursing staff. 4) The ratio of nurses to nurse's-aides; The average 2.5 to 1 indicates that most of the nursing service are delegated to nurse's-aides owing to the shortage of registered nurses. This is the main cause of the deterioration in the quality of nursing services. It is a real problem in the guest for better nursing services that certain hospitals employ a disproportionate number of nurse's-aides in order to meet financial requirements. 5) As for the working conditions, most of hospitals employ a three-shift day with 8 hours of duty each. However, certain hospitals still use two shifts a day. 6) As for the working environment, most of the hospitals lack welfare and hygienic facilities. 7) The salary basis is the highest in the private university hospitals, with enterprise hospitals next and religious hospitals and national or public ones lowest. 8) Method of employment is made through paper screening, and further that the appointment of nurses is conditional upon the favorable opinion of the nursing directors. 9) The unemployment ratio for one year in 1971 averaged 29 per cent. The reasons for unemployment indicate that the highest is because of marriage up to 40 per cent, and next is because of overseas employment. This high unemployment ratio further causes the deterioration of efficiency in nursing services and supplementary activities. The hospital authorities concerned should take this matter into a jeep consideration in order to reduce unemployment. 10) The importance of in-service education is well recognized and established. 1% has been noted that on the-job nurses. training has been most active, with nursing directors taking charge of the orientation programs of newly employed nurses. However, it is most necessary that a comprehensive study be made of instructors, contents and methods of education with a separate section for in-service education. 10. Nursing services'activities 1) Division of services and job descriptions are urgently required. 81 per rent of the hospitals keep written regulations of services in accordance with nursing service manuals. 19 per cent of the hospitals do not keep written regulations. Most of hospitals delegate to the nursing directors or certain supervisors the power of stipulating service regulations. In 21 per cent of the total hospitals they have policy committees, standardization committees and advisory committees to proceed with the stipulation of regulations. 2) Approximately 81 per cent of the hospitals have service channels in which directors, supervisors, head nurses and staff nurses perform their appropriate services according to the service plans and make up the service reports. In approximately 19 per cent of the hospitals the staff perform their nursing services without utilizing the above channels. 3) In the performance of nursing services, a ward manual is considered the most important one to be utilized in about 32 percent of hospitals. 25 per cent of hospitals indicate they use a kardex; 17 per cent use ward-rounding, and others take advantage of work sheets or coordination with other departments through conferences. 4) In about 78 per cent of hospitals they have records which indicate the status of personnel, and in 22 per cent they have not. 5) It has been advised that morale among nurses may be increased, ensuring more efficient services, by their being able to exchange opinions and views with each other. 6) The satisfactory performance of nursing services rely on the following factors to the degree indicated: approximately 32 per cent to the systematic nursing activities and services; 27 per cent to the head nurses ability for nursing diagnosis; 22 per cent to an effective supervisory system; 16 per cent to the hospital facilities and proper supply, and 3 per cent to effective in·service education. This means that nurses, supervisors, head nurses and directors play the most important roles in the performance of nursing services. 11. About 87 per cent of the hospitals do not have separate budgets for their nursing departments, and only 13 per cent of the hospitals have separate budgets. It is recommended that the planning and execution of the nursing administration be delegated to the pertinent administrators in order to bring about improved proved performances and activities in nursing services.

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기업사회책임활동적인지인지동기류형대고객충성도적영향(企业社会责任活动的认知认知动机类型对顾客忠诚度的影响) (The Effects of the Perceived Motivation Type toward Corporate Social Responsibility Activities on Customer Loyalty)

  • Kim, Kyung-Jin;Park, Jong-Chul
    • 마케팅과학연구
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    • 제19권3호
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    • pp.5-16
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    • 2009
  • 企业社会责任活动已被认为是提高企业形象和企业竞争力的一个潜在因素. 然而, 先前大部分关于企业社会责任活动的研究是主要针对的是这些活动如何影响影响对产品, 企业以及企业形象的评价的评价. 另外, 一些学者将消费者对企业动机的感知作为企业社会责任和消费者反应之间直接关系中的调解变量. 然而, 动机理论和相关的研究存在一些缺点. 对消费者, 企业社会责任活动只有两个动机, 但最近, Vlachos等人(2008) 认为这些动机应该细分. 因此, 它有可能从原有理论发展为修正理论模型(说服, 个人知识管理(PKM). Vlachos等人(2008) 将企业社会责任动机细分为四种类型, 并尝试发现这些动机在影响顾客种程度方面的作用以及不同. 以前的研究已经证明具有积极动机会对的社会责任活动会有积极的影响. 但并没有实证地解释其心理原因. 因此本研究的目的是双重的. 第一, 本研究试图发现顾客为什么会在他们感受到企业社会活动的积极动机的情况下表达他们的感激. 第二, 本研究试图测试当社会从企业社会责任活动中获得利益时与消费者的回报的效果. 以下是本研究的假设: H1: 企业社会责任活动的价值驱使的动机积极影响认知的对等对于互惠的期待. H2: 企业社会责任活动的参股者驱使的动机消极影响于互惠的期待认知的对等. H3: 企业社会责任活动的利己驱使的动机消极影响于互惠的期待认知的对等. H4: 企业社会责任活动的战略驱使的动机消极影响对于互惠的期待认知的对等. H5: 对企业社会责任活动的互惠的期待认知的对等积极影响消费者忠诚度. 我们选择了一个公司作为研究对象来理解企业社会责任活动的动机是如何影响消费者于互惠的期待认知的对等和顾客忠诚度. 总样本为100名受访者被选为试验测试. 此外, 为了获得一致的回复, 我们保证所有的受访者都超过20岁. 本调查中. 在排除了28份无效问卷以后, 总受访者是172名(82名男性, 90名女性). 基于截至标准, 数据和模型的适配度良好. 在观察结果以后, 企业社会责任活动的价值驱使的动机对于互惠的期待认知的对等有积极的影响(t=6.75, p<.001),假设1被证明. Morales (2005) 也指出消费者的确感激企业对社会所做出的努力以及对社会所给予的利益. 而且企业社会责任活动的参股者驱使的动机对于互惠的期待认知的对等没有影响(t = ‐.049, p > .05). 因此, 假设2被拒绝. 我们可以用符合论来解释这个结果. 利己驱使动机(t = ‐3.11, p < .05)和战略驱使的动机(t = ‐4.65, p < .05) 对认知的对等有消极影响. 因此H3和H4被证明. 而且认知的对等积极影响消费者的忠诚度(t = 4.24, p < .05),H5被证明. 从结果中看, 与大众群体相比,大学生更容易受利己驱动动机的影响. 以下是本研究的结论:首先, 数据分析结果显示价值驱使的动机积极影响于互惠的期待认知的对等. 但是参股者驱动的动机对互惠的期待认知的对等没有显著影响. 另外, 利己驱使的动机和战略驱使的动机消极影响互惠的期待认知的对等. 第二, 当企业社会责任活动与消费者的回报关联时, 社会责任活动积极影响顾客忠诚度. 本研究测试了动机的种类是否影响消费者对企业社会责任的反应, 尤其是企业社会责任如何能影响关键的内在因素(认知的对等) 和消费者行为的结果(顾客忠诚度). 而且, 本研究阐述了认知对等在企业社会责任动机和顾客忠诚度的关系中起到媒介的作用. 我们的研究扩展了有关消费者企业社会责任动机方面的研究, 将他们定位为消费者反应的一个直接指标. 另外一个贡献是, 我们成功地鉴定了认知的对等作为一个次级过程在归因于顾客忠诚度的企业社会责任的影响中的中介作用. 今后在研究企业社会责任的最终行为和财务影响时应该考虑源于互惠的期待认知对等的影响. 本研究的结果具有重要的管理意义. 第一, 本研究发现的对等的中心作用表明经理人应该经常考虑这些行为将创造出多少的互惠的期待认知对等. 第二, 理解消费者对企业社会责任的动机, 的认知是如何与互惠的期待认知对等和顾客忠诚度相关, 可以帮助经理人通过营销活动和管理企业社会责任‐感应归因过程来监控和提高这些消费者的结果. 本研究的结果将帮助企业去理解影响互惠的期待认知对等的四个不同的动机的相对重要性.

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