• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.623-635
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• 2021

The purpose of this research is to examine the impact of information risk on the Cost of Equity (COE) and whether the risk of a stock price crash mediates the relation between information risk and COE. To test the dynamic nature of the proposed model, the two-step system GMM dynamic panel estimators are applied to all the non-financial firms listed on the Pakistan Stock Exchange (PSX) from 2007- 2018. The results of this study show that all three types of information risk, as well as the risk of the share price crash, increases the COE. The crash risk strengthens the impact of information risk on the COE. Moreover, these three information risks are correlated with each other and an increase in information quality reduces the effect of asymmetric information and improves the investor interpreting ability, while an increase in private information decreases the transparency. The finding is crucial for asset pricing, portfolio management, and information disclosure. This study contributes to the literature by providing novel findings on the impact of three different types of information risk, i.e. private information, quality of information, and transparency of information on the COE as well as whether crash risk mediates the relationship.

• 국제학술발표논문집
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• The 6th International Conference on Construction Engineering and Project Management
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• pp.213-216
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• 2015

Despite the significant increase of Korean contractors in the international construction market, many SMCCs (Small & Medium Construction Companies) have suffered in the global financial crisis, and some of them have been kicked out of the international market after experiencing huge losses on projects. SMCCs face obstacles in the international market, such as an insufficient ability to gather information and inappropriate management of associated risks, which lead to difficulties in establishing effective business strategies. In other words, making immature decisions without an effective business strategy may cause not only the failure of one project but also the bankruptcy of the SMCC. To overcome this, the research presented herein aims to propose a decision support system for SMCCs, which would screen projects and make a go/no-go decision at the early stages of international projects. The proposed system comprises a double axis: (1) a profit prediction model, which evaluates 10 project properties using an objective methodology based on a historical project performance database and roughly suggests expected profit rate, and (2) a feasibility assessment model, which evaluates 17 project environment factors in a subjective and quantitative methodology based on experience and supervision. Finally, a web-based system is established to enhance the practical usability, which is expected to be a good reference for inexperienced SMCCs to make proper decisions and establish effective business strategies.

• 재무관리연구
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• 제26권2호
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• pp.93-112
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• 2009

본 연구의 목적은 국내에서 운용되는 신탁형과 회사형을 포함한 주식형 펀드들의 시장 타이밍 능력과 변동성 타이밍 능력을 검증하는데 있다. 본 연구의 표본기간은 2001년 1월에서 2007년 12월까지의 기간으로, 표본 기간 동안 24개월 이상 존재한 545개의 펀드를 분석 대상으로 하였다. 분석결과, 전통적인 방법을 이용하였을 경우 소수의 펀드에서 시장 타이밍 능력과 변동성 타이밍 능력이 존재하는 것으로 나타났다. 하지만, 횡단면 부트스트랩(cross-sectional bootstrap) 방법으로 도출된 '운(luck)' 분포를 이용하였을 경우, 타이밍 능력이 존재하는 소수의 주식형 펀드들은 단지 '운(luck)'에 의한 것이지 '능력(skill)'에 의한 것이라고 판단하기 어렵다는 것을 발견하였다.

• 한국안전학회지
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• 제17권4호
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• pp.184-188
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• 2002

According to a recent report, Korea first reached aging society in 2000 and it is forecasted that the number of aged people over 65 years old will increase form 7.13%(2000) to 14% or more of total population in Korea in 2022. As many aged peoples are employed as day labor under the financial circumstances after Korean Financial Crisis, it is critical that we should take safety control measures for them. Thus, this study focused on analyzing aged accidents in terms of their characteristics, based on the actual trend of industrial accidents from 1996 to 2001 and the applications of medical treatment for the affected or wounded in Busan metropolitan area for recent 3 years (1999 to 2001) in order to analyze accident characteristics to cope with emergent aging period. As a result of analyzing the above data by job type, it was found that the construction work amounted to 38% of total job type. This result implies that accidents of the aged often occurs in 3D jobs including construction works without reasonable automation, which requires us to establish some preventive policies against those accidents. Moreover, it is found that rapid increasing accidents such as upset or occupational diseases or damages are typically attributed to those in the aged, mainly because the aged employees over 55 years old often have disadvantageous physical conditions such as relatively degraded balance and muscular control ability comparing to the younger. Therefore, it recommended that we should make effective safety policies for the aged and actively apply those policies to them. Moreover, it is required that we should encourage them to actively participate in safety compliance through corresponding trainings.

• 한국유통학회지:유통연구
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• 제17권3호
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• pp.1-24
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• 2012

본 연구는 세계 최대의 프랜차이즈 시장으로 부상하고 있는 중국 프랜차이즈 시장에서 가맹 본부와 가맹점 간의 재계약 성과에 영향을 미치는 요인에 관한 연구이다. 선행 연구를 토대로 하여 프랜차이즈 재계약 결정요인으로서 가맹본부특성, 가맹점 특성, 본부와 가맹점간 관계적 특성, 환경적 특성 등 4가지로 설정하고, 가맹본부 특성, 가맹점 특성, 관계적 특성, 환경적 특성을 본부의 경영성과와 가맹점에 대한 만족도 영향변수로, 본부의 경영성과와 본부의 가맹점에 대한 만족도를 재계약의도의 영향변수로 하여 연구모형을 설정하였다. 이러한 연구모형을 실증적으로 검증하기 위하여 중국 프랜차이즈 시장에서 가맹본부를 중심으로 설문조사를 실시하여 실증분석을 하였다. 설정한 가설 중에서 경영성과 영향요인으로서 본부특성, 가맹점특성, 관계적 특성, 환경적 특성 요인이 영향을 미치는 것으로 나타났으나, 본부특성 구성요인 중 가맹점에 대한 통제와 관계적 특성 중 몰입은 경영성과에 유의한 영향을 미치지 않는 것으로 나타났다. 본부의 가맹점에 대한 만족도 영향요인으로는 가맹점 특성이 채택되었지만 관계적 특성인 신뢰, 몰입과 갈등 변수등도 유의하지 않은 것으로 나타났다. 가맹본부의 경영성과와 가맹점에 대한 만족은 가맹본부의 재계약 의도를 높이는 것으로 나타났다. 이러한 연구분석 결과는 중국 시장에 이미 진출해 있거나 향후 진출하려는 국제 프랜차이즈 기업의 전략적 분석과 수립에 도움이 될 구체적인 실무지식을 제공해 줄 수 있을 것으로 기대된다.

• 한국식품조리과학회지
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• 제25권1호
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• pp.74-83
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• 2009

We investigated the food service management practices in child care centers operated by various types of foundations in the Chonbuk area of Korea. Self-administered questionnaires were collected from 125 child care center directors. The statistical analysis was completed using an SPSS v11.5 program. Approximately 82.4% of the directors were women with an the average age of 45 years old. The average number of children in each public and private child care center was 84.7 and 88.8, respectively (P<.001), and the difference in time of operation was significant(P<.001). Only 20.8% of the centers employed a dietitian, whereas 92.0% of the centers employed a cook, thus, food service was not managed by professionals in most centers. In approximately 99.2% of the centers, meals were prepared in a conventional manner. The difference in daily meal frequency was significant(P<.05), with approximately 85.6% of the centers serving snacks twice a day primarily to supplement the intake of nutrients(4.44 point) and to add fun to the daily lives of the children(4.12 point). Approximately 40.7% of the directors of public centers and 57.6% of the directors of private centers responded that the most difficult aspect of food service management was financial management. Overall, 56.8% of the directors responded that the details of financial management had the greatest effect on their ability to improve the quality of food service. In most centers, the center director was also the purchasing manager and half of them purchased food every day. Approximately 97% of the directors responded that they do not include instant foods in their menu plans but they would use them if the children wanted to eat them. These results indicate that the food service management in child care centers in the Chonbuk area is relatively inadequate. We strongly recommend that they hire dietitians for food service administration and focus on strengthening sanitation management.

• 벤처창업연구
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• 제13권1호
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• pp.61-72
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• 2018

글로벌화 등의 급변하는 환경 속에서 기술기반의 창업은 일자리 및 부가가치를 창출하여 국가 경쟁력을 도모하는 신 성장 동력으로 주목 받고 있다. 현재 세계 각국은 기술기반 창업기업의 육성을 주요 정책과제로 인식하고 창업활성화 및 기업의 혁신역량 강화를 위한 정책적 노력에 힘쓰고 있다. 특히 치열한 시장경쟁에서 우위를 확보하기 위해서는 독창적이고 혁신적인 기술력을 바탕으로 새로운 시장을 개척하여 경제에 활력을 불어넣는 기술창업기업의 성장발전이 더욱 중요해지고 있다. 이에 따라 기술창업기업의 생존과 성장을 위한 체계적인 대응과 방안 연구가 필요하다 할 수 있다. 본 연구에서는 ETRI 기술을 활용한 기술창업기업을 대상으로 기업가정신 요인인 혁신성, 진취성, 위험감수성과 기술혁신역량 요인인 연구개발능력, 기술축적능력, 기술혁신체계, 그리고 기술사업화 역량인 제품화능력, 마케팅능력이 기업 경영성과인 기술성과 및 재무성과에 미치는 영향을 알아보았으며, 연구결과는 다음과 같다. 첫째, CEO의 기업가정신 중 진취성이 경영성과의 기술성과와 재무성과에 모두 영향을 미치는 것으로 나타났다. 둘째, 기술혁신역량 중 기술축적능력은 기술성과에, 연구개발능력은 재무성과에 영향을 미치는 것으로 나타났다. 마지막으로 기술사업화 역량 중 제품화능력이 기술성과와 재무성과에 모두 영향을 미치는 것으로 나타났다. 이를 통해 얻을 수 있는 정책적 시사점은 다음과 같다. 첫째, 학 연 협력 강화를 통해 기술창업자 또는 예비창업자가 사업기회를 잘 포착하여 시장 가격경쟁력을 확보할 수 있도록 관련 기술창업 교육 프로그램을 고도화하여야 한다. 둘째, 창업 목적의 R&D 수행을 통해, 시장성 높은 기술을 개발하여 직접 창업으로 연계될 수 있도록 유도하여야 한다. 셋째, 초기 창업자에 비해 현장경험이 많은 대기업 및 중소기업의 명예퇴직 인력을 기업에 매칭하는 프로그램을 보다 활성화하여야 한다.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.31-40
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• 2020

This study investigates whether other comprehensive income (OCI) reported in the statement of comprehensive income (one of the main financial statements after the adoption of K-IFRS) predicts a firm's future performance. Using the quarterly data of Korean listed companies, we examine the association between OCI estimates and future earnings. First of all, we find that OCI is positively associated with earnings in both 1- and 2-quarter ahead, supporting the predictive value of OCI. When we break down OCI into its individual components, our results suggest that the net unrealized gains/losses on available-for-sale (AFS) investment securities are positively associated with future earnings, while the other components (e.g., net unrealized gains/losses on valuation of cash flow hedge derivatives) present insignificant results. In addition, we investigate whether the reliability in OCI estimates enhances the predictive value of OCI to predict future performance. We find that the predictive ability of OCI, in particular the net unrealized gains/losses on available-for-sale (AFS) investment securities, becomes more pronounced when firms are audited by the Big 4 audit firms. Overall, our study suggests that information content embedded in OCI can provide decision-useful information that is helpful for the prediction of future firm performance.

• 디지털산업정보학회논문지
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• 제13권3호
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• pp.1-9
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• 2017

Recently, Bitcoin which is digital currency and cryptocurrency is getting worldwide attention since Bitcoin has an ability to replace legal tender unlike other existing cyber currency. Especially, most Bitcoin trading is done between two traders such as P2P method and it does not require a third-party to make sure reliability and it records every transaction details, so it is more transparent then traditional financial trade, so the number of users is increasing. However, Bitcoin, which has been recognized for transparency, confidentiality and stability among traders has recently been threatened by illegal transactions such as money laundering and the attack on the exchange. These threats to Bitcoin are becoming social problems. At first, it seems that most of the digital currency is difficult to get hacked due to the Blockchain technology. However, threats such as digital money leaks by user account hacking and paralyzing the servers are increasing. In this paper, it will examine the features of the Bitcoin and the threatening elements to secure marketability of digital currency such as Bitcoin and receive more interest from public in domestic. The paper will examine the problems of Blockchain technology on speculative transactions and fraudulent behavior by analyzing the problems of Bitcoin transaction. Lastly, it will propose ways to make transparent and secure digital currency transactions.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.197-204
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• 2020

Nowadays, many construction engineering and technology enterprises are evolving to find that prosperity is driven and inspired by an open economy with dynamic markets and fierce multifaceted competition. Besides brand and product uniqueness, the ability to quickly provide customers with quotes are matters of concern. Such a requirement for prompt cost estimation of construction investment projects with the use of a construction price index poses a significant challenge to contractors. This is because the nature of the construction industry is shaped by changes in domestic and foreign economic factors, socio-financial issues, and is under the influence of various micro and macro factors. This paper presents a fuzzy decision-making approach for calculating critical factors that affect the construction price index. A qualitative approach was implemented based on in-depth interviews of experts in the construction industry in Vietnam. A synthetic comparison matrix was calculated using Buckley approach. The CoA approach was applied to defuzzified the fuzzy weights of factors that affect the construction price index. The research results show that the top five critical factors affecting the construction price index in Vietnam are (1) consumer price index, (2) gross domestic product, (3) basic interest rate, (4) foreign exchange rate, and (5) total export and import.