• Title/Summary/Keyword: Financial Rate

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The Effects of The Distinction in Family Business on CEO Succession Types: A Behavioral Agency Theory Perspective (행동대리인 이론관점에서 가족기업 특성이 승계에 미치는 영향)

  • Kim, Ki-Hyung;Moon, Chul-Woo;Kim, Sang-kyun;Lee, Byung-Hee
    • Korean small business review
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    • v.39 no.1
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    • pp.1-39
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    • 2017
  • The first generation of the business that had been founded in 1960~1970s faces the situation to consider the succession of the family business developed by devotion of their whole lives in the critical timing to the next generation. In the process of selecting the party of family business succession, it is required to consider a variety of succession types including smooth transfer to the other family member or the employee of the company, selling the company, or hiring external specialist. Foreign countries acknowledge the importance of the succession in the family owned company to perform multiple studies on the influential factors to the succession, distinction, and types of family business succession; and they utilize the results for the related policy development and the support of family owned business succession. However, few studies have been conducted on the succession of the domestic family owned business and majority of them are related to the types of succession. Considering its share and influential power in the domestic economy, it is necessary to develop the guideline and the policies to solve many issues on the succession of the family owned business by systemic studies. Hence, the impact of the main characteristics in the family owned business on the types of its succession was analyzed in this study focusing on five domains of Socioemtional Wealth (SEW) in view of Behavioral Agency Theory by Gomez-Mejia et al. (2007) using the data from 540 family owned small-to-medium sized businesses so as to analyze the issues on their business succession. Upon the empirical analysis results, it was confirmed that they were influenced to the selection of succession type by family succession > internal employee succession > external succession, for the variables of social contribution which were non-financial characteristics, internal employee succession > family succession > external succession for the intellectual properties, and family succession > external succession for the management participation of the family. The distinction of social contribution were influenced the most to the selection of the succession types. Financial factors, business performance, and R&D investment variables were not significantly influenced to their selection of the succession types. In case of simultaneous management, the family succession rate was high and it showed the control effect to strengthen selecting family owned business with R&D investment, social contribution, and company history variables. The behavioral agency theory used in this study was confirmed with high explanation power on the family owned business succession. The family owned business showed the tendency to maintain SEW, and non-financial factors such as accumulated know-how and social contribution based on the long term history were significantly affected to the succession in the small-to-medium sized family owned businesses, unlike general large sized listed companies. The results of this study are expected to be helpful practically for the succession of the family owned business and to suggest the guideline for the development of governmental policy.

An Investigation of Factors Affecting Management Efficiency in Korean General Hospitals Using DEA Model (DEA모형을 이용한 종합병원의 효율성 측정과 영향요인)

  • Ahn, In-Whan;Yang, Dong-Hyun
    • Korea Journal of Hospital Management
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    • v.10 no.1
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    • pp.71-92
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    • 2005
  • The purpose of this study is to analyze the efficiency in management of general hospitals and investigate the major factors on efficiency. Specifically, the management of each general hospital is evaluated by using Data Envelopment Analysis(DEA) technique which is a nonparametric statistical method for measurement of efficiency. Then, the influencing factors are investigated through analyses of Decision-Tree Model and Tobit Regression. The target hospitals were general hospitals in which bed sizes are between 200 and 500 among a total of 276 general hospitals. The main data of financial indicators were collected from 48 hospitals, and it was analyzed by using two statistical models. For Model I, three input and two output variables were used for efficiency evaluation. In particular, three input variables were the number of medical doctors, the number of paramedical personnel, and the bed size. And, two output variables were the numbers of inpatients and outpatients per year, adjusted by bed-size. The results of DEA analysis showed that only seven out of 48 hospitals(15%) turned out to be efficient. The decision-tree analysis also showed that there were six significant influencing factors for Model I. Six factors for Model I were Bed Occupancy Rate, Cost per Adjusted Inpatient, New Visit Ratio of Outpatients, Retired Ratio, Net Profit to Gross Revenues, Net Profit to Total Assets. In addition, the management efficiency of hospital is proved to increase as profit and patient-induced indicators increase and cost-related indicators decrease, by the Tobit regression model of independent variables derived from the decision-tree analysis. This study may be contributable to the development of analytic methodology regarding the efficiency of hospital management in that it suggests the synthetic measures by utilizing DEA model instead of suggesting simple ratio-analyzing results.

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Predicting Project Performance by Analyzing Key Success Factors on Project Fiancing(PF) Development (건설 프로젝트 파이낸스(PF) 사업의 성공영향요인(KSF) 분석을 통한 사업성과 예측 모델)

  • Lee, Dong-Gun;Cha, Hee-Sung
    • Korean Journal of Construction Engineering and Management
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    • v.15 no.5
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    • pp.127-137
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    • 2014
  • Project Financing (PF) development project is the type which influences national economy and building industry largely because it is exerted by using borrowed money from many kinds of investors and huge amount of financial raising. Many domestic PF projects are focused mainly on the profit maximization lacking in a sufficient feasibility study. Nowadays many projects are suspending due to the global finance debacle and stagnation of real estate industry. Therefore, in this paper, risk factors of PF project are deducted and Key Success Factors (KSFs) are derived through Factor-Analysis and qualified using Fuzzy-AHP method. And through the evaluation of the derived success factors in real projects, a strong correlationship has been identified between the score of each PF success factor and the level of success and/or expected rate of return (ROR). So, the result of this paper can help decision makers of the PF projects make a better decision and give a meaningful guidance in achieving successful PF projects.

Outcomes of Primary Unilateral Cheiloplasty in Same-Day Surgical Settings

  • Khan, Mansoor;Ullah, Hidayat;Aziz, Asif;Tahir, Muhammad
    • Archives of Plastic Surgery
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    • v.43 no.3
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    • pp.248-253
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    • 2016
  • Background Financial, clinical, and psychological considerations have made same-day surgery an attractive option for a variety of procedures. This article aimed to analyse the postoperative results of same-day primary unilateral cleft nasolabial repair. Methods This study was performed from 2011 to 2014. Unilateral cleft lip patients fulfilling the inclusion criteria were preoperatively classified as mild, moderate, and severe. All patients underwent same-day surgery and were discharged after satisfying the appropriate clinical criteria, receiving thorough counselling, and the establishment of a means of communication by phone. Postoperative outcomes were assessed and stratified according to preoperative severity and the type of repair. Results A total of 423 primary unilateral cleft lip patients were included. Fisher's anatomical subunit approximation technique was the most common procedure, followed by Noordhoff's technique. The postoperative outcome was good in 89.8% of cases, fair in 9.9% of cases, and poor in 0.2% of cases. The complication rate was 1.18% (n=5), and no instances of mortality were observed. The average hospital stay was 7.5 hours, leading to a cost reduction of 19% in comparison with patients who stayed overnight for observation. Conclusions Mild unilateral cleft lip was the most common deformity for which Fisher's anatomical subunit approximation technique was performed in most of the cases, with satisfactory postoperative outcomes. Refinements in the cleft rhinoplasty techniques over the course of the study improved the results regarding cleft nasal symmetry. Single-day primary unilateral cleft cheiloplasty was found to be a cost-effective procedure that did not pose an additional risk of complications.

Asymmetric Effects of Inflation Uncertainty on Facilities Investment (인플레이션 불확실성의 기업 설비투자에 대한 비대칭적 효과 분석)

  • Son, Minkyu;Chang, Youngjae
    • The Korean Journal of Applied Statistics
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    • v.27 no.1
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    • pp.123-132
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    • 2014
  • Inflation uncertainty is known to have deleterious effects on facilities investment by disturbing the corporate decision on the opportunity cost of investment. In this paper, we test the validity of this hypothesis in Korea by estimating the inflation uncertainty with both a time-varing parameter model with GARCH disturbances and the relative price volatility and then, estimate the facilities investment equation which includes those uncertainty indicators. The uncertainty indexes estimated by the above-mentioned methods continue to fluctuate even after the inflation rate has dropped dramatically reflecting the structural changes of Korea's economy since the financial crisis in 1997. As a result of estimation of the investment equation by both OLS and GMM, we find the inflation uncertainty has a negative effect on facilities investment with a statistical significance. Moreover, by means of Markov-switching regression model utilized to verify the non-linearity of this relationship, we draw a conclusion that this negative effect of inflation uncertainty heightens asymmetrically during the downturn periods of business cycle.

The Performance Analysis of Korean NGOs' Tree Plantation Projects in Mongolia

  • Kang, Min-Kyung;Park, Dong-Kyun;Chun, Young-Woo
    • Journal of Korean Society of Forest Science
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    • v.99 no.5
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    • pp.655-662
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    • 2010
  • Desertification has been expanding with a remarkable speed across the Northeast Asia. Desertification in Northeast Asia significantly influences Korea's economy and environmental health conditions in recent years. For these reasons, a number of non-governmental organizations (NGOs) in Korea have carried out the reforestation projects to combat desertification in China and Mongolia. Several tree plantation projects were implemented in Mongolia and China. The objective of this study was to analyze and evaluate the performance of tree plantation aid projects carried out by Korean NGOs in Mongolia. The performance of tree plantation projects was examined through effectiveness, efficiency, equity and responsiveness of those projects. The performance was analyzed with the survival rate of planted trees and planting cost, the recognitions of Mongolian people. The analysis of the performance showed that the tree plantation cooperation projects carried out by Korean NGOs in Mongolia had comparatively high performance from a larger point of view. Especially, effectiveness and responsiveness of their projects were highly marked in spite of all the difficulties of carrying out the tree plantation. Such a high effectiveness represented the relatively higher survival rates of trees and Mongolian's positive recognition of plantation projects. Furthermore, the responsiveness also turned out to be high with a great satisfaction of the Mongolian people for plantation projects conducted by the Korean NGOs. Survey results indicated that the efficiency and equity of the projects would be increased by promoting the cooperation projects for tree planting throughout Mongolia with reinforcing infrastructures. By comparison between Korean NGOs and Mongolian Government plantation projects, confirmed the importance of sustained financial support and maintenance activities in the plantation sites.

Factors Related to Nurse Staffing Levels in Tertiary and General Hospitals

  • Kim Yun Mi;June Kyung Ja;Cho Sung-Hyun
    • Journal of Korean Academy of Nursing
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    • v.35 no.8
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    • pp.1493-1499
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    • 2005
  • Background. Adequate staffing is necessary to meet patient care needs and provide safe, quality nursing care. In November 1999, the Korean government implemented a new staffing policy that differentiates nursing fees for inpatients based on nurse-to-bed ratios. The purpose was to prevent hospitals from delegating nursing care to family members of patients or paid caregivers, and ultimately deteriorating the quality of nursing care services. Purpose. To examine nurse staffing levels and related factors including hospital, nursing and medical staff, and financial characteristics. Methods. A cross-sectional design was employed using two administrative databases, Medical Care Institution Database and Medical Claims Data for May 1-31, 2002. Nurse staffing was graded from 1 to 6, based on grading criteria of nurse-to-bed ratios provided by the policy. The study sample consisted of 42 tertiary and 186 general acute care hospitals. Results. None of tertiary or general hospitals gained the highest nurse staffing of Grade 1 (i.e., less than 2 beds per nurse in tertiary hospitals; less than 2.5 beds per nurse in general hospitals). Two thirds of the general hospitals had the lowest staffing of Grade 6 (i.e., 4 or more beds per nurse in tertiary hospitals; 4.5 or more beds per nurse in general hospitals). Tertiary hospitals were better staffed than general hospitals, and private hospitals had higher staffing levels compared to public hospitals. Large-sized general hospitals located in metropolitan areas had higher staffing than other general hospitals. Occupancy rate was positively related to nurse staffing. A negative relationship between nursing assistant and nurse staffing was found in general hospitals. A greater number of physician specialists were associated with better nurse staffing. Conclusions. The staffing policy needs to be evaluated and modified to make it more effective in leading hospitals to increase nurse staffing.

Benefit-Cost Analysis of GIS in Local Governments: A Case Study of Taegu Metropolitan City (지방자치단체에서 GIS구축에 따른 비용편익분석: 대구광역시를 사례로)

  • Jo, Myung-Hee;Kim, Kwang Ju;Park, Sang-Woo
    • Journal of the Korean Association of Geographic Information Studies
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    • v.2 no.2
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    • pp.87-96
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    • 1999
  • Using the case of Taegu city, this study analyses benefits and costs related to the construction of GIS to local government. For this purpose, the study uses a case study selecting Taegu Metropolitan city. In this study, four discount rates(5%, 8%, 10%, 12%) are used for sensitivity analyses. According to this benefit-cost analysis, Taegu city government could get positive net present benefits from the year of 2004 which is 6 years after its GIS construction. This a result, Provides the economical and financial validity of GIS Construition in local government. In this study, analysis of invisible benefits are excluded. If these invisible and potential benefits are included in the analysis, GIS could produce more net benefits and the even break point of GIS construction in local governments will come earlier. For the further study, the study needs to develop new benefits and utilize cost-effectiveness analysis to catch these invisible benefits.

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The Survey of Perception on Obstacles in Implementing Generic HACCP Plan for School Foodservice Operations (학교급식에 일반 HACCP 모델 적용시 장애요인에 대한 인지도)

  • Choe, Suk-Hui;Kim, Seong-Hui;Gwak, Dong-Gyeong
    • Journal of the Korean Dietetic Association
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    • v.9 no.3
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    • pp.209-218
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    • 2003
  • The purpose of this study was to identify obstacles by surveying dieticians' perception in implementing Generic HACCP Plan for school foodservice operations from 2001. The survey was conducted in five areas; Seoul, Kyoung-gi Province, In-cheon, Kwang-ju and Dae-jeon. Five hundred and sixty questionnaire were sent by the e-mail address and the local school dietician's Community Board on the internet, 263 were returned. Two hundred and forty were returned by E-mail, return rate was 42.86%. Twenty three were received by the local school dietician's Community Board on the internet. The obstacles were grouped of six fields and indicated thirteen factors in implementation of the Generic HACCP Plan for school foodservice. The six fields were 'status of cooperation within HACCP team', 'cooperation with the external people' such as teachers, food suppliers, student's parents, 'understanding HACCP system of the dieticians', 'hygiene facilities', 'training & educating employees', and 'difficulty of monitoring'. To assess the factor as a obstacle we used Likert's scale; 5-agree strongly, 4-agree, 3-medial, 2-don't agree, 1-don't agree strongly. Results of this study are as follows; 1) The scores of thirteen factors indicated as obstacles were over 3(medial) except ‘lack of dietician's understanding about HACCP System(2.86$\pm$0.97)'. Also only about 63% dieticians recognized that as an obstacle factor. 2) ‘Deficiency of hygiene facilities(4.41$\pm$0.76), ‘lack of teachers' cooperation(4.23$\pm$0.77)', ‘inadequacy of the kitchen lay-out(4.19$\pm$0.95)' and ‘lack of training and educating program for employees(3.97$\pm$0.85)' scored most highly. Results from this study show that financial resources and educating system are very important to settle down HACCP system for School Foodservices successfully.

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Analysis of a Stock Price Trend and Future Investment Value of Cultural Content-related Convergence Business (문화콘텐츠 관련 융복합 기업들의 주가동향 및 향후 투자가치 분석)

  • Choi, Jeong-Il;Lee, Ok-Dong
    • Journal of Digital Convergence
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    • v.13 no.11
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    • pp.45-55
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    • 2015
  • This study used for KOSPI, KOSDAQ, entertainment culture and digital contents index that is related to cultural contents industry. There was investigated the each stock price index and return trends for a total 597 weeks to July 2015 from March 2004. They looked the content-related stocks about investment worth to comparative analysis the return, volatility, correlation, synchronization phenomena etc. of each stock index. When we saw the growth potential of the cultural contents industry forward, looked forward to the investment possibility of related stocks. Analysis Result cultural content related stocks showed a higher rate after the last 2008 global financial crisis. Recent as high interest in the cultural contents industry, we could see that the investment merit increases slowly. In the future, the cultural content industry is expected to continue to evolve. The increase of investments value in the cultural content related businesses is much expectation.