• Journal of the Korean Data and Information Science Society
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• v.24 no.6
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• pp.1263-1274
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• 2013

VaR (value at risk), which represents the expectation of the worst loss that may occur over a period of time within a given level of confidence, is currently used by various financial institutions for the purpose of risk management. In the majority of previous studies, the probability of return has been modeled with normal distribution. Recently Chen et al. (2010) measured VaR with asymmetric Laplacian distribution. However, it is difficult to estimate the mode, the skewness, and the degree of variance that determine the shape of an asymmetric Laplacian distribution with limited data in the real-world market. In this paper, we show that the VaR estimated with (symmetric) Laplacian distribution model provides more accuracy than those with normal distribution model or asymmetric Laplacian distribution model with real world stock market data and with various statistical measures.

• Journal of Distribution Science
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• v.14 no.12
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• pp.129-139
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• 2016

Purpose - This paper examines the explanatory power of the agency theory in the determination of cash holdings for Korean retail firms. If the agency theory holds, a firm with strong corporate governance structure tends to have low cash holdings. A strong governance structure makes the CEO of this firm to behave in the interests of shareholders and thus the CEO has low incentive to stockpile cash holdings, which can be easily diverted for the CEO's own managerial purposes. We investigate this relationship between corporate governance structure and cash holdings, by using corporate governance scores as a proxy variable that captures the effectiveness of corporate governance mechanism. Research design, data, and methodology - We adopt the sample of publicly listed retail firms in KOSPI market from 2005 to 2013. Financial and accounting statements are gathered from the WISEfn database. We also use the corporate governance scores published by Korean Corporate Governance Service. The relationship between the corporate governance scores and cash holdings is cross-sectionally estimated based on the ordinary least square method. This estimation method is widely accepted in the existing literature. The sample of large conglomerates, Chebol, and the remainder firms are separately examined as well, to account for the distinctive internal financing environment in these large conglomerates. Results - We mainly contribute to the extant literature by providing empirical evidence against the agency theory of cash policy. Unlike the prediction of agency theory, we confirm statistically insignificant or even positive correlations between the set of corporate governance scores and cash-asset ratios. Almost all the major corporate governance attributes including total score, shareholder rights, board structure, and the quality of information disclosure do not show negative correlations with cash holdings, which poses a strong challenge to the validity of the agency theory in the determination of retail firms' cash holdings. Conclusions - This study presents interesting empirical results with respect to the cash policy in Korean retail firms. Consistent to prior studies, I verify that the agency theory only limitedly explains the level of cash holdings. Future studies may obtain more robust results by examining a longer sample period.

• The Journal of the Korea Contents Association
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• v.13 no.2
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• pp.235-243
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• 2013

This study analyzes the interaction of variables consisting of the local finance system based on the theory of system thinking regarding how financial decentralization can be understood as the political means for local decentralization and why it is needed. The results gained from this research are as follows: first, variables consisting of the local finance system form interactional relationship in the significant level, and it has been found that rapid growth and rapid decline repeat with five positive feedback loops as the center. Second, strategic points for the validity of local finance decentralization were discovered through causal map modeling. In particular, it has been shown that the virtuous cycle structure declines the local finance system through the constant operation of variables (government subsidies, taxation for real estate transactions, central government's local finance mediation system, and local government debt, etc.) that deteriorate the vicious cycle structure. Based on this, strategic policy tasks were drawn. It is expected that this study will help the understanding of the local finance system and increase academic width for local finance from the aspects of general knowledge, not the knowledge about local finance decentralization.

• The Korean Journal of Applied Statistics
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• v.25 no.1
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• pp.29-43
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• 2012

Financial data such as stock index returns and exchange rates have the properties of heavy tail and asymmetry compared to normal distribution. When we estimate VaR using the GARCH model (with the conditional return distribution of normal) it shows the tendency of the lower estimation and clustering in the losses over the estimated VaR. In this paper, we argue that this problem can be resolved through the adaptation of the unbounded Johnson distribution as that of the condition return. We also compare this model with the GARCH with the conditional return distribution of normal and student-t. Using the losses exceed the ex-ante VaR, estimates, we check the validity of the GARCH models through the failure proportion test and the clustering test. We nd that the GARCH model with conditional return distribution of unbounded Johnson provides an appropriate estimation of the VaR and does not occur the clustering of violations.

• Journal of Korea Society of Digital Industry and Information Management
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• v.5 no.4
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• pp.231-247
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• 2009

With the growth of e-commerce banks make the best use of internet banking which can provide all sorts of financial services in cyber space and satisfy customers beyond traditional banking services which are cash reserve and loan based on retail. For survival of internet banking high quality of service should be provided to customers. For this, the attributes of service quality in internet banking should be identified first. The studies on scale of service quality in internet banking have been divided into two ways. While traditional way has focused on SERVQUAL, several researchers have developed scale of e-service quality. However, the dimension of e-service quality is applied from the traditional dimension of service quality. In this paper five dimensions of tangibles, reliability, responsiveness, assurance, and empathy based on SERVQUAL are used as scale of service quality in internet banking through reviewing previous studies. In addition, because service value is correlated to service quality, the dimensions of service quality can affect e-service value. The positive relationship among e-service value, customer satisfaction, and customer loyalty in online or offline service has been identified by previous studies. The purpose of this study is to identify the relationship among service quality, e-service value, customer satisfaction, and customer loyalty in internet banking. SPSS 12.0 is used to test validity and reliability of questionnaire items and correlation of variables and AMOS 4.0 is used to test the hypotheses. The results of this study show that the responsiveness, assurance, and empathy factors of service quality have a positive effect on service value and that the tangible and assurance factors have a positive effect on customer satisfaction. It also shows that e-service value affects positively customer satisfaction and loyalty. Customer satisfaction affects positively customer loyalty. Therefore, to enhance customer satisfaction and loyalty, service quality and value of internet banking should be improved through reinforcing customers' trust in internet service quality.

• The Journal of Society for e-Business Studies
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• v.12 no.2
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• pp.155-194
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• 2007

Currently, Ubiquitous Computing Technology(UCT)-based service scenarios play an important role in estimating the potential of UCT-based service. The purpose of the study is to propose a multidimensional evaluation(ME) methodology for UCT-based service scenarios regarding their possibilities of realization for the future. Our approach contributes to extend service level management in Information Technology Service Management(ITSM) by evaluating the level of a new service in advance. ME consists of three dimensions: technological evaluations, business-oriented evaluations, and user-oriented evaluations. The three types of evaluations are mutually harmonized to check the overall possibility of realization and validity for certain UCT-based service scenarios. Theoretically, ME is developed to overcome the extant evaluation methods for UCT-based service scenarios, which are limited in the number of evaluation criterions. It is also conceived to cope with the limitation of economical evaluation methods (e.g., technological valuation, estimation of financial outcomes such as ROI, ROA, etc. that are difficult to give meaningful results because most of UCT-based services are not fully realized so far. From the practical perspectives, in addition, our approach can be applied to a variety of scenarios due to its domain-independent approach.

• Culinary science and hospitality research
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• v.23 no.7
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• pp.194-203
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• 2017

The data collection and questionnaire survey were conducted from July 1, 2016, to August 30, 2016, and the final analysis was conducted with 273 copies. The collected data were analyzed using SPSS (V 23.0) and AMOS (V 21.0) programs. In order to identify the characteristics of the respondents, the frequency analysis was performed, and the reliability analysis and confirmatory factor analysis were performed for each measurement item. The conceptual reliability (CR) and standard variance extraction (AVE) values were calculated to verify the validity. Correlation analysis was conducted to measure the associations among the derived factors. For the hypothesis test, a structural equation modeling was used to test the jointness and organic causality of the whole model. In addition, an alternative model with a nested relationship with the basic model was set up to test the adjustment effect of the learner's educational environment on the educational satisfaction and behavioral intention. The purpose of the study was to examine the effect of educational environment on the educational satisfaction and behavioral intention of students at a cooking education institute in Busan. The implication of this study is that the operators of educational institutions should recognize the human factors as important means of marketing for the activation of cooking education and select instructors by applying more systematic and objective criteria when hiring instructors. Also, consideration should be given to support programs such as training programs and incentives to develop instructor's abilities. In addition, the positive educational outcomes of students may have a positive impact on financial performance, such as livelihood of other students and sales of educational institutions.

• Korean Journal of Construction Engineering and Management
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• v.7 no.4 s.32
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• pp.118-125
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• 2006

The Korean government is encouraging positively PIP(private infrastructure project) to relieve financial burden and get the facilities in time. The portion of the PIP has grown rapidly into 15% of the whole SOC(Social Overhead Capital) projects. It is estimated that the growth will continue for the present. However, there are still rising problems on efficiency of the project and productivity, properness of the project scale are pointed against surprising growth. In this study, we analyze underlying problems of private infrastructure investment project and suggest CM Models to relieve the problems. To verify the validity of the suggested models, a survey has been conducted through questionnaires and analyzed the taste of the stakeholder. The owner-support Model is chosen as the practical model to apply in time. By applying the suggested model to PIP, it is possible to enhance the efficiency and productivity of the project.

• Journal of the Korea Society of Computer and Information
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• v.26 no.1
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• pp.189-199
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• 2021

This study examines the relationship between internal marketing, market orientation, patient satisfaction, and hospital image, and especially focuses on the effect of CEO's role on internal marketing at a local national university hospital. A survey was conducted using the convenient sampling technique and 222 questionnaires excluding unreliable replies were used in the final analysis for the hypothesis testing. SPSS 21.0 was used for the basic analysis of the collected data, and confirmatory factor analysis was performed for reliability and validity using AMOS 21.0. Path analysis was performed for the hypothesis testing. The results of this study are as follows: First, the role of CEO positively affects internal marketing. Second, internal marketing has a positive effect on market orientation, and leadership is the most influential factor of internal marketing. Third, market orientation has a positive effect on patient satisfaction and hospital image, which are non-financial organizational performance. Therefore, internal marketing plays a major role in improving market orientation, patient satisfaction, and hospital image, and it is identified that the activation of internal marketing depends on the support of CEO in hospitals.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.26 no.2
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• pp.265-270
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• 2022

With the advent of the Fourth Industrial Revolution, the paradigm of finance is also changing. As remote work becomes more active due to cloud computing and coronavirus, the work environment changes and attack techniques are becoming intelligent and advanced, companies should accept new security models to further strengthen their current security systems. Zero trust security increases security by monitoring all networks and allowing strict authentication and minimal access rights for access requesters with the core concept of doubting and not trusting everything. In addition, the use of NAC and EDR for identification subjects and data to strengthen access control of the zero trust-based security system, and strict identity authentication through MFA will be explained. Therefore, this paper introduces a zero-trust security solution that strengthens existing security systems and presents the direction and validity to be introduced in the financial sector.