• 국제학술발표논문집
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• The 2th International Conference on Construction Engineering and Project Management
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• pp.509-519
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• 2007

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• 재무관리연구
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• 제26권2호
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• pp.63-91
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• 2009

This paper tests the validity of pecking order theory by Myers(1977) and Myers and Majluf(1984) on Korean manufacturing firms listed in the KRX for the years of 1994 to 2003. We also want to see if there is any difference in financing behavior between chaebol affiliated firms and non-chaebol affiliated firms. We develop testable hypotheses from the idea that established relationship between bank and firm mitigates the problem of information asymmetry (Kang and Lim, 2001), and thus makes it easier for firms to raise funds through banks. The test result of the first stage shows that firms prefer cash reserves to debt financing, and prefer debt to equity. Chaebol affiliated firms are found to behave as if they already exploit internal capital markets. The second stage of the test carried out by dividing debt capital into bank loans and corporate bonds also shows a consistent pattern of financing behavior. Firms are testified to prefer cash to bank loans, bank loans to corporate bonds, and corporate bonds to equity. In this case chaebol affiliation seems to make firms behave as if they already establish internal capital markets. Further analysis shows that some, though not in every case, difference of ordering around the occasion of Korean financial crisis exists. It may be from the change of attitude of Korean firms to risk, or from weakened influence of internal capital market along with strengthened market power in the post-crisis period.

• Journal of the Korean Data and Information Science Society
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• 제20권2호
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• pp.453-458
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• 2009

In this paper, we consider Jarque-Bera (JB) normality test for the innovations of ARMA-GARCH models. In financial applications, JB test based on the residuals are routinely used for the normality of ARMA-GARCH innovations without a justification. However, the validity of JB test should be justified in advance of the actual practice (Lee et al., 2009). Through the simulation study, it is found that the validity of JB test depends on the shape of test statistic. Specifically, when the constant term is involved in ARMA model, a certain type of residual based JB test produces severe size distortions.

• 복식문화연구
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• 제21권3호
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• pp.413-430
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• 2013

Despite the recent sharp growth in the baby product market, previous studies on preschooler clothing have centered primarily on surveys regarding body size and consumer buying behavior, with little emphasis given to consumption value in preschooler clothing. This study aimed to assess the feasibility of using standards of consumption value to examine the behavior of those who buy preschooler clothing. The research subjects were mothers of preschoolers aged 1 to 6 years. They were asked to complete a questionnaire online at major parenting blogs found on portal sites (n=346). The questionnaire contained 41 questions based on a literature review, and 25 questions having convergent and discriminant validity were analyzed. By conducting a regression analysis of standards of consumption value in preschooler clothing and their perceived value, the feasibility of the standards was assessed. The results showed that consumption value in preschooler clothing was associated with 21 questions and 8 factors. The factors measuring consumption value included vicarious satisfaction, social value, functional value, convenience, financial value, aesthetic value, uniqueness, and circumstantial value. This study is significant in that it expands the scope of research on preschooler clothing, lays the groundwork for measuring consumption value in preschooler clothing, and predicts consumer behaviors by identifying the consumption value among mothers of preschoolers.

• 대한간호학회지
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• 제32권3호
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• pp.395-405
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• 2002

The purpose of this study was to develop the instrument to measure family functioning for Korean family with a chronic ill child, and to test the validity and reliability of the instrument. Method: The items of instrument were consisted based on researchers' previous study of concept analysis of the Korean family functioning. Twenty six item scale was developed with six domains. In order to test reliability and validity of the scale, data were collected from the 231 families, who have a child with a chronic illness. Data was collected between August and September in 2001 in a General Hospital in Seoul, Korea. Result: The results were as follows: As a result of the item analysis, 24 items were selected from the total of 26 items, excluding items with low correlation with total scale. Six factors were evolved by factor analysis. Six factors explained 61.4% of the total variance. The first factor 'Affective bonding' explained 15.4%, 2nd factor 'External relationship' 11.8%, 3rd factor 'Family norm' 10.5%, 4th factor 'Role and responsibilities' 8.3%, 5th factor ' Communication' 7.9%, and the 6th factor 'Financial resource' explained 7.3%. Cronbach's $\alpha$ coefficient of this scale was .87 and Guttman spilt- half coefficient was .84. Conclusion: The study support the reliability and validity of the scale. There were distinct differences in dimensions of family functioning scales developed in the U. S.

• 성인간호학회지
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• 제12권4호
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• pp.629-640
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• 2000

The purpose of this study was to develop and validate the scale to measure dementia patient's caregiver burden of Korea. In the first phase of the study, 15 caregivers of dementia patients were interviewed to provide narrative data from which items were developed. Initially 65 items were generated from the interview data of 15 caregivers. Content validity was judged by two separate panels of experts with 27 professionals and 30 family caregivers. These items were analyzed through the Index of Content Validity and 33 items were selected which met .80 or more of the CVI. This preliminary FCBSD-K was tested with 207 adult caregivers for reliability and construct validity including item analysis and orthogonal(Varimax) factor analysis. Eight items were deleted because of high or low item-item correlation. The result of the second factor analysis produced six factors that coincided with the conceptual framework posed for the scale developed. The six factors were labeled as 'physio social factor' 'emotional factor' 'family cultural factor' 'role obligation' 'guilt feeling' and 'financial & supportive system factor'. The alpha coefficient relating to internal consistency was .9264 for reliability. In conclusion, cultural factor is related to dementia patient's caregiver burden and FCBSD-K was useful in assessing the dementia patient's caregiver burden in Korea.

• 한국치위생학회지
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• 제21권3호
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• pp.211-225
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• 2021

Objectives: To validate the role of a new information and communication technology platform that we created for the betterment of the oral health of persons with disabilities and for providing appropriate health care services. Methods: A Delphi survey was conducted among 16 people in various professions, including academia, government agencies, and dentistry, to evaluate the validity of the information and communication technology platform. Moreover, platform satisfaction was evaluated using a user experience questionnaire among 200 people, including persons with disabilities, parents, and public institutions. Results: Experts in consensus indicated a high validity for the categories of service provider (CV=0.29, CVR=0.69), service target (CV=0.29, CVR=0.38), service contests (CV=0.27, CVR=0.63), and financial support (CV=0.30, CVR=0.63) in our information and communication technology platform. In addition, information from questionnaires on user experience and communication technology satisfaction analysis showed that both users and providers were highly satisfied with the platform. Conclusions: The provision of oral health services based on the new information and communication technology platform has numerous advantages, in addition to providing adequate oral health care for the disabled. Furthermore, the social safety net for improved oral health may be further strengthened.

• 유통과학연구
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• 제13권10호
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• pp.73-82
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• 2015

Purpose - This paper aims to investigate whether information asymmetry could explain capital structures in Korean corporations. According to Myers (1984), firms prefer internal funding to external financing due to the costs associated with information asymmetry. When external financing is necessary, firms prefer to issue debt rather than equity by the same reasoning. Since Shyam-Sunder and Myers (1999), numerous studies continue to debate the validity of the theory. In this paper, we show how the theory depends on assumptions and incorporated variables. We hope our investigation can provide helpful implications regarding capital structure, information asymmetry, and other firm characteristics. Specifically, our empirical results are complementary to the analysis of Son and Lee's (2015), a recent study that examines the pecking order theory prediction for Korean retail firms. Research design, data, and methodology - We test empirical models that are some variants of model used in Shyam-Sunder and Myers (1999). The financial and accounting data are provided by WISEfn for the firms listed on the KOSPI during 1990 to 2013. Bond ratings are supplied by the Korea Investor Service (KIS). We take into account the heterogeneity in debt capacity; a firm's debt capacity is measured by using the method of Lemmon and Zender (2010) based on its bond ratings. Finally, we estimate empirical models suggested by Shyam-Sunder and Myers (1999), Frank and Goyal (2003), and Lemmon and Zender (2010). Results - First, we find that Shyam-Sunder and Myers' (1999) prediction fails to explain total debt changes of Korean firms. Second, we find a non-monotonic relationship between total debt changes and financial deficits with respect to debt capacity. This contradicts the prediction of Lemmon and Zender (2010) that argues the pecking order theory survives with a monotonically increasing relationship. Third, we estimate a negative correlation coefficient between financial deficit and current debt changes. The result is the complete opposite of the prediction of Lemmon and Zender (2010). Finally, we also confirm the non-monotonic relationship between non-current debt changes and financial deficits with respect to debt capacity. Yet, the slope of coefficient is smaller than that of total debt change case. Indeed, the results are, to some extent, consistent with the prediction of pecking order theory, if we exclude the mid-debt capacity firms. Conclusions - Our empirical results complementary to the analysis of Son and Lee (2015), a recent study focusing on capital structure in Korean retail firms; their paper suggests interesting topics regarding capital structure, information asymmetry, and other firm characteristics in Korean corporations. Contrary to Son and Lee (2015), our results show that total debt changes and current debt changes are inconsistent with the prediction of Shyam-Sunder and Myers (1999). However, similar to Son and Lee (2015), non-current debt changes are consistent with the pecking order prediction, in the case of excluding the mid-level debt capacity firms. This contrast allows us to infer that industry characteristics significantly affect the validity of the pecking order prediction. Further studies are needed to analyze the economics behind this phenomenon, which is beyond the scope of our paper. In addition, the estimation bias potentially matters regarding the firm-level debt capacity calculation. We also reserve this topic for future research.

• 산업경영시스템학회지
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• 제45권1호
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• pp.20-30
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• 2022

In this study, in order to confirm the relationship between technical innovation competence and corporate performance, the effect of technical innovation competence of small and medium-sized manufacturing companies on corporate performance was identified, and entrepreneurship, which plays a role as a driving force in triggering technical innovation competence, was analyzed to determine whether there is a mediating effect between them. To conduct the research, first, the research model was established by examining previous studies on technical innovation competence, entrepreneurship, and corporate performance. Second, an on-line and offline survey was conducted for employees in companies after constructing a questionnaire that can verify the hypothesis suitable for the research model. Third, the hypothesis was verified by performing validity and reliability analysis, correlation analysis, and regression analysis using a statistical program. Results of this study, first, it was found that R&D competence and technology innovation system, which are elements of technical innovation competence, had a significant effect on financial performance, and technology innovation system and technology accumulation capacity, had a significant effect on non-financial performance. Second, it was analyzed that entrepreneurship has a mediating effect in both R&D capability, technological innovation system and technology accumulation capability, which are elements of technical innovation capability, and financial and non-financial performance, elements of corporate performance.

• 벤처창업연구
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• 제9권6호
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• pp.213-230
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• 2014

전 세계적으로 실업과 고용창출이 중요한 이슈로 부각됨에 따라, 고용률을 높이고 경제를 활성화하기 위하여 우리나라를 비롯한 많은 선진국에서는 다양한 창업활성화 정책을 수립 시행하고 있다. 창업활성화에 있어 중요한 요인은 기업가정신이므로, 예비창업자와 기창업자를 대상으로 창업동기, 기업가정신, 창업의지 및 기업성과에 관계를 규명한다면, 기업가정신을 증진시킬 수 있는 대상별 맞춤형 창업정책프로그램을 마련하는데 중요한 시사점을 제공할 수 있을 것이다. 이에 본 연구에서는 창업정책수혜를 받고 있는 예비창업자와 기창업자를 대상으로 창업동기요인을 규명하고, 창업동기요인이 기업가정신과 창업의지(예비창업자) 및 기업성과(기창업자)에 미치는 영향을 분석하였다. 기술통계와 신뢰도분석을 실시하였으며, 타당도 검증을 위해 요인분석을 실시하였고, 상호상관성을 보기위해 상호관계를 분석하였으며, 최종 회귀분석을 통한 검증으로 요인들 간의 영향력을 분석하였다. 예비창업자의 경우, 총 202명을 대상으로 분석하였으며, 그 결과 자기효능감, 인적네트워크, 경제적요인, 정부정책은 기업가정신에 영향을 미치는 것으로 나타났다. 또한, 자기효능감, 창업교육, 경제적요인, 정부정책은 창업의지에 정의 영향을 미치는 것으로 나타났다. 기창업자는 총 212명을 대상으로 분석하였으며, 자기효능감, 인적네트워크, 경제적요인이 기업가정신에 영향을 미치는 것으로 나타났다. 그리고 자기효능감은 재무적성과와 비재무적성과에, 창업교육은 재무적성과와 기술적성과에 인적네트워크는 비재무적성과에, 경제적요인은 재무적성과와 비재무적성과에, 정부정책은 재무적성과와 기술적성과에 각각 정의영향을 미치는 것으로 나타났다.