• International Journal of Contents
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• v.9 no.2
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• pp.27-37
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• 2013

From the perspective of the domestic capital markets, there have been few researches on the financial characteristics of the firms belonging to the KOSDAQ(Korea Securities Dealers Automated Quotation) market, in comparison with those of the firms in the KOSPI. This study has performed three hypothesis tests to obtain the following results: By employing the 'panel data' analysis, it was found that, for the book-value based leverage, all of the six proposed IDVs were statistically significant as the financial determinants of leverage, across the two proxies measuring profitability (i.e., PFT and ROE), while all of the IDVs except VOLATILITY, also seemed to be the attributes to explain the market based dependent variable in the model with the PFT. Moreover, there may be statistically significant (structural) changes (or quasi-experiment) ) between the pre- and post-U.S. financial crisis in the year of 2008, when measured the leverage with the market-value basis with utilizing the Chow F-test. Finally, based upon the logistic regression results, the probability for a firm to be classified into the Prime section in the KOSDAQ market, may be higher, as its profit margin and asset turnover increase.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.73-84
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• 2020

Existing studies disagree over the core predictors of firm-level financial choices in developing countries. The general practice only validates the traditional capital structure model, which leads to inconsistency and a lack of novelty. This study removed overfitting issues among existing factors and presented the most reliable and advanced capital structure model in Pakistani firms. The panel data include 368 Pakistani companies from 19 non-financial sectors over the period 2004 to 2017. We apply Akaike and Bayesian Information Criteria to remove overfitting issues among inconsistent proxies in the capital structure model. The fixed effects regression is used for basic results and the Generalized Method of Moments is applied to control the endogeneity. Besides the conventional proxies, we report that credit rating, distance from bankruptcy, managerial concentration, and institutional quality are the most advanced capital structure determinants in Pakistan. These predictors remain significant across firm size and growth levels. Also, the findings confirm that new predictors are reliable to define capital structure dynamics and improve the speed of adjustment in overall and sub-sample analysis. The major findings suggest that managers and policymakers should consider these advanced predictors to design their financial settings in firms.

• The Journal of Economics, Marketing and Management
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• v.11 no.3
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• pp.81-92
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• 2023

Purpose: The purpose of this study is to identify the determinants of store occupancy based on the rental characteristics of small and medium-sized enterprises (SMEs) renting buildings across the country, and to analyze the satisfaction level after opening. Research design, data and methodology: The study conducted an empirical survey through questionnaires targeting individual business owners, corporate representatives, and executives and employees nationwide, including Seoul, Gyeonggi, and other metropolitan areas and provincial cities. Results: In this study, the most important factor that SMEs consider when deciding whether to rent a commercial building or office is financial characteristics, followed by management characteristics, location characteristics, building characteristics, and facility characteristics. In addition, management characteristics were found to have the greatest impact on rental satisfaction of SMEs, followed by financial characteristics, building characteristics, and location characteristics in order. Conclusions: Since the lessor cannot immediately improve the location characteristics or building characteristics, in order to increase the rental satisfaction of small and medium-sized businesses in a relatively short period of time, it is necessary to improve managerial characteristics such as prompt civil complaint handling and clean management of the building. In addition, it is analyzed that if the factors that can reduce the burden on the tenants are found in advance and reflected in the financial characteristics, the satisfaction of the tenants can be increased.

• Journal of Distribution Science
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• v.21 no.1
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• pp.53-63
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• 2023

Purpose: Big Data analytics (BDA) has been recognized to improve firm performance because it can efficiently manage and process large-scale, wide variety, and complex data structures. This study examines the determinants of Big Data analytics adoption toward marketing and financial performance of global logistic companies in Thailand. The research framework is adopted from the technology-organization-environment (TOE) model, including technological factors (relative advantages), organizational factors (technological infrastructure and absorptive capability), environmental factors (industry competition and government support), Big Data analytics adoption, marketing performance, and financial performance. Research design, data, and methodology: A quantitative method is applied by distributing the survey to 450 employees at the manager's level and above. The sampling methods include judgmental, stratified random, and convenience sampling. The data were analyzed by Confirmatory Factor Analysis (CFA) and Structural Equation Model (SEM). Results: The results showed that all factors significantly influence Big Data analytics adoption, except technological infrastructure. In addition, Big Data analytics adoption significantly influences marketing and financial performance. Conversely, marketing performance has no significant influence on financial performance. Conclusions: The findings of this study can contribute to the strategic improvement of firm performance through Big Data analytics adoption in the logistics, distribution, and supply chain industries.

• Journal of Korea Technology Innovation Society
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• v.6 no.3
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• pp.279-297
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• 2003

The purpose of this paper is to analyze the determinants of company R＆D investment with zero observations by using the data of R＆D Scoreboard published by Ministry of Science and Technology(2002). Conventional parametric approach to dealing with zero investments is not robust to heteroscedastic and/or non-normal error structure. Thus, this study applies symmetrically trimmed least squares(STLS) estimation as a semi-parametric approach to dealing with zero R&D investments. The result of specification test indicates the semi-parametric approach outperforms the parametric approach significantly. Moreover, the results of the study provide various implications as summarized below. The R&D investment of IT company is larger than that of non-IT company. The R&D investment has a positive relation to foreigners' investment ratio. The higher degree of financial self-reliance is, the larger the R&D investment is. Firm size variables such as sales amount and the number of workers are positively related to R&D investment. The sales elasticity of R&D investment is larger than one. However, the workers elasticity of R&D investment is smaller than one.

• Journal of Environmental Policy
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• v.12 no.2
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• pp.33-57
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• 2013

This paper test the relationship among determinants of environmental investments, level of environmental investments, eco-efficiency (carbon productivity). The results show that profitability, leverage and R&D costs have a negative impact on environmental investments, and controlling ownership have a positive impact on environmental investments as well as environmental protection costs. The analysis also show that firms increasing environmental investments are able to gain superior environmental performance ($CO_2$ emission), but are negatively relationship with financial performance. Finally, the findings prove that differences exist in the relationship between determinants and effect of environmental investments when grouped by industry characteristics.

• Health Policy and Management
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• v.11 no.2
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• pp.29-57
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• 2001

Since the inauguration of the medical insurance system in 1977, the increasing medical expenses which can be menace to tile finance of the medical insurance system, have become major concern in the medical insurance field In Korea. This study focuses on the determinants of the medical expenses in the health insurance in Korea and analyzes the impact of these factors on the increase in the medical expenses. The empirical work is done using the pooled cross-section and time-series data of the medical insurance for the self-employeds and the industrial workers from the year 1995 to 1997. The result of this study shows that the main determinants of the medical expenses in the health insurance are the ratio of the population of the aged to the total population, the frequency of the utilization, number of doctors per capita and the regime changes. Although the increasing trend in the medical expenses seems to be unavoidable, we probably need to add some efficiency to the medical expenses by suppressing the supply and the utilization of the unnecessary medical services. The fee-for-service reimbursement system of today can't suppress the supply of the unnecessary medical services effectively. So we need to convert the present fee-for-service system into DRG's which is known to reduce the medical costs. The increase in the medical expenses comes from a lot of factors. Therefore, we should develop more systematic and comprehensive measures to control the soaring medical expenses in consideration of the various factors such as demand, supply, and the organizational side of the medical system.

• Proceedings of the Korea Society for Industrial Systems Conference
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• 2003.11a
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• pp.251-275
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• 2003

Given the importance of adoption of the IOS (Interorganizational System) and the “much-slower-than-anticipated” growth of IOS adoption, especially in small- and midium firms, this study aimed to identify the key determinants of small- and midium-sized firms' ISO usage. Based on prior research on IT/EDI adoption in various organizations, the model that incorporates 9 factors that are hypothesized to have influence on the ISO usage decision was developed and empirically tested against data collected from 114 small- and midium-seized firms' top management. The results show that perceived financial costs are found to be major impediments to usage intention, and perceptions of relative advantage, compatibility, risk are also important determinants of ISO usage intention in small- and midium-sized firms. Implications of these findings are duscussed for researchers and practitioners.

• Korean Journal of Construction Engineering and Management
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• v.21 no.5
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• pp.29-37
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• 2020

This study analyzed the importance of factors according to the investor's perspective through a survey of residential real estate experts using AHP and fuzzy theory. Analysis results showed that rent, profitability, traffic accessibility, commercial and infrastructure, and financial regulation are important in common. By expert group, financial and credit groups cited profitability, rent, traffic accessibility, supply and tax benefits, construction and development groups cited traffic accessibility, rent, direct access, profitability, commercial area and infrastructure, and appraisal and evaluation groups cited rent, profitability, transportation accessibility, financial regulation and supply as the most important factors. This showed that it had a preference characteristic that was associated with work. In other words, it focuses most on the financial perspective in investment characteristics, and it values convenience such as accessibility to transportation and commercial districts and infrastructure as its location characteristics. In addition, it was found that easing financial regulations in the market is important to expand investment in real estate. This study aims to help the business feasibility analysis of residential property developers and rational decision-making of general investors who are consumers, taking into account the various perspectives of the expert group.

• The Journal of the Convergence on Culture Technology
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• v.5 no.4
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• pp.277-282
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• 2019

This study analyzed the determinants of the financial Soundness of savings banks. In particular, empirical analysis was carried out on how the loan deposit ratio correlates with financial soundness after restructuring. As the restructuring of savings banks was finalized in 2014, asset management changed and it is time to analyze the financial characteristics of savings banks. In summary, the relationship between the savings bank lending rate and the NPL ratio is estimated to have a negative value at the 1% significance level. In other words, the higher the mortgage rate, the lower the substandard and below ratio. It can be said that it is not easy for a savings bank to build an aggressive loan portfolio. In other words, the more difficult it is to finance loans through savings deposits, the more likely the risk aversion tends to be. The higher the corporate loan ratio, average interest expense, and economic growth rate, the higher the risk index. The larger the asset size and the higher the loan growth rate, the lower the risk index. Increasing the mortgage rate may reduce risk-seeking behavior, but it does not mean that it is unconditionally positive for savings banks. Therefore, the loan deposit rate regulation should reduce the incentives for excessive asset expansion and manage preemptive soundness through lending portfolio management.