• Title/Summary/Keyword: Financial market

Search Result 2,026, Processing Time 0.023 seconds

A Marketing Strategy Implementation for Korea Postal Service (마케팅 전략실행을 통한 우정서비스 경쟁력 강화방안)

  • Kim Yong-Shik
    • Management & Information Systems Review
    • /
    • v.3
    • /
    • pp.257-285
    • /
    • 1999
  • Korea Postal Service(KPS) nowadays lies in competitive environment with alternative business such as door-to-door delivery service. Customers began to complain about postal service quality and ask the government to reform a public firm through management innovation. But, Korea Postal Service has not met the break-even point between it's revenue and expenditure because the service is under the government system and cannot independently make major decisions on products, pricing, services, personnel management, financial policies and etc. The objective of this study is to provide marketing planners and practitioners with some guidelines when they establish marketing strategies and to help marketers on theories and practical instructions about postal service marketing when they interact with customers. I. A field survey on both customer satisfaction and internal staff satisfaction was conducted to get some ideas for the marketing strategy planning. II. Practical guidelines and instructions were made for marketers to communicate with customers in various areas such as pricing, product, service demand, marketing channel, promotion, and etc. III. Some suggestions on marketing policies for planners and mangers in the marketing strategy were described including personnel resource as well as physical resource. IV. Special issues on small packet market and direct mail market were discussed and some alternative solutions were proposed. V. Database marketing strategy was emphasized to get new business opportunities such as direct mail, and to provide differential services to customers as much as their contribution into the profitability for KPS. VI. Cyber Post Office should be constructed on Internet to provide new services which are combined with physical material flow and information technologies.

  • PDF

An Study on Project Selection based on Analytic Hierarchy Process (AHP를 이용한 프로젝트 선정에 관한 실증적 연구)

  • Kim, Joo-Wan;Lee, Wook-Gee;Kim, Pan-Soo
    • Journal of the Korea Safety Management & Science
    • /
    • v.9 no.2
    • /
    • pp.195-214
    • /
    • 2007
  • The purpose of this study is to explore the applicability of AHP(Analytic Hierarchy Process) to select more productive projects among various proposed projects in a particular company. To achieve this research objective, the characteristics of project evaluation and selection are first reviewed with respect to when, where, and how the decision is made. Then the theoretical basis of the AHP is briefly reviewed along with its mathematical underpinnings to construct the framework of project evaluation and selection. To be more specific, the evaluation and selection criteria were reorganized in the AHP-based framework to make the process of project evaluation and selection more productive. Project evaluation and selection is one of the most important activities for the most companies to be more advantageous in the market. Despite the importance of decision making process of project selection, not many of how to choose the best project were suggested as the reliable project selection methods in the industries. It may be because it involves various activities related to conflict resolution among different evaluation criteria, high uncertainties of market, and the unclear tradeoff among various project objectives. Furthermore, the decision, once made at this point, tends to be irrevocable until the whole process turns out to be a complete success or failure. As the result, the AHP method showed better financial performance rather than the traditional method in a case study.

Wages and Salaries as a Part of the Labor Market

  • HAFUROVA, O.V.;MELIANKOVA, L.V.;MAKODA, S.L.
    • Journal of Wellbeing Management and Applied Psychology
    • /
    • v.2 no.1
    • /
    • pp.9-19
    • /
    • 2019
  • The uniqueness of labour as a factor of production is that labour services cannot be separated from the employee. However, since the object of sale is only the services of the employee, not an employee himself, the labour conditions, determined by the labour and collective agreements or other agreements concluded at other levels and within the current legislation, are equally important. Speaking as a subject of labour, a person can realize his or her labour potential by the way of self-employment, that means to act as an independent producer seller of their products. Another way of labour potential realization is hiring, that means offering of the services as a hired employee to the employer, who is the subject of ownership. In this case there is an exchange under the principle: qualification and working time of the worker - for wages and profits. Each enterprise is confronted with a set of goals, among them - economic and social leadership. For their achievement the company uses all the available arsenal of resources - material, land, financial, labour. This indicates the equivalence of all types of resources in achieving the goal. But this is not quite true, because every resource can be included in production only through the activity of labour and people. And this activity depends on the attitude of the company to its employees, the degree of their motivation and stimulation.

Relationship Between Stock Price Indices of Abu Dhabi, Jordan, and USA - Evidence from the Panel Threshold Regression Model

  • Ho, Liang-Chun
    • The Journal of Industrial Distribution & Business
    • /
    • v.4 no.2
    • /
    • pp.13-19
    • /
    • 2013
  • Purpose - The paper tested the relationship between the stock markets of the Middle East and the USA with the oil price and US dollar index as threshold variables. Research design, data, and methodology - The stock price indices of the USA, the Middle East (Abu Dhabi, Jordan), WTI spot crude oil price, and US dollar index were daily returns in the research period from May 21, 2001 to August 9, 2012. Following Hansen (1999), the panel threshold regression model was used. Results - With the US dollar index as the threshold variable, a negative relationship existed between the stock price indices of Jordan and the USA but no significant result was found between the stock price indices of Abu Dhabi and the USA. Conclusions - The USA is an economic power today:even if it has a closer relationship with the US stock market, the dynamic US economy can learn about subsequent developments and plan in advance. Conversely, if it has an estranged relationship with the US stock market, thinking in a different direction and different investment strategies will achieve good results.

Do Teams Perform Better than Singles? : Evidence from the Mutual Fund Industry in Korea

  • Kim, Jee-Hyun
    • The Journal of Industrial Distribution & Business
    • /
    • v.9 no.1
    • /
    • pp.9-23
    • /
    • 2018
  • Purpose - The purpose of this paper is to investigate the potential benefits or detriments of team management on fund performance in the mutual fund market. An additional purpose of this study is to examine the optimal number of managers in a fund industry for superior performance. Research design, data, and methodology - This paper investigates the effect of managerial structure on fund performance in the Korean active mutual fund market between 2001 and 2008. For this, we analyze two risk-adjusted performances measures- the capital asset pricing model (CAPM) and the three-factor model of Fama & French (1993). Results - First, we found that single-managed funds exhibited superior performance. Second major finding was that as the number of managers in a fund increases, the fund performance deteriorates. Finally, the results reveal that the sharpest performance drop occurs when team size increases from a 5-person team to a 6-person team. Conclusions - The results suggest that the management structure can be a source of competitive advantage for fund performance. As considering fund performance is the outcome of managers' decision-making, this study contributes to not only the financial literature but also the literature in other areas, such as management and general business.

Robustness of Cash Flow Value: Investment in ASEAN

  • LAU, Wei Theng;MAHAT, Fauziah Binti
    • The Journal of Asian Finance, Economics and Business
    • /
    • v.6 no.2
    • /
    • pp.247-255
    • /
    • 2019
  • This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder's perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

Corporate Social Responsibility and Information Asymmetry in the Korean Market: Implications of Chaebol Affiliates

  • Yoon, Bohyun;Lee, Jeong-Hwan
    • The Journal of Asian Finance, Economics and Business
    • /
    • v.6 no.1
    • /
    • pp.21-31
    • /
    • 2019
  • This paper examines how corporate social responsibility is related to the degree of asymmetric information in the Korean financial market. Recent theory argues that there is a negative relationship between a firm's corporate social responsibility and its information asymmetry. To test this hypothesis, we use the environment, social and governance (ESG) score, published by the Korean Corporate Governance Service, to proxy a firm's management practices toward socially responsible activities. In the entire sample of the Korean firms, we find contrasting results; the ESG score shows negative relationships with the price impact measure but statistically insignificant relationships with the dispersion of analyst forecasts. However, the ESG score shows negative relationships with both measures when we exclude chaebol affiliates from the sample. These findings are robust when we examine environmental, social and corporate governance scores separately. This set of results argues for the extant theory, expecting a negative relationship between a firm's engagement in corporate social responsibility and asymmetric information. It further argues for the importance of firm characteristics in determining the influence of socially responsible activities.

A study on synthetic risk management on market risk of financial assets(focus on VaR model) (시장위험에 대한 금융자산의 종합적 위험관리(VaR모형 중심))

  • 김종권
    • Journal of Korean Society of Industrial and Systems Engineering
    • /
    • v.22 no.49
    • /
    • pp.43-57
    • /
    • 1999
  • The recent trend is that risk management has more and more its importance. Neverthless, Korea's risk management is not developed. Even most banks does gap, duration in ALM for risk management, development and operation of VaR stressed at BIS have elementary level. In the case of Fallon and Pritsker, Marshall, gamma model is superior to delta model and Monte Carlo Simulation is improved at its result, as sample number is increased. And, nonparametric model is superior to parametric model. In the case of Korea's stock portfolio, VaR of Monte Carlo Simulation and Full Variance Covariance Model is less than that of Diagonal Model. The reason is that VaR of Full Variance Covariance Model is more precise than that of Diagonal Model. By the way, in the case of interest rate, result of monte carlo simulation is less than that of delta-gamma analysis on 95% confidence level. But, result of 99% is reversed. Therefore, result of which method is not dominated. It means two fact at forecast on volatility of stock and interest rate portfolio. First, in Delta-gamma method and Monte Carlo Simulation, assumption of distribution affects Value at Risk. Second, Value at Risk depends on test method. And, if option price is included, test results will have difference between the two. Therefore, If interest rate futures and option market is open, Korea's findings is supposed to like results of other advanced countries. And, every banks try to develop its internal model.

  • PDF

The Effects of Economic Uncertainty on Multi-National Companies (MNCs) Investment in Malaysia

  • MARIADAS, Paul Anthony;MURTHY, Uma;SUBRAMANIAM, Muthaloo;SELVANATHAN, Mahiswaran;LUN, Ng Han
    • The Journal of Asian Finance, Economics and Business
    • /
    • v.8 no.5
    • /
    • pp.1-9
    • /
    • 2021
  • The purpose of this study is to examine the effects of economic uncertainty on MNC investment in Malaysia from 2009 to 2019 by employing an ARDL method. The results revealed that Economic Policy Uncertainty (EPU) has a positive association with the capital expenditures of Nestle, British American Tobacco, and Public Bank in the long run. In a similar period, the Gross Domestic Product (GDP) is positively significant with the capital expenditures of British America Tobacco and Heineken. However, inflation is negatively related to the capital expenditures of British America Tobacco and Heineken. Additionally, the exchange rate has a significant and negative relationship with the capital expenditures of Nestle and Petronas, while the ECT value is negative and significant in the short run, hence confirming that co-integration exists. In view of this, it is imperative that the government plays a prerogative role to support MNC operations, as MNCs foster the developing countries' economic development through facilitating full employment. This study sets to enhance the personal knowledge of those with a strong interest in the Malaysian financial market. As long as MNCs believe that the Malaysian market has the potential to grow, they will continue to invest for the benefit of the country.

Working Conditions and Firm Survival (임직원 근로조건과 기업생존)

  • Cho, Seung-Mo
    • Asia-Pacific Journal of Business
    • /
    • v.9 no.4
    • /
    • pp.157-180
    • /
    • 2018
  • This paper empirically analyzes how working conditions of employees and executives affect Korean companies' survival. To this end, a survival analysis based on the accelerated failure time model is conducted from the end of December 2012 to the end of September 2018 on the 2012 year-end financial data for corporations whose common stocks have ever been listed either in the KOSPI market or in the KOSDAQ market with fiscal year ending at the end of December. The analysis shows that the average wage level per employee and the number of executives relative to the number of employees threaten while the average duration of service for female employees prolongs firm survival. Here, the average wage level per employee has turned out to worsen firm survivability regardless of the gender of employees in question while the average duration of service improves firm survivability only in case the employees are female: the average duration of service for male employees or the entire employees has turned out not to have any statistically significant influence on firm survival. The average compensation per executive and the percentage of temporary employees have turned out not to have any statistically significant influence on firm survival while the percentage of female employees has shown statistically significant positive influence on firm survival in some, although not all, models employed in our study. These results are expected to be a good reference in the course of our reaching agreements regarding the improvement of working conditions either between firms and employees or among the members of the entire society.