• The Journal of Economics, Marketing and Management
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• v.5 no.1
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• pp.1-20
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• 2017

An increasing number of researchers are finding that 'poor' CG is a leading factor in dismal performance, manipulated financial reports, and unhappy stakeholders. Undoubtedly, qualified, trained and mature Chartered Forensic Accountants (CFA's) can prove to be a valuable asset to the corporate sector, and gradually help to improve their CG system. The fundamental objective of this study is to find out "how can we integrate the expertise of the FA to improve the overall CG scenario prevalent in India?" This is a preliminary investigation of the necessary skills, educational and training requirements for CFA's to improve CG system. During 2011-12, a questionnaire-based survey was conducted in the NCR of India using a sample size of 120 practicing chartered accountants, accounting academics, and potential users of FA services. Results indicate that potential practitioners, academics and users agree that "critical thinking, written & oral communication, legal knowledge, auditing skills, deductive analysis, investigative flexibility, analytical proficiency and unstructured problem-solving are the most important skills required for the CFAs." Moreover, we found that all of the skills investigated in this study are 'potentially' important for the CFAs, which the educators at the Universities should use as an overall guide while designing their FA curriculum."

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.

• 한국노년학
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• v.39 no.2
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• pp.213-229
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• 2019

The purpose of this study was to examine various factors influencing the needs of Seoul's newly implemented outreach community services for older adults, and to suggest the direction of the outreach community health services in Seoul. A multi-level regression was conducted using data collected by face-to-face interviews from 1,000 individuals aged 65 and 70 in 17 districts, where participated in the Seoul's outreach community services. The results demonstrated that socioeconomic status (higher income and living alone), health status (having multiple chronic conditions and depression, lower health literacy), limited experience of the outreach community services, and low government trust at the individual level were associated with higher unmet need for the community outreach services. In addition, shorter participation period of the outreach services and financial independency at the district level were associated with higher unmet need for the services. The findings from this study implies the need for improving the quality of services by focusing on vulnerable groups such as individuals with lower income and worse health status. In addition, the outreach community health services may need to target individuals aged 66 to increasing efficiency of the services through utilizing results of life-cycle health checkup by the National Health Insurance Corporation.

• Journal of Digital Convergence
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• v.13 no.10
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• pp.405-413
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• 2015

The purpose of this study is to measure the level of competition in the degree of Regional Public Hospital that can provide a basis for establishing an effective management strategy and analysis of the financial performance. Investigation period of the Regional Public Hospital HHI(Herfindahl-Hirschman Index) over three years from 2010, which was unknown until 2012, index and management performance evaluation criteria, a total of 31 were selected as Regional Public Hospital surveyed. In the conclusions, it showed that the most concentrated market with high financial performance, a significant correlation between the degree of local competition and financial indicators showed. The Regional Public Hospital for trends according to the degree of competitive local medical market and therefore is required to establish policies and practices to ensure competitiveness and public interest in the region. The Regional Public Hospital in order to preempt the lead for the competitiveness of other institutions will be considered in the strategy, such as improving medical services and capital investment.

• Journal of Digital Convergence
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• v.13 no.4
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• pp.175-189
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• 2015

As issues of Fintech(Financial technology) emerge, research on electronic banking is growing and garnering much attention in the market. This study analyzed 184 studies on e-banking over 15 years, from 2000 to 2014. Using meta-analysis, the paper draws attentions to the trends in domestic electronic banking studies. Interest peaked in 2008, when 28 papers were published and 35 theses in Information Security and Cryptology were announced. This research focus emphasizes the impact of e-banking services, technology and infrastructure, and laws and regulations on society. Electronic payment systems are a focal point of research on technology and infrastructure. Research on the e-finance market have influenced studies on the financial progress and other social issues. Benefits of this research include a better understanding of the trends in electronic banking studies and its influence on related fields, as well as help electronic banking-related policies and technology research.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.32 no.1D
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• pp.23-31
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• 2012

Busan Metropolitan City government has been implementing the local Bus Quasi-Public Operating policy since 2007. As a result of the policy, financial burden to cover financial deficit has become a big social issue. For successful settlement of the policy, the government should be able to gradually cut off the financial support for the deficit by continuously increasing the bus demand, which can be accomplished by providing more convenient bus services. The weather conditions that affect the public transportation demand include rain, fog and snow. They affect the mode choice for public transportation use, which in turn results in decrease in bus demand. In short, the adverse weather conditions result in significant profit loss of bus transportation, and consequently it financially burdens the City of Busan. In this research, the pattern of travelers' use of transportation modes given various weather conditions was analyzed. In addition, the reasons why people transfer from one to other transportation modes were analyzed by conducting a field survey, and policy implications on desirable public transportation facilities and transfer system were discussed.

• Journal of Society of Preventive Korean Medicine
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• v.24 no.2
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• pp.31-41
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• 2020

Background : The introduction of policies expanding the coverage of uninsured Korean Medicine (KM) services have requires an understanding of the following components of the service : current financial expenses, degree of financial burden on the patient, and financial effect of the coverage expansion. Objectives : This study aims to determine the annual trend of outpatients' characteristics and the category of out-of-pocket spending in KM. Methods : This study uses data from the Korea Health Panel to analyze use of KM in the Korean population. Using the user characteristics and behavior drawn from the Korea Health Panel data, out-of-pocket spending trends of KM were analyzed by year. The diagnosis and prescription of out-of-pocket spending were also analyzed. Results : The proportion of patients receiving uninsured medical treatment and the number of uninsured medical treatment in outpatient clinics have increased. However, the average out-of-pocket spending per person and out-of-pocket spending per visit are consistent or have decreased. Meaningful trends are the increase of R00-R99 (unclassified symptoms) and the decrease of K00-K93 (digestive system disease) and J00-J99 (respiratory system disease). Conclusions : Expansion of KM medical service and insurance is influenced by uninsured medical treatment of KM. Hence, research to increase medical treatment categories for out-of-pocket spending or explore diseases where KM diagnosis has been proven effective should be further developed.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.30 no.4
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• pp.631-646
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• 2020

The government is pursuing a policy to remove plug-ins for public and private websites to create a convenient Internet environment for users. In general, financial institution websites that provide financial services, such as banks and credit card companies, operate fraud detection system(FDS) to enhance the stability of electronic financial transactions. At this time, the installation software is used to collect and analyze the user's information. Therefore, there is a need for an alternative technology and policy that can collect user's information without installing software according to the no-plug-in policy. This paper introduces the device fingerprinting that can be used in the standard web environment and suggests a guideline to select from various techniques. We also propose a user authentication model using device fingerprints based on machine learning. In addition, we actually collected device fingerprints from Chrome and Explorer users to create a machine learning algorithm based Multi-class authentication model. As a result, the Chrome-based Authentication model showed about 85%~89% perfotmance, the Explorer-based Authentication model showed about 93%~97% performance.

• Journal of Convergence Society for SMB
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• v.5 no.3
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• pp.1-7
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• 2015

Recently, finance technology related to Fin-Tech has emerged while national and international financial incidents have increased. Security technologies that are currently operated in the financial institutions, have been reported to be vulnerable to security attacks. In this paper, we propose a method of response and plan of security incident using Fin-Tech technology in the divers authentication methods and the usage of biometrics. Proposed method provides a convenient banking services to the users by integrating IT technology, such as personal asset management, crowdfunding to finance technology. Also, the proposed method may provide the security with ease by applying the security technologies such as PCI-DSS, tokenization technique, FDS, the block chain. Proposed method analyzes a number of security cases in relation to the Fin-Tech, financial technologies, for a response.

• Journal of Preventive Medicine and Public Health
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• v.50 no.2
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• pp.91-99
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• 2017

Objectives: As in many low-income and middle-income countries, out-of-pocket (OOP) payments by patients or their families are a key healthcare financing mechanism in Bangladesh that leads to economic burdens for households. The objective of this study was to identify whether and to what extent socioeconomic, demographic, and behavioral factors of the population had an impact on OOP expenditures in Bangladesh. Methods: A total of 12 400 patients who had paid to receive any type of healthcare services within the previous 30 days were analyzed from the Bangladesh Household Income and Expenditure Survey data, 2010. We employed regression analysis for identify factors influencing OOP health expenditures using the ordinary least square method. Results: The mean total OOP healthcare expenditures was US dollar (USD) 27.66; while, the cost of medicines (USD 16.98) was the highest cost driver (61% of total OOP healthcare expenditure). In addition, this study identified age, sex, marital status, place of residence, and family wealth as significant factors associated with higher OOP healthcare expenditures. In contrary, unemployment and not receiving financial social benefits were inversely associated with OOP expenditures. Conclusions: The findings of this study can help decision-makers by clarifying the determinants of OOP, discussing the mechanisms driving these determinants, and there by underscoring the need to develop policy options for building stronger financial protection mechanisms. The government should consider devoting more resources to providing free or subsidized care. In parallel with government action, the development of other prudential and sustainable risk-pooling mechanisms may help attract enthusiastic subscribers to community-based health insurance schemes.