• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.45-52
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• 2021

The capital structure is one of the hot financial topics among researchers and scholars. Its importance comes from the fact that capital structure is closely related to companies' ability to meet different stakeholders' needs. A suitable capital structure will boost the business and create a competitive advantage in the context of fierce competition. Many companies choose an optimal debt level based on the trade-off between interest and debt costs. This study aimed to test the existence of trade-off theory in capital structure, the case of Vietnam's real estate companies, which are growing very fast recently. Instead of considering constant optimal leverage to test the trade-off model, we take advantage of the dynamic capital structure determined by growth opportunities, profitability, tax incentives, tangibility, liquidity, and firm size. The dynamic panel data regression was estimated by the system Generalized Method of Moment (Sys-GMM). The empirical evidence showed that real estate companies listed in the Vietnamese stock market might change their leverage toward a target capital structure determined by influential factors in a long-term perspective. In particular, the debt-to-asset ratio will change by approximately 14 percent, positively, in response to the difference between the current debt-to-asset ratio and the dynamic target debt-to-asset ratio.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.469-477
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• 2021

In this paper, the relationship between the profitability level of an enterprise and the credit policy adopted by an enterprise was measured. A sample of industrial firms listed on the stock exchanges of Iraq, Jordan, and Kuwait was analyzed. Five industrial firms were randomly selected from each exchange with a condition of having at least 5 year-activity. The total sample size was 15 industrial firms. The study financial data was imported from the sample firms' websites. The financial data was for the financial year 2017. The Regression Analysis was adopted to measure the impact of trade credit on the profitability of an enterprise using the SPSS software. It was found that the receivable accounts have a proportional relationship with the turnover property rights rate. Similarly, the statistical results showed that the turnover property rights rate increased with an increase in the turnover receivable accounts rate and the percentage of investment in receivable accounts. The influence of trade credit on the enterprise profitability percentage in the Iraq stock exchange, Amman stock exchange, and Boursa Kuwait were 0.938, 0.200, and 0.089, respectively. The results showed that the three secondary assumptions were incorrect, while the zeroth assumption, i.e., trade credit has no influence on profitability, was correct.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.239-250
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• 2022

This study examined the level of capital structure and its determinants of publicly traded companies in Malaysia before and after the COVID-19 pandemic. The data for this study was examined using Python Programming Language and time-series financial data from 2,784 quarterly observations in 2019 and 2020. The maximum debt is larger before the COVID-19 period, according to the findings. During the COVID-19 period, short-term debts and total debts have both decreased slightly. However, long-term debts have increased marginally. As a result, this research demonstrates that the capital structure has changed slightly during the COVID-19 period. The findings imply that independent of the capital structure proxies, tangibility, liquidity, and business size had an impact on capital structure in both periods. It was found that profitability had a significant impact on total debts both before and after the COVID-19 crisis. While higher-profit enterprises appear to have lesser short-term debts before the COVID-19 periods, they are also more likely to have lower long-term debts during the COVID-19 periods. Even though growing companies tend to have higher short-term debts and thus total debts during those periods, longterm debts are unaffected by potential growth.

• Korea Trade Review
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• v.47 no.5
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• pp.241-251
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• 2022

As a 4th industrial revolution technology, robots are changing the form of labor market and trade in Korea. In the future, changes in the international trade order are expected to move in the direction of shortening global supply chains and restricting trade between countries. Accordingly, reshoring of relocating overseas production facilities to Korea or near-shoring of relocating overseas production facilities to neighboring allies may expand. In this context, this study analyzed the impact of robot introduction on the domestic labor market and trade based on firm-level data. As a result of analysis based on the 'business activity data' accumulated from 2017 to 2019, the introduction of robot technology was analyzed to expand low-wage, low-skilled employment. Analysis on trade shows that the introduction of robots decreases exports and increases imports. In order to expand exports through the technology of the 4th industrial revolution, employment expansion and robot introduction should occur at the same time, rather than replacing the labor force with robots. In addition, it is thought that reshoring's goal of risk management can be achieved when a stable supply chain for imports of raw materials or essential goods, which are difficult to transfer to Korea, is established together.

• Journal of Korea Port Economic Association
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• v.40 no.2
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• pp.65-78
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• 2024

This study investigates the correlation between financial constraints and investment activities in Korean logistics firms. A sample of 340 companies engaged in the transportation sector, as per the 2021 KSIC, was selected for analysis. Financial data obtained from the DART were used to compile a panel dataset spanning from 1996 to 2021, totaling 6,155 observations. The research model was validated, and tests for heteroscedasticity and autocorrelation in the error terms were conducted considering the panel data structure. The relationship between investment activities in the previous period and current investment activities was analyzed using panel Generalized Method of Moments(GMM). The validation results of the research indicate that Korean logistics firms tend to increase investment activities as their level of financial constraints improves. Specifically, a positive relationship between the level of financial constraints and investment activities was consistently observed across all models. These findings suggest that investment decision-making varies based on the financial constraints faced by companies, aligning with previous research indicating that investment activities of constrained firms are subdued. Moreover, while the results from the model examining whether investment activities in the previous period affect current investment activities indicated an influence of investment activities from the previous period on current investment activities, the investment activities from two periods ago did not show a significant relationship with current investment activities. Among the control variables, firm size and cash flow variables exhibited positive relationships, while debt size and asset diversification variables showed negative relationships. Thus, larger firm size and smoother cash flows were associated with more proactive investment activities, while high debt levels and extensive asset diversification appeared to constrain investment activities in logistics companies. These results interpret that under financial constraints, internal funding sources such as cash flows exhibit positive relationships, whereas external capital sources such as debt demonstrate negative relationships, consistent with empirical findings from previous research.

• Journal of Korea Technology Innovation Society
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• v.14 no.2
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• pp.223-245
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• 2011

We have analysed the impact of innovation on the employment in the Korean Service sector using KIS 2006 data. Our study is based on Bogliacino and Pianta (2010)'s model, which involves two main innovation strategies, technological competitiveness and cost competitiveness, as the main explanatory innovation variables for the employment dynamics. Empirical results show that an increase in demand was the strongest driver for an increase in employment in all four service sectors, including Science-based, specialized supplier, size and information intensive, and supplier dominated. Innovation strategy appeared to have a significant effect on employment at the firm level; Technological competitiveness showed a positive effect on employment in science based sector while cost competitiveness appeared to give a negative effect in specialized supplier sector. The firms in size and information intensive sector showed that increase in wages gives negative impact on their employment. However, cost competitiveness did not give any significant effect on employment dynamics of firms in size and information intensive sector and supplier dominated sector. This finding is different from the research of Bogliacino and Pianta (2010) on the European countries. One possible explanation would be that innovation strategy does not affect employment of firms in size and information intensive sector and supplier dominated sector since the level of innovativeness of these sectors in Korea fall behind that of European countries.

• Korean Journal of Social Welfare
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• v.50
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• pp.157-172
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• 2002

Most of existing studies about employment of people with disabilities have regarded the disabled groups as only one group which has different characteristics respectively. In fact, each of the disabled groups have several peculiarities of their own. So government or policy makers must regard the disabled group as different groups which have their own characteristics(example : education level, house income, wage, working hours, satisfaction level for their job, disability type and degree, service year in a firm, etc) for promoting employment of the disabled effectively and keeping their job continuously. In this study, we examine and verify the existence of segmentations in Korea labor market of the disabled according to their different education level & sex by using MDFA(Multiple Discriminant Function Analysis technique) and seek solutions for easing those segmentations.

• (The) Korean Journal of Advertising
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• v.27 no.4
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• pp.71-90
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• 2016

Managers of firms often wonder whether advertising expenditure is a mere expense or an investment with foreseeable future returns. When top management makes a decision on the level of advertising expense, it must consider whether an increase in advertising spending will positively affect brand loyalty and the increased brand loyalty will positively affect profitability and firm value. We investigate the industry-specific effects of advertising spending on marketing and the effect of loyalty on financial performances using top companies in Korea, specifically, 184 firms' data from year 1998 to 2014. The empirical results of a fixed effect model indicate that the effects of advertising on customer satisfaction index and loyalty on the firms' financial performance are positive. In service industry, unlike manufacturing industry, advertising has a significantly positive effect Brand Loyalty. In addition, Brand Loyalty had positive impacts on ROA and ROE as profitability index, and Tobin's q, a market-value index. The research results suggest that advertising in service industry should be considered as customer satisfaction investment and the increased Brand Loyalty as a profit for present and a business investment for the future respectively.

• Journal of Industrial Convergence
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• v.20 no.7
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• pp.31-36
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• 2022

There is a growing perception that HR management that streamlines corporate resources is necessary to retain competitive advantage. In this study, data-based HR management is focused on the perception of HR job experts and data-based HR management execution and utilization prospects at corporate sites. The subjects of the study were three HR planning/management job experts of three firms specializing in IT services in Pangyo, and focused on identifying data-based HR management execution, measurement, analysis tools, and utilization level. As a research method, open coding, axis coding, selective coding procedure based on evidence theory was presented. As a result of in-depth interviews, corporate HR management measurement indicators were divided into three areas: employee, productivity, and culture. Through this study, it was possible to find the significance of perception of the company site as to what measurement tools and mechanisms the company implemented and measured the effectiveness and efficiency of HR management.

• Korean Journal of Construction Engineering and Management
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• v.14 no.3
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• pp.78-87
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• 2013

The modern society has been drastically changed from the industrial economic society to the knowledge based society, to catch up with the knowledge and the change of technology required for the modern people, the people can not live in the modern society without the continued study or education. In case of architectural design firm, it is concentrating on the productivity of enterprise by cultivating the working level through the self education focused on the improvement of inner capacity. In connection with this, the efficiency of enterprises are analyzed by carrying out the Data Envelopment Analysis(DEA) utilizing the financial ratio index in the various field of industries recently, the analysis study for the efficiency utilizing DEA is increased in the construction industries as well. However, in case of construction industries, the study focused on the efficiency of administration only has been progressed, it is the real situation that the approach for the analysis of education efficiency of each enterprise is very insufficient. Therefore, this study analyzed the education efficiency of architectural design firm after the selection of input and output variables by utilizing the DEA model and utilizing the AHP analysis technique by deducting the variables through the preceding study in relation to the education efficiency and the interview with the specialists.