• 유통과학연구
• /
• 제12권4호
• /
• pp.85-92
• /
• 2014

Purpose - This study conducted empirical research on non-financial corporations listed on the stock exchange from 2001 to 2010, focusing on the effects of corporate governance on real earnings management of corporations. In particular, this study examined primarily the impact of the largest shareholder who could use earnings management to pursue his own self-interest, and foreign investors who played a checking role against the largest shareholders. The study also reviewed the relationship between corporate governance and earnings management while also considering corporate growth. Research design, data, and methodology - As for the measurements of real earnings management, abnormal operating cash flow and abnormal production cost were utilized. As for the independent variables, share ratio of the largest shareholder and affiliate person (M) and share ratio of foreign investors (FT) were leveraged. This study excluded those organizations that had changed their fiscal years, those that had not submitted an audit report, corporations under supervision, delisted corporations, corporations that had changed their business type, and so on, from the non-financial corporations out of the publicly traded corporations whose fiscal year ended in December from 2001 to 2010 in addition, KIS values were utilized for the corporate financial data in the study. To verify whether management structure and growth had an impact on real earnings management of a corporation through empirical analysis, a multiple regression analysis model was applied. Result - First, as a result of the analysis, the share ratio (M) of the largest shareholder and affiliate person was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD). When controlling the growth, the share ratio (M) of the largest shareholder and affiliate person was found to have an insignificant correlation with abnormal cash flow from operations(ACF) but a significant correlation with abnormal production cost (APD). Second, foreign ownership (FT) was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD) at the confidence level of 1 percent when not including the growth dummy. When controlling the growth, foreign ownership (FT) was found to have a significant negative correlation with abnormal cash flow from operations (ACF) and with abnormal production cost (APD). Conclusion - The results imply that the largest shareholder is closely related to earnings management through real activities regardless of corporate growth. It is also possible to determine from these results that foreign investors are related to earnings management through real activities when not considering corporate growth, but that they would reduce earnings management in the case of considering the growth. Thus, this study verified along with the existing studies that foreign investors were conducting the control function on controlling shareholders.

• 한국물환경학회지
• /
• 제27권4호
• /
• pp.499-508
• /
• 2011

We analyzed the variations of water quality with flow regime alterations to determine the characteristics of the stream where the stream management is considerably difficult due to the high variability of the flow rates. In this study, both flow rates and water qualities were monitored at the tributaries, 34 in count, of both Geum River and Sabgyo Lake Basins. The variation of water qualities were divided into 2 types, based on their stream flow rates, known as Type I and Type II. If the water quality of a stream increases during low flow rate periods compared with high flow rate periods, it is classified as Type I; if the water quality of the stream increases during high flow rate periods compared with low flow rate periods, it falls under Type II. The analysis for the variations of water qualities, of all 43 basins, resulted to 24 basins under Type I and Nineteen 19 basins under Type II. The variations of water qualities were analyzed first by using Regression Analysis followed by Statistical Analysis. The average slope of the variations of water qualities and the slope of the standard deviations were 0.00135 and 0.00477, respectively. The Probability Distributions of both Type I and Type II basins were 61.1% and 38.9%, respectively. The basin having a probability distribution of 61.1% and is also known as Type I, increases during periods of low flow rates, due to the presence of point sources. Therefore, the basin should be enforced with stream management. Before the stream management can be implemented in all streams falling under Type II, the sources of contaminants should first be estimated. These contaminants can be classified into two parts, the first is Point source pollution and the second is Non-point source pollution, where the Non-Point source pollution can be sub-divided into two types, with storm runoff and without storm runoff.

• 무역상무연구
• /
• 제35권
• /
• pp.179-219
• /
• 2007

Cross-border supply chains undergone complexity in the global trade process, unpredictability and continually evolving regulations and information requirements. Under these circumstances, longer lead time inhibiting quick response to market demands, unanticipated supply chain costs eroding product cost savings, compliance and documentation errors causing delays and fines are challenging global trade companies when they execute global business. These problems are mainly caused by unautomated, unintegrated process which lead to longer and more unpredictable lead times, slower cash flow, cost overruns, and ultimately lower profits and less satisfied customers. Complex and unpredictable global trade environment requires global trade companies of global trade management functions to automate and control this complex environment for driving out cost, time and risk from their business. Global trade management allows cost savings, supply chain efficiencies and improved compliance through improving global supply chain visibility, facilitating cash flow by supply chain financing, enhancing supply chain security and risk management.

• 품질경영학회지
• /
• 제31권1호
• /
• pp.21-41
• /
• 2003

The purpose of this research is to identify if psychological temptation, site quality and sense of community influence user's flow and addiction and if causalities among flow, addiction, customer satisfaction and customer loyalty are different between Korean and Japanese online games. To perform our research, we use MCSF(Multi-group Confirmatory Factor Analysis) and MSEM(Multi-group Structural Equation Model). The empirical results of SEM(Structural Equation Model) including high-order factor analysis indicate that all of paths in our model are the same for both countries. Therefore, site quality and sense of community have impacts on the flow, while on the other hand, psychological temptation has impacts on the addiction. Customer satisfaction and loyalty are positively related not with the addiction but with the flow. In addition, customer loyalty is significantly influenced by the flow and the customer satisfaction. In Conclusion, the empirical results of MSEM(Multi-group Structural Equation Model) indicate sense of community to flow, flow to loyalty and customer satisfaction to loyalty are different between Korea and Japan. This indicates that companies to penetrate into Japa online game industry should have a concern with Japanese Social and Cultural features and to develop strategies which correspond with Japanese culture.

• 한국수자원학회논문집
• /
• 제37권7호
• /
• pp.517-526
• /
• 2004

농업용수는 국가의 수자원 관리에서 매우 중요한 부분이다. 관개회귀수는 농지에 관개한 수량 중에서 다시 하천으로 회귀되는 양이며 관개회귀수량을 정확하게 추정하는 것은 수자원 개발 계획과 관리에 있어서 매우 중요하다. 본 연구는 낙동강유역 내의 소규모 논지대에 조사지구를 선정하여 2003년도 영농기간 동안 농업용수 공급량과 배수량을 조사 분석하여 회귀율을 산출하고, 이를 향후 수자원계획의 기초자료로 활용하기 위하여 수행하였다. 조사대상 지구인 경북 청도 녹명지구의 관개기간 중 신속회귀율은 30.2%, 지연 회귀율은 23.5%로 전체 회귀율은 53.7%로 나타났다.

• 경영과학
• /
• 제23권2호
• /
• pp.41-57
• /
• 2006

The purposes of this research are to identify causalities among flow and customer loyalty In Chinese online games, and to identify the factors by which flow are influenced. This research tests the model with Chinese on-line game users and compare this result with Korea and Japanese results which were conducted by Lee's research. These implications are thought to be helpful for Korean online game companies to understand the Chinese online game user and to develop the penetration strategies. The results indicated that significant Path coefficients to flow were the convenience of operator, the provision of information, the reality of design. The results indicated that significant path coefficients to customer loyalty were the involvement of virtual community and flow. The involvement of virtual community to flow was not significant but to customer loyalty was significant. The provision of information was negatively influenced on flow. The result of comparison indicated that the path coefficients were different among nations. Korea online game companies need to develop the indigenized online game and to Provide the information to their Chinese partner correctly and quickly.

• 한국통신학회논문지
• /
• 제23권8호
• /
• pp.2096-2105
• /
• 1998

ATM 망에서는 어느 한 순간에 다수의 연결에서 동시에 발생하는 버스트가 일어날 수 있으며, 이는 혼잡을 야기 할 수 있다. 따라서, 사용자의 QoS를 보장하기 위해서는 반작용적인(Reactive) 흐름 제어 기법들이 필요하다. 그러나, ATM망은 고속통신망이기 때문에 중간노드에서의 혼잡에 대해서 반작용적으로 소스의 전송률을 제어하기란 쉽지 않다. 그러므로, CPN(Customer Premise Network)에서의 흐름 제어가 종단-대-종단 흐름 제어보다 더 효율적일 수 있다. 본 논문에서는 CPN에서의 흐름 제어를 위한 관리 모델을 제시하고 가상 경로 연결(VPC)을 효율적으로 이용하기 위한 새로운 망 엑세스 흐름/혼잡 제어(NAPC: Network Access Flow/Congestion Control) 기법을 제안한다.

• The Journal of Asian Finance, Economics and Business
• /
• 제6권2호
• /
• 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.

• 한국물환경학회지
• /
• 제33권4호
• /
• pp.394-402
• /
• 2017

In korea, TMDL is being implemented to manage nonpoint pollution sources as well as point pollution sources. LDC is being used for the planning of TMDL. In order to analyze the water quality using LDC, it is necessary to prepare FDC using the daily flow data. However, only the daily flow data is measured at the WAMIS branch, and 8days flow data and water quality data are measured at the monitoring Networks. So, in many researches, the water quality is being grasped by deriving the LDC using the 8days flow or the daily flow obtained by various methods. These fluctuations may lead to differences in determining whether the target load is achieved. In this study, each LDC was prepared using the 8day flow and the related daily flow. Then, the effect using different flow data on the achievement of target load was compared according to flow conditions. As a result, the difference ratio in the number of overloads under flow condition was showed 19% in high flows, 42% in moist conditions, 49% in mid-range flows, 41% in dry conditions, and 104% in low flows. In the top ten watershed with the highest difference ratio, the flow became lower the difference ration increases. These differences can cause uncertainty in assessing the achievement of target load using LDC. Therefore, in order to evaluate the water quality accurately and reliably using LDC, accurate daily flow data and water quality data should be secured through the installation of national nonpoint measurement network.

• 자원환경지질
• /
• 제41권2호
• /
• pp.253-265
• /
• 2008

지속가능한 자원관리모형(SRM)구축은 탈물질화 및 환경과 경제의 디커플링을 이루기 위한 핵심적 요소로 여겨지고 있다. 본 연구에서는 세계 각국의 지속가능한 자원관리 정책 및 연구방향을 살펴보고, decoupling factor를 이용하여 국내제조업의 경제활동과 에너지소비간의 디커플링현상을 살펴보았다. 마지막으로 이를 바탕으로 국내 실정에 맞는 SRM모형구축과 전략을 제시하였다. 자원관리 시스템은 수요전망, 물질흐름분석과 가치사슬분석, 시장구조분석 등의 분석과 조사 등을 바탕으로 구축된다. 이러한 분석들을 통해 환경적 문제 해결, 재활용시장관리방안 및 시장의 구조적 문제점 도출, 필요 재활용기술 도출, 1차자원과 2차자원의 최적 공급비율 등의 Hot-spot 도출 및 해결방안모색이 가능하다. 또한 지속가능한 자원 관리시스템과 국가단위, 권역단위의 물질흐름분석을 유기적으로 연계하고, 효과적인 이의 운영을 위해서는 국가차원의 법제화와 뒷받침이 이뤄져야 할 것이다.