• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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• pp.297-302
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• 2022

The current study examines the relationship between inventory management efficiency and financial performance in Saudi Arabian companies. The study collected data from the companies listed on Tadawul (a Saudi Arabian stock exchange) during the period starting from 2016 and ending in 2020. The study uses pooled regression model by incorporating Return on Assets (ROA) and Inventory Turnover Ratio (ITR) as a performance measurement variable and inventory conversion period as an inventory management variable to report the results. The results show a positive and significant association between inventory management and firms' financial growth measured in terms of Return on Assets (ROA). Further, the study reports a positive and significant association between the inventory conversion period and inventory turnover (ITR). This shows that managing inventory efficiently shall positively impact the firm's performance. The other variables, such as debt ratio and gross profit, are positively related to ROA and negatively correlated with ITR. The firm growth is positively associated with both the dependent variables. The results suggest that the management of inventory in Saudi Arabian firms is efficient. Further, the firm size is positively associated with ROA and ITR. This shows a nexus between inventory management efficiency and firms' financial growth in Saudi Arabian companies.

• 융합경영연구
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• 제3권4호
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• pp.13-20
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• 2015

This study examined the relationship between working capital management and performance of listed companies Stock Exchange in Tehran. A total of 40 companies from the cement industry for the period 2007 to 2010 of which only 25 were selected for this study had the condition. In order to achieve the objectives, this study surveys the exploration of correlation regression analysis and used the curve obtained, the regression equation. To test the hypothesis, quantitative analysis was used as a method. The results showed a negative relationship between the variables of working capital management and the company's performance and the only variable cash conversion cycle did not show a significant relationship. There is often a negative correlation between the variables studied. This study is based on five assumptions impact of working capital management on corporate profitability is examined. Therefore, the results suggest that the variables in working capital (average collection of receivables, average inventory turnover period, the average net debt and average transaction cycle) and net operating profit is significant negative correlation Net cash conversion cycle and only illustrates the relationship is not significant. Thus, it showed that in debt collection and debt payment period, the turnover of inventory and net trade cycle to reduce the profitability of companies will increase.

• 동의신경정신과학회지
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• 제23권4호
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• pp.229-242
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• 2012

Objectives : This case report presents a 68-year-old female patient. Her chief complaint was fatigue and depressed mood. During the therapeutic period, she experienced a sudden onset of unconsciousness. After two days, she became alert. We diagnosed her with conversion disorder. Methods : We treated her with Korean traditional herbal medicine (Chungsimyeonja-eum, Soum-In Bojungyikgi-tang, Hyeongbangjiwhang-tang) and oriental psychotherapy for 21 days. The effects of treatment were measured by Beck Depression Inventory (BDI), Zung Depression Rating Scale (SDS), and State-Trait Anxiety Inventory (STAI-X-1). Results : After treatment, the chief complaint and accompanying symptoms have been subsided and improved. Further, BDI, SDS, STAI-X-1 score were decreased. Conclusions : In this case, we recognized that Korean traditional herbal medicine and oriental psychotherapy could be effective for clinical symptoms of conversion disorder.

• 한국항해항만학회지
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• 제39권3호
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• pp.261-266
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• 2015

기업의 운전자본관리는 단기재무전략관리 차원에서 접근이 가능하며, 이는 기업의 유동성 및 수익성 등에 영향관계가 있음이 실증되고 있다. 따라서 효율적인 운전자본관리는 기업의 수익성을 증대시킬 수 있을 뿐만 아니라, 유동성 또한 개선시킬 수 있게 된다. 해운기업의 경우 글로벌금융위기와 맞물려 수익성과 유동성에 많은 어려움을 겪었음에도 불구, 운전자본관리와 수익성에 대한 연구는 전무한 상태이다. 이에 본 연구에서는 2004년 이후 46개 해운기업을 대상으로 운전자본관리와 수익성과의 관계를 규명함으로써 단기재무전략 수립에 유용한 정보를 제공하고자 하였다. 연구의 결과 기존연구들과 같이 매입채무기간, 재고기간, 현금주기, 영업주기가 해운기업의 수익성 즉, 매출액 총이익률과 매출액영업이익률을 개선할 수 있는 중요한 요인인 것으로 실증되었다. 특히 매입채무신용기간과 영업주기의 증가는 수익성의 증가를 가져오는 것으로 분석된 반면, 재고기간과 현금주기는 부(-)의 관계를 보여 이들이 줄어들 경우 수익성이 증가하는 것으로 나타났다. 매출채권기간은 일부 모형에서 유의하였으나, 기존 연구들과는 달리 해운기업의 경우 수익성과의 관계를 설명하기에는 한계가 있는 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.115-125
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• 2020

This paper investigates the impact of working capital management on the firm's profitability. The research sample includes 119 non-financial listed companies on Vietnam stock market over a period of 9 years from 2010 to 2018. Two statistical approaches include Ordinary least squares (OLS) and fixed effects model (FEM) are employed to address econometric issues and to improve the accuracy of the regression coefficients. The empirical results show the negative and significant impacts of the working capital management, which measured by cash conversion cycle (CCC) and three components of the CCC including accounts receivable turnover in days (ARD), inventory turnover in days (INVD), and accounts payable turnover in days (APD) on the firm's profitability measured by return on assets (ROA) and Tobin's Q. It implies that firms can increase profitability by keeping the optimization of the working capital management measured by the CCC, which includes shortening the time to collect money from clients, accelerating inventory flow and hold the low payment time to creditors. Besides, the profitability of firms was impacted by the sale growth rate, firm size, leverage, and age. Therefore, this paper provides a new insight to managers on how to improve the firm's profitability with working capital management.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.465-474
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• 2022

Using structural equation modeling, the study aims to investigate the causal relationship between working capital policies and working capital indicators on firm performance, including profitability and market value (SEM). The samples of 381 firms were selected from various industries listed on the Stock Exchange of Thailand (SET) from 2016 to 2020. The results showed that 1) there is an effect of working capital policies on profitability and market value; 2) there is an effect of working capital indicators on profitability and market value and 3) there is the effect of profitability on market value. From the results, it is suggested that conservative working capital investment policy (CIP) and conservative working capital financing policy (CFP) affect a company's performance in the Thailand context. In addition, shortening the cash conversion cycle (CCC) should be applied in management to increase profitability by reducing the receivables collection period (RCP) and inventory conversion period (ICP) while increasing the payables deferral period (PDP). The practical implications of the study provide the evidence that meeting the dues according to short CCC management can represent healthy liquidity in cash flow that helps gain investor confidence and the investment interest that further increases the market value.

• 한국대기환경학회지
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• 제33권2호
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• pp.139-158
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• 2017

CMAQ (Community Multiscale Air Quality Model) simulations were carried out to estimate the potential range of contributions on surface $PM_{2.5}$ concentrations over the Seoul Metropolitan Area (SMA) with the gaseous precursors and Primary Particulate Matters(PPM) available from a recent national emissions inventory. In detail, on top of a base simulation utilizing the 2013 Clean Air Policy Supporting System (CAPSS) emission inventory, a set of Brute Force Method (BFM) simulations after reducing anthropogenic $NO_x$, $SO_2$, $NH_3$, VOCs, and PPM emissions released from area, mobile, and point sources in SMA by 50% were performed in turn. Modeling results show that zero-out contributions(ZOC) of $NH_3$ and PPM emissions from SMA are as high as $4{\sim}5{\mu}g/m^3$ over the region during the modeling period. On the contrary, ZOC of local $NO_x$ and $SO_2$ emissions to SMA $PM_{2.5}$ are less than $1{\mu}g/m^3$. Moreover, model analyses indicate that a wintertime $NO_x$ reduction at least up to 50% increases SMA $PM_{2.5}$ concentrations, probably due to increased HNO3 formation and conversion to aerosols under more abundant ozone and radical conditions after the $NO_x$ reduction. However, a nation-wide $NO_x$ reduction decreased SMA $PM_{2.5}$ concentrations even during winter, which implies that nation-wide reductions would be more effective to curtail SMA $PM_{2.5}$ concentrations than localized efforts.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.741-750
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• 2020

This study examines the influence of working capital management (WCM) factors on the profitability of steel companies listed on the Stock Exchange of Vietnam. Data was collected from audited financial statements of companies for a period of 10 years, from 2010 to 2019. The number of samples eligible for research is 20 out of 26 companies, which is equivalent to 76.9%. With the help of dedicated software Stata version 14, the impact determination of WCM (through 8 independent variables: DIO, DPO, DSO, CCC, SIZ, CR, LEV, GRO) to the firm's profitability (through the dependent variable) is performed through multivariate regression models. Research results from companies in the steel industry in Vietnam during this period indicate that WCM has a strong impact on the profitability of businesses. Among 8 factors affecting the profitability of steel enterprises, factors DPO, DIO, DSO, CR, SIZ, GRO have a positive impact, boosting profitability; 2 factors CCC and LEV have a negative impact on profitability; in which, the effect of CCC is negligible. This conclusion is almost in contrast to many previously published studies due to the specifics of the industry as well as the different stages of economic development associated with the economic management policies of the State.

• The Korean Journal of Pain
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• 제21권3호
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• pp.206-210
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• 2008

Background: Although the cause of hyperhidrosis has not been the subject of close investigation, there are cases for which excessive sweating happens at the hands, feet and armpits due to hyperactivity of the sympathetic nervous system. This usually occurs in people less than 25 years old and it often causes difficulties for their social and occupational life and there is a decrease in the quality of life. Therefore, this should also be examined according to the mental state of the patient who suffers from hyperhidrosis. Methods: The Minnesota Multiple Personality Inventory was administered to 59 patients in the Hyperhidrosis Center from March, 2006 to March, 2007. The MMPI's validity and 10 clinic standards were analyzed. The results were compared according to gender and age. Results: Of the standard clinical items, psychopathy and conversion hysteria were 21.1% and 17.5%, respectively. On comparison between males (47.5%) and females (52.5%), the females had a higher score for the hypochondriasis item. The patients above 18 years old had a significantly higher level of hypochondriasis and hypomania compared to the patients below 18 years old. Conclusions: When analyzing the personality of the patients with essential hyperhidrosis with using the MMPI, it was difficult to look for relations with the mental factor. Therefore, it is necessary to develop diagnostic tests for younger people with considering the relations with the period of morbidity.

• 한국산림과학회지
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• 제104권3호
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• pp.427-433
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• 2015

본 연구는 강원도 평창지역의 천연 활엽수림을 대상으로 임분구조 조정에 의한 이단림 조성 방안을 제시하고자 하였다. 이를 위해 이단림 시범지를 선정한 후 $30m{\times}30m$의 고정표본점을 3반복으로 설치하고 정밀 임분조사를 실시하였다. 임분조사 자료에 근거하여 이단림 시범지의 시업전 임분통계량과 임분구조를 추정하고, 이단작업의 특성에 맞는 시업방안에 따라 시업후의 임분통계량과 임분구조의 변화를 시뮬레이션 기법을 통해 예측하였다. 시업전의 임분 현황을 분석한 결과 목표임분형으로 유도하기 위해서는 임분구조의 조정이 필요한 것으로 확인되었다. 시뮬레이션 기법을 통해 예측한 시업후의 임분 현황을 보면 시업후에도 목표임분형을 달성하기 위해서는 상당한 시간이 필요한 것으로 평가되었다. 시업후 상층목의 임목본수는 ha당 170본으로 이단림의 기준에 부합되는 것으로 평가되었다. 하지만 하층의 임목본수는 이단림의 기준과 상당한 차이를 보이고 있는데, 교목치수의 진계를 통해 어느 정도 보완할 수 있을 것으로 판단되지만 수하식재를 고려할 필요가 있다. 시업후의 임분 현황을 고려하면 이단림 상층목의 목표 임목축적은 ha당 $150m^3$가 적합한 것으로 평가되었으며, 이를 달성하려면 20년 정도가 소요되는 것으로 예측되었다. 이단림 조성을 위해서는 앞으로 5년 간격의 임분조사를 통해 시간 경과에 따른 임분구조의 변화를 파악하고, 필요할 경우 이단림 유도를 위한 추가적인 조치가 요구된다.