• Journal of Technology Innovation
• /
• v.10 no.1
• /
• pp.98-123
• /
• 2002

This study develops a Korean R&D Scoreboard which has originated from the R&D Scoreboard in United Kingdom. The Scoreboard contains details of the R&D investment, sales, growth, profits and employee numbers for Korean companies which are extracted from company annual reports and key ratios calculated, with some movements over time. Companies are classified by the Korea Standard Industrial Classification. The Scoreboard contains 190 companies which consist of 100 largest companies and 30 middle-or small-sized firms listed in Korea Stock Exchange (KSE), and 30 ventures and 30 other firms listed in KOSDAQ. The overall company R&D intensity (R&D as a percentage of sales) is 2.1% compared to the international average of 4.2%. Korea has an unusually large R&D percentage of sales in IT hardware (4.9%) and telecommunication (3.7%). R&D intensity is positively correlated with company performance measures such as profitability, sales growth, productivity and market value. For largest companies listed in KSE and ventures listed in KOSDAQ, the ratio of operating profit to sales is greater for high R&D intensity companies. Sales growth is in proportion to R&D intensity for all companies. Plots of value added per employee or sales per employee vs R&D per employee rise together for the sectors studied, especially for the chemical sectors and automobile sectors, demonstrating a correlation with productivity. The average market value of high R&D companies in the KSE has risen more than 1.6 times that of the KOSPI 200 index. Given the correlation between R&D intensity and company performance and given that R&D is a smaller percentage of surplus (profits plus R&D) than international level (both overall and in several sectors), the challenges facing Korean companies are to maintain the leading position in IT hardware and telecommunication, and to increase the intensity of R&D in many medium-intensive R&D sectors where Korea has an average intensity well below international or US levels.

• The Korean Journal of Financial Management
• /
• v.17 no.1
• /
• pp.111-136
• /
• 2000

본고는 기업 내부의 경영자와 일단 투자자들 사이에 정보 비대칭이 존재하는 기업 공개 시장에서 신주의 저평가 현상을 완화하는 제3자의 보증 역할에 관한 연구이다. 일찍이 Megginson and Weiss(1991), Hamao, Packer and Ritter(1998) 등의 연구에 의하면 미국, 일본 등의 경우 벤처 캐피탈의 지원을 받는 벤처 기업이 그렇지 않은 경우에 비해 신주 저평가 현상이 비교적 적게 나타나 벤처 캐피탈이 일정한 명성 효과를 발휘하는 것으로 보고되고 있다. 그러나 남명수(1993), 이기환, 임병균, 최해술(1998) 등의 실증 분석에 의하면 국내 벤처 기업의 경우에는 그렇지 않은 것으로 보고되고 있어 벤처 캐피탈의 보증 역할이 미미한 것으로 나타난 바 있으나 이들의 연구는 KSE 시장의 신규 벤처 기업들을 대상으로 하였기 때문에 최근 KOSDAQ 시장에서의 벤처 기업의 신규 등록이 활발해지면서 벤처 캐피탈의 보증 역할에 관한 연구는 재검토를 요구하고 있는 실정이다. 본 연구는 96년 7월 이후 KOSDAQ 시장에 등록되어 있는 기업 중 벤처 캐피탈의 지원을 받은 34개의 벤처 기업과 그렇지 않은 34개의 벤처 기업을 대응 추출하여 구성한 표본에 대해 신주의 등록 초기의 시장초과 수익률을 분석하여 신주 저평가 현상을 살펴보고 각 기업의 수익률과 공모 잔량에 대한 회귀분석을 통하여 벤처 캐피탈의 보증역할을 규명하였다. 본 연구 결과는 현재 KOSDAQ 시장에서 벤처 캐피탈의 보증 역할은 거의 나타나지 않았으며 상장 직전의 세후이익과 전체적인 시장 상황만이 수익률과 공모 잔량에 영향을 주는 것으로 나타났다. 이러한 연구 결과는 기존의 KSE 시장에서의 벤처 캐피탈의 보증 역할에 대한 연구 결과와 유사한 것으로 미국 등 선진 시장의 연구 결과와는 달리 국내 벤처 캐피탈의 KOSDAQ 시장에서의 미미한 역할을 입증하는 실증 결과라고 할 수 있다.

• The Journal of Asian Finance, Economics and Business
• /
• v.3 no.4
• /
• pp.25-37
• /
• 2016

This study aims to investigate the determinants of dividend payout of Oil and Gas industry of Pakistan using secondary data from published annual reports from 2008 to 2014 listed on KSE (Karachi Stock Exchange). Dividend payout can be affected by profitability, firm size, financial leverage, sales growth, investment opportunities, liquidity, business risk, and ownership structure. Panel data technique used due to panel characteristics of available data with ordinary least square regression model to find out the impact of set of explanatory variables on the dividend payout using the Stata. Financial leverage, sales growth and business risks are the most significant variables of the study where financial leverage and business risk have significant negative effect on dividend payout while sales growth has favorable positive impact on dividend payout. Results revealed significant positive link of profitability and firm size with dividend payout whereas government ownership is negatively associated with dividend payout. Investment opportunities, liquidity and managerial ownership showed insignificant relationship with dividend payout. This Suggests that dividend payout policy is dependent on business strategies including both investment and financing decisions. Financial managers should consider these factors while formulating dividend policy of the firm.

• KDI Journal of Economic Policy
• /
• v.25 no.2
• /
• pp.137-170
• /
• 2003

Despite the great success of the derivatives market, several concerns were expressed regarding the additional volatilitystemming from program trading during the expiration of derivatives. This paper examines the impact of the expiration of the KOSPI 200 index derivatives on cash market of Korea Stock Exchange(KSE). The KOSPI 200 index derivatives market has a unique settlement price determination process. The settlement price for the expiration of derivatives is determined by call auction during the last 10 minutes after the trades for matured derivatives are finalized. We analyze typical expiration day effects such as price, volatility, and volume effects. With high frequency data, we find that there are strong expiration day effects in the KSE and try to interpret the results with the unique settlement procedures of the KOSPI 200 cash and derivatives markets.

• Journal of the Korean Chemical Society
• /
• v.46 no.5
• /
• pp.427-436
• /
• 2002

Reaction of $trans-[FeHCl(dppe)_2]$ (1) with KSeCN led to the formation of $trans-[FeH(NCSe)(dppe)_2](2).$ Compound 2 $·CH_2Cl_2$ was structurally characterized by X-ray diffraction, in which the hydride ligand appears to be involved in the dihydrogen bonding of the type M-H${\cdot}$${\cdot}$${\cdot}$H-C.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.3
• /
• pp.327-335
• /
• 2022

The purpose of this study is to examine the Kuwaiti Stock Exchange's (KDE) response to the COVID-19 pandemic and the precautions taken by Kuwaiti authorities to protect their citizens and other residents. To achieve this objective, daily data from four different indexes published by the Kuwait Stock Exchange (KSE) for the period between 24 February and 30 June 2020, as well as daily data on the number of people infected with COVID-19, the daily number of recovered people, the daily number of deaths, lockdown days, and days the country was under curfew. The findings show a significant positive association between the daily recovery of persons infected by COVID-19 and all indexes published by the KSE except for the Boursa Kuwait Main Market 50, where the association was positive but insignificant. A negative and significant association was also found between the closure of the country and each of the four indexes. Although the curfew imposed by the Kuwaiti authorities at an early stage of the pandemic appeared to have a negative effect on the four indexes, the level of association was statistically significant only in the cases of the Main Market index and Boursa Kuwait Main Market 50 index.

• Korean Business Review
• /
• v.11
• /
• pp.217-239
• /
• 1998

The intial public offerings(IPO) issued by going public must be decided duly and seriously. In these sense, this paper reviewed and analysed synthetically the theories and the empirical studies on the IPO. The implications about the empirical studies on the IPO in korea stock exchanges(KSE) are as follows: First, evaluating the IPO's intrinsic value, the issued firm's characteristics(style, scale, age, reevaluation and goodwill etc.) and business environments(industry, economic states, regulations and the relation with government etc.) will be considered. Evaluating the IPO's relative value, the stock price of firms registered in KOSDAQ market will be appreciated. Second, the income smoothing of an IPO listed in KSE accrued in the first and second years. Accordingly if auditors audit the accounting reports of firms to list in KSE by going public, they should more concern to the income smoothing on the accounting reports. Third, the information accuracy of investment banks and the qualities of auditors negatively correlated with the underpricing of an IPO. It is need to promote the information accuracy of investment banks and the qualities of auditors. Regulatory organizations support to promote the information accuracy of investment banks and the qualities of auditors. Forth, the investors interested in the IPO are to recognize the follows. (1) Relations between the underpricing of an IPO and the ratio of public participation, the issue price, the offer size, the insider ownership, the net asset value per share, the price decision system of an IPO. (2) An entrepreneurs who decided to bring his firm public would like to issue the IPO when company's operating conditions are good.

• Journal of Conservation Science
• /
• v.28 no.3
• /
• pp.285-296
• /
• 2012

This study was to assess the effect of consolidation for intension measures of stone cultural heritage using artificially weathered stones. We have prepared four kinds of stones (Gyeongju Namsan Granite, Iksan Granite, Yeongyang Sandstone, Jeongseon Marble), and manufactured fresh, weathered and highly weathered stone samples by thermal shock for each rock type. The samples were treated with three consolidants (Wacker OH 100, Remmers KSE 300, 1T1G) by three methods {immersion, capillary rise (partial immersion), spray}, and tested for weight, porosity, ultrasonic velocity, Equotip hardness and color before and after treatment. As a result, the effect of consolidation was widely influenced by porosity and treatment methods. Wacker OH 100 was shown the highest consolidation effect in almost every stone sample.

• Journal of Internet Computing and Services
• /
• v.7 no.1
• /
• pp.75-89
• /
• 2006

This paper is concerned with analysing the bankruptcy prediction power of three models: Multivariate Discriminant Analysis(MDA), Logit Analysis, Neural Network. The research targeted the bankrupted companies after the foreign exchange crisis in 1997 to differentiate from previous research efforts, and all participating companies were randomly selected from the KSE listed companies belonging to manufacturing industry to improve prediction accuracy and validity of the model. In order to assure meaningful bankruptcy prediction, training data and testing data were not extracted within the corresponding period. The result is that prediction accuracy of neural networks is more excellent than that of logit analysis and MDA model when considering that execution of testing data was followed by execution of training data.

• The Journal of Korean Medicine
• /
• v.43 no.3
• /
• pp.49-64
• /
• 2022

Objectives: Peer role-play (PRP) has been used in health care training simulations because standardized patient training requires considerable time and expense. This study described the implementation of clinical simulation using PRP and examined the effect. Methods: Final year students from a single college of Korean medicine engaged in PRP as part of clinical skills practice. Education tools from clinical practice guidelines were used to structure the PRP. Communication competency was assessed with the Korean Version of the Self-Efficacy Questionnaire (KSE-12). Whether this training helped to achieve graduate outcomes was evaluated on a five-point scale. Results: Fifty-nine students (53.2%) participated in the survey. Among 12 items on the KSE-12, the score for "How certain are you that you are able to successfully listen attentively to the patient?" was the highest. Further, PRP was found to be helpful for self-directed learning, establishment of one's professional identity, and the ability to communicate and manage patients. Three themes ("Benefits of role-play", "The importance of positive feedback", "Limitations and problems of role-play"), 15 categories, and 16 central meanings were derived by categorizing learners' subjective opinions about PRP. Conclusions: Study findings indicate that PRP may contribute to improving communication skills and establishing a professional identity for future Korean medicine doctors. We suggest using PRP in clinical education in colleges of Korean Medicine.