• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.717-725
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• 2020

The purpose of this paper is to highlight the impact of the performance of private wealth management (PWM) on the growth of retail banking in Indonesia. The variables used are bank's competitiveness, risk management, performance of private wealth management, and growth of retail banking business. The data were collected from 60 respondents from 32 banks over five months, from October 2018 to March 2019. Using partial least square path modeling, the analysis shows that the performance of private wealth management has an impact on the growth of retail banking sector in Indonesia. Bank competitiveness and risk management affect the performance of personal wealth management and have an impact on the growth of the retail banking business. Bank competitiveness is the variable that most influences the performance of private wealth management in Indonesia. This research found that market share is the most significant indicator of bank competitiveness. For risk management, significant indicators are the level of bank confidence, increased bank competitiveness, and the creation of new products. In the performance of the private wealth management variable, the most significant indicator is the revenue fee-based income. For the growth of retail banking business, a clear indicator is profit growth.

• 통상정보연구
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• 제8권1호
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• pp.417-435
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• 2006

A Systematic Wealth Management Framework (SWMF) was developed as a private banking management tool to enable more integrative personal finance management of personal wealth. It is a reference model that provides an unified framework for development, operation, and management and makes provision for personal financial services in today's complex financial environment. This study suggested some practical results from banks and insurance companies that have established SWMF as the differentiation business strategy for wealthy customers. The focus of this manuscript is on capturing the methodological approach most financial institutions in Korea adopted to execute new e-finance planning and implementation based on the SWMF. The alignment between the wealth management business goals and information system architecture at an organization constitutes the main theoretical basis of the study. Relevant discussions are made on the wealth management framework as a general business model for financial industry, on the functional relationship between new information systems and business organizations. Finally, lessons learned from the SWMF implementation are discussed.

• 한국산학기술학회논문지
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• 제18권9호
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• pp.251-257
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• 2017

금융서비스의 한 부분으로 꼽히는 자산관리(Private banking)는 고액자산가(HNWI)를 대상으로 하는 투자자문업이다. 국내 자산관리서비스는 성장을 앞두고 있으나 평가체계 등 구조적 한계 등이 극복할 과제로 남아있다. 아 태지역을 필두로 전 세계적으로 해당시장의 규모가 확대되고 있는 자산관리서비스는 저성장 저금리 환경이 고착화됨에 따라 국내에서도 수요가 급증하고 있다. 다만 고령화에 따른 대고객 관계의 장기화와 각종 규제 등은 보수체계를 압박하는 요인으로 꼽히는 가운데 국내 기업들의 경쟁력 강화가 필요한 시점이다. 본 논문은 service quality model과 관련한 선행연구에서 DEMATEL 모형을 고찰하고 전문가 인터뷰를 통해 Business model elements를 도출했다. 모듈식 자문서비스, 고객에 대한 정교하고 세련된 서비스, 부유층이 만족하는 투자전문성 및 투명성 제고 등을 도출했다. 상대적으로 높은 수익률을 제공하는 해외자산과 낮은 상관관계를 가진 대체투자자산에 대한 관심이 증대되는 여건 속에서 해당분야로의 본 연구는 시의적절한 부분을 연구의 기여로 볼 수 있으며 실증분석을 통한 검증은 연구의 한계로 후속과제에서 다룰 예정이다.

• 가정과삶의질연구
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• 제14권2호
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• pp.61-76
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• 1996

In this study it was assumed that planning was composed of three activities -resource assessment standard setting information seeking and implementing was composed of money investment and time investment, Two variable groups which were assumed to be related with planning and implementing were household characteristics and housewife's value characteristics. Money investment to children's education was significantly affected by income, net wealth of household instrumental value of eduation and information seeking about private education. The variables assumed to affect time investment to children's education were instrumental value of education information seeking about private education and expected education level.

• 산업융합연구
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• 제1권2호
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• pp.141-172
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• 2003

To enhance Social Welfare and Public Interests, government has been enforcing the policies that induce private Sector to participate in the Public Service. In general, these policies consist of the direct or indirect supporting systems, including the advantages of taxation applicable to Private Sector that takes part in Public Service. Of the various supporting systems taken by government, the privilege from the taxes is known to the most important supporting system. The representative exemple is the tax beduction of amounts donated to the not-for-profit organizations. That is to say that donations can be deductible from taxable amounts on assessing inheritance tax and gift tax. Generally much higher cumulative tax rates are applied to the laws of inheritance tax and gift tax than the other taxes in order to redistribute the social wealth and to restrain the concentration of the wealth. On the other hand, the special exemption from the taxes can be applied to not-for-profit organization according to the standards of the relevant lows and regulations, because not-for-profit organization usually performs the partial role of government in Public Service. The perpose of this study is to find the systematical support that the not-for-profit organizations can practice Public service more efficiently than government. This study approaches the subject by means of examining current taxation systems of inheritance tax law and gift tax law and developing systematic alternatives that can make inefficient parts in taxation systems more reasonable.

• 유통과학연구
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• 제15권4호
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• pp.5-13
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• 2017

Purpose - This research analyzes the effects of Korean family ownership characteristics on firm value. The positive and negative effects of family ownership on Korean firm value were analyzed. If negative effects are evident, this research explores the factors that cause a decrease in firm value. Research design, data, and methodology - The study examined a total of 5,743 companies listed on the Korea Exchange from the period 2002 to 2012 using a panel data regression analysis. Result - An empirical analysis suggests that Korean family ownership diminishes firm value. Korean family firm value has been reduced when controlling shareholders are participated in management and pursue excessive wages, or make the management entrenchment effects associated with ownership-control disparity. When the controlling shareholders of family firms have increasing control rights over the shareholders' general meeting and the directors' board, the agency costs associated with seeking increasing executive wages or private benefits reduce firm value. Conclusions - This study has significance because it reveals the negative effect of family ownership in Korea on firm value. These negative effects can be the result of agency problems from controlling family shareholders seeking excessive wages or ownership-control disparity.

• Asian Journal of Business Environment
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• 제9권3호
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• pp.5-9
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• 2019

Purpose - This paper examines whether fiscal and monetary expansion would affect output in Australia. Research design, data, and methodology - An extended IS-LM model which describes the equilibrium in the goods market and the money market is applied. The real effective exchange rate and the real stock price are included in order to determine whether there may be any substitution or wealth effect. The sample consists of Annual data ranging from 1990 to 2018. The GARCH process is used in empirical work to correct for potential autoregressive conditional heteroscedasticity. Results - Expansionary fiscal policy reduces output; whereas, expansionary monetary policy raises output. In addition, real appreciation of the Australian dollar, a lower U.S. interest rate, a higher real stock price or a lower expected inflation would increase output. The finding that expansionary fiscal policy has a negative impact on real GDP suggests that the negative crowding-out effect on private spending dominates the positive impact. Conclusions - Fiscal prudence needs to be pursued. Real depreciation of the Australian dollar hurts output. Monetary tightening in the U.S. generates a negative effect on Australia's output. A healthy stock market is conducive to economic growth as higher stock prices tend to result in the wealth and other positive effects, increasing consumption and business spending.

• 가족자원경영과 정책
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• 제4권1호
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• pp.69-78
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• 2000

The aim of this study was to clarify the social labor experience of women especially female slaves and to review the family problems of them in the Yi Dynasty. For the purpose, this study made use of literature reviews. It was founded that female slaves in the Yi Dynasty had participated in social labor between the ages 10 and 60 though they were forced to work against their will. The slaves whether they belonged to government or landowners were entrusted with hard work or were bound to pay cotton fabrics. So they contributed to maintain national economy and to accumulate private wealth but they sometimes suffered their family to be dissolved by the demand of owners.

• 재무관리연구
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• 제20권2호
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• pp.1-39
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• 2003

본 연구에서는 국내 상장기업이 발행한 전환사채 표본을 대상으로 전환사채 발행 공시효과 및 공시효과에 영향을 미치는 요인을 조사하고 이러한 제반 효과가 기업지배구조를 중심으로한 기업의 재무적 특성과 어떠한 연관이 있는지 살펴보기 위해 재벌 여부를 포함한 주요 기업지배구조 변수를 이용하여 실증 분석하였다. 분석결과 전체표본에서 일본의 경우와 유사하게 공시일 주변 주가반응이 유의한 양(+)의 값으로 관찰되었다. 하지만 이러한 양(+)의 주가반응은 대부분 비재벌기업에 기인한 것이었다. 재벌기업의 경우 공모전환사채에서 양(+)의 비정상수익률이 관찰되지 않은 반면에 사모전환사채에서는 오히려 유의한 음(-)의 값이 측정되어 전체표본 및 비재벌기업과 달리 재벌기업의 전환사채 발행은 긍정적인 경제적 효과를 거두지 못하였다. 이러한 부정적 주가반응은 재벌의 사모전환사채 발행에 여타 중권에서와 다른 경제적 목적이 개입할 소지가 높다는 사실을 보여주는 것이라고 할 수 있다. 횡단면회귀분석을 통해 기업가치 변화의 원인을 분석한 결과 대주주지분과 같은 소유구조, 재벌여부, 은행과의 밀접도 둥의 지배구조변수가 주가변화에 상당한 영향을 미치는 것으로 나타났으며, 이러한 영향은 특히 사모전환사채 발행에서 두드러지게 나타나 공모보다 사모에서 기업지배구조가 보다 중요한 역할을 수행한다는 사실이 판명되었다. 마지막으로 재벌의 사모전환사채 발행 공시에 따른 주가하락이 소유경영자의 대리인문제에 기인한 것인가를 검증하기 위해 실시한 로짓회귀분석에서 대주주지분이 낮은 재벌일수록 사모를 이용하는 경향이 높게 나타나 재벌의 사모발행에 따른 주주 부의 손실이 소유경영자의 대리인문제에 기인할 가능성이 크다는 사실을 발견할 수 있었다.

• 재무관리논총
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• 제2권2호
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• pp.315-344
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• 1995

The relationship of information flow and market price formation are central to the basic tenets of financial economics. Whereas information is usually treated as being either public or private(monopolistic), most empirical studies focus on the price effects of public announcements. More recent research has centered more on the role of private information, such as insider trading, in efficient pricing and whether such trading increases investor welfare. Typically, 'insider trading' refers to an officer that trades in his/her company's shares. Insider trading, however, also refers to anyone who generates private, albeit costly, information concerning a stock's fundamental value. Normally, such insider activity is more difficult to ascertain. One way in which negative information is revealed is through short-selling activity, especially the monthly short-interest positions reported by the national stock exchanges. Diamond and Verrecchia(1987) provide a theoretical paradigm that predicts a negative price adjustment upon announcement of n company's monthly short interest, if the short interest displays an unusual increase and is correlated with negative information that is not yet public. Empirical studies of the short-run, negative price effect predicted by Diamond and Verrecchia find mixed results. One explanation is that the time period studied is too short for the market to absorb the informational content of these announcements. One reason is that these announcements are an ambiguous signal that requires more individuals and time to collect and act on the same information before full revelation occurs or before the implicit information becomes publicly known. This 'long delayed reaction' also serves as a motivation for related research on the wealth effect of mergers, share repurchases, and initial equity offerings in which long-run performance differs from the initial, short-run reaction to such announcements or offerings.