• Journal of Digital Convergence
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• v.15 no.12
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• pp.233-238
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• 2017

Although numerous theoretical and empirical studies on the capital structure have been performed, the studies on the capital structure of the high potential enterprises have not been worked. This paper performed empirical analyses for the first time to find out the determinants of capital structure of the high potential enterprises of Korea using the financial data of the manufacturing high potential enterprises listed on the Korea Exchange and KOSDAQ during 2010~2016. The results of regression analyses with debt ratio as dependent variable and profitability, firm size, asset tangibility and non-debt tax shield as independent variables show that the coefficients were relatively significant. The variables of the profitability and the tangibility were found to have positive relationship with the debt ratio. The non-debt tax shield were found to have in general positive relation with the leverage.

• Journal of Navigation and Port Research
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• v.28 no.8
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• pp.687-697
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• 2004

This paper is aimed to guide ocean-going companies to reasonable decisions and to increase the competitiveness of Korean shipping industry by clarifying the determinants of political costs of ocean-going companies, which only depend for the enormous amount of money to introduce the operating fixed assets, or the vessels, upon the supporting policy from the government or the loan from the related financial institutions. As independent variables of the political costs, 5 elements were settled such as company size(sales, total assets and market share), debit ratio, capital concentration ratio, profitability(operating profit) and marine risk(sales fluctuation). To verify the relations and the effect level between dependent variables and political costs, the Multiple Regression Analysis Model was applied The result of the analysis shows significantly positive relations between size variables and political cost of shipping industry. Moreover, debt ratio and profitability were proved significant related with political costs of shipping industry.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.2
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• pp.600-608
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• 2017

This study analyzed the management index, debt ratio, and business performance of livestock agricultural farming corporations since the Korea international financial reporting standards (K-IFRS) was introduced in 2011. In addition, this study was based on credible accounting reports by the financial supervisory service's DART (data analysis, retrieval and transfer) system. First, after analyzing the key management index, the results showed that the current ratio, debt ratio, and current liabilities ratio decreased and the ratio of the owners increased on the safety index. Regarding the profitability index, the ROA (return on total assets), ROE (return on equity), and ROS (return on sales) increased slightly in 2014 compared to 2013. The overall growth and external growth on the growth index have not increased. Second, an analysis of the debt ratio and business performance, the debt ratio has a negative effect on the ROA and ROS. These results show that the use of debt of livestock agricultural farming corporations contributes to the external growth but it has a negative effect on business performance. These results show that management should consider solutions for the increase in sales to achieve cost reductions. In addition, the debt ratio should be reduced and solutions for an increase in revenue are needed to reduce management expenses, such as propagation of technical development.

• The Journal of the Korea Contents Association
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• v.14 no.12
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• pp.973-988
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• 2014

This study investigated one of the contemporary issues in the Korean capital market and two hypotheses of concern were tested on the financial determinants of profitability for the firms belonging to the Korean chaebols during the era of the post-global financial turmoil. The first hypothesis applying conditional quantile regression (CQR) estimation provided the evidence that leverage ratio, fixed asset utilization, and foreign ownership among the nine quantitative explanatory variables, had overall statistical significance relative to the book-valued profitability measure, while additional variables such as a firm's size, fixed and a proxy for the type of exchange market showed their strong impacts on the market-valued profitability indicator. Concerning the formulated 'extended' DuPont system, only two components of EBITDAEBIT and EMULTIPLIER revealed their prominent influence on ROE (Return on Equity) over the two tested periods (the years 2008 and 2012).

• The Korean Journal of Franchise Management
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• v.5 no.1
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• pp.85-108
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• 2014

This study provides the information about size, financial structure, profitability and growth of franchisors using financial data(asset, liability, equity, sales volume, operating income and net income) in uniform franchise offering circular of fair trade commission. The data were collected from 1,050 franchisors in various business fields: fast food, family restaurant, bakery, agriculture & fishery and liquor shop in the uniform franchise offering circular in 2012 and 2011. Results of this study are as follows: For company size, median of total assets was KRW 675 million and the accumulated median assets rate was 0.48%, but the accumulated median company numbers were 49.9%, which showed small size. For financial structure, 525 companies were below 200% debt ratio, while 314 (29.9%) companies were in over 200% debt, and 211 (20.1%) companies were impaired in capital. These also showed financial structure was vulunerable. For profitability, median of ROA for total companies were only 4.72%, which showed low profitability. For growth, median of growth rate for sales were 7.57% per year, which showed mature industry. In overall, the results showed franchisors should improve their financial status.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.11-26
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• 2023

This study aimed to empirically analyze the effect of Korean companies' FDI(Foreign Direct Investment) on their financial performances, particularly divided into profitability, stability, growth and activity, while comparing distinct financial performances between SMEs(small and medium-sized enterprises) and large enterprises whose corporate attributes are different from each other. As research subjects, this study selected FDI Korean companies from the directory of oversea-expanded companies of KOTRA(Korea Trade-Investment Promotion Agency) and used financial data from a total of 409 companies(136 SMEs and 273 large enterprises) with complete financial data for the first five years after the initial investment out of all the financial data from 1990 to 2021. The analysis results can be summarized as follows; In the profitability sector, FDI had positive effects on ROA(Return on Assets) and ROS(Return on Sales) of SMEs, while having negative effects on those of large enterprises to the contrary. In the stability sector, FDI had no statistical significance for SMEs, while having significantly negative effect on LEV(Debt to Equity Ratio) of large enterprises. In the growth sector, FDI had significantly negative effect on AGR(Asset Growth) of SMEs, but showed no significant results for large enterprises. In the activity sector, FDI showed no statistical significance for SMEs, while having positive effects on ATR(Asset Turnover Ratio) and FATA(Fixed Asset Turnover Ratio) of large enterprises. In conclusion, it was found that when having made FDI, SMEs and large enterprises showed different financial performances from each other in terms of profitability, stability, growth and activity.

• KDI Journal of Economic Policy
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• v.38 no.3
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• pp.79-106
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• 2016

This paper investigates the effectiveness of public credit guarantee programs and interest-support programs for SMEs (small and medium enterprises). First, assuming that there is an imperfect information structure in the SME loan market, we analyze how SME support financial programs affect the corporate decisions made by SMEs with regard to default or loan sizes. In addition, this paper theoretically computes the optimal levels of credit guarantee amounts and the interest-support spread under equilibrium with imperfect information in a competitive loan market. Second, the paper empirically analyzes the continuous policy-treatment effect with the GPS (generalized propensity score) method. In particular, we consider the ratio of guaranteed debt to the total debt as a continuous policy treatment. The empirical results show that marginal effects of a credit guarantee on SMEs' productivity, profitability, and growth potential decrease with the ratio of guaranteed debt to the total debt. In addition, the average effect of a credit guarantee is maximized when this ratio is at 50% to 60%.

• Culinary science and hospitality research
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• v.3
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• pp.385-421
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• 1997

This study was performed as placing stress on business plan preparation and investing economy analysis centered to cases upon presenting the premises of study for new foundation of food service business. The summarized results are as follows: 1. In the aspect of carrying out process of practical project, establishing the promotion strategy, the facility project program, the menu program, the facility and furniture program, organization & manning schedule, the business operation schedule, review of all laws & provisions and the allout promotion schedule in order were deployed. 2. Analysis of investing economy for review of profitability 1) In case of investment, excluding 600million for the real setate lease among the total investment of 1billion, it was required by 161, 235, 000 for interior project, 161, 110, 000 for facility & equipment, 19, 235, 000 for fittings, 27, 600, 000 for menu plate & uniform, 27, 600, 000 for furniture, 13, 800, 000 for sign article. 2) In case of loss & profit presumed the annual turnover is to be 1, 115, 856, 000 the contigent profit(before tax) is to be 148, 966, 000 which is 13.3% in comparson to the sales amount and the net profit(after tax) for this term s to be 104, 276, 000 which is 9.3% against the sales and the profitable ratio to the equity investment( 500 million) is 20.9% and it satisfies 20% of the premises of study. 3) In case of the payback period will be approximately two(2) years which indicated within three(3) years that is standard of new project evaluation term of ordinary enterprise. 4) In case of internal rate of return it will be 21.5% which is favorable profitability as taking into account of 15% that is standard of new project evaluation by ordinary enterprise based on general downtown money interest. That the investing value of Happy Day profitability is hinted as it is sufficient enough as the case under this study based upon such results and considered that securing supremacy is competitive power in case of commitment will be possible.

• Horticultural Science & Technology
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• v.30 no.5
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• pp.501-508
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• 2012

Reducing carbon dioxide ($CO_2$) exhaust has become a major issue for society in the last few years, especially since the initial release of the Kyoto Protocol in 1997 that strictly limited the emissions of greenhouse gas for each country. One of the primary sectors affecting the levels of atmospheric greenhouse gases is agriculture where $CO_2$ is not only consumed by plants but also produced from various types of soil and agricultural ecosystems including greenhouses. In greenhouse cultivation, $CO_2$ concentration plays an essential role in the photosynthesis process of crops. Optimum control of greenhouse $CO_2$ enrichment based on accurate monitoring of the added $CO_2$ can improve profitability through efficient crop production and reduce environmental impact, compared to traditional management practices. In this study, a sensor-based control system that could estimate the required $CO_2$ concentration considering emission from soil for cucumber greenhouses was developed and evaluated. The relative profitability index (RPI) was defined by the ratio of growth rate to supplied $CO_2$. RPI for a greenhouse controlled at lower set point of $CO_2$ concentration (500 ${\mu}mol{\cdot}mol^{-1}$) was greater than that of greenhouse at higher set point (800 ${\mu}mol{\cdot}mol^{-1}$). Evaluation tests to optimize $CO_2$ enrichment concluded that the developed control system would be applicable not only to minimize over-exhaust of $CO_2$ but also to maintain the crop profitability.

• Information Systems Review
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• v.22 no.1
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• pp.73-89
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• 2020

This study started to identify the "Forward-looking" of the technology appraisal model introduced to diversify financing methods of SMEs and improve financial accessibility. The multivariate regression analysis was performed by setting the business performance(growth, profitability, and stability) of technology financing companies as dependent variables, technology appraisal items as independent variables, number of employees, age of the company, asset and the Korea Standard of Industry Classification related to firm size and industry characteristics as control variables. As a result of the analysis, the technology appraisal items did not explain the profitability of the company significantly and had a limited explanatory power on growth potential. However, in terms of stability, we confirmed that R&D capacity is a significant variable explaining the debt ratio of technology financing companies. Therefore, it is concluded that the 'Forward-looking' reflection on the growth and profitability of the company should be strengthened in the future adjustment of the technology appraisal model and the development of the technology appraisal model for investment.