• Communications for Statistical Applications and Methods
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• v.27 no.2
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• pp.163-175
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• 2020

We consider a wide class of general weakly-dependent processes, called ψ-weak dependence, which unify almost all weak dependence structures of interest found in statistics under natural conditions on process parameters, such as mixing, association, Bernoulli shifts, and Markovian sequences. For detecting the tail behavior of the weakly dependent processes, change point tests are developed by means of cumulative sum (CUSUM) statistics with the empirical distribution functions of sample extremes. The null limiting distribution is established as a Brownian bridge. Its proof is based on the ψ-weak dependence structure and the existence of the phantom distribution function of stationary weakly-dependent processes. A Monte-Carlo study is conducted to see the performance of sizes and powers of the CUSUM tests in GARCH(1, 1) models; in addition, real data applications are given with log-returns of financial data such as the Korean stock price index.

• Journal of Distribution Research
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• v.7 no.1
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• pp.1-20
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• 2002

Many of logistics-related research in automobile industry has focused on inbound logistics and procurement. Research into outbound logistics is relatively few. As a starting research into outbound logistics in automobile industry, this paper examined its logistics network problems with three aspects - location strategy, inventory strategy and transportation strategy. We proposed alternatives of logistics network design resolution, and presented three practical scenarios based on those alternatives. Based on interview, on-site visit and internal data collection processes, we identified major domestic outbound logistics problems such as redundant logistics bases, inefficient delivery policy, insufficient inventory capacity, inventory stock quality deterioration, inefficient transportation system, and etc. In order to cope with those problems, we proposed such strategic alternatives as introduction of hub-and-spoke system, integration of logistics bases, introduction of (automatic) parking building, diversification of transportation mode, and etc. At the same time, we constructed three practically executable scenarios based on those ideas. The first is "Center Hub" scenario, the second is "Metropolitan Hub" scenario. The third and last scenario is "Regional Consolidation of Warehouses (distribution centers)".

• Journal of Korean Society of Industrial and Systems Engineering
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• v.23 no.60
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• pp.11-22
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• 2000

The main objective of this research is to analyze an order point and an order quantity of a distribution center and each branch to attain a target service level in multi-level inventory distribution system. In case of product item, we use the item with low volume of average monthly demand. Under the continuous review method, the distribution center places a particular order quantity to an outside supplier whenever the level of inventory reaches an order point, and receives the order quantity after elapsing a certain lead time. Also, each branch places an order quantity to the distribution center whenever the level of inventory reaches an order point, and receives the quantity after elapsing a particular lead time. When an out of stock condition occurs, we assume that the item is backordered. For considering more realistic situations, we use generic type of probability distribution of lead times. In the variable lead time model, the actually achieved service level is estimated as the expected service level. Therefore, this study focuses on the analysis of deciding the optimal order point and order quantity to achieve a target service level at each depot as a expected service level, while the system-wide inventory level is minimized. In addition, we analyze the order level as a maximum level of inventory to suggest more efficient way to develop the low demand item model.

• Journal of Distribution Science
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• v.19 no.11
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• pp.17-25
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• 2021

Purpose: This study aims to examine the effect of gender diversity and institutional ownership on earnings management in distribution industry sub-sector companies listed on the Indonesia Stock Exchange in 2017-2018. Research design, data and methodology: This research is case study research, where the population in this study are all distribution sub-sector companies listed on the IDX in 2017-2018. The sample selection technique used was purposive sampling and obtained 74 companies with the 2017-2018 research period. Multiple linear regression analysis was used in this study, using Stata 17. Results: The results of this study indicate that: 1) Gender diversity has a negative effect on earnings management. 2) Institutional ownership has a negative effect on earnings management. Conclusions: This study contributes to the agency theory where gender diversity and institutional ownership can reduce the agency conflict that the shrinkage of earnings management. These results indicate that companies in which there are female directors will reduce earnings management practices, this is due to the attitude of female directors who tend to avoid risk. The results also show that institutional ownership will also lead to reduced levels of earnings management, because institutional investors will increase its oversight of the company.

• Journal of Distribution Science
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• v.20 no.10
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• pp.61-66
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• 2022

Purpose: Predicting the financial distress distribution of an enterprise is important to warn enterprises about their future. Predicting the possibility of financial distress helps companies have action plans to avoid the possibility of bankruptcy. In this study, the author conducted a forecast of the financial distress distribution of enterprises. Research design, data and methodology: The forecasting method is based on Logit and Discriminant analysis models. The data was collected from companies listed on Vietnam Stock Exchange from 2012 to 2020. In which there are both companies suffer from financial distress and non-financial distress. Results: The forecast analysis results show that the Logistic model has better predictability than the Discriminant analysis model. At the same time, the results also indicate three main factors affecting the financial distress of enterprises at all three research stages: (1) Liquidity, (2) Interest payment, and (3) firm size. In addition, at each stage, the impact of factors on financial distress differs. Conclusions: From the results of this study, the author also made several recommendations to help companies better control company operations to avoid falling into financial distress. Adjustments to current assets, debt, and company expansion considerations are the most important factors for companies.

• Journal of Distribution Science
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• v.21 no.10
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• pp.77-84
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• 2023

Purpose: This study aims to determine the impact of green accounting on the distribution of company financial performance. Green Accounting is seen as an accounting approach that considers the environmental impact of business activities and the distribution of financial performance which is expected to provide great benefits to the company. Research Design Data and Methodology: The population of this study is 168 manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2020. The research theory uses the Legitimacy Theory and the Shareholder Theory. Research data were analyzed using multiple regression models with purposive sampling. Green Accounting in this study uses environmental cost proxies using Return on Capital Employed (ROCE). Financial performance uses the Return on Equity (ROE) proxy. Results: research shows that the influence of green accounting can provide important input to operational managers in manufacturing companies in making decisions regarding environmental costs and environmental protection that will provide economic benefits for the company. In addition, these findings also clarify the great benefits of green accounting policies for a company's production process. Conclusion: Green Accounting has a long-term impact through the company's financial performance. Green Accounting can be the basis for companies in deciding whether to invest or not.

• Journal of Distribution Science
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• v.17 no.1
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• pp.89-94
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• 2019

Purpose - In recent digital information society, the most important factor of to increase the firm value of the distribution company is not the activity to increase the sales through the general advertisement of the unspecified majority by purchasing the finished product, but to grasp the needs of the consumers and to develop a new distribution platform that connects producers and consumers directly through consumer-tailored advertisements centering on e-commerce. Therefore each company in the distribution industry is spending a lot on research and development investment to innovate the distribution technology and distribution system, and the research and development investment expenditures can affect firm value. The purpose of this study is to analyze the impact of research and development investment expenditures in the distribution industry on market value of the firm. Research design, data, and methodology - As a research method, the sample firms are those which are listed on korea stock exchange market from 2011 to 2017 and the research model is Ohlson(1995) model, which is a representative valuation model using accounting information. This study analyzes the effect of distribution company's research and development investment expenditures and advertising expenditures on market value of the firm Results - The results of empirical analysis show that research and development investment expenditures for developing new distribution technology and advertising expenditures for promoting sales in the distribution company are all positively related to the market value of firm. Therefore, in describing market value of the distribution company, it is shown that the research and development investment expenditures and advertising expenditures together with the net asset and net profit are the important accounting information that explains the market value of firm. This result show that investment expenditures on research and development for the innovation of distribution technology of distribution company creates intangible intellectual assets and increases market value of the firm. Conclusions - The result of this study shows that research and development investment expenditures for the new distribution technology as well as the spending for the advertisement in the future is a very important investment expenditures that can increase the market value of the distribution company.

• Journal of Distribution Science
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• v.18 no.5
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• pp.5-13
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• 2020

Purpose: The aim of this article is to test the link between growth of loan distribution and Bank Valuation in Vietnam's banking sector. At the same time, the study also compared the differences in the effect of growth of loan to valuation bank in banks of different sizes, ownership rates and bank values. Research design, data and methodology: With panel data estimation techniques along with robust standard error for a sample of the banks listed on Vietnam stock exchange from 2012 to 2019. Results: Growth of loan has a positive impact on Bank Valuation (by Tobin's Q). A closer investigation provides evidence for the differential valuation effect of loan growth depending on different features of banks. Specifically, loan growth is found positively and significantly associated with Bank Valuation in small and non-state-owned banks only. Besides, bank size, deposit, and return on equity are found negatively associated with Tobin's Q, while loan loss provisions exhibit a positive relation with this measure of Bank Valuation. Conclusions: These findings provide contributions to the literature on the existence of the effect of loan growth on Bank Valuation. At the same time, the study also provides practical implications for policy makers in banks and investors.

• IE interfaces
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• v.22 no.3
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• pp.234-242
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• 2009

It is most important for distribution center in retail business to delivery commodities in a timely manner. Accordingly, many companies try to make distribution center effective using the Warehouse Management System(WMS) integrated legacy system. Also, the Customer Relationship Management(CRM) is the most typical paradigm in management lately. Even though the WMS and CRM are independent system of each other, WMS, coupled with CRM makes customer satisfied more effectively. In this paper, we proposed the methodology for inventory location after analyzing and applying customer buying pattern data in the CRM through the MBA(Market Basket Analysis), which is part of data mining. We used an example modeling a real distribution center in retail through a 3D simulation tool and examined correlation between commodities using customer buying pattern. After that, we applied it to the inventory location system through the MBA in an example. Finally, we identified decrease in the time for picking, which is the majority of distribution center. Besides, we proposed a simulation methodology before applying new methodology. Consequently, it removes potential errors in advance and makes a optimized inventory location system.

• The Korean Journal of Financial Management
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• v.24 no.3
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• pp.153-186
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• 2007

It is well known that the distributional properties of financial asset returns exhibit fatter-tails and skewer-mean than the assumption of normal distribution. The correct assumption of return distribution might improve the estimated performance of the Value-at-Risk(VaR) models in financial markets. In this paper, we estimate and compare the VaR performance using the RiskMetrics, GARCH and FIGARCH models based on the normal and skewed-Student-t distributions in two daily returns of the Korean Composite Stock Index(KOSPI) and Korean Won-US Dollar(KRW-USD) exchange rate. We also perform the expected shortfall to assess the size of expected loss in terms of the estimation of the empirical failure rate. From the results of empirical VaR analysis, it is found that the presence of long memory in the volatility of sample returns is not an important in estimating an accurate VaR performance. However, it is more important to consider a model with skewed-Student-t distribution innovation in determining better VaR. In short, the appropriate assumption of return distribution provides more accurate VaR models for the portfolio managers and investors.