• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.223-234
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• 2021

This study aims to examine whether operating cash flows influence banks' financial stability in Pakistan. The study employed annual panel data collected from annual reports of 20 commercial banks listed on the Pakistan Stock Exchange for the year 2011 to 2019. Free cash flow yield was taken as the dependent variable while cash flow ratio was selected as the independent variable, and net interest margin, income diversification, asset quality, financial leverage, the cost to income ratio, advance net of provisions to total assets ratio, capital ratio, financial performance, breakup value per share and bank size were taken as control variables. The study performed ordinary least square technique, random and fixed effects models, Hausman test, Lagrange multiplier test, descriptive and correlation analysis. Results showed that operating cash flows and net interest margin significantly and positively influenced banks' financial stability while the cost to income ratio and advances net of provisions to total assets ratio significantly and negatively associated with banks' financial stability. To improve financial stability, banks should become more cost-effective and enhance their liquidity levels by lowering lending activities. In the future, it would be useful to compare commercial and investment banks, also Islamic and conventional banks in the same research setting.

• 유통과학연구
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• 제12권5호
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• pp.61-69
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• 2014

Purpose - Many studies report that returns on hedge portfolios that eliminate particular risk types are abnormal from traditional asset pricing models' perspectives. This study examines the pervasiveness of anomalous returns conditioned on business cycle and group size. Research design, data, and methodology - Using KOSPI and KOSDAQ market data from July 1991 to December 2013, we categorize stocks into appropriately sized groups, and dichotomize our sample periods into expansion and recession periods then, we construct hedge portfolios by sorting stocks by anomaly variables and calculate their returns. Results - Four anomalies, including earnings yield, net stock issue, total asset growth, and liquidity appear pervasive across all groups for the entire sample period. However, only the hedge returns of net stock issues are significant across all group sizes during both expansion and recession. Conclusions - A net stock issue can be an appropriate proxy for expected growth of book equity for all group sizes in recessions. This finding could provide insights to investment industry participants and to researchers interested in the relationship between expected growth of book equity and business cycle risk.

• 산경연구논집
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• 제5권1호
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• pp.5-9
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• 2014

Purpose - This study aims to examine the incremental information content of cash flw from operations and earnings in the Iranian capital market. Design, methodology, and approach - Based on market-based accounting research, this study uses statistical associations between accounting data (earnings and cash flw) and stock returns to assess/measure the incremental information content (value relevance) of cash flw and earnings. A multivariate regression model based on panel data is used to examine the incremental information content of earnings and cash flow from operations. Results - The results show that both earnings and cash flow from operations have incremental information content beyond each other. These results are consistent with the findings of recent studies. Overall, the fidings of this study support the usefulness of cash flw information in addition to earnings, in fim valuation by investors in the Iranian market. Conclusions - The study makes the following contributions to the Iranian literature on incremental information content of cash flw and earnings. First, this study employs actual cash flw data derived from cash flw statements. Second, this study employs a large sample size for a more recent period.

• 한국소음진동공학회:학술대회논문집
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• 한국소음진동공학회 2006년도 춘계학술대회논문집
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• pp.1453-1458
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• 2006

KTX Railway rolling stock wheel run its course to corrode, deteriorate and wear away through out the time. So it is natural that the performance and ability of wheel gets declined. The frequency characteristic analysis were accomplished to above trend and shock wave flow to wheels were examined. The result will be used to find Railway rolling stock wheel crack and maintenance method hereafter.

• 노동경제논집
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• 제34권1호
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• pp.33-69
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• 2011

본 연구는 기업수준에서 교육훈련스톡, 연구개발스톡, 특허출원스톡 추계를 통하여 교육훈련활동과 연구개발활동의 생산성 효과에 대하여 분석한다. 특히 교육훈련투자를 스톡으로 구축하여 추정에 이용함으로써 숙련의 자산성을 분석에 반영하였다. 교육훈련투자의 파급효과 분석시 기술적 근접도를 이용한 것과 동적패널 분석을 이용하여 장단기 효과를 구분한 것 역시 방법론상의 새로운 시도이다. 분석 결과, 교육훈련투자의 생산성 효과는 연구개발투자에 비해 상대적으로 더 큰 것으로 나타났다. 교육훈련활동과 연구개발 활동은 자체효과뿐만 아니라 파급효과와 장기효과를 통해 기업의 생산성에 큰 영향을 미친다.

• 제어로봇시스템학회:학술대회논문집
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• 제어로봇시스템학회 2003년도 ICCAS
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• pp.1362-1366
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• 2003

Workload programming is allocating suitable workloads of production process according to the needs of products, which would minimize the total cost of both work and stock under some constraint conditions. In this paper, a production process flow chart of discrete manufacturing is presented by a Petri net, and the optimization model of workload-stock is established. An approach of the optimal workloads is provided by means of the integer matrix theory. An example is given to verify this method.

• 대한안전경영과학회지
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• 제6권2호
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• pp.263-274
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• 2004

The foreign capital of appropriate scale is affirmative in stabilizing the domestic foreign exchange and stock market. But its excessive scale threatens corporate governance by a hostile M&A and causes the out-flow of national wealth and the unhealthiness of finn because foreign investors require high dividend through the superiority of stock ownership ratio. Therefore, the government and corporate must make the defensive countermeasure of corporate governance for the foreign capital immediately.

• 한국산학기술학회논문지
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• 제15권4호
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• pp.2526-2531
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• 2014

본 연구에서는 2001년부터 2012년까지 한국거래소에 상장된 382개 표본기업을 대상으로 최고경영자의 교체가 주가 수익률에 미치는 영향을 패널자료분석방법을 이용하여 분석하였다. 즉, 최고경영자의 교체가 주가수익률 상승으로 이어지는지를 실증분석하였다. 분석결과, 최고경영자교체는 주가수익률에 양(+)의 유의한 영향을, 장부가치/시장가치 비율, 순이익/주가 비율, 현금흐름/주가 비율, 기업규모 등은 음(-)의 유의한 영향을 미치는 것으로 확인되었다. 그러나 부채비율과 매출액 성장률은 경영자 교체와 유의한 관계를 가지지 못하는 것으로 나타났다.

• 한국유기농업학회지
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• 제21권1호
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• pp.33-48
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• 2013

This work is for listing, patent, reasonable valuation of environmental-friendly agricultural company. In this study, agricultural company in environmental friendly industry that consider nature, customer's wellbeing and safe would be evaluated by DCF (Discounted Cash Flow) and ROV (Real Option Value). And company in environmental-friendly industry would be checked whether it is to be related and concerned to listing in the stock market and patent acquisition with the basis of company valuation. After then agricultural company value is evaluated with the consideration of growth in environmental-friendly industry, and company valuation comparison would followed about intellectual property right. It can be assumed that value of environmental-friendly agricultural company has low relation and concern to listing of stock market, and valuation would be increased through the intellectual property right such as patent, development or core search ability.

• 수산경영론집
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• 제39권1호
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• pp.17-42
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• 2008

This study tried to build a structure model for the Korean flatfish aquaculture market by a system dynamics approach. A pool of several factors to influence the market structure was built. In addition, several reasonable factors related to the flatfish aquaculture market were selected to construct the causal loop diagram (CLD). Then the related stock/flow diagrams of the causal loop diagrams were constructed. This study had been forecasting a production price and supply, demand, and consumption volume for the flatfish market by a monthly basis, and then made some validation to the forecasting. Finally, four governmental policies such as import, storage, reduction of input, and demand control were tentatively evaluated by the created model. As a result, the facts that the demand control policy is most effective, and import and storage policies are moderately effective were found.