• 지식경영연구
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• 제11권5호
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• pp.1-23
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• 2010

In order to provide a better understanding about the phenomenon of KM assimilation, this study attempts to conceptually develop and empirically compare two different models: (1) the first model, which considers the KM process as the flow of knowledge that plays an intervening role between knowledge stocks (i.e., knowledge worker, technical knowledge infrastructure, external knowledge linkage, knowledge strategy, and internal knowledge climate) and the level of KM assimilation; and (2) the second model is a simple direct effect formulation without any distinction between knowledge stock and flow. These two models were then tested and compared using the responses of 187 Korean organizations that had already implemented enterprise-wide KM systems. The findings indicate that the two models are useful in explaining successful KM assimilation. However, the first causal model with the distinction between knowledge stock and flow assesses the effectiveness of KM more accurately than the second model without the distinction. Interestingly, the KM process was shown to be the most critical factor for the proliferation of KM activities across an organization. The findings of this study are expected to serve not only as early groundwork for researchers hoping to understand KM and its effective assimilation in organizations, but should also provide practitioners with guidelines as to how they can enhance their KM assimilation level so as to improve their organizational performance.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.297-309
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• 2021

In this study, to capture the skewness and kurtosis detected in both conditional and unconditional return distributions of the stock markets of Kazakhstan and Russia, two versions of normal mixture GARCH models are employed. The data set consists of daily observations of the Kazakhstan and Russia stock prices, and world crude oil price, covering the period from 1 June 2006 through 1 March 2021. From the empirical results, incorporating the long memory effect on the returns not only provides better descriptions of dynamic behaviors of the stock market prices but also plays a significant role in improving a better understanding of the return dynamics. In addition, normal mixture models for time-varying volatility provide a better fit to the conditional densities than the usual GARCH specifications and has an important advantage that the conditional higher moments are time-varying. This implies that the volatility skews implied by normal mixture models are more likely to exhibit the features of risk and the direction of the information flow is regime-dependent. The findings of this study contain useful information for diverse purposes of cross-border stock market players such as asset allocation, portfolio management, risk management, and market regulations.

• 토지주택연구
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• 제11권1호
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• pp.59-66
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• 2020

This thesis investigates relationship between Stock-to-Flow price and housing starts in Seoul metropolitan form 2008 year to 2019 year. The paper tests the relationship through two time-series models such as a vector error correction model and Dynamic Panel regression model. The model results show evidence of positive correlation between Stock-to-Flow price and housing starts in the long run. By transforming the regional data into a panel data set and running a fixed effects model, we test the explanatory power of PBR on housing starts. The result of VECM confirms that one unit uprising PBR raises up apartment construction by 7.4%. This result supports that PBR is a major factor in choosing a start of housing construct. Base on the result of empirical model, We also suggest that the market self-regulation function of housing providers is operating in the entire metropolitan area market.

• 한국시스템다이내믹스연구
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• 제7권1호
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• pp.91-118
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• 2006

The purpose of this study is to find what factors are directly related to the delay of public projects, usually going beyond the planned deadline and budget. From a series of System Dynamics simulation works applied to the Cheongju Cremation Project, the research finds that the negative externalities originated from the adjacent location of the LULU(locally unwanted land use) facilities have exerted significant influence on dynamic perceptions of key stakeholders, typically resulting in project delay. As shown repeated experiments, the proposed negotiation-based models would produce relatively higher planning performance level than the typical approaches hinged on the administrative-expediency tactics. Even though the former may require more human and material resources in the very beginning stage, as they have to deal with diverse grievances raised by major stake-holders, most of them would bound for strengthening reinforcing loops within the complex structure. These results also imply that negotiation or consensus-building approaches would enhance mutual agreement among stake-holders, upgrading the overall quality of project management.

• 한국ITS학회 논문지
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• 제8권1호
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• pp.1-8
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• 2009

본 연구는 기존의 버스 운영계획모형을 시스템 다이나믹스(System Dynamics : SD) 관점에서 검토하는 것을 주된 목적으로 하고 있다. 결정변수들 간의 선형적 관계에 기초한 교��비용모델에 SD관점을 적용하여 순환적 관계로의 재구성을 시도하였으며, 그 결과물로 최적배차간격모형의 인과지도(Causal Loop Diagram)을 제시하였다. 또한 계량적 시뮬레이션이 가능한 저유량 인과지도(Stock & Flow Diagram)을 작성하여 시뮬레이션 결과의 의미를 논의하였다. 연구결과, 시뮬레이션에 적용한 수식이 기존의 교통비용모형에 토대를 두고 있기 때문에 시뮬레이션 결과가 기존의 연구와 큰 차이를 보이지 않았다.

• 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.

• 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.

• 정보학연구
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• 제1권2호
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• pp.209-227
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• 1998

본 연구는 회계이익을 구성요소별로 분리시켜 회계이익과 주가수익률간의 관계에서 영업현금흐름, 재량적 발생액, 비재량적 발생액, 및 비재량적 이익이 회계이익에 대해 추가적 정보효과를 제공하는지 여부를 한국자본시장의 자료를 이용하여 실증적으로 검증한다. 이를 위해 회계이익을 영업현금흐름과 총발생액으로 구분하고, 다시 총발생액을 재량적 발생액과 비재량적 발생액으로 분리시켜, 종속변수를 초과수익률로 하고 독립변수에 각 회계이익의 구성요소들을 포함시키는 회귀분석방법으로 검증하였다. 표본기업은 1984년부터 1995년까지 연속된 자료를 이용할 수 있는 158개 기업을 대상으로 하였고, 1984년부터 1993년(10년간 통합된 1,580개 자료)까지는 비재량적 발생액의 추정기간으로 삼아 Jones모형(1991)을 이용한 산업-연도별 횡단면 회귀분석모형으로 추정한 다음에 1994, 1993년(2년간 통합된 316개 자료)을 검증기간으로 하여 총 발생액을 재량적 발생액과 비재량적 발생액으로 분리시키는 방법을 사용하였다. 연구곁과에 의하면, 회계이익의 구성요소들을 독립변수로 하고 주가수익률을 종속변수로 하는 다중회귀분석에서는 회계이익에 대해 영업현금흐름과 재량적 발생액은 추가적 정보가치가 있는 것으로 나타났다. 이는 재량적 발생액이 기업성과측정가설과 일치하는 것으로 해석 할 수 있다. 또한 회계이익에 대해 비재량적 이익과 재량적 발생액도 추가적 정보가치가 있는 것으로 나타났다. 그리고 추가분석결과에서는 비재량적 발생액의 절대값의 크기가 큰 집단에서 유의한 양의 더미변수가 검증되었는데, 이는 비재량적 발생액의 절대적 크기가 클수록, 회계이익과 영업현금흐름에 대해서 순기능적인 추가적 정보력을 제공하는 것으로 여겨진다.

• 정보학연구
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• 제7권3호
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• pp.19-36
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• 2004

본 연구에서는 회계이익을 구성요소별로 분리시켜 회계이익과 주가수익률간의 관계에서 영업현금흐름, 재량적 발생액, 비재량적 발생액, 및 비재량적 이익이 회계이익에 대해 추가적 정보효과를 제공하는지 여부를 한국자본시장의 자료를 이용하여 실증적으로 검증하였다. 이를 위해 회계이익을 영업현금흐름과 총발생액으로 구분하고, 다시 총발생액을 재량적 발생액과 비재량적 발생액으로 분리시켜, 종속변수를 초과수익률로 하고 독립변수에 각 회계이익의 구성요소들을 포함시키는 회귀분석방법으로 검증하였다. 표본기업은 1991년부터 2003년까지 연속된 자료를 이용할 수 있는 156개 기업을 대상으로 하였고, 1991년부터 2001년(10년간 통합된 1,580개 자료)까지는 비재량적 발생액의 추정기간으로 삼아 Jones모형(1991)을 이용한 산업-연도별 횡단면 회귀분석모형으로 추정한 다음에 2002, 2003년(2년간 통합된 316개 자료)을 검증기간으로 하여 총발생액을 재량적 발생액과 비재량적 발생액으로 분리시키는 방법을 사용하였다. 연구결과에 의하면, 회계이익의 구성요소들을 독립변수로 하고 주가수익률을 종속변수로 하는 다중회귀분석에서는 회계이익에 대해 영업현금흐름과 재량적 발생액은 추가적 정보가치가 있는 것으로 나타났다. 이는 재량적 발생액이 기업성과측정가설과 일치하는 것으로 해석할 수 있다. 또한 회계이익에 대해 비재량적 이익과 재량적 발생액도 추가적 정보가치가 있는 것으로 나타났다. 그리고 추가분석결과에서는 비재량적 발생액의 절대값의 크기가 큰 집단에서 유의한 양의 더미변수가 검증되었는데, 이는 비재량적 발생액의 절대적 크기가 클수록, 회계이익과 영업현금흐름에 대해서 순기능적인 추가 정보력을 제공하는 것을 나타낸다.

• 한국시스템다이내믹스연구
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• 제3권1호
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• pp.79-104
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• 2002

A system dynamics project is going on for forecasting automobile market in Korea. The project is made up of three stages, and the first stage has been wrapped up. As the first attempt, most efforts have been focused on the sound foundation rather than the exact forecast. The model consists of three sectors; the supply sector, the demand sector, and the population sector. The supply sector is a simple stock and flow diagrams representing the supply capacities of all automobile types. The major effort is made on the demand sector and the population sector. The demands are divided into three categories; replacement demands, new demands, and additional demands. The model applies “one car per person" concept, and assumes there will be no additional demands for a while. The replacement demands are calculated based on a simple stock and flow diagram. The new demands are calculated via Bass models; each bass model represents a diffusion for each age group. The population is divided into 101 age groups (age 0 to age 100). The model has been calibrated with past 10 year data (1990 - 1999), and tested for the next two years (2000-2001). The results ware acceptable, although a fine tuning is required. Now the second stage is going on, and most of efforts are made how to incorporate the economic and cultural factors.