• Title/Summary/Keyword: Structure management

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Study on the Capital Structure Choice: Market Timing Hypothesis and Influence of Macro Economic Variables (자본조달 선택 요인에 관한 연구: 시장적시성과 거시 경제 변수의 영향에 대한 분석을 중심으로)

  • Kim, Chi-Soo;Kim, Jin-No
    • The Korean Journal of Financial Management
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    • v.25 no.2
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    • pp.33-68
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    • 2008

  • The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

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Complexity Theory and Organization Management (복잡성 이론과 기업경영: 프랙탈 경영방식을 중심으로)

  • Lee, Jang-Woo;Park, Hying-Gyu
    • Korean Management Science Review
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    • v.15 no.2
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    • pp.239-257
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    • 1998

  • Facing the globalization of world economy, intense market competition, radical change of information technology, firms are obliged to create a new type of organizations characterized by flexibility and adaptability to new and dynamic environments. This paper reviews the theories of complexity in physics briefly and discusses the implications of them on the management of business organizations. It analogizes the core concepts from complexity theories such as cooperative phenomena, self-organization, adaptation, positive feedback, and butterfly effect, and attempts to identify their implications on business management. Particularly, it suggests principles of 'Fractal' management which apply the fractal structure to the business organization.

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Study on Acceptability Analysis of Local Public Enterprise Management Assessment -Focus on Chungcheongnam-do Direct Management Enterprises- (지방공기업 경영평가의 수용성 분석 -충청남도 직영기업을 대상으로-)

  • Ko, Seung-Hee
    • The Journal of the Korea Contents Association
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    • v.14 no.12
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    • pp.744-752
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    • 2014

  • This research analyzed acceptability of local public enterprise management assessment targeting Chungcheongnam-do direct management enterprises. To do this, this research analyzed influence with acceptability of local public enterprise management assessment by composing the area with 5 aspects related to local public enterprise management assessment. More differentiated strategy is required to operate management assessment efficiently, since direct management enterprises have different shape from other public enterprises in respect of organizational structure. In case of water and sewage, it tends to be difficult to return the result of management assessment to the local government organization, so that managers' interest and effort is necessarily required. Also, responsible person's professionalism is required to raise achievement of direct management enterprise through management assessment, politic management plan for this is necessary. Above all, the structure of incentive for management assessment result is difficult in making intended effect as other public enterprises. Therefore, differentiation of compensation system for assessment result is required.

  • https://doi.org/10.5392/JKCA.2014.14.12.744 인용 PDF KSCI

Equipment replacement cost analysis within the construction industry

  • Oh, Hyun-Seung
    • Korean Management Science Review
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    • v.8 no.1
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    • pp.41-50
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    • 1991

  • Within the current construction industry, constractor equipment management practices lack structure and often are not addressed through an economic analysis and evaluation process. This paper explores two areas...cost of capital and inflation...with the intention of providing insight for a more structured and economic based approach to contractor equipment replacement practices rather than by the traditional "rule of thumb".umb".uot;.

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