• Management & Information Systems Review
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• v.29 no.4
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• pp.23-44
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• 2010

This study examines the value-relevance of accruals and discretionary accruals. Also, by examining the effects of the corporate life-cycle on these relationship, this study is able to provide evidence of the value-relevance of accruals and discretionary accruals measures in the economic context of life-cycle theory. This study uses results based on life-cycle classification methods developed by Anthony and Ramesh(1992), adjust Jones model and Dechow Dechev(2002) model. We classify firms using individuals variables(sales growth, capital expenditure growth, employee growth) and then use a composite score obtained from all variables for classification. Our sample consists of 272 firms listed in the Korean Stock Exchange during 14 years(1996-2009). Our final sample for regression variables consists of 2,448 firm-year observations. This evidence implies that the value-relevance of accruals and discretionary accruals in the growth and mature stage can have positive impact on the price but in the decline the value-relevance of accruals and discretionary accruals can have negative impact on the price. The results mean that discretionary accruals communicate managements' private information in the growth stage, but. earnings management in the decline stage. The results of this study suggest that corporate life cycle stages influence the value-relevance of accruals and discretionary accruals measures.

• The Journal of the Korea Contents Association
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• v.20 no.12
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• pp.136-144
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• 2020

Previous studies report that labor investment inefficiency occurs as the information asymmetry becomes severe and the agency problem between managers and external investors increases. Therefore, it is highly likely that managers will make opportunistic decisions that can damage corporate value in companies with high labor investment inefficiency. This study examines whether the value relevance of accounting information decreases as labor investment inefficiency increases as it is less likely that investors in the market use the accounting information of companies in which labor investment decisions are made inefficiently. Labor investment efficiency is measured as the difference between the actual level of labor investment and the expected level of optimal labor investment. Larger difference between the actual level of labor investment and the expected level of optimal labor investment is considered as higher inefficiency in labor investment. Using data of firms listed on the Korea Stock Exchange from 2002 to 2018, empirical results show that the value relevance of earnings decreases as the inefficiency of labor investment increases. This research provides empirical evidence on whether investment inefficiency in labor, which is an important factor in the competitiveness of a company, reduces the information usefulness of reported earnings.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.41-55
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• 2021

We examine the effects of the sustainability report (SURE) and investment decision on share price (SPRC). Explore whether the sustainability report changes the value-relevance of financial accounting variables indirectly. It is evident that the number of banks is only 12, which are all banks in Saudi Arabia, and we have included all of them in the final sample. Moreover, the same number of banks applied for the analysis concerning the accounting variables. This article utilizes a panel dataset from a sample of Saudis registered banks from the first quarter of 2014 to the last quarter of 2018. We utilize a balanced sample that contains all banks listed in Tadawul, 240 observations. Run GLM regression to tests the relationships. Findings exhibit that investors value the complementary disclosure of accounting information provided in SURE, and this disclosure produces a positive effect on SPRC. The SURE figure is robustly significant, suggesting that the market assigns a positive-significant correlation to the further information in the SURE. The indirect effects show that BPS×SURE is a positive-significant effect on SPRC, whereas EPS×SURE is positively-insignificant. The analysis shows that SURE's value relevance conforms through Saudis Banks, consistent with the hypothesis that diverse institutional perspectives probably influence the value-relevance of SURE.

• The Korean Journal of Health Service Management
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• v.10 no.3
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• pp.1-12
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• 2016

Objectives : This study examined relations between investment efficiency and management performance as indexes related to productivity of Korean regional public hospitals. Methods : The analysis data are financial information of Korean regional public hospitals from 2011 to 2014. For the indicators, value added to total assets, value added to productive activity tangible fixed assets, and value added to personnel expenses, operating margin to revenues, net profit to total earnings, and ratio of value added. Results : Significant relevance was not shown among indicators of investment efficiency. However, Significant relevance was shown between value added to personnel expense and productivity per value added. Conclusions : It confirmed that outside support funds like subsidy did not have effect on improving the management performance. Also, it could be known that availability about input of capital and labor was not realized organically.

• Journal of the Korean Mathematical Society
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• v.36 no.3
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• pp.609-619
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• 1999

We give a mathematically rigorous description of the recently popular latent semantic indexing (LSI) method in text information retrieval theory. Also, a related problem of finding a document ranking function in linear relevance feedback is discussed.

• Journal of Information Technology Services
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• v.8 no.3
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• pp.67-81
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• 2009

This study aims to test the valur relevance of development cost particularly focusing on IT firms of KOSDAQ. Test period is from 2005 to 2007 and the samples are 2,271 year-firms including 1,692 firms that reported development cost in financial statements. The basic test model is a modified Ohlson(1995)'s linear model. The empirical results show that there is the negative relation between stock price and development cost reported as asset. It means that development costs reported as asset is considered as expense in the market. It implies that development activities of KOSDAQ IT firms is not related to market-leading technologies or goods. Otherwise it might reflect the conservative valuation of market on the unstability of KOSDAQ market itself.

• Journal of the Korean housing association
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• v.3 no.2
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• pp.13-19
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• 1992

The purpose of this study is to grasp spatial effects of colours in interior design. The visual feeling in the 1/10 living room scale models that are different in the colour combination of ceilings, walls and floors is judged using a semantic scale of the fifteen adjectives. The major findings are as follows; 1) As a result of factor analysis, three dimensions, "evaluation", "activity" and "warmness" are extracted. Dimension 1, "evaluation", is most greatly affected by the chroma and hue of the room colour, dimension 2, "activity", by the hue and value, by the difference in hue and value of ceilings, walls and floors, dimensions 3, "warmness", by mainly the hue of the rooms. 2) Concerning the spatial effects of colour, the subjects felt higher vlaue with relevance to the hue of GY, Y, low chroma and high value. The room colours other than walls is felt more comfortable in similar colour, especially hue and value.re comfortable in similar colour, especially hue and value.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.1
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• pp.417-425
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• 2020

In this paper, value relevance of the level of dependence on separate accounts in non-life-insurance companies is studied. As noted by Shim et al. (2015), the separate accounts of insurance companies consist of contracts with different attributes from the general accounts, so it is likely that firm value will vary depending on the insurer's dependence on the separate accounts. Thus, in this paper, an empirical analysis has been conducted using quarterly financial data and stock price data from domestic listed non-life-insurance companies from 2011 to 2018. The analysis shows that variables representing the level of dependence on separate accounts have a significant negative relevance to firm value. These results may suggest that changes in the proportion of a non-life-insurer's separate accounts may result in a change to its firm value under the same net assets and net income scales in aggregate accounts. This study provides management implications for the operation of separate accounts from the perspective of maximizing firm value. In addition, this study suggests that disclosure system improvement would be necessary to more directly report the operational performance of the separate accounts.

• Journal of Practical Engineering Education
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• v.11 no.2
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• pp.305-311
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• 2019

Many universities offer mileage system as part of their student reward program. The mileage system provides mileage to students who participated in on-campus extracurricular programs, and awards scholarships regardless of grades based on the mileage earned. The purpose of this study is to identify the effect of students' perception of college mileage system on loyalty and to compare the difference in loyalty between those who received mileage and those who did not. To this end, the effect of loyalty was studied empirically by classifying the perception of college mileage into five categories: the cash value, aspirational value, diversity of benefits, convenience, and relevance. The results showed that aspirational value, diversity of benefits and relevance had a positive effect on loyalty, while cash value and convenience did not. In addition, the effect of cash value on loyalty was higher in those who received mileage than those who did not. In terms of relevance, higher loyalty was found in group that did not receive mileage than those who did.

• Journal of Korea Multimedia Society
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• v.7 no.9
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• pp.1312-1320
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• 2004

Recently, even if a lot of visual feature representations have been studied and systems have been built, there is a limit to existing content-based image retrieval mechanism in its availability. One of the limits is the gap between a user's high-level concepts and a system's low-level features. And human beings' subjectivity in perceiving similarity is excluded. Therefore, correct visual information delivery and a method that can retrieve the data efficiently are required. Relevance feedback can increase the efficiency of image retrieval because it responds of a user's information needs in multimedia retrieval. This paper proposes an efficient CBIR introducing positive and negative relevance feedback with threshold value and pre-fetching to improve the performance of conventional relevance feedback mechanisms. With this Proposed feedback strategy, we implement an image retrieval system that improves the conventional retrieval system.