• The Journal of Asian Finance, Economics and Business
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• 제9권7호
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• pp.249-260
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• 2022

The objective of this study was to investigate the impacts of working capital policy and strategy on a firm's performance including profitability and market value. By applying One-Sample T-Test, working capital investment and financing policies were classified into the three sub-policies and strategies: aggressive, moderate, and conservative, unlike previous studies using two sub- policies and strategies. The results showed that the SET-listed companies in all seven industry sectors primarily adopted an aggressive working capital investment policy and a conservative working capital financing policy, so-called as moderate working capital management strategy (MWS), at 49.40%. While the firms adopted and conservative working capital management strategy (CWS), 45.70%, followed by the aggressive working capital management strategy (AWS), at 4.90%. When examining the impacts among three-sub policies and strategies on a firm's performance, it was found that the conservative working capital financing policy led to the highest profitability and market value in all industry sectors. The findings also revealed that the aggressive strategy has no impact on a firm's performance in terms of profitability and market value.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.465-474
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• 2022

Using structural equation modeling, the study aims to investigate the causal relationship between working capital policies and working capital indicators on firm performance, including profitability and market value (SEM). The samples of 381 firms were selected from various industries listed on the Stock Exchange of Thailand (SET) from 2016 to 2020. The results showed that 1) there is an effect of working capital policies on profitability and market value; 2) there is an effect of working capital indicators on profitability and market value and 3) there is the effect of profitability on market value. From the results, it is suggested that conservative working capital investment policy (CIP) and conservative working capital financing policy (CFP) affect a company's performance in the Thailand context. In addition, shortening the cash conversion cycle (CCC) should be applied in management to increase profitability by reducing the receivables collection period (RCP) and inventory conversion period (ICP) while increasing the payables deferral period (PDP). The practical implications of the study provide the evidence that meeting the dues according to short CCC management can represent healthy liquidity in cash flow that helps gain investor confidence and the investment interest that further increases the market value.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.741-750
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• 2020

This study examines the influence of working capital management (WCM) factors on the profitability of steel companies listed on the Stock Exchange of Vietnam. Data was collected from audited financial statements of companies for a period of 10 years, from 2010 to 2019. The number of samples eligible for research is 20 out of 26 companies, which is equivalent to 76.9%. With the help of dedicated software Stata version 14, the impact determination of WCM (through 8 independent variables: DIO, DPO, DSO, CCC, SIZ, CR, LEV, GRO) to the firm's profitability (through the dependent variable) is performed through multivariate regression models. Research results from companies in the steel industry in Vietnam during this period indicate that WCM has a strong impact on the profitability of businesses. Among 8 factors affecting the profitability of steel enterprises, factors DPO, DIO, DSO, CR, SIZ, GRO have a positive impact, boosting profitability; 2 factors CCC and LEV have a negative impact on profitability; in which, the effect of CCC is negligible. This conclusion is almost in contrast to many previously published studies due to the specifics of the industry as well as the different stages of economic development associated with the economic management policies of the State.

• 한국사회복지학
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• 제41권
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• pp.119-146
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• 2000

The goals and strategies of welfare-to-work (WTW) policies have been sources of contentious political debate. In the United States, despite 20 years of welfare reform, there remain important differences of opinion regarding how best to design and deliver WTW programs. The proliferation of state and local WTW experiments has led to the identification of two ideal-types of WTW programs: the Labor Force Attachment and Human Capital Development models. Most of the recent policy debate about WTW in America has focused on the relative merits and performance of LFA and HCD. While the Primary goal of the LFA model is for welfare recipients to achieve a rapid transition into work, the HCD model seeks to improve the long-term employability of welfare dependents through education and skill development. LFA policies tend to be strongly outcome-oriented and generally can yield quick results. Their "any job is a good job" philosophy has proved attractive to policy-makers who are anxious to see concrete results in a short-term period. In contrast, the HCD policies do not simply dump welfare dependents at the bottom of the labor market, but aim to secure relatively stable and well-paid jobs. However, these strengths are offset by several practical weaknesses including high unit costs and long-term investment in human capital. In recent years, LFA policies have been increasingly favored by both policy officials and politicians in the United States. The introduction of Temporaray Assistance to Needy Families of 1996 has been accelerating the trend. What is going to happen to welfare recipients? This simple shift to the LFA model, however, will only see an alarming increase of working poor in a near future.

• 무역상무연구
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• 제33권
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• pp.29-62
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• 2007

The object of this paper is to increase in domestic use of export factoring for small and medium trading companies. Factoring involves a process where a specialized firm assumes the responsibility for the administration and collection of account receivable for its clients. It can be considered a form of short term commercial financing based on selling of trade credit at a discount, or for a prescribed fee plus interest. The youngest and smallest businesses cannot receive working capital for account receivable for export from financial companies, while larger businesses tend to have less need for factoring services. Using export factoring provide a valuable improvement to cash flow and working capital position and can possibly contribute to small business growth and development. There are several suggestions for export factoring to activate in Korea. First, the number of factoring companies need to be enlarge to activate export factoring in trade and financial policies. Second, factoring companies have to perform public relations for trading companies to inform the export factoring system and its advantages. Third, government need to support the system of export factoring with legislation and financial instruments. Forth, trading companies need to be reformed credit inquiry system in terms of expenses and methods by government This paper has attempted to emphasize on export factoring for small and medium size exporting companies and deserves more research by academics, practitioners and trade policy makers.

• 한국간호교육학회지
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• 제23권3호
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• pp.353-362
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• 2017

Purpose: This study aimed to analyze the mobility of newly graduated nurses from regions where their nursing schools were located to regions where they took up their first jobs, and to identify factors influencing nurses' mobility. Methods: Data from the Graduates Occupational Mobility Survey, collected annually from 2010 to 2014 by the Korea Employment Information Service, were analyzed. The sample consisted of 1,488 graduates and 1,229 nurses who were employed on a full-time basis in hospitals. Multiple logistic regression analysis was conducted to identify factors associated with geographic mobility. Results: Among the nurses working in hospitals, 69.2% had their first jobs in their nursing school regions and 11.3% in their high school regions. Fifty-two percent of the nurses worked in the capital region; 47.2% thereof had moved from a non-capital region. Nurses were more likely to work in their nursing school region when they were female, were older, graduated from a high school located in their nursing school region, graduated from a college (vs. university), had a lower nursing school performance, and expected lower monthly wage, compared with those who left their nursing school region. Conclusion: Education and remuneration policies are required to reduce geographical mobility to the capital region.

• STI Policy Review
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• 제5권1호
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• pp.75-97
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• 2014

Entrepreneurial financing, such as publicly initiated venture capital or grant schemes, serves as an important policy instrument that aims to bridge the financing gap facing young, innovative businesses, a gap that is mainly due to higher risk and growing uncertainty, and to strategically promote the creation of new ventures through the revitalization of their venture capital industries. This study examines public venture capital initiatives in Australia, Canada, and Sweden, and discovered that all three countries actively foster their venture capital industry through the formation of funds or the provision of tax incentives. It is notable that the majority of financing initiatives heavily depend on supply-side measures rather than demand-driven policies that focus on stimulating private investment in technological innovations and discoveries. This paper discusses in-depth the policy impact of public financing initiatives and their subsequent side-effects raised in the process such as overlapping in funding structure across the country, lack of monitoring and evaluation for feedback, fragmentation across the government ministries and agencies, and competition with the private sector, which may cause inefficiency as a result of public intervention. Financial constraints may arise for many reasons, partly resulting from the lack of investment readiness of young entrepreneurs. This signals a policy shift towards the creation of market-driven demand away from the traditional supply-push approach, and is a grand challenge to policymakers in entrepreneurial financing. Attention is leaning towards the efficiency and effectiveness of these public-financing initiatives in terms of their policy roles. It is worth noting that policy should focus on generating synergy so available resources can be channeled into the early, risky stage of new ventures, working as facilitator to the achievement of an intended policy goal.

• 보건행정학회지
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• 제34권1호
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• pp.94-102
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• 2024

연구배경: 현행 간호인력정책이 간호사의 불균형 분포를 심화시킨다는 논란이 지속되고 있으나, 이를 확인한 연구는 매우 드물다. 이에 본 연구는 간호정책과 관련된 변수를 포함하여 지역수준에서 임상간호사 분포에 영향을 미치는 요인을 규명하고자 하였다. 방법: 2020년 기준 250개 시군구의 총 225,462명의 임상간호사 분포를 대상으로 분석하였다. 2020년 시군구별 국가통계자료를 수집하여 회귀분석을 실시하였다. 결과: 임상간호사 분포에 영향을 미치는 요인은 연간 입원일수, 간호간병통합서비스 병상 수, 공공보건의료기관 수, 상급종합병원 수, 종합병원 수 등으로 나타났다. 비수도권 지역에서는 간호학과 졸업생 수와 간호1, 2등급 기관 수도 임상간호사 분포에 영향을 미쳤다. 결론: 간호사 불균형 분포가 심화되지 않도록 간호간병통합서비스 병상의 확대 지역을 신중하게 결정해야 한다. 또한 간호사가 부족한 비수도권 지역을 중심으로 간호학과 학생을 늘리고, 비수도권 간호사의 임금과 근무환경을 우선적으로 개선해야 한다.

• KDI Journal of Economic Policy
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• 제45권2호
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• pp.51-69
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• 2023

Korea's population is aging at a faster pace than any other major country, and the adverse impact of this trend on the economy is predicted to be significant. This paper focuses on the macroeconomic effects of population aging with particular attention paid to the pace of aging in Korea. According to our analysis, it is difficult to offset the decline in the labor supply driven by rapid population aging, even if the labor force participation rate of the working-age population rises to a significantly high level. We suggest a re-orientation of policy directions to correspond to the behavioral changes of economic agents. Policies must focus on promoting labor force participation among the elderly while pushing towards human capital advancement and higher productivity.

• 한국사회복지학
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• 제57권2호
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• pp.119-142
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• 2005

이 연구는 근로빈곤층의 특성에 맞는 개념정의의 방법을 제안하고, 그러한 개념정의에 따를 때 근로빈곤층의 실태가 어떠한가를 규명하고자 하였다. 이는 근로빈곤층에 대한 개념정의의 방식에 따라 근로빈곤층의 특성은 상이하게 나타날 뿐 아니라, 근로빈곤층을 초점으로 하는 빈곤정책의 방향 또한 달라질 수 있다는 인식 때문이다. 이 연구에서 제안하는 개념정의에 따르면, 근로빈곤층은 '빈곤한 가구의 가구원 중 조사시점에서 지난 6개월 이내에 노동시장에서 일하거나, 구직활동을 수행한 경험이 있는 사람'이다. 이러한 개념정의는 비록 근로능력이 있지만 아동 양육 등의 활동 때문에 비경제활동인구로 존재하는 사람들을 제외시킬 수 있고, 비정규직 임금근로자나 영세자영자 등 다양한 경제활동을 하고 있는 사람들을 배제하지 않을 수 있으며, 불안정한 노동시장 지위로 인해 경제활동인구와 비경제활동인구를 넘나드는 사람들을 포함할 수 있다. 이 연구의 개념정의 방식을 따를 때, 근로빈곤층은 일반적인 생각과는 달리 남성이 여성보다 약간 더 많고, 30세$\sim$60세까지의 사람들이 60% 정도를 차지한다. 하지만 중졸 이하의 학력을 가진 사람들이 절반 가까이 된다는 점은 선행 연구들의 보고와 유사한 것이다. 근로빈곤층의 절대 다수는 어떠한 형태로든 일을 하고 있는 것으로 나타났다는 점 또한 주목할 필요가 있다. 경제활동상태별로 보면 상용직과 자영자의 비중이, 직종별로 보면 판매서비스직과 농어업직의 비중이, 산업별로는 기타서비스업과 농림수산업의 비중이 높았다. 하지만, 보다 장기적인 시점에서 파악한 근로빈곤층의 경제활동상태별 분포에서는 일용직의 비중이 상용직의 비중보다 높았다. 또한 근로빈곤층의 고용상태는 외환위기 이후 지속적으로 악화되어 왔음을 확인할 수 있었다.