• Title/Summary/Keyword: cash management

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Management performance and managers' cash compensation sensitivity (경영성과와 경영자 현금보상 민감도)

  • Shin, Sung-Wook
    • Management & Information Systems Review
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    • 제32권1호
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    • pp.259-272
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    • 2013
  • This Paper document that managers' cash compensation is more sensitive to negative stock return than positive stock return. Also, this paper analyse that managers' cash compensation react symmetrically to accounting earnings and losses. Since stock returns include both unrealized gains and unrealized losses, we expect managers' cash compensation to be less sensitive to stock returns when returns contain unrealized gains(positive returns) than when returns contain unrealized losses(negative returns). But accounting earnings exclude unrealized gains and include unrealized losses, so managers' cash compensation will react symmetrically to accounting earnings and losses. Analyzing 5,815 firm-year data for 2000-2011, we find that managers' cash compensation reacts asymmetrically to stock retruns whereas managers' cash compensation reacts symmetrically to accounting performance. This finding is consistent with boards of directors seeking to mitigate ex post settling up problem that would arise of managers' cash compensation was equally sensitive to positive and negative stock return.

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Path Analysis of Credit Card Use Patterns among College Students : Examination of Cash Advances and Deferred Payments (대학생소비자의 신용카드 사용행동에 대한 인과분석 : 현금서비스 사용행동과 연체행동을 중심으로)

  • Kim Chang-Mi;Kim Young-Seen
    • Journal of Families and Better Life
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    • 제23권2호
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    • pp.77-91
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    • 2005
  • The purpose of this study is to investigate general tendencies in credit card use, and determine the causes of the use of cash advance service and deferred payment among college students. Socio-demographic variables(gender, year in college, allowance, family income, parents' education and occupation, having taken a personal financial management course), knowledge and attitudes toward credit card, and financial management practices were incorporated as antecedent variables. Logistic regression analysis and multiple regression analysis were conducted to test the hypotheses. The results were as follows ; First, $32\%$ of the college students with no regular income experienced deferred payment, and $60.4\%$ of them had used a cash advance service. Second, the frequency and amount of cash advance service use were affected by family income, financial practices, and allowance. The financial practice as a parameter was affected by their completion of a personal finance course and their allowance. Third, deferred payment of credit was affected by their knowledge on credit cards and their financial practices. The financial practices as a parameter were affected by the family income and their completion of a personal finance course, and the knowledge on credit cards was affected by gender. Lastly, implications and suggestions for credit card use behavior research and consumer credit education are discussed in this article.

The Effect of Agency Problem on the Value of Cash Holdings (대리인문제가 보유현금의 가치에 미치는 영향에 관한 연구)

  • Park, Soon-Hong;Yon, Kang-Heum
    • The Korean Journal of Financial Management
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    • 제26권4호
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    • pp.1-34
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    • 2009
  • We test the effect of corporate cash holdings on firm value by using the KOSPI listed firms over the period between 2002 and 2007 from the agency theories perspective, which has not been the central interest of prior studies. Unlike existing studies, using the manager's ownership ratio or foreign investor's shareholder ratio as a proxy variable for agency costs, we use the individual firm's corporate governance scores by the KCGS to test the effect of agency costs on the value of firm's cash holdings. We find that a firm value is positively related with its cash holdings. We also find that a firm with good corporate governance tends to experience a higher value of its cash holdings, compared with a firm with bad corporate governance. These results are consistent even after controlling for the endogeneity problems between corporate governance and firm value, strongly supporting the agency theory of cash holdings. Therefore, a firm's cash holdings, even from liquidity or precautionary motives, could increase the firm cash value, as long as its managers' interest is shareholders' wealth maximization rather than their private benefits.

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Growth and Motivations for Chinese Mobile Payment Service: An Empirical Study Using Ali-Pay and Wechat-Pay Users in Chinese Market (중국 모바일 결제서비스의 발전과 사용동기 - 중국 모바일 결제서비스 알리페이, 위챗페이를 중심으로 -)

  • Yin, Changlong;Lee, Sae-Bom;Roh, In-Sung;Suh, Yung-Ho
    • Journal of Korean Society for Quality Management
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    • 제45권1호
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    • pp.139-152
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    • 2017
  • Purpose: The purpose of this study is how Chinese users' personal traits affect the intention to use mobile payment. This research selects personal innovativeness and habit of cash payment as personal traits, and considers perceived risks and relative advantage as personal beliefs. In addition, the research divided perceived risks into three multi-faceted risks, which are privacy risk, financial risk and performance risk. Methods: The method of this study used questionnaire survey to collect 241 data on users' perception on mobile payment, and also used a structural equation modeling method. Results: The result of this paper shows that all hypotheses are statistically significant except 4 hypotheses. Conclusion: The result of this study found that personal innovativeness is negatively related with all 3 kinds of perceived risks as anticipated. And Chinese users' traditional habit of cash payment negatively affects intention to use mobile payment but is not statistically significant affecting three perceived risks. Among perceived risks, privacy risk is the most negatively influencing factor to relative advantage.

Relationship between Net working capital and Cash flows in General Hospitals, Hospitals (병원의 현금흐름 종류가 순운전자본에 미치는 영향)

  • Jung, Yong-Mo;Ha, Au-Hyun
    • Journal of the Korea Academia-Industrial cooperation Society
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    • 제18권6호
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    • pp.312-318
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    • 2017
  • This study calculated the cash flow using the financial information by fiscal year for 25 general hospitals and 23 hospitals, and analyzed the relationship between cash flow and net working capital. The analysis results showed that 73.3% of general hospitals and 83.3% of hospitals did not secure funds required for operating activities by fiscal year. The cash flow types that affect net working capital were expenses not involving cash outflows and changes in borrowings in general hospitals, and expenses not involving cash outflows and income not involving cash inflows and changes in borrowings in hospitals. However, in case of shortage of funds required for operating activities, at general hospital, due to expenses not involving cash outflows being high and income not involving cash inflows being low and resulting in increased borrowing, at hospital, due to expenses not involving cash outflows being high and resulting in increased borrowing. Therefore, for the stability of cash flow in management activities, the adequacy and relevance of the expenses not involving cash outflows need to be reviewed, and it will be necessary to review the appropriate internal policy measures to systematically and rationally manage cash flow in consideration of cash flows.

R&D Financing through Cash and Cash Equivalents in Firms under Financial Distress (재정적으로 어려움에 처한 기업의 현금성 자산을 이용한 R&D 자금 조달에 대한 실증 분석)

  • Lee, A-Ram;Cho, Seong-Pyo;Seo, Ran-Ju
    • Journal of Technology Innovation
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    • 제19권2호
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    • pp.25-51
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    • 2011
  • This study examine the firms fund R&D expenditures through cash and cash equivalents under financial distress in order to avoid huge adjustment costs that can be brought after R&D expenditures cut-down. Other study divided the firms' financial condition by only firms' year. This study identifies the firms' financial condition not only by a firm's year but also by firm size and Altman's Z-Score and K-Score. The results show that there are statistically negative relationship between R&D expenditures and cash and cash equivalents when firms are under financial distress. The results are same regardless of criteria of classification of firms' financial condition, which is consistent to the hypothesis. Young and small firms and firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent compared to the other firms. We can find the new evidence when we classify the firm by Z-Score and K-Score of Altman. The firms with high possibility of bankruptcy can not fund for R&D activities from cash, but only the firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent in the condition of financial distress. The evidence suggests that firms fund R&D expenditures by cash and cash equivalent when they are under financial distress. Findings provide an implication on the management of R&D expenditures and liquidity in the firms.

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A study of the relationship between corporate governance and real earnings management: Based on foreign investors and growth (기업지배구조와 실제이익조정의 관계 연구: 외국인투자자와 성장성을 중심으로)

  • Kang, Shin-Ae;Kim, Tae-Joong
    • Journal of Distribution Science
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    • 제12권4호
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    • pp.85-92
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    • 2014
  • Purpose - This study conducted empirical research on non-financial corporations listed on the stock exchange from 2001 to 2010, focusing on the effects of corporate governance on real earnings management of corporations. In particular, this study examined primarily the impact of the largest shareholder who could use earnings management to pursue his own self-interest, and foreign investors who played a checking role against the largest shareholders. The study also reviewed the relationship between corporate governance and earnings management while also considering corporate growth. Research design, data, and methodology - As for the measurements of real earnings management, abnormal operating cash flow and abnormal production cost were utilized. As for the independent variables, share ratio of the largest shareholder and affiliate person (M) and share ratio of foreign investors (FT) were leveraged. This study excluded those organizations that had changed their fiscal years, those that had not submitted an audit report, corporations under supervision, delisted corporations, corporations that had changed their business type, and so on, from the non-financial corporations out of the publicly traded corporations whose fiscal year ended in December from 2001 to 2010 in addition, KIS values were utilized for the corporate financial data in the study. To verify whether management structure and growth had an impact on real earnings management of a corporation through empirical analysis, a multiple regression analysis model was applied. Result - First, as a result of the analysis, the share ratio (M) of the largest shareholder and affiliate person was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD). When controlling the growth, the share ratio (M) of the largest shareholder and affiliate person was found to have an insignificant correlation with abnormal cash flow from operations(ACF) but a significant correlation with abnormal production cost (APD). Second, foreign ownership (FT) was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD) at the confidence level of 1 percent when not including the growth dummy. When controlling the growth, foreign ownership (FT) was found to have a significant negative correlation with abnormal cash flow from operations (ACF) and with abnormal production cost (APD). Conclusion - The results imply that the largest shareholder is closely related to earnings management through real activities regardless of corporate growth. It is also possible to determine from these results that foreign investors are related to earnings management through real activities when not considering corporate growth, but that they would reduce earnings management in the case of considering the growth. Thus, this study verified along with the existing studies that foreign investors were conducting the control function on controlling shareholders.

Analysts' Cash Flow Forecasts and Accrual Anomaly (재무분석가의 현금흐름예측과 발생액 이상현상)

  • Kim, Jong-Hyun;Chang, Seok-Jin
    • Asia-Pacific Journal of Business
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    • 제11권3호
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    • pp.137-151
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    • 2020
  • Purpose - The purpose of this study is to investigate whether financial analysts' cash flow forecasts mitigate the accrual anomaly. In addition, we examine whether the more accurate analysts' cash flow forecasts are the greater the decline of the accrual anomaly. Design/methodology/approach - Data used in the empirical tests are extracted through KIS-VALUE and FN-GUIDE, and the sample consists of firms listed on Korea Stock Exchange for 7 years from 2005 to 2011. We test the hypotheses using multiple regression analysis and we also estimate the regressions with the decile ranks of the explanatory variables to minimize the influence of outliers. Findings - We have failed to capture evidence that the provision of financial analysts' cash flow forecasts itself reduces the accrual anomaly. However, we find the accrual anomaly to be less severe when financial analysts provide more accurate cash flow forecasts. The findings are consistent in the regression models with the decile ranks as well as in the robustness tests that controlled the accruals quality. Research implications or Originality - This study contributes to the expansion of related studies in the Korea by providing empirical evidence partially that the financial analysts' cash flow forecasts mitigate the accrual anomaly.

An Empirical Study of Web Cash Management System, in the Banking Services (국내 기업들의 금융기관 웹 CMS 서비스 도입 특성에 관한 실증연구)

  • Kim, Jong-Wan;Lee, Yong-Hee;Kim, Myung-Seop;Gim, Gwang-Yong
    • 한국IT서비스학회:학술대회논문집
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    • 한국IT서비스학회 2006년도 춘계학술대회
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    • pp.497-503
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    • 2006
  • 본 연구는 국내 기업들이 금융기관에서 제공하는 CMS(cash Management System) 를 도입하는 특성에 대해 이론적으로 고찰해보고, 실제 인터넷으로 제공하는 웹 CMS 서비스를 도입하여 이용하고 있는 기업의 특성을 기업 실무담장자에 대한 설문 조사를 통해 검증해 보고자 하였다.

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Evaluation on Bankruptcy Prediction Model of Hospital using the comparative Analysis of Financial Index (재무지표 비교 분석에 의한 병원도산예측모형 평가)

  • Kim, Jae-Myeong;Ahn, Young-Chang
    • Health Policy and Management
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    • 제15권4호
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    • pp.81-109
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    • 2005
  • According to many recent studies suggesting that cash flow analysis method tends to be more effective than traditional financial index analysis method to predict corporate bankruptcy, this study applies the cash flow analysis method to hospital business to identify the significant variables which can distinguish between superior hospitals and bankruptcy hospitals. The author analyzed recent 3 years, i.e. from the year of 2000 to the year of 2002, financial statements of 31 bankrupt hospitals In 2003, and the same number of superior hospitals through using Multiple Discriminant Analysis and Logit Analysis. The results are belows; First, the study releases that Logit Analysis is more likely to be effective than Multiple Discriminant Analysis. Second, this research also shows that traditional financial index analysis method is more superior compare to cash flow analysis method for hospital bankruptcy predict model. Finally, this study suggest that the significant variables, which can distinguish superior hospitals from bankrupt hospitals, are Operating/Current Liabilities$(Y_2)$, CFO/Equity$(Y_5)$ for cash flow analysis method and Net Worth to Total Assets Ratio$(X_1)$, Quick Ratio $(X_3)$, Return on Assets$(X_6)$, Growth Rate of Patient Revenues$(X_{16})$ for traditional financial index analysis method.