• 제목/요약/키워드: financial Ratio

검색결과 834건 처리시간 0.019초

주식분할 공시에 대한 장·단기 효과: 결정요인 분석을 중심으로 (Short- and Long-Term Effects of Stock Split Disclosure: Exploring Determinants)

  • 이진훤;김경순
    • 아태비즈니스연구
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    • 제14권1호
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    • pp.73-91
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    • 2023
  • Purpose - The purpose of this study is to re-examine the disclosure effect of stock splits and long-term performance after stock splits using stock split data over the past 10 years, and infer the motivation (signal or opportunism) of stock splits. In addition, we focus on exploring the determinants of the short- and long-term market response to stock splits. Design/methodology/approach - We measure the short-term market response to a stock split and the long-term stock performance after the stock split announcement using the event study method. We analyze whether there is a difference in the long-term and short-term market response to a stock split according to various company characteristics through univariate analysis and regression analysis. Findings - In the case of the entire sample, a statistically significant positive excess return is observed on the stock split announcement date, and the excess return during the 24-month holding period after the stock split do not show a difference from zero. In particular, the difference between short-term and long-term returns on stock splits is larger in companies with a large stock split ratio, small companies, large growth potential, and companies with a combination of financial events after a stock split. Research implications or Originality - The results of this study suggest that at least the signal hypothesis for a stock split does not hold in the Korean stock market. On the other hand, it suggests that there is a possibility that a stock split can be abused by the manager's opportunistic motive, and that this opportunism can be discriminated depending on the size of the stock split, corporate characteristics, and financing plan.

한국 물류산업의 생산성 결정요인 - 시장지배력과 기업구조를 중심으로 - (Determinants of Productivity in Korean Logistics Industry - Focusing on Market Power and Firm Structure -)

  • 김종호
    • 국제지역연구
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    • 제13권1호
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    • pp.123-143
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    • 2009
  • 본 연구는 우리나라 물류기업의 총요소생산성 증가율 결정요인으로서 개별 기업의 시장지배력과 기업구조의 효과를 실증적으로 분석하고자 하였다. 구체적으로 기존의 연구와 달리 물류산업의 총요소생산성 결정요인으로서 시장점유율, 기업소유구조, 기업연령, 기업규모, 부채비율 등을 사용하였다. 실증분석 결과에 따르면, 물류기업의 시장점유율은 총요소생산성 증가율과 유의한 음의 상관관계를 갖는 것으로 나타났다. 이것은 물류산업에서 기업의 성과가 생산성 측면에서 측정될 수 있는 효율성보다 시장점유율에 따른 시장지배력에 영향을 받을 가능성이 높다는 것을 의미한다. 한편 최근에 창업한 기업일수록 총요소생산성 증가율이 높고, 중소기업에 비해 대기업의 총요소생산성 증가율이 더 높은 것으로 나타났다. 이러한 결과는 추정모형, 분석대상 기간, 분석대상 산업의 범위에 크게 영향을 받지 않는 것으로 조사되었다. 그러나 총요소생산성과의 관계에 있어서 1대주주 지분율로 측정된 기업소유구조나 부채비율은 유의성이나 부호 측면에서 일관된 결과를 보여주지 못하였다.

관세·통관분야에 관한 연구동향 분석 (A Study of Research Trends in the Customs and Clearance)

  • 최창열
    • 무역학회지
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    • 제45권6호
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    • pp.133-156
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    • 2020
  • This study analyzed the research trend of the papers in the field of customs clearance published from the first issue of the Korean Trade Review to the August 2020 issue. The research method used mixed methods. This method uses both quantitative and qualitative methods, and is a research method to make use of the strengths and weaknesses of each research method. The quantitative study results are as follows. First, an average of 0.7 papers were published for the entire period, but since 2006, an average of 1.2 papers have been published, and the overall interest is increasing. Second, in the case of researchers, the proportion of joint research was slightly higher, with 43.8% of independent research and 56.2% of joint research. In particular, the ratio of 3 or more people is also increasing to 21. Third, looking at the trends by research subject, it was found that among the research fields, there were relatively more studies in the fields of FTA, country of origin, and CISG than in the fields of tariff policy, tariff system and legislation. Fourth, Domestic studies accounted for 75.2% and overseas studies 24.8%, with a high proportion of domestic studies, 13.4 articles in domestic literature, 12.2 articles overseas, and 40 articles supporting research funding. The results of qualitative research need to secure diversity in terms of the generality and specificity of the research topic, and that research in industry-academia or public-private connection should increase, and research from the point of view of "why" rather than "how" Suggested that it is necessary.

경영자과신성향이 주가지체에 미치는 영향 (Managerial Overconfidence and Stock Price Delay)

  • 이명건;유영태
    • 아태비즈니스연구
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    • 제14권3호
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    • pp.187-204
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    • 2023
  • Purpose - This study deals with the manager's overconfidence and stock price delay, and verified whether the stock price delay phenomenon changes as the overconfidence increases. Design/methodology/approach - Manager overconfidence means that managers have over confidence in their positions or abilities, and was measured according to Schrand and Zechman (2012). Stock price delay is a phenomenon in which information of company is not immediately reflected in the stock price, but is reflected over time, and was measured by the method suggested in a study by Hou and Moskowitz (2005). The analysis subjects used in this study are companies listed on the KOSPI market between 2011 and 2019, and the final sample is 5,509 company-years. Findings - As a result of the verification, it was shown that the stock price delay decreased as the manager's overconfidence increased, and this effect was amplified as the foreign shareholder's share ratio increased and the number of follow-up financial analysts increased. This means that as the manager's overconfidence increases, he actively provides high-quality information to the capital market. In addition, as a result of subdividing the manager's overconfidence into the investment and capital raising aspects, the capital raising aspect has a significant effect on reducing stock delays. This can be interpreted as the fact that managers with overconfident tendencies have a greater incentive to satisfy investors' information needs. Research implications or Originality - In previous studies, the characteristics of managers with strong overconfidence have both positive and negative aspects. The results of this study are significant in that they clearly demonstrated the positive aspect through the market variable of stock price delay, and it is expected to help capital market stakeholders understand the characteristics of managers with a strong propensity for overconfidence.

A comparison of tests for homoscedasticity using simulation and empirical data

  • Anastasios Katsileros;Nikolaos Antonetsis;Paschalis Mouzaidis;Eleni Tani;Penelope J. Bebeli;Alex Karagrigoriou
    • Communications for Statistical Applications and Methods
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    • 제31권1호
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    • pp.1-35
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    • 2024
  • The assumption of homoscedasticity is one of the most crucial assumptions for many parametric tests used in the biological sciences. The aim of this paper is to compare the empirical probability of type I error and the power of ten parametric and two non-parametric tests for homoscedasticity with simulations under different types of distributions, number of groups, number of samples per group, variance ratio and significance levels, as well as through empirical data from an agricultural experiment. According to the findings of the simulation study, when there is no violation of the assumption of normality and the groups have equal variances and equal number of samples, the Bhandary-Dai, Cochran's C, Hartley's Fmax, Levene (trimmed mean) and Bartlett tests are considered robust. The Levene (absolute and square deviations) tests show a high probability of type I error in a small number of samples, which increases as the number of groups rises. When data groups display a nonnormal distribution, researchers should utilize the Levene (trimmed mean), O'Brien and Brown-Forsythe tests. On the other hand, if the assumption of normality is not violated but diagnostic plots indicate unequal variances between groups, researchers are advised to use the Bartlett, Z-variance, Bhandary-Dai and Levene (trimmed mean) tests. Assessing the tests being considered, the test that stands out as the most well-rounded choice is the Levene's test (trimmed mean), which provides satisfactory type I error control and relatively high power. According to the findings of the study and for the scenarios considered, the two non-parametric tests are not recommended. In conclusion, it is suggested to initially check for normality and consider the number of samples per group before choosing the most appropriate test for homoscedasticity.

기술금융기업의 경영성과와 기술력 평가항목 간 분석을 통한 기술력 평가모형의 타당성 연구 (A Study on the Validity of the Technology Appraisal Model through the Analysis of the Business Performance and Technology Appraisal Items )

  • 이준원
    • 경영정보학연구
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    • 제22권1호
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    • pp.73-89
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    • 2020
  • 본 연구는 중소기업의 자금조달 방식 다양화와 금융접근성 개선의 일환으로 도입된 기술력 평가모형의 '미래 진보성'을 확인하고자 시작되었다. 기술금융기업의 경영성과(성장성, 수익성, 안정성)를 종속변수로, 기술력 평가항목을 독립변수로, 기업규모 및 산업특성과 관련된 종업원 수, 업력, 자산규모, 표준산업 분류를 통제변수로 설정하여 다변량 회귀분석을 실시하였다. 분석결과 기술력 평가항목은 기업의 수익성을 유의하게 설명하지 못하며 성장성에 대해 제한적인 설명력을 지니고 있는 반면, 안정성과 관련해서는 기술개발역량 항목이 기술금융기업의 부채비율을 유의하게 설명하는 변수임을 확인하였다. 따라서 향후 기술력 평가모형의 조정 및 투자용 기술력 평가모형 개발 시 기업의 성장성과 수익성에 대한 '미래 진보성'의 반영 강화가 필요하다는 결론을 도출하였다.

The Gut-Heart Axis: Updated Review for The Roles of Microbiome in Cardiovascular Health

  • Thi Van Anh Bui;Hyesoo Hwangbo;Yimin Lai;Seok Beom Hong;Yeon-Jik Choi;Hun-Jun Park;Kiwon Ban
    • Korean Circulation Journal
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    • 제53권8호
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    • pp.499-518
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    • 2023
  • Cardiovascular diseases (CVDs), including coronary artery disease, stroke, heart failure, and hypertension, are the global leading causes of death, accounting for more than 30% of deaths worldwide. Although the risk factors of CVDs have been well understood and various treatment and preventive measures have been established, the mortality rate and the financial burden of CVDs are expected to grow exponentially over time due to the changes in lifestyles and increasing life expectancies of the present generation. Recent advancements in metagenomics and metabolomics analysis have identified gut microbiome and its associated metabolites as potential risk factors for CVDs, suggesting the possibility of developing more effective novel therapeutic strategies against CVD. In addition, increasing evidence has demonstrated the alterations in the ratio of Firmicutes to Bacteroidetes and the imbalance of microbial-dependent metabolites, including short-chain fatty acids and trimethylamine N-oxide, play a crucial role in the pathogenesis of CVD. However, the exact mechanism of action remains undefined to this day. In this review, we focus on the compositional changes in the gut microbiome and its related metabolites in various CVDs. Moreover, the potential treatment and preventive strategies targeting the gut microbiome and its metabolites are discussed.

지방상수도 서비스의 형평성과 영향요인에 대한 연구 (A study on the equity and influencing factors of local water supply services in Korea)

  • 고현수
    • 한국수자원학회논문집
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    • 제57권6호
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    • pp.393-407
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    • 2024
  • 본 연구는 지구 온난화와 기상이변으로 물의 중요성이 커지는 현실에서 지방상수도 서비스에 주목하고 형평성과 영향요인을 확인하여 결과를 분석하고자 하는 목적으로 수행되었다. 전국 152개 지자체를 대상으로 Coulter 모형을 사용하여 평균단가, 요금현실화율, 유수율, 상수도 보급률, 직원 수, 고객만족도 등 6개의 변수에 대해 형평성을 측정한 결과 평균단가의 형평성 수준이 가장 낮았으며 추이 분석 결과 대부분 변수의 형평성이 하락하였다. 또한 토빗회귀분석을 통해 형평성 영향요인을 비형평성 계수에 미치는 영향을 기준으로 확인한 결과, 재정자립도는 모든 변수에서 정(+)의 영향을, 1인당 지방세 부담액은 부(-)의 영향을, 시/군 여부는 고객만족도를 제외한 5가지 계수에 부(-)의 영향을 끼치는 것으로 나타났다. 한편 상수도 서비스의 형평적 제공을 위해서는 시설개선을 위한 요금 인상 등의 제도 변화가 필요하고, 기후 위기 상황에서 정부와 지자체는 지방상수도의 형평적 공급을 위하여 공급 다변화 방안을 추진해야 함을 정책적 함의로 제시하였다.

조세회피의 기업가치 관련성 형태 분석 (Analysis of Corporate Value Relevance Form of Tax Avoidance)

  • 권기정
    • 아태비즈니스연구
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    • 제14권4호
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    • pp.233-254
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    • 2023
  • Purpose - This study aims to verify whether the effect of tax avoidance on corporate value is non-linear in the Korean financial markets. Design/methodology/approach - This study believes that the cause of the inconsistent empirical analysis results of previous studies that verified the relationship between tax avoidance and firm value may be an error in assuming linearity, and verifies whether a nonlinear relationship exists. The sample company in this study is a December settlement corporation listed on the Korean stock market, and the analysis period is from 2000 to 2021. In the empirical analysis model, Tobin's Q is used as a proxy for corporate value, tax avoidance is used as the main independent variable, and a regression model is designed with corporate size, growth rate, and debt ratio set as control variables. Findings - As a result of the empirical analysis, it can be confirmed that there is an inverted U-shaped nonlinear relationship between tax avoidance and corporate value. In the additional analysis using Ohlson (1995) firm valuation model for the robustness of the results of the empirical analysis, the same nonlinear value relationship between tax avoidance can be confirmed. Research implications or Originality - This study is considered to be meaningful in that it verifies the non-linear relationship of tax avoidance, which has not been attempted in previous studies. The meaning of the inverted U-shaped nonlinear relationship presented in this study is that corporate tax avoidance acts as a factor that increases corporate value up to a certain level, but rather becomes a factor that decreases corporate value when it exceeds a critical point. These results are expected to provide new perspectives and perspectives on tax avoidance to companies belonging to the Korean capital market.

3차 비용함수에 의한 이익곡선 도출과 산업 라이프사이클의 수리적 검증: 우리나라 전 산업을 중심으로 (Derivation of Profit Curve by Cubic Cost Function and Mathematical Verification of Industry Life Cycle: Focused on All Industries in Korea)

  • 배후석;임채관
    • 품질경영학회지
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    • 제51권4호
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    • pp.481-496
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    • 2023
  • Purpose: The main theme of this study is to derive a profit curve by a cubic cost function for nonlinear CVP analysis. According to the analytical approach to derive a nonlinear profit function in this study, it is possible with only the existing cost structure to calculate the profit maximization and downtime point sales unlike the classical CVP analysis. Furthermore, the profit curve by the mathematical model of this study could serve as a tool to quantify the qualitative evaluation of each stage of the industry life cycle. Methods: This study followed the mathematical approach from the cubic cost function model of microeconomics, and using real data of the Bank of Korea Results: The nonlinear profit function suggested by this study is as follows; ${\pi}(x)=-a\left(x-\frac{f}{1-v}\right)^3+(1-v)x-k$ where $a=\frac{1}{3}v\left(\frac{(1-v)}{f}\right)^2,k=f-a\left(1-\frac{f}{1-v \right)^3$ Conclusion: The process and results of this study would be able to contribute not only in practice of nonlinear CVP analysis required in the management accounting or financial management, but also in cost theory of microeconomics. Also, since the life cycle of all industries in Korea was verified to the growth or mature stage, decision makers should pay careful attention to determining life cycle stages and consider the profit curve by the average variable cost ratio over multi periods.