• Journal of Distribution Science
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• v.17 no.11
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• pp.73-79
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• 2019

Purpose: The purpose of this study was evaluated to compare the predictive power of distress prediction models by using discriminant analysis method and logit analysis method for food service franchise industry in Korea. Research design, data and methodology: Forty-six food service franchise industry with high sales volume in the 2017 were selected as the sample food service franchise industry for analysis. The fourteen financial ratios for analysis were calculated from the data in the 2017 statement of financial position and income statement of forty-six food service franchise industry in Korea. The fourteen financial ratios were used as sample data and analyzed by t-test. As a result seven statistically significant independent variables were chosen. The analysis method of the distress prediction model was performed by logit analysis and multiple discriminant analysis. Results: The difference between the average value of fourteen financial ratios of forty-six food service franchise industry was tested through t-test in order to extract variables that are classified as top-leveled and failure food service franchise industry among the financial ratios. As a result of the univariate test appears that the variables which differentiate the top-leveled food service franchise industry to failure food service industry are income to stockholders' equity, operating income to sales, current ratio, net income to assets, cash flows from operating activities, growth rate of operating income, and total assets turnover. The statistical significances of the seven financial ratio independent variables were also confirmed by logit analysis and discriminant analysis. Conclusions: The analysis results of the prediction accuracy of each distress prediction model in this study showed that the forecast accuracy of the prediction model by the discriminant analysis method was 84.8% and 89.1% by the logit analysis method, indicating that the logit analysis method has higher distress predictability than the discriminant analysis method. Comparing the previous distress prediction capability, which ranges from 75% to 85% by discriminant analysis and logit analysis, this study's prediction capacity, which is 84.8% in the discriminant analysis, and 89.1% in logit analysis, is found to belong to the range of previous study's prediction capacity range and is considered high number.

• Culinary science and hospitality research
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• v.13 no.2
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• pp.174-187
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• 2007

The purpose of this research is to analyse the cause and effect relations among management strategies, performance assessment and management performance in the hotel industry. The research result is as follows. A management strategy of the hotel industry has influence directly on a performance assessment through the non-financial factor, the financial factor and the study evaluation factor. And a financial performance assessment and a non-financial performance assessment have influence directly on the management performance. Total effects on a management performance of the hotel industry were 0.769 in a management strategies and 1.755 in a performance assessment. In comparison in the direct effects, the management strategies do not influence the management performance directly, and management performance is revealed through a performance assessment.

• Journal of Navigation and Port Research
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• v.45 no.5
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• pp.252-258
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• 2021

Given the cyclicality, seasonality, and capital-intensiveness, the development of the shipping industry has long been contingent on corporate financing activities. As such, there have been a growing number of cities in East Asia pursuing a global maritime financial center in order to support their domestic shipping industry. However, it is widely accepted that financial services relevant to shipping in East Asia are quite under-developed compared to those of other leading maritime financial centers in Europe and North America. In this regard, this paper aimed to construct an evaluation index of maritime financial centers in terms of financial ecological environment for the purpose of highlighting the current status of development and suggesting future directions. Furthermore, this paper examined the development of shipping finance in Qingdao as a numerical example using the fuzzy comprehensive evaluation and compared results with those of Shanghai.

• Journal of Distribution Science
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• v.16 no.3
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• pp.59-68
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• 2018

Purpose - This study empirically examines the effects of environmental dynamics(dynamics of one's own company, dynamics of competitors, and dynamics of customers), within the franchise industry, on the dependence and conflict(dysfunctional conflict and functional conflicts) and the business performances(financial and non-financial). Furthermore, we empirically examined the effects of the dependence of franchise on the conflicts(dysfunctional conflict and functional conflict) and business performances(financial and non-financial). Finally, we empirically examined the effects of the conflicts of franchise (dysfunctional conflict and functional conflict) on the business performances(financial and non-financial). Research design, data, and methodology - Our study conducted a survey on the managers and owners of the franchises located in Seoul, Gyeonggi, and Incheon. The total number of valid samples was 230, and the structural equation model was analyzed by using AMOS program. Results - First, the environmental dynamics(dynamics of one's own company, dynamics of competitors, and dynamics of customers) in the franchise industry were shown to have statistically significant positive effect on the dependence of franchise. Second, among the environmental dynamics in the franchise industry, the dynamics of one's own company and the dynamics of the customers were shown to have a statistically significant positive effect on the dysfunctional conflicts of franchisees. However, in the franchise industry, the dynamics of competitors did not have a statistically significant effect on the dysfunctional conflict of the franchise. Third, in the franchise industry, the environmental dynamics(dynamics of one's own company, dynamics of competitors, and dynamics of customers) did not have a statistically significant effect on the functional conflicts of the franchises. Fourth, the dependence of franchise was shown to have a statistically significant positive effect on the conflicts(dysfunctional conflict and functional conflict). Fifth, the dysfunctional conflict of franchisees was shown to have a statistically significant negative effect on the business performances(financial and non-financial). Sixth, the functional conflicts of franchises was shown to have a statistically significant positive effect on business performances(financial and non-financial). Conclusions - From the franchise industry researches, the environmental dynamics were selected as the preceding factors and the relationship leading to dependence, conflict, and business performance were constructed into model.

• The Journal of the Korea Contents Association
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• v.14 no.4
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• pp.346-354
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• 2014

This study aims to analyze the effects of economic development on financial development associated in industry dependence on external finance or industry growth opportunities. The macro and microeconomic empirical results are as follows: (1) financial development play an important role in economic development, (2) especially, financial development related in industry growth opportunities is the critical and important factor in industrial development, (3) the relationships between industry dependence on external finance and industrial development are different depending on the model or the analysis period. These results mean following. First, Leading financial strategy preparation need for industrial development. Second, It is important the effort to catch well-timed industry growth opportunities.

• The Journal of the Convergence on Culture Technology
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• v.5 no.3
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• pp.71-78
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• 2019

The importance of social responsibility such as ethical management and social contribution activities is emphasized for the sustainable growth of companies. Although there is a great deal of research on corporate social responsibility due to the increase in social interest and expectation, most of them have been limited to research on general manufacturing industry. The purpose of this study is to analyze the effect of social responsibility activities on financial performance. In addition, we want to analyze the difference in the financial performance of companies with excellent social responsibility activities announced by the Institute of Economic Justice and others. The analysis period is from 2011 to 2016, and we analyze using the robust regression methodology which is relatively effective in solving the autocorrelation and this dispersion problem. First, it is proved that the higher the KEJI index, the more positive effect on financial performance. In addition, we found that there is a significant difference in the financial performance of companies with excellent social responsibility activities and those with other social responsibility activities. These results will have important implications for establishing a firm's financial strategy and will serve as useful information for the financial industry that is striving for sustainable management.

• Asia pacific journal of information systems
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• v.29 no.1
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• pp.117-143
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• 2019

Advances in information technology (IT) bring about technological innovation in financial businesses, referred to as financial technology (fintech), beyond the traditional financial industry. While fintech implies more convenient and various financial services to customers, it leads to more complexity in the financial sector, as different industry players (e.g., IT firms) can participate in financial businesses. The complexity of fintech causes controversial issues related to policies and the appropriate development direction. In order to provide insight into the current state of fintech, this study explores the fundamental understanding of the fintech phenomenon from the perspective of the major stakeholders (i.e., financial authorities, financial companies, IT firms) in South Korea. This study analyzed news articles, where those stakeholders expressed their arguments, by using a content analysis. The study also conducted an intensive examination of their arguments by using a core-periphery approach of social representations. This study found that while the three beholders had a common opinion on deregulation of the fintech industry, each of them had different knowledge of the phenomenon. By revealing each beholder's structure of representations of fintech, this study not only provides common knowledge regarding fintech but also explicates the perceptual gaps among stakeholders. Findings of the study offer a big picture of current fintech initiatives, which can be useful knowledge for future research on fintech.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.409-418
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• 2020

The human and capital resources from foreign investors are important sources of finance for developing countries. Foreign ownership can help the firm to raise funds for operations and the foreign management can help the firm expand the market and improve management. However, does this really happen to Vietnamese firm? To find the answer to that question, this paper examines the impact of foreign ownership and management on the financial performance of listed firms on Vietnam's stock market. The data collected include 427 listed firms in all fields over five years, from 2014 to 2018. The financial performance is measured by Tobin's Q, ROA and ROE. The study carried out testing of each model by the least squares method of Pool OLS, assessing random effects (REM) and evaluating fixed effects (FEM). The most effective model is the FEM model. The results show that the foreign ownership ratio and the size of the firm have a positive impact on the financial performance. The foreign management, the age of the firms, the liquidity and financial leverage have a negative impact on the financial performance. Based on the research results, the study proposes some recommendations to improve the financial performance of listed firms in Vietnam.

• KIEE International Transactions on Power Engineering
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• v.3A no.1
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• pp.53-60
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• 2003

At present the electric power industry in Korea is going through a major restructuring process. The restructuring is motivated by a desire to reduce electricity supply costs, to attract new in-vestment in modern generation, transmission and distribution facilities, and to stimulate innovation in the wholesale production and the retail supply of electricity. The experience to date shows that restructuring of electric power industry in the US, however, is marred with a number of problematic market performances including unreasonably high prices at wholesale. This paper investigates the important role of Power Exchange for stabilizing electric power industry in transition by offering various financial products. These financial products are used for risk hedging by the market participants. The paper focuses on the risk hedging by an individual supplier and derives an explicit decision rule that incorporates the attitude towards the risks. In addition to providing the financial products for risk hedging by market participants, the Power Exchange plays another very important role of financial safeguard system. Because of its unique characteristics, the Power Exchange is well suited for financial surveillance where it performs the early detection of unsound financial (and to a large extent operational) practices on the part of any system users and protect the system integrity and the market participants from the consequences of a default in the clearing structure.

• Journal of Korea Society of Digital Industry and Information Management
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• v.8 no.4
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• pp.231-244
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• 2012

The purpose of this study was to substantially analyze the relation between the success factors of quality management and performance. For this purpose, the success factors of quality management - CEO's leadership, customer-centeredness, process management, training, full participation of employees, and relationship with vendors - were identified as independent variables and performance was identified as dependent variable to substantially analyze the automotive parts industry. In result, the findings can be summarized into the following: First, for the relation between the success factors of quality management and financial performance, CEO's leadership, customer-centeredness, training, and full participation of employees were statistically significant, but process management and relationship with vendors were not statistically significant. Second, for the relation between the success factors of quality management and non-financial performance, CEO's leadership, customer-centeredness, full participation of employees, and relationship with vendors were statistically significant, but process management and training were not statistically significant. Third, it was also found that, among the success factors of quality management, CEO's leadership, customer-centeredness, full participation of employee should be considered more than any other variables to achieve performance. Based on the above findings, it was concluded that 'CEO's leadership' and 'customer-centeredness' had an influence on both financial and non-financial performances and were relatively more influential than other individual factors.