• 대한산업공학회지
• /
• 제43권1호
• /
• pp.30-38
• /
• 2017

Contingent convertible (Coco) bonds have been issued in 2009 after financial crisis for improvement of capital structure in international banks. With more focuses on coco bonds in financial market, academic fields have paid attention to the instrument for optimal structure for issuers and rational pricing methodologies. However, there is a crucial discrepancy in prevailing pricing model and their target subjects. Though most of the coco bonds have been issued based on accounting triggers, many of existing models are based on market prices and therefore exhibit limitations in practical use. In this paper, a more practical pricing method for accounting triggered coco bonds is proposed using stochastic equity ratio process. Empirical results tested on coco bond issued by JB financial group supported the proposed approach with favorable performance in tracking actual market prices.

• 경영과정보연구
• /
• 제21권
• /
• pp.239-269
• /
• 2007

The purpose of this thesis is to analyze empirically the relationship between market structure, measured by Herfindahl-Hershmann Index(HHI), and financial factors, and innovation in Korean industry panel datasets for 2000-2006. Results show that debt ratio and scale of the firm has a consistent positive effect on the investment in research and development. As more scale of the firm is getting bigger, the investment in R&D decrease. Also, as more debt ratio of firm rise, the investment for innovation increase. Concentration ratio, the HHI and the classification factor of High-tech industry and Low-tech industry has a consistent positive effect on the innovation. Factors affecting the investment in research and development include market structure and characteristics of industry as well as the internal affairs of the firm.

• 가정과삶의질연구
• /
• 제9권2호
• /
• pp.103-117
• /
• 1991

The purpose of this study was to investigate causal relations of resources and demands, family financial management and subjective financial wee-being among urban households by applying a system's approach. The data were collected through the questionnaire whose respondent were 455 housewives in Seoul. The data were analyzed by various statistical methods such as Frequency. Percentile, ANOVA , F-test, T-test, Pearson's correlation analysis, Multiple Regression Analysis. Path Analysis. The results of this research were as follows. 1) The level of subjective financial wee-being among urban households exceeded the middle level. It had significant differences according to resource variables such as age of housewife. education level of housewife, housewife's occupation, househead's occupation. per capita income, debt/net asset ratio, and according to demand variables such as aspiration, expectancy, perception of financial progress, relative deprivation. 2) The level of subjective financial well-being among urban households according to level of family financial management capability has significant differences. Therefore, the higher family financial management capability, the higher level of subjective financial well-being. 3) Among all variables affecting the subjective financial well-being among urban households. aspiration had the highest relative influence on the subjective financial well-being and per capita income, occupation of househead and family financial management variables were in this order. 4) Among all variables affecting the subjective financial well-being among urban households aspiration, occupation of househead, per capita income and finacial management variables had direct effect on subjective financial well-being . Besides housewife's education level, aspiration and per capita income had indirect effect on it through family financial management.

• 대한가정학회지
• /
• 제29권4호
• /
• pp.151-165
• /
• 1991

The purpose of this study was to examine causal model of resources and demands, family financial management and subjective financial security among urban households based on system theory. For this purpose, the data were collected by the questionnaire sheets. 455 housewives participated this survey in Seoul. And the data were analyzed by various statistical methods such as Frequency, Percentile, ANOVA, F-test, Pearson's correlation analysis, Multipe Regression Analysis, and Path Analysis. The results of this research were as follows: 1. There were significant differences in the Subjective Financial Security according to resource variables and demand yariables. Those variables were such as housewive's age, education, occupation, househead's occupation, per capita income, aspiration, expectancy, perception of financial progress and relative deprivation. 2. The higher family financial management level, the higher level of Subjective Financial security. And the higher family financial management plan·implement level, the higher level of Subjective Financial security. 3. The lower debt/asset ratio, the higher level of Subjective Financial security. 4. Aspiration, per capita income an financial managemant variables showed direct effect on Subjective Financial security among all variables affecting the urban households' Subjective financial security. While housewive's education level, aspiration, per capita income and husband's occupation affected indirectly on the Subjective Financial security through family financial managemant.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권10호
• /
• pp.73-85
• /
• 2020

As an effort to achieve sustainable development and increase people's welfare, financial inclusion has become the policy agenda of many countries. Therefore, the effect of financial inclusion on economic growth, poverty, income inequality, and financial stability in several countries in Asia has become the goal and this is the subject of this study. Financial inclusion is measured by 3 dimensions, namely banking penetration, access to banking services, and use of banking services. Poverty ratio below the national poverty line and the Gini coefficient are used as indicators of poverty and income inequality. Financial stability is measured by Bank Z-Score and bank nonperforming loans. The results from the hypothesis test shows that all dimensions of financial stability simultaneously have significant influence on economic growth, poverty, income inequality, and financial stability. On the other hand, the partial impact of financial inclusion dimension on economic growth, poverty alleviation, income inequality, and financial stability in ten countries of Asia has not been optimal. The derived results of this study is required to be interpreted and considered by the Governments of each country in developing strategies for increasing financial inclusion, so that the policy to achieve sustainable development and enhancement of people's welfare can be achieved.

• 대한가정학회지
• /
• 제38권7호
• /
• pp.13-26
• /
• 2000

The purpose of this study were to identify the financial status of the home based business, and to analyze the factors effected on it. The sample consisted of 713 self-employed from data of 1998 Korea Household Panel Study, and analyzed into Frequencies, Percentile, t-test, $\varkappa$$^2$-test, and Regression Analysis. The findings showed that the household income and expenditure level of female self-employed was higher than those of male self-employed. In case of financial status of business, male self-employed's net profit was higher than female's and the net profit to total sales ratio of male self-employed was greater than female's. The factors contributing to total expenditure to total income ratio were sex, educational level, future economic expectancy, residence and home ownership of self-employed, while the factor effect on total asset to total debt ratio was only total household income. The Variables of sex, educational level of self- employed, job type of home based business and the number of employees in home based business were associated with net profit to total sales ratio, age and educational level of serif-employed, and job type of home based business was related to total sales to the number of emploees ratio(labor productivity).

• The Journal of Asian Finance, Economics and Business
• /
• 제7권10호
• /
• pp.35-42
• /
• 2020

This study aims to investigate the relationship between the variables of Current Ratio (CR), Return-on-Equity (ROE), Return-on-Assets (ROA), Debt-to-Equity Ratio (DER), and Firm Size (FS) on Dividend Policy (DP) in real estate and property companies listed on the Indonesia Stock Exchange in the period 2016-2019, looking at nine real estate companies in Indonesia. The research methodology uses an explanatory analysis approach and linear regression. Based on the eligibility and homogeneity of the data, the number of sample companies selected was nine companies. The company's financial statement data derived from primary data obtained on the Indonesia Stock Exchange, such as current ratio (CR), return-on-equity (ROE), return-on-assets (ROA), debt-to-equity ratio (DER) and firm size and dividend policy variables. The data analysis procedure is first to transform financial data from the original ratio data into interval data and, then, transform it to ordinal data. Furthermore, the validity and reliability process are ignored because the data is primary. Finally, regression testing is part of the hypothesis testing stage. The results of this study showed that the CR, ROE, and firm size had no positive and significant effect on dividend policy. In contrast, DER and ROA have a positive and significant impact on dividend policy.

• 수산경영론집
• /
• 제34권1호
• /
• pp.31-44
• /
• 2003

The purpose of this study is to investigate empirically interaction among the financing decision, investment decision, and profitability by using 41 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. Sample period is 19 years from 1982 till 2000. This analysis method employs the two stage least squares(2SLS) estimation method. From the results of regression analysis by 2SLS estimation method, the adjusted $R^2$ values were high and the overall F values indicated significant. The empirical results of this study are as follows; (1) determinant factors of capital structure model for fisheries are profitability, firm-size, fisheries investment of total asset, and business risk. As pecking order theory explains, the higher is profitability the lower is debt ratio. The larger firm-size, the higher is debt ratio. The higher is fisheries investment of total asset and business risk, the higher is debt ratio. (2) determinant factors of investment model for fisheries are the change of sales, business risk, and debt ratio. These factors have positive relation to fisheries investment of total asset (3) determinant factors of profitability model for fisheries are fisheries investment of total asset and debt ratio. These factors have negative relation to profitability. On the basis of analysis results, on the government's financial policy for fisheries corporations, I suggests that with interest rate reduction, the government should lend more funds to solve the crisis in the financial structure of the fisheries firms

• 한국산학기술학회논문지
• /
• 제20권11호
• /
• pp.151-156
• /
• 2019

본 연구는 2017년 기준 매출액 상위 46개 외식 업체를 선정 후 이들 업체들의 재무 비율을 산출한 후 이를 변수로 활용하여 로짓 분석에 의한 부실 예측모형의 평가에 목적이 있다. 국내 46개 외식 업체의 14개 재무비율을 변수로 선정하여 로짓 분석에 의한 실증 분석을 실시하였으며 실증 분석 결과는 다음과 같다. 첫째, 14개 재무 비율 중 건전 외식 기업과 부실 외식 기업을 구분하는 재무 비율은 유동 비율, 매출액 영업 이익률, 자기 자본 순이익률, 영업 현금 흐름비율, 영업 이익 증가율 및 총자산 회전율로 총 7개로 나타났으며 다른 7개의 재무 비율( 부채 비율, 차입금 의존도, 영업 이익 대비 이자 보상 비율, 매출액 순이익률, 총자산 순이익률, 매출액 증가율, 당기순이익 증가율, 총자산 증가율)은 통계적으로 유의하지 않은 것으로 분석되었다. 둘째, 7개 재무 비율을 로짓 함수의 변수로 활용하여 건전 외식 기업과 부실 외식 기업을 구분하는 로짓 분석에 의한 부실 예측 모형의 예측력은 89.1%로 나타났다.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권2호
• /
• pp.873-882
• /
• 2021

The study investigates the key factors that affect the adoption of the International Financial Reporting Standards (IFRS) by companies listed on Ho Chi Minh Stock Exchange (HOSE) in Vietnam. The factors that are studied in this research include total debt-to-equity ratio, firm size, return-on-equity ratio, audit quality, foreign investment, and financial institution category. The authors have utilized quantitative and qualitative analyses in combination with a logistics regression model and other available analytical tools for conducting the research. All statistics processed in the paper were based on 379 audited financial statements issued in 2018. The results reveal that factors like firm size, return on equity (ROE), audit quality, foreign investment, and financial institution category positively affect the IFRS adoption of HOSE-listed companies, while total debt-to-equity ratio negatively impacts the adoption. The findings suggest Vietnamese law and policy-makers, when promoting the adoption of IFRS by listed companies, should focus more on five variables with positive influence and they can disregard the total debt-to-equity ratio that is insignificant as a factor affecting the adoption of IFRS. This implication could be applied for other firms in Vietnam and for enterprises in other countries, which are in the same stage of IFRS application.