• 한국수자원학회논문집
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• 제39권5호
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• pp.467-478
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• 2006

확률론적 신뢰도를 이용하여 댐의 물 공급 안전도를 정의하였다. 그리고 장기 보장 공급량의 안전도 분석에 의한 댐의 물 공급 안전도 평가 절차를 제시하였고, 소양강댐과 충주댐의 물 공급 안전도를 평가하였다. 물 공급 안전도의 평가에 펼요한 41 개의 월 유출 시계열은 SAMS-2000으로 모의 발생시켰다. 보장 공급량 결정을 위한 저수지 모의운영에는 HEC-5모형이 사용되었다. 50년 계획 기간에 대하여 설계 유출자료에 의한 소양강댐 보장 공급량의 물 공급 안전도는 80.5 %로 평가되었고, 준공 후 기록 유입량에 의한 보장 공급량의 물 공급 안전도는 53.7 %였다. 그리고 설계 유입량 자료의 보장 공급량은 14.91억 $m^3$/yr이었고, 기록 유입량 자료의 보장 공급량은 15.85억 $m^3$/yr으로 분석되었다. 기록 유입량 자료의 보장 공급량을 목표 공급량으로 하면 연간 0.94억 $m^3$의 용수를 추가 공급할 수 있다. 동일한 절차로부터, 충주댐의 설계 유출자료에 의한 보장 공급량은 33.77억 $m^3$/yr이었고, 기록 유입량에 의한 보장 공급량은 29.60억 $m^3$/yr으로 평가되었다. 충주댐의 설계 유출자료에 의한 보장 공급량을 목표 공급량으로 하였을 때, 모든 모의 발생 시계열에 대하여 물 공급 부족이 발생하였다. 충주댐의 설계 당시 봄철 유입량의 과대평가가 그 원인일 수 있다. 제안된 절차를 적용하면 보다 객관적으로 댐의 물 공급 안전도를 평가할 수 있다.

• 한국컴퓨터정보학회논문지
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• 제4권4호
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• pp.244-250
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• 1999

본 연구는 기업의 CP 등급변화가 주가의 비정상수익률에 미치는 영향을 분석하였다. 분석결과 기업의 CP 등급 변화는 주가의 비정상수익률에 영향을 미치는 것으로 나타났다. 즉, CP의 등급이 상승한 경우에는 비정상수익률이 향상되고, CP의 등급이 하락하면 비정상수익률이 하락하는 것으로 나타났다. 그리고 기업의 당기순이익이 큰 기업이 등급이 상승되고, 당기순이익이 적은 기업은 등급이 하락하는 것으로 분석되었다. 또한 기업의 CP 등급 변화시 부채비율이 큰 기업이 등급이 상승되고, 부채비율이 낮은 기업은 등급이 상승하는 것으로 나타났다. 그러나 기업의 주주지분율의 크기. 기업의 기업가치의 크기, 기업의 현금흐름의 크기, 기업의 금융비융 부담률의 크기는 주식의 비정상수익률과 관계가 없는 것으로 나타났다. 본 연구는 기업의 CP 변화에 관한 정보가 자본시장에 미치는 영향을 분석한 것으로 의의가 있다. 그러나 표본기업과 공시시점의 선정에 한계가 있다.

• 대한산업공학회지
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• 제40권5호
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• pp.477-480
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• 2014

The single-period production inventory control problem under random yield is considered to analyze the impact of the yield characteristics on the firm's profit. We use the stochastic comparison as a main vehicle to compare the profits resulted under different random yields. Commonly used stochastic orderings are addressed with an analysis of their implications on the firm's profit. Moreover, a distribution-free bound on the profit is derived.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.247-255
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• 2019

This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder's perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.69-76
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• 2020

The study examines lagged economic effects of research and development (R&D) investment on the market value of manufacturing firms listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China. This study applies panel data analysis methods to address the following issues: 1) There might be an adjustment lag in the impact of R&D investment on corporate market value, and 2) Unobserved firm effects must be taken into account. The balanced panel data includes a total of 1,462 observations with 34 cross-sections of manufacturing firms listed on Chinese stock markets and with 27 time-specific quarterly periods from 2007 to 2017. The results indicate that the R&D investment of Chinese manufacturing firms tends to yield favorable market value of the firm with some adjustments to time. The results show that R&D investment exhibits a strong positive impact on their market value of manufacturing firms in Chinese stock markets. Moreover, R&D investment has a positive time-lag effect on the market value of the firm. Interestingly, the R&D investment of Chinese manufacturing firms generate a relatively constant positive effect on their market value, supporting the notion that the corresponding returns of R&D investment for such firms yield lagged but added market values.

• 한국수자원학회논문집
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• 제57권5호
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• pp.311-320
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• 2024

최근 국내에서는 이상기후로 인해 가뭄의 빈도 및 심도가 증가하고 있으며 장기간의 가뭄으로 인한 저수지의 저수량 감소로 전국적인 가뭄 피해가 발생하였다. 가뭄 기간 동안의 피해를 최소화하기 위해 관측자료를 이용한 최적의 저수지 운영 방법을 제안하는 다양한 연구가 수행되었지만, 실측 자료만을 활용할 경우 과거 가뭄 사상에 대해서만 분석이 가능하기 때문에 미래에 발생할 수 있는 극심한 가뭄을 예측하고 분석하기 위한 기술이 필요한 실정이다. 본 연구에서는 최근 가뭄피해가 발생한 섬진강 유역에 위치한 섬진강댐을 대상으로 최소유입량 예측 기법을 제시하였다. 수문 분석 모형인 Stochastic Analysis Modeling and Simulation (SAMS) 2007을 이용하여 섬진강댐의 관측자료와 통계적 특성이 유사한 동일한 길이의 유입량을 다수 발생시키고, 저수지 모의운영에 따른 보장공급량 산정 결과를 활용하여 최소유입량을 예측하였다. 본 연구에서는 최소유입량을 대상 저수지의 관측자료와 동일한 기간을 갖는 다수의 발생유입량 중 보장공급량을 기준으로 95%는 이보다 작지 않은 값을 갖는 유입량으로 정의하였다. Case별 저수지 모의운영 분석 결과 섬진강댐 최소유입량의 보장공급량은 관측자료의 보장공급량인 10.51 m³/s 대비 평균 1.07 m³/s 낮게 분석되었다. 본 연구에서 산정한 최소유입량은 가뭄 시 저수지 운영 기준을 마련하는데 활용할 수 있을 것으로 판단되며 최소유입량을 활용하여 댐 연계운영, 추가 확보 가능한 용수공급량 등을 검토할 수 있다. 이는 가뭄 시 용수공급 안정성 확보 및 하류 물부족 문제 해소 등을 위한 대안 마련 시 활용될 수 있을 것으로 기대된다.

• 경영과정보연구
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• 제24권
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• pp.1-24
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• 2008

This paper examines the direct effects of board independence and also its interaction effects with CEO's firm specific experience on firm performance. The findings in an hierarchial regression analysis of multiyear sample of computer hardware companies indicate that independent, outsider directors are beneficial to firms' performance when CEO has high-level of firm specific experience whereas it is harmful when CEO has low-level of firm specific experience. However, separating the positions of board chair and chief executive officer that has been used as another means for increasing board independence does not influence to firms' performance. These findings imply that researchers in corporate governance should reconsider the relative weight placed on directors' monitoring and assistance role. Rather than focusing predominantly on directors' willingness or ability to control executives, in future research scholars should yield more productive results by focusing on the assistance directors provide in bringing valued resources to the CEOs and in serving as a source of advice and counsel especially for CEO's improvement of management technique. In addition, they should pay more attention on identifying intervening processes between board and firm performance in order to provide optimal governance mechanisms and configurations to practitioners.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.531-541
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• 2020

This study aims to determine the nature of the association between dividend policy and a corporation's financial performance in emerging countries, as well as the main variables that may have an effect on financial performance. The study included 92 industrial and service sector companies listed on the Amman Stock Exchange (ASE) during the period from 2015 to 2019. The study used Panel Data Analysis and cross-sectional time-series data and simple and multiple linear regression models. A multiple regression model was also developed in order to test whether guess factors may have a possible impact on financial performance (such as Dividend Yield, Dividend Pay-out Ratio, Firm Size, Leverage Ratio, Current Ratio). The data was collected from the annual reports and information that was available on the ASE website covering the period from 2015 to 2019. The results detect a strong relation between DY, DPR, and FSIZE variables that explain firm performance. Also leverage ratio is negatively and significantly associated with ROA and AOE. Moreover, no relations were detected between current ratio and financial performance. The study's conclusion is that dividend policy explains a lot of a company's financial performance, meaning that the dividend policy has a statistically significant impact on company financial performance.

• 인터넷정보학회논문지
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• 제19권2호
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• pp.89-98
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• 2018

Media industry is attempting various types of strategic innovation in the content and organization as they enter transition period. However, previous research has casually treated the organizational culture from the management and realized that cognitive/cultural differences between the specific departments yield conflicts. This means the researchers explored less on the decision-making process with the conflict between sub-groups and constituent in the organization. Our study reviewed the most positive method to achieve the innovation outcome through the conflict management within the organization based on the behavioral theory of the firm and applied computer simulation model for analysis to construct the quantitative scenario and infer the result. Conflict always found while media organization experiences innovation within the groups. However, in the long term, securing the independence through the certain state of 'anarchy' which possibly lead consensus implies significance rather to comprise collegiate system for unilateral control. In specific, this study explored the issues in 'conflict management' that has been evaded in media organization research through NK simulation model.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.361-367
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• 2020

Researching the influence and role of CEO overconfidence to dividend policy is important for stock market investors. Therefore, this study was conducted to find out the relationship between CEO overconfidence and dividend policy in industrial enterprises in Vietnam. Data collected from 222 industry enterprises listed on the Vietnam Stock Exchange from 2012 to 2018. Data is collected on financial statements of listed companies. GLS model with panel data is used to analyze regression results. The results show that CEO overconfidence has dividend yield higher than CEO non-overconfidence. At the same time, the dividend payout ratio of enterprises has no difference between CEO overconfidence and CEO non-overconfidence. The results also showed that revenue growth has a positive impact on dividend yield in small enterprises, but negative impact on dividend payout in large enterprises. Research results by firm size have similar results with the general analysis for all enterprises. At the same time, the analysis of ownership type shows that CEO overconfidence has a positive impact on dividend yield of non-state enterprises without affecting other types of enterprises. From these results, the authors also made a number of recommendations to help investors choose businesses to invest in accordance with their strategies.