FINANCIAL PLANNING REVIEW最新文献_第5页

Study on the Determinants of Growth in SMEs: Focusing on the Characteristics Based on Various Growth Measurement Methods 中小企业成长性的决定因素研究:基于多种成长性度量方法的特征分析

FINANCIAL PLANNING REVIEW Pub Date : 2023-08-31 DOI: 10.36029/fpr.2023.08.16.3.63

Byungwook Ko, Sung-Tae Kim

{"title":"Study on the Determinants of Growth in SMEs: Focusing on the Characteristics Based on Various Growth Measurement Methods","authors":"Byungwook Ko, Sung-Tae Kim","doi":"10.36029/fpr.2023.08.16.3.63","DOIUrl":"https://doi.org/10.36029/fpr.2023.08.16.3.63","url":null,"abstract":"본 연구는 국내 중소기업을 대상으로 기업 성장 측정방법에 따른 성장결정요인의 특성을 분석하였다. 기업 성장 측정방법을 상대적 성장 측정방법, 절대적 성장 측정방법, 복합 성장 측정방법으로 구분한 후, 각 성장 측정방법별로 성장결정요인의 특성을 분석하였다. 기업 성장은 고성장 기업이 주요 관심대상이므로 이러한 분포 특성을 잘 반영할 수 있도록 분위회귀분석을 적용하여 분석하였다. 분석모형의 설명변수는 성장성, 수익성, 안정성, 효율성을 대표하는 주요 재무지표로 구성하였으며, 종속변수인 기업 성장성과 3년간의 시차를 두어 현재의 재무적 특성이 미래의 기업 성장에 미치는 영향을 분석할 수 있도록 모형을 구성하였다. 주요 분석결과는 다음과 같다.BR 첫째, 매출 증가의 속도가 높고 동시에 자산관리를 효율적으로 하는 기업일수록 미래성장성이 높을 것으로 예상된다. 또한 이러한 경향은 성장성이 높은 분포 구간으로 갈수록 그 효과가 더욱 커지는 것으로 분석되었다. 그러나, 그 효과는 기업 성장성을 상대적 성장이나 복합 성장으로 측정할 경우에만 유의하게 나타났다. 둘째, 중소기업들은 고성장을 달성하기 위한 수단으로 수익성을 활용하지는 않는 것으로 판단된다. 현재의 수익성(매출액순이익률)은 미래 성장성에 음(-)의 영향을 미치는 것으로 분석되었는데, 특히 고성장 분위구간(75분위, 90분위)에서 이러한 현상은 더욱 두드러졌다. 셋째, 효율적 자산관리(총자산회전율)는 기업성장의 중요 요인으로 나타났다. 총자산회전율은 거의 모든 성장 분위구간에서 양(+)의 추정계수를 보였으며, 특히 고성장 분위구간에서 그 값이 더 크게 나타나 효율적 자산관리가 고성장의 중요 요인임을 알 수 있었다. 다만, 상대적 성장의 고성장 분위구간에서는 이러한 효과가 점점 감소하는 차별성을 보였다. 넷째, 외부자본의 활용은 성장의 중요 요소인 것으로 분석되었다. 특히 고성장 분위구간으로 갈수록 부채구성비율의 추정계수 값이 큰 폭으로 상승하여 레버리지 활용은 고성장의 중요 요인임을 알 수 있었다.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135987698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Exploring the relationship between personality and money scripts while controlling for demography, ideology, and self-esteem 在控制人口统计学、意识形态和自尊的同时，探索个性和金钱脚本之间的关系

FINANCIAL PLANNING REVIEW Pub Date : 2023-08-29 DOI: 10.1002/cfp2.1167

Adrian Furnham, Stephen Cuppello

引用次数: 0

Exploring the relationship between investors' financial literacy and advisor use with securities-based loans 探讨投资者的金融素养与证券贷款顾问使用之间的关系

FINANCIAL PLANNING REVIEW Pub Date : 2023-06-03 DOI: 10.1002/cfp2.1166

Matthew Sommer, Timothy M. Todd, HanNa Lim

{"title":"Exploring the relationship between investors' financial literacy and advisor use with securities-based loans","authors":"Matthew Sommer, Timothy M. Todd, HanNa Lim","doi":"10.1002/cfp2.1166","DOIUrl":"https://doi.org/10.1002/cfp2.1166","url":null,"abstract":"Past literature has explored the characteristics of individuals who use high-interest and tax-inefficient consumer debt products, such as carrying a monthly credit card balance and engaging with alternative financial services. That literature revealed that users of these debt products tended to be financially constrained households faced with an immediate liquidity need, and that they had lower levels of financial literacy. Much less is known, however, about the role financial literacy may play when a more advantageous solution may be available but not used—an example of which is securities-based loans, which offer lower rates and potential tax preferences. Therefore, this study used the 2018 National Financial Capability Study to examine why investors use traditional debt products when they could likely have qualified for a securities-based loan. Using bounded rationality as a theoretical framework, this research advances the literature in consumer debt and borrowing decisions. The results found that objective knowledge, as opposed to self-assessed ability or confidence, explained the use of optimal debt products. Additionally, advisor engagement was positively associated with securities-based loan use.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"6 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50119515","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Effect on Health Care Utilization from Private Health Insurance Enrollment by Households with Chronic Diseases Patients 慢性病患者家庭参保对医疗保健利用的影响

FINANCIAL PLANNING REVIEW Pub Date : 2023-05-31 DOI: 10.36029/fpr.2023.05.16.2.21

Taesoo Lee, Hyeyoun Baek

引用次数: 0

Study on the Consumers’ Financial Anxiety 消费者金融焦虑研究

FINANCIAL PLANNING REVIEW Pub Date : 2023-05-31 DOI: 10.36029/fpr.2023.05.16.2.63

Haerang Lee, Jong-Youn Rha

引用次数: 0

SME Default Prediction Model with Technology Evaluation Index and Macroeconomic Factors 基于技术评价指标和宏观经济因素的中小企业违约预测模型

FINANCIAL PLANNING REVIEW Pub Date : 2023-05-31 DOI: 10.36029/fpr.2023.05.16.2.43

Sung-tae Kim

引用次数: 0

Effects of Financial Self-Efficacy on Asset Building in Middle-Aged Men 中年男性财务自我效能感对资产建设的影响

FINANCIAL PLANNING REVIEW Pub Date : 2023-05-31 DOI: 10.36029/fpr.2023.05.16.2.1

Hyeon-Jae Kim

引用次数: 0

From the Executive Editor 来自执行主编

FINANCIAL PLANNING REVIEW Pub Date : 2023-05-29 DOI: 10.1002/cfp2.1165

Stephen M. Horan

引用次数: 0

Racial animosity and Black financial advisor underrepresentation 种族仇恨和黑人财务顾问代表性不足

FINANCIAL PLANNING REVIEW Pub Date : 2023-05-25 DOI: 10.1002/cfp2.1164

Jeffrey A. DiBartolomeo, Michael G. Kothakota, Elizabeth J. Parks-Stamm, Derek T. Tharp

{"title":"Racial animosity and Black financial advisor underrepresentation","authors":"Jeffrey A. DiBartolomeo, Michael G. Kothakota, Elizabeth J. Parks-Stamm, Derek T. Tharp","doi":"10.1002/cfp2.1164","DOIUrl":"https://doi.org/10.1002/cfp2.1164","url":null,"abstract":"This study provides compelling evidence for Black underrepresenation in the financial advisor industry. Using a dataset of all U.S. securities-licensed individuals (N = 642,543), we first estimate the racial and ethnic composition of the industry using an algorithm that accounts for name, gender, and location. Second, we use a dataset enhanced by a commercial vendor to restrict the analysis to only those identified as working as financial advisors (n = 237,435). Using Google search volume for a racial epithet as a proxy for area racism, we find that greater racism in a market is associated with greater Black advisor underrepresentation. Overall, we estimate at the individual level that 10.1% of financial advisors are Black (relative to 13.4% of the U.S. population). Furthermore, our results suggest market-level racial animosity toward Blacks is negatively associated with Black advisor representation. We estimate a difference of 0.9 percentage points when comparing markets with the highest and lowest levels of animosity. For the average market with an estimated 11.4% Black advisor representation, an increase of 0.9 percentage points would represent a 7.9% increase in Black advisor representation.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"6 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50120457","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

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Designing behavioral prompts to improve saving decisions: Implications for retirement plans 设计行为提示以改进储蓄决策：对退休计划的启示

FINANCIAL PLANNING REVIEW Pub Date : 2023-05-23 DOI: 10.1002/cfp2.1163

Vickie Bajtelsmit, Jennifer Coats

{"title":"Designing behavioral prompts to improve saving decisions: Implications for retirement plans","authors":"Vickie Bajtelsmit, Jennifer Coats","doi":"10.1002/cfp2.1163","DOIUrl":"https://doi.org/10.1002/cfp2.1163","url":null,"abstract":"Retirement plan sponsors, financial advisors, and public policy makers are increasingly interested in encouraging higher levels of retirement savings. This study enhances understanding of the behavioral biases that may adversely impact retirement savings decisions and financial outcomes and suggests mechanisms for improving outcomes. In an incentivized laboratory experiment, we study participants' investment and asset allocation decisions over a meaningful time horizon and test the efficacy of alternative behavioral prompts to motivate investment decisions. We find that greater financial literacy, higher levels of risk tolerance, and lower discount rates significantly increase levels of investment and expected return. Controlling for these factors, we find that behavioral prompts encouraging reflection on goals or on future needs have significant effects on allocation decisions and expected returns for young adults. We also find that the prompts increase expected returns for women and individuals with lower levels of financial literacy. These results suggest that behavioral prompts can be an effective method of improving retirement saving decisions, particularly for the less financially-literate.","PeriodicalId":100529,"journal":{"name":"FINANCIAL PLANNING REVIEW","volume":"6 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/cfp2.1163","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50153742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0