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Equity Issuance and Cash Savings: New Evidence
Heejung Choi,Sadok El Ghoul,Omrane Guedhami,Eun Jung Lee,Jungwon Suh 한국경영학회 2023 한국경영학회 통합학술발표논문집 Vol.2023 No.8
We explore the forces that drive cash savings in equity issuance using the average cash-savings rate instead of the marginal cash-savings rate that overstates individual issuers’ cash savings. Equity issuers with high investment opportunities save more cash in anticipation of greater cash needs from fast post-issue growth. The precautionary motive, cash shortfalls, or market-timed equity issuance has limited influence on equity issuers’ cash savings decisions. Much of the previously documented virtuous effects of cash reflect hallmark characteristics of equity issuance, suggesting that the intrinsic value of cash is probably lower than indicated by previous research.
Public vs. Private Firms : Easy Money Flows to Easy Investments
Heejung Choi,Jungwon Suh 한국재무학회 2015 한국재무학회 학술대회 Vol.2015 No.11
This study explores the forces that distinguish public firms from private firms in Korea. Consistent with previous U.S. studies, public firms have relatively large cash holdings compared to private firms in Korea. However, the more significant difference lies in the composition of long-term (fixed) assets. Compared to private firms matched on size and industry, public firms invest considerably in intangible fixed assets (denoted by non-PP&E) but sparingly in tangible fixed assets (denoted by PP&E). Public firms allocate a substantial proportion of equity issue proceeds to investments in non- PP&E—particularly, the equity holdings of related firms—but only a paltry proportion to investments in PP&E. This tendency is more prominent for public firms that belong to Chaebol groups. However, public firms do not allocate cash flows or debt issue proceeds significantly more in favor of non- PP&E relative to PP&E. Overall, our findings suggest that in the absence of a proper governance mechanism, the advantage of issuing equity with relative ease could induce public firms to seek growth with the type of investments that are easy to implement and manage—rather than with capital expenditures that require such complications as managing factories and dealing with labor unions.
Investment Financing : Evidence from Korea
Heejung Choi,Jungwon Suh 한국재무학회 2014 한국재무학회 학술대회 Vol.2014 No.05
This study examines the relative importance of various forms of capital in financing investments by using two methodologies: (i) seemingly unrelated regression (SUR) and (ii) quantile regression (QR). The SUR results suggest that, among external sources of capital, long-term debt plays the most important role in financing capital expenditures of Korean firms, while equity issuance plays a less role. The QR results indicate that, among all forms of capital, cash flows contribute most to financing investments at almost all investment levels. Overall, our evidence is consistent with both the first and second rungs of the financing hierarchy. Subgroup analyses also show that large firms and Chaebolaffiliated firms use more long-term debt but less equity issuance than comparison firms do, suggesting that debt capacity allows firms to reduce the use of equity issuance (i.e., an expensive form of capital according to the pecking order theory).
( Heejung Choi ),( Yoonjung Kim ),( Soo Min Kim ),( Junam Shin ),( Hye Ryoun Jang ),( Jung Eun Lee ),( Woo Seong Huh ),( Yoon Goo Kim ),( Ha Young Oh ),( Dae Joong Kim ) 대한신장학회 2012 Kidney Research and Clinical Practice Vol.31 No.2
Background: The purpose of this study was to evaluate the incidence of contrastinduced nephropathy (CIN), and the effect of intravenous albumin for prophylaxis of CIN in patients with liver cirrhosis (LC) and chronic kidney disease (CKD). Methods: We conducted a retrospective study of 81 subjects with LC and CKD (estimated glomerular filtration rate (eGFR)o60 mL/min/1.73 m2) who underwent contrast-enhanced computed tomography (CT). Patients received either isotonic sodium bicarbonate solution (3 mL/kg for 1 h before CT and 1 mL/kg/h for 6 h after CT) or albumin (20% albumin, 25 mL for 1 h before CT and 75 mL for 6 h after CT). CIN was defined as an increase of Z25% or Z0.5 mg/dL in serum creatinine level. Results: Overall, CIN developed in three patients (3.7%). Of the 81 subjects, 43 received sodium bicarbonate solution and 38 received albumin. Both groups were comparable with regard to age, sex, diabetes mellitus, and baseline eGFR. The albumin group showed a significantly poorer liver function profile. CIN incidence did not differ significantly between the groups: it occurred in one (2.3%) of the 43 subjects receiving sodium bicarbonate and two (5.3%) of the 38 subjects receiving albumin (P¼0.6). However, the albumin group showed a significantly smaller increase in body weight (P¼0.03). Conclusion: The incidence of CIN in patients with LC and CKD undergoing contrast-enhanced CT after preventive measures was relatively low. The incidence of CIN was not significantly different between sodium bicarbonate and albumin groups.
COVID-19 Pandemic 상황에서 간호대학생의 그릿, 감사성향, 스트레스가 심리적 안녕감에 미치는 영향에 대한 구조모형
최희정(Choi, Heejung),정하림(Jeong, Harim) 한국간호교육학회 2022 한국간호교육학회지 Vol.28 No.1
Purpose: The purposes of this study were to develop and test a model for the effects of grit, gratitude disposition, and stress on the psychological well-being of nursing students during the Coronavirus-2019 pandemic. Methods: The data were collected from June 9 to June 27, 2021. A total of 286 nursing students responded to an online questionnaire. In the hypothesis’s model, the exogenous variables were grit and gratitude disposition, and the endogenous variables were nursing students’ stress and psychological well-being. Data were analyzed using the SPSS/WIN and AMOS programs. Results: The final model showed the following indices of goodness of fit: χ²=78.30, χ²/df=3.01, GFI=.95, CFI=.96, TLI=.94, SRMR=.05, and RMSEA=.08. Nursing students’ psychological well-being was explained by their grit, gratitude disposition, and stress directly and indirectly, with these three variables explaining 56% of psychological well-being. Conclusion: This study identified factors affecting the psychological well-being of nursing students in a state of increased stress due to the COVID-19 pandemic. The results of this study can be a basis for developing and applying a program to enhance nursing students psychological well-being.