Hierarchical Evaluation of Flexibility in Production Systems

Tsuboner, Hitoshi,Ichimura, Tomotaka,Horikawa, Mitsuyoshi,Sugawara, Mitsumasa Korean Institute of Industrial Engineers 2004 Industrial Engineeering & Management Systems Vol.3 No.1

This report examines the issue of designing an efficient production system by increasing several types of flexibility. Increasing manufacturing flexibility is a key strategy for efficiently improving market responsiveness in the face of uncertain market demand for final products. The manufacturing system comprises multiple plants, of which individual plants have multiple manufacturing lines that are designed to produce limited types of products in accordance with their size and materials. Imbalance in the workload occurs among plants as well as among manufacturing lines because of fluctuations in market demand for final products. Thereby, idleness of some manufacturing lines and longer lead times in some manufacturing lines occur as a result of the high workload. We clarify how these types of flexibility affect manufacturing performance by improving only one type of flexibility or by improving multiple types of flexibility simultaneously. The average lead time and the imbalance in workload are adopted as measures of manufacturing performance. Three types of manufacturing flexibility are interrelated: machine flexibility, routing flexibility, and process flexibility. Machine flexibility refers to the various types of operations that a machine can perform without requiring the prohibitive effort of switching from one order to another. Routing flexibility is the capability of processing a given set of part types using more than one line (alternative line) in the plant. Process flexibility results from being able to build different types of final products at the same plant.

기업의 노동 유연성이 혁신성과에 미치는 영향

김재성(Jaeseong Kim),최상옥(Sang Ok Choi) 한국경영학회 2021 經營學硏究 Vol.50 No.5

We analyzed using Workplace Panel Survey (WPS) data on the impact of labor flexibility on innovation performance at the firm level. Verifying the impact of labor flexibility on innovation performance, the higher the flexibility of employment adjustment, the higher the level of employee-led innovation is than the industry average, and the higher the flexibility of contingent employment, the higher the probability to stay in copycat-level workplace innovation. In addition, the higher the wage flexibility and functional flexibility of a firm, the higher the probability that the level of employee-led innovation and product/service innovation will exceed the industry average, and the higher the level of workplace innovation. In addition, analysis of the buffering effects of interaction with employment flexibility, the negative impact of the flexibility of contingent employment on workplace innovation has been shown to buffer or convert by wage flexibility and functional flexibility. The findings suggest that, unlike wage flexibility and functional flexibility, employment flexibility does not positively impact innovation performance, so a detailed review of employment flexibility implementation is needed unless very reasonable reasons are involved. And it can be emphasized that mixed flexibility strategies should be used to secure long-term competitiveness from a Paradox perspective.

호텔종사원이 지각하는 노동유연성이 직무만족에 미치는 영향: 사회적 지원의 조절효과를 중심으로

이미숙 ( Misook Lee ) 관광경영학회 2019 관광경영연구 Vol.88 No.-

The purpose of this study is to verify the effects of labor flexibility on hotel employees' job satisfaction and to the moderating effect of social support on labor flexibility and job satisfaction. A total of 296 copies were used in the analysis of frequency, factor, reliability, multiple and moderating regression analysis utilizing SPSS 24.0 program. As a result of the study, functional flexibility of labor flexibility was not significant for job satisfaction. External numerical flexibility has a negative effect on job satisfaction, internal numerical flexibility and wage flexibility have positive effect on job satisfaction. In other words, retirement or involuntary retirement reduces job satisfaction due to job instability and wage peak system or flexible working hours system is perceived job satisfaction. The result of the moderating effect of social support showed that superiors' support had a significant effect on functional and wage flexibility and cooperative support was controlled only by the relationship of wage flexibility. Organizational support did not show any moderating effect. Conclusions of this suggest that hotel companies should maintain mutual friendly relations with their bosses and colleagues in order to activate the wage peak system and flexible working hours system rather than layoffs of employees with customer satisfaction service know-how.

기업수명주기별 재무유연성이 기업성과에 미치는 영향

장지화,중가,김민지 한국상업교육학회 2018 상업교육연구 Vol.32 No.6

Financial flexibility refers to the ability of enterprises to raise funds in time, to prevent uncertain events or capture valuable investment opportunities and maximize firm performance. The academic community had different opinions on the impact of financial flexibility on firm performance. Some researchers argued that financial flexibility helped companies improve their performance. Others have pointed out that excessive financial flexibility may cause agency problems. In order to confirm the relationship between financial flexibility and firm performance, and to understand the differences in each phase of the corporate lifecycle, this paper conducted the following research. First, We selected 3,534 manufacturing industry firms that issued 'A'stock and listed on China’s Shanghai and Shenzhen Stock Exchanges between 2010-2017 to analyze the relation between financial flexibility and firm performance. Second, We divided these enterprises into growth, maturity, and decline stage, and analyzed the relationship between financial flexibility and firm performance in different stages. The results showed that the financial flexibility and firm performance inverted U relations in total sample. Firm performance first increased with the increase in financial flexibility. In a inflection point, firm performance reached a maximum, and then firm performance decreased as financial flexibility increased. From the perspective of corporate life cycle, there was a significant positive relationship between financial flexibility and firm performance in growth stage, and an inverted U relations between financial flexibility and firm performance in maturity stage, but there was no significant relationship between financial flexibility and firm performance in decline stage.

중국호텔 종사원이 지각하는 노동유연성이 조직냉소주의에 미치는 영향에 있어 조직공정성의 조절효과에 관한 연구

곽량,김영현 한국관광산업학회 2020 Tourism Research Vol.45 No.3

This study examine the relations of the labor flexibility perceived by hotel employee and organizational cynicism. Also, to verify the moderating effect of the organizational cynicism in the relation of the labor flexibility with the organizational cynicism. The following results were derived. First, in the effect of the labor flexibility on the organizational cynicism, out of the labor flexibility, the quantity flexibility, time flexibility and the functional flexibility has positive effect on the organizational cynicism. Therefore, Chinese hotel needs to build the system in advance so that the employees does not experience the negative results by the labor flexibility And since the labor flexibility is spread over the hotel industry, to reduce this phenomenon, for the hotel enterprise, providing the working environment with the manualized rules is important so that the employee can recognize the labor flexibility. Second, in the results of verifying the moderating effect of the organizational justice in the correlation between the labor flexibility and the organizational cynicism, the moderating effect of the distributive justice, procedural justice and the interactive justice out of the organizational justice was represented significant in the relation among the quantity flexibility, time flexibility and the functional flexibility out of the labor flexibility, and the organizational cynicism. Therefore, it is necessary to reduce the distrust or indifferent emotion of the employee toward the organization by increase the organizational justice of the hotel enterprise and further, the hotel enterprise should consider the measure to reduce the organizational justice. 본 연구에서는 노동유연성과 조직냉소주의 간의 영향관계 및 노동유연성과 조직냉소주의와 의 영향관계에서 조직공정성의 조절효과에 대하여 검증하고자 하였다. 실증분석 결과 다음과 같은 결과가 도출되었다. 첫째, 노동유연성이 조직냉소주의에 미치는 영향에 있어서는 노동유연성 중 수량유연성, 시간유연성과 기능유연성은 조직냉소주의에 정(+)의 영향을 미치는 것으로 나타났다. 이에 중국호텔에서는 종사원이 노동유연성으로 인한 부정적인 결과를 경험하지 않도록 사전에 근무환경을 조성하는 시스템을 구축할 필요가 있다. 그리고 노동유연성은 호텔산업 전반에 걸쳐 확산되고 있으므로 이러한 현상을 줄여주기 위해 호텔기업에서는 종사원들이 사전에 노동유연성에 대해 인지할 수 있도록 매뉴얼화된 규칙으로 근무환경을 제공하는 하는 것이 중요하다. 둘째, 노동유연성과 조직냉소주의의 관계에서 조직공정성의 조절효과를 검정한 결과, 노동유연성 중 수량유연성, 시간유연성, 기능유연성과 조직냉소주의 관계에서 조직공정성 중 분배공정성, 절차공정성과 상호작용공정성의 조절효과가 유의하게 나타났다. 따라서 호텔기업의 조직공정성을 높여 종사원의 조직에 대한 불신이나 무관심한 정서를 낮춰줄 필요가 있으며 더 나아가 조직냉소주의 또한 낮출 수 있는 방안을 고려해야 할 것이다.

호텔종사원이 지각하는 노동유연성이 이직의도에 미치는 영향: 전환비용의 조절효과

박지홍 ( Park Ji Hong ) 한국이벤트컨벤션학회 2019 이벤트 컨벤션 연구 Vol.15 No.2

Purpose - The purpose of this study was to investigate the effect of labor flexibility on the turnover intention of hotel employees. And, this study examines the moderating effect of perceived switching costs on the relationship between labor flexibility and turnover intention. Design, data, and methodology -Labor flexibility was divided into four main components: ‘functional flexibility’, ‘internal numerical flexibility’, ‘external numerical flexibility’, and ‘wage flexibility’. The data collected from a survey of 306 hotel employees working on was analyzed using exploratory factor analysis, multiple regression analysis and mediation regression analysis. Result -First, external numerical flexibility positively influenced turnover intention while wage flexibility negatively influenced turnover intention. Second, uncertainty costs moderates the relationship between functional flexibility and turnover intention, setup costs moderates the relationship between functional flexibility, internal numerical flexibility and turnover intention. Conclusions - The study result, the necessity of the labor flexibility management in the organizational aspect is presented with theoretical and practical implications.

직장 유연성이 종업원의 조직몰입에 미치는 영향

장욱진,이상직 사단법인 한국벤처혁신학회 2023 벤처혁신연구 Vol.6 No.3

The COVID-19 pandemic catalyzed major changes in our work environment, underscoring the critical role of workplace flexibility. While a wealth of research exists on specific flexible work strategies and schedules, a broader understanding of workplace flexibility has been somewhat overlooked. This study aimed to bridge this gap by examining the correlation between workplace flexibility and organizational commitment. Our sample consisted of 300 employees from foreign businesses in the ICT(information and communications technology) service sector and the manufacturing industry, along with those from the top 50 leading Korean enterprises. We bifurcated workplace flexibility into two distinct categories for this study: quantitative and qualitative. Our results revealed that within the quantitative category, the flexibility of continuity of work and flexible place significantly enhanced organizational commitment. Interestingly, the flexibility of work schedules didn't have a marked impact on commitment levels. On the qualitative side, job autonomy and teamwork emerged as significant drivers of organizational commitment. It's worth noting that qualitative aspects of workplace flexibility had a more pronounced effect on organizational commitment than the quantitative elements. These findings highlight the necessity of approaching workplace flexibility from a comprehensive perspective, embracing both its quantitative and qualitative dimensions. For businesses aiming to maximize the benefits of flexibility, it's essential to cultivate a culture of open communication, champion collaboration, and prioritize job autonomy and teamwork. Establishing a work environment that actively supports feedback-oriented communication stands as a key component in this endeavor.

제조유연성과 성과 간의 인과관계

오중산(Joong San Oh) 한국경영학회 2010 經營學硏究 Vol.39 No.2

This study is purposed to classify manufacturing flexibility into several types and identify causal relationships between manufacturing flexibilities and performance empirically targeting suppliers in automotive and electronic parts industries. Manufacturing flexibility can be categorized into two types: manufacturing resource and product flexibilities. The former which aims for increasing production efficiency in the plant is composed of three types of flexibilities: man, machine/equipment, method flexibilities that are concerned with production resources named as ‘4M’ including material. As a result of exploratory factor analysis (EFA), contrary to previous studies, manufacturing resource was subdivided into intangible resource and tangible resource flexibilities. In addition, product flexibility which aims at responding to market or customer requirements was subdivided into three factors: mix, volume and delivery flexibilities, which accorded with the results of proceeding research. In this study, convergent validity which is one of the method for confirming construct validity of latent variables was ascertained through EFA. Furthermore, unidimensionality of latent variables was examined through second confirmatory factor analysis (CFA). As a result of estimation of structural model with structural model equation (SEM), all four hypothesis were accepted: first, manufacturing resource flexibility can be an important factor or a driver for product flexibility. Second, manufacturing resource flexibility as well as product flexibility can have a positive impact on performance that consists of financial, manufacturing and customer performances. Finally, manufacturing resource flexibility influences performance positively via product flexibility as an intermediating variable. The theoretical implications of this study can be summarized as follow: first, this study not only classified manufacturing flexibility into several types pursuant to contents and level but also measured four dimensions such as range-number, range-heterogeneity, mobility and uniformity of manufacturing flexibilities. Second, although this study limit the research scope to the field of manufacturing flexibility, by examining the proposition that manufacturing resource can be a source of firm’s performance empirically, this research contributes to the interdisciplinary study which combines operations management and resource-based view. Finally, in terms of methodology, by suiting the units of analysis of manufacturing flexibility and performance to plant, we can measure all constructs consistently, which decreased the possibility of bias of research result. Meanwhile, the practical implications of this study can be stated as follows: first, managers need to have their eyes on not only product flexibility but also manufacturing flexibility in order to respond to the diverse and complex demands of customers effectively. In addition, managers also need to take account of mobility and uniformity dimensions of manufacturing flexibility, otherwise they may increase the range of manufacturing flexibility based on the victim of time and cost.

외환위기 전후의 부채조달의사결정에 재무유연성과 세금효과가 미치는 영향

김영철(제1저자) ( Young Chul Kim ),고종권(교신저자) ( Jong Kwon Ko ),이윤경(공동저자) ( Yun Kyeong Lee ) 한국회계학회 2015 회계학연구 Vol.40 No.6

부채의 세금효과가 존재함에도 부채를 적게 사용하는 보수적 부채조달현상이 보고된이래로 부채사용에 따른 혜택과 더불어 비용 측면에서 부채를 설명하기 위한 노력이 진행되어 왔다. DeAngelo and DeAngelo(2007)는 부채조달의사결정에 영향을 미칠 수 있는 원인으로 재무유연성을 언급하고 있다. 재무유연성이란 자금수요 발생 시 낮은 자금조달비용으로 적시에 반응할 수 있는 능력을 의미한다(Byoun 2011; Denis 2011). 재무유연성이 낮을수록 투자기회에 적절한 대응을 할 수 없으므로 과소투자에 따른 손실이 커질 수있다. 따라서 재무유연성이 낮은 경우 세금효과가 존재함에도 부채조달능력을 유지하기 위하여 보수적으로 부채를 조달할 수 있다. 이러한 맥락에서 Killi et. al.(2011)는 재무유연성이 부채조달의 기회비용이라고 언급하고 있다. 우리나라에서도 외환위기 이후 보수적부채조달현상이 보고되고 있지만 부채를 비용 측면에서 설명하려는 다양한 시도가 이루어지지 않고 있다. 본 연구는 외환위기를 중심으로 부채와 한계세율 및 재무유연성의 의미를 검증하고자 한다. 본 연구의 목적은 외환위기를 중심으로 부채를 결정하는 중요한 요인으로 재무유연성과 세금유인의 의미를 검증하는 것이다. 그리고 외환위기 전후 부채조달의사결정에 대한 재무유연성과 세금유인의 상대적 중요성에 대한 실증적 증거를 제시하는 것이다. 실증결과는 다음과 같다. 첫째 외환위기 이전 재무유연성과 부채간의 관련성은 나타나지 않지만 외환위기 이후 재무유연성과 부채간의 양(+)의 관련성이 관찰되었다. 이는 외환위기 이후 재무유연성을 고려하여 부채조달의사결정을 수행한다는 것을 의미하고, 부채조달능력을 유지하려는 유인이 외환위기 이후 강화됨을 나타낸다. 둘째 외환위기 이후 부채와 한계세율간의 관련성이 감소되는 것으로 나타났다. 이는 외환위기 이후 부채를 이용한 절세유인이 감소됨을 의미하며, 외환위기 이후 부채조달능력을 유지하려는 유인이 낮은 경우에 한하여 세금효과를 고려하여 부채조달의사결정을 하고 있다는 것을 의미한다. 그리고 재무유연성은 외환위기 이후 보고되고 있는 보수적 부채조달현상의 원인이 될 수 있음을 의미한다. 본 연구의 공헌점은 외환위기라는 경제적 사건을 중심으로 부채의 결정요인으로 재무유연성에 대한 의미를 검증한 것이다. 그리고 재무유연성은 외환위기 이후 보고된 보수적 부채조달현상의 원인이 될 수 있다는 점을 제시한 것이다. Study on the determinants of capital structure is an important topic in modern Finance. Modigliani and Miller(1958) demonstrate that given investment policy and with no taxes or contracting costs, the choice of financing policy does not affect the current market value of the firm. However, Modigliani and Miller(1963) argue that corporate tax allows the deduction of interest payments in calculating taxable income. Thus they contend that firms prefer to use more debt, in extreme case, capital structure may consist of 99.9% debt. In contrast, Miller(1977) shows that the corporate tax advantage of debt is offset by personal income tax, therefore, the tax advantage of debt is not that significant. Based on Modigliani and Miller(1963), Myers and Majiluf(1984) and other researchers explain the corporate financing decisions by analyzing costs and benefits of debt use. Here, the benefit of debt use is tax advantage and the costs of debt are financial distress, bankruptcy costs, personal income tax, and agency costs (Scott 1976; Miller 1977; Myers 1977). Molina(2005) and Ko and Yoon(2011) explain corporate financing policy by analyzing the relations between tax advantage and bankruptcy. van Binsbergen et al.(2010) explains the financing policy by estimating marginal cost function and examining the relations between tax advantage and tax costs. DeAngelo and DeAngelo(2007), one of the research explaining financing policy with respect to the cost of debt, presents the concept of financial flexibility. Financial flexibility refers to as the degree of capacity and speed at which the firm can mobilize its financial resources in order to take reactive, preventive, and exploitive actions to maximize the firm value (Byoun 2011; Denis 2011). According to the trade-off theory, based on the traditional costs and benefits, since debt financing of current year increases cost of debt and decreases debt capacity in the future. In particular, the lower the financial flexibility, additional debt financing tends to decrease debt capacity. Thus the financial flexibility refers to opportunity costs (Killi et al. 2011). In connection with aforementioned studies, DeAngelo and DeAngelo(2007) argues that firms may use relatively small amount of debt in order to maintain debt capacity, even corporate tax advantage of debt exists. Ahn et al.(2011) surveyed chief financial officers of Korean companies and found that eighty percent of financial managers consider the cost and benefit of debt when they make decisions on financing policy. It is suggesting that debt capacity of a firm is limited to a certain boundary and implying that debt use of current year affects debt capacity in the future. In addition, in the late 1990s, numerous Korean companies went bankrupt due to the lack of liquidity, although they possessed enough assets. Therefore companies began to make buffers responding to the uncertain capital requirements (Lee 2010). Taken together, we predict incentives for maintaining debt capacity affect financing policy after the financial crisis of the late 1990s. We also predict the importance of financial flexibility, as a determinant of financing policy, is greater in the post-financial crisis period than in the pre-financial crisis period. Ko and Kim(2012) argues that marginal tax rate does not explain the debt financing policy in the post-financial crisis period. Suggesting that, when a firm makes a decision on financing policy, cost of debt is more significant factor than tax advantage. Thus, in the post-financial crisis period, we predict, in order to maintaindebt capacity, although tax advantage exists, firms experiencing low financial flexibility have propensity to use debt conservatively. Additionally,explanatory power of financial flexibility towards the financing policy will be greater than that of tax effect. The purposes of our paper are as follows. Firstly, we document financial flexibility is a significant determinant of debt financing policy. Also, we test whether the relevance of financial flexibility to financing policy differs between pre- and post-financial crisis period. Secondly, we test whether there are differences between pre- and post- financial crisis period, with respect to the relevance of tax advantage to financing policy. Thirdly, we report the interactions between the financial flexibility and tax effect in financing policy. The results are as follows. First of all, we find no significant relations between financial flexibility and debt in the pre-financial crisis period, however, we find positive relations in the post-financial crisis period. Also, we find no significant relations between marginal tax rate and debt in the post-financial crisis period while we find positive relations in the pre-financial crisis period. It is suggesting that, in the pre-financial crisis period, tax effect plays more significant role in debt financing, however, financial flexibility is more important determinant of debt financing in the post-financial crisis period. It also implies that tax effect could be constrained by financial flexibility in the post-financial crisis period. Furthermore, we are suggesting that tax advantage of debt may affect debt financing decision when the incentives for maintaining debt capacity is low. Our study contributes to the literature by documenting the significance of financial flexibility in debt financing policy. Moreover, we show that financial flexibility has explanatory power for the debt financing policy in the post-financial crisis period, rather than tax effects. Likewise, in the post-financial crisis period, we suggest that tax advantage of debt explains debt financing policy only when firms have incentives for maintaining debt capacity. Finally, we suggest that one of the culprits in the decreasing relations between tax effects and financing policy in the post-financial crisis period.

노동유연화가 기업가치와 경영성과에 미치는 영향

나영,이동하 한국회계정책학회 2018 회계와 정책연구 Vol.23 No.1

[Purpose]This study aims to empirically verify influences of labor flexibility upon accounting earnings and firm values. A study on the viewpoint to labor flexibility has two stances. One is positive in that corporate competitiveness and its value increase by cost reduction. The other is negative in that corporate competitiveness and its value decrease due to decline of employment stability and productivity. [Methodology]Accordingly, this study verified if there is a difference in influence of labor flexibility upon between accounting earnings and firm values according to whether or not the corporate strategy for labor flexibility exists. [Findings]The research findings are summarized as follows:First of all, quantitative flexibility had a positive relationship with accounting earnings. But quantitative flexibility had a negative relationship with the firm value. Second, quantitative flexibility in a corporate body applying the strategy of quantitative flexibility had a negative influence on business performances while quantitative flexibility had a positive influence on the firm value. [Implications]The results of this study have rich implications as follows:First, the study had in-depth analysis on influences of labor flexibility which had been comparatively less dealt by analyzing influence of labor flexibility upon accounting earnings and the firm value, using detailed types and measured figures of labor flexibility. Second, this study provided concrete data about better application of labor flexibility through the empirical evidence on influences of each measured figure upon accounting earnings and the firm value. It is expected that the results of this study can be useful information for the researchers in the future and be of help to further detailed study of the labor flexibility. [연구목적]본 연구는 노동유연화가 회계이익과 기업가치에 미치는 영향을 실증적으로 검증하는 것을 목적으로 한다. 노동유연화는 기업의 비용을 절감하여 이익 및 기업경쟁력을 증대시키고, 이를 통해 기업가치가 증가한다는 긍정적인 입장이 있다. 반면 인적자원에 대한 투자의 감소로서 기업경쟁력을 감소시키고, 결국에는 기업가치를 낮춘다는 부정적인 입장이 공존한다. 따라서 본 연구에서는 노동유연화의 사용 유무에 따라 노동유연성이 회계이익 및 기업가치에 미치는 영향에 차이가 있는지를 검증하였다. [연구방법]2008년부터 2016년까지 한국거래소(KSE)에 상장된 제조기업 중 12월 말 결산법인을 대상으로 2,588개의 표본을 선정하였다. 노동유연성을 임금유연성, 수량적 유연성, 그리고 노동의 외부화로 구분하여 각각의 유연성이 회계이익(ROA, ROE) 혹은 기업가치(토빈Q)에 미치는 영향을 분석하였다. [연구결과]연구결과를 요약하면 다음과 같다, 먼저, 임금 유연화는 기업의 생산성에 부정적인 영향을 주는 것으로 나타났다. 다음으로, 수량적 유연성은 회계이익에 정(+)의 영향을 미치고, 기업가치에는 부(-)의 영향을 주는 것으로 나타났다. 특히, 수량적 유연화 전략을 사용하는 기업의 경우에는, 수량적 유연성이 높을수록 회계이익은 감소하지만 기업가치는 증가하는 것으로 나타났다. [연구의 시사점]노동유연화의 세부 유형이 기업에 미치는 영향을 분석한 본 연구의 결과는 다음의 시사점을 제시하고 있다. 첫째, 그동안 회계학 연구에서 상대적으로 부족했던 노동유연화에 관한 이론적 배경의 이해를 도울 수 있다. 둘째, 상반된 입장이 존재하는 노동유연화의 적용에 유용한 실증정보를 제공하였다. 본 연구의 결과는 노동유연화를 연구하는 후속 연구자들에게 유용한 정보가 될 것으로 기대한다.