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Relationship between R&D Investment and Firm Value by Characteristics of CEO: Focused on Venture Business (경영자 특성에 따른 R&D 투자와 기업가치 관련성: 벤처기업을 중심으로)

  • Kim, Yi-Jin;Kim, Jeong-Eun;Jeon, Seong-Il
    • Korean small business review
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    • v.41 no.1
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    • pp.75-96
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    • 2019
  • This study used age, education, major, working period as CEO's characteristics and examine relationship between these characteristics and R&D Investment. Furthermore this study examined how CEO should react in terms of R&D investment, which is effected by CEO's characteristic in the market. The empirical results are following. (1) When CEO's age are young, they spend much money for R&D investment. And R&D investment which is determined by young CEO has a positive effect on relation of firm value. (2) A higher educational background has a positive effect on R&D investment and will create higher firm value. (3) When CEO's major is competitive in the same industry, it has a positive relationship with R&D investment and its firm value is bigger than though. (4) When CEO working period is long, they showed active to R&D investment. On the other hand, the firm value decreased. This study focused on analyzing the relationship between characteristics of CEO and R&D Investment, furthermore, how R&D investment which effected by CEO's characteristic is contributing in creating the firm value. This results indicate that CEO's characteristics reflect R&D investment and value of venture business. Therefore, CEO's characteristics should be considered financial information and firm value in the market.

The Effect of technology import and R&D investment on the value of the firm (기술도입과 연구개발비 투자가 기업가치에 미치는 영향에 관한 연구)

  • Jeong, Jin-Ho;Kim, Hyeon;Gwon, Jeong-Eun
    • Journal of Technology Innovation
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    • v.16 no.1
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    • pp.191-213
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    • 2008
  • This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes that an adequate allocation of fim's capital between R&D investment and technology import is needed for firm's optimal technology strategy.

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Effect of National Pension Service's Shareholding Ratio on Firm Value: Focusing on Stewardship Code Implementation and R&D Expenditure (국민연금의 소유지분비율이 기업가치에 미치는 영향 연구: 스튜어드십 코드 도입과 R&D 투자를 중심으로)

  • Daehyun Cho;YoungJun Kim
    • The Journal of the Convergence on Culture Technology
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    • v.9 no.3
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    • pp.779-787
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    • 2023
  • In the relationship between the shareholding ratio of National Pension Service (NPS) and the investee firm's value, this study examined the mediating effect of R&D expenditure which its increase can indirectly induce the increase of firm value, and examined the moderated mediation effect of the Stewardship Code implementation which pressures investee firms' to increase R&D expenditure and firm value. Using the Korean listed companies' data from 2016 to 2021, the analysis showed that the R&D expenditure had a partial mediation effect on the relationship between NPS's shareholding ratio and firm value. Also, the analysis showed that the NPS's Stewardship Code implementation had positive moderating effects on following relationships, one between NPS's shareholding ratio and R&D expenditure, and the other between NPS's shareholding ratio and firm value. In all, on the relationship between NPS's shareholding ratio and firm value, the R&D expenditure's mediation effect differs before and after the implementation of the stewardship code, which shows the moderated mediation effect.

POSITIVE SOLUTIONS FOR A THREE-POINT FRACTIONAL BOUNDARY VALUE PROBLEMS FOR P-LAPLACIAN WITH A PARAMETER

  • YANG, YITAO;ZHANG, YUEJIN
    • Journal of applied mathematics & informatics
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    • v.34 no.3_4
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    • pp.269-284
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    • 2016
  • In this paper, we firstly use Krasnosel'skii fixed point theorem to investigate positive solutions for the following three-point boundary value problems for p-Laplacian with a parameter $({\phi}_P(D^{\alpha}_{0}+u(t)))^{\prime}+{\lambda}f(t, u(t))=0$, 0$D^{\alpha}_{0}+u(0)=u(0)=u{\prime}{\prime}(0)=0$, $u^{\prime}(1)={\gamma}u^{\prime}(\eta)$ where ϕp(s) = |s|p−2s, p > 1, $D^{\alpha}_{0^+}$ is the Caputo's derivative, α ∈ (2, 3], η, γ ∈ (0, 1), λ > 0 is a parameter. Then we use Leggett-Williams fixed point theorem to study the existence of three positive solutions for the fractional boundary value problem $({\phi}_P(D^{\alpha}_{0}+u(t)))^{\prime}+f(t, u(t))=0$, 0$D^{\alpha}_{0}+u(0)=u(0)=u{\prime}{\prime}(0)=0$, $u^{\prime}(1)={\gamma}u^{\prime}(\eta)$ where ϕp(s) = |s|p−2s, p > 1, $D^{\alpha}_{0^+}$ is the Caputo's derivative, α ∈ (2, 3], η, γ ∈ (0, 1).

A Study on Value Orientation of Health of Rural Health Center Milieu (농촌지역 보건소 환경에 있어서의 건강가치관에 관한 일 조사연구)

  • 김순자
    • Journal of Korean Academy of Nursing
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    • v.5 no.1
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    • pp.17-30
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    • 1975
  • The concept and definition of nursing and her role have been changing in accordance with the socio-cultural factors of the initial society. At present, nursing is conceptualized as a health care profession assisting man to restore, maintain and promote health by providing knowledge, wilt strength and resources through various processes of interaction. Man′s behavior, of individual and group activities for health inclusive, is driven by the initial man′s value orientation. The purpose of this study is to investigate the value orientation regarding health of rural health center milieu in order to give data for; 1. the planning for the delivery of community nursing service, 2. the health education plan at all level of nursing care activities, and 3. the planning of curriculum for nursing education. A hundred opinion leaders among the labor population residing in rural areas (P-group), hundred and six professional nurses at rural health centers (N-group) were indirectly interviewed through questionaries. And ninety five of N-group were interviewed likewise of their perceptions of P-group (NP-group) from July 15, to October 15, 1974. The result is as follows: 1. Maintenance of health is revealed to be the most valued component for man′s happiness in all the three groups. (P-group: 7.30 S. D.=1.31), (N-group :7.84 S. D. =49), and (NP-group : 5.93 S. D. =2.28) 2. The average value score of the maintenance of health revealed significant difference by P〈.001 level between each of the three groups. (Between N-group and P-group : T= -4.07 P and NP ; T=-6.93, N and NP: T=-9.35) 3. Basic health maintenance activities necessary for maintenance and promotion of personal health were moderately valued by all the three groups, P-group ; 3.74 (S. D. =.43) , N-group: 3.52 (S. D. =.34), NP-group: 3.07 (S. D. :.55) Among the 8 categories of basic health maintenance activities, "food intake" was highly valued by P-group (mean value score; 4.00 S. D=.51) , "exercise and rest" and "personal cleanliness" was highly valued by both P-group (4.02, 4.08) and N-group (4.08, 4.22). 4. The mean value score of basic health maintenance activities revealed significant difference by P〈.001 level between each of the three groups (between P-group and N-group: T=-4, 07, N-and NP: T=-6.93, P and NP T=-9.35) 5. Among the 30 questionaries, dynamic activities for health maintenance were more valued in comparison to passive activities in an tile three groups. 6. In N-group, correlation between the value of basic health maintenance activities and the personal health status personal revealed moderate significance. Correlation between the value of basic health maintenance activities and the age revealed low significance. 7. In group, correlation between the value of basic health maintenance activities and; perception of personal health status revealed non significance, between the age and sex revealed low sign affiance, and between the educational status revealed moderate significance. Recommendations are as follows ; 1. The efforts towards alteration of value orientation concerning health in general in community nursing practice de focussed be that of family Planning. 2. In order to prepare professional nurses competent in understanding individual and group, social science and behavioral science be strength ended in planning nursing curriculum. 3. Milieu of nursing experience during nursing education be Planned to begin at simple nursing problem and move towards complex, f. e. home care towards health crisis situation in order to achieve dynamic role mastery.

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Do Patents Lead to an Increase in Firm Value? Evidence from Korea

  • LEE, JANGWOOK
    • KDI Journal of Economic Policy
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    • v.42 no.3
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    • pp.33-52
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    • 2020
  • Patents are widely used in the literature as a measure of firm-level innovation. It is regarded that patents improve a firm's operational environment and ultimately increase the value of the firm. However, the relationship between patents and firm value in Korea is under-explored in the literature due to the difficulty of constructing datasets. This paper examines whether patents in Korea increase the market value of a firm. To do this, I exploit novel data on firm-level patents and financial information of all listed Korean companies during the period of 1993-2015 and estimate the non-linear production-function type of Tobin's q equations on R&D, patents, and citations. Surprisingly, I find that patents and citations are weakly associated with firm value, while R&D is strongly associated with an increase in firm value. These results direct imply that policymakers in Korea should enhance patenting incentives to encourage firms to innovate.

A Study on the Charateristics of the Korean Adult Female Sound According to Sasang Constitution Using PSSC with a Sentence (사상체질음성분석기(四象體質音聲分析機)(PSSC)를 통한 한국인 성인여성(成人女性)의 체질별(體質別) 음향특성연구(音響特性硏究) - 단문(短文)을 중심으로 -)

  • Youn, Ji-Young;Yoon, Woo-Young;Cho, Sung-Eon;Wang, Hyang-Lan;Jeon, Jong-Weon;Kim, Dal-Rae;Yoo, Jun-Sang
    • Journal of Sasang Constitutional Medicine
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    • v.18 no.3
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    • pp.75-93
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    • 2006
  • 1. Objectives and Methods Sasang Constitutional Medicine is the original Korean Medicine. The purpose of this study was to objectify the diagnosis of Sasang Constitution. 212 Women's sentences were analyzed into 228 factors like Pitch, APQ, Shimmer, Octave and Energy, etc. Women's sentences were classified into 3 categories: total group, under 54 years old group and over 55 years old group. 2. Results 1) In Total group Soyangin's Center feq.(3) was significantly high compared with Taeyangin and Taeumin groups. Taeumin's Pitch2 was significantly high compared with Soeumin and Taeyangin groups. Taeyangin's Pitch S.D. was significantly high compared with Soyangin group. Taeyangin's Octave6 was significantly high compared with Soeumin group. There were no significant differences among constitutional groups in APQ and Shimmer segment. On the point of Energy, Taeyangin's G Tot E(1), G# Tot E(1), G dev.(1), G# dev.(1), G Tot E(2), G# Tot E(2), G dev.(4) and G# dev.(4) were significantly high compared with other groups. Soyangin's A#S.D.(2) was significantly high compared with Taeyangin group. Taeyangin's A#S.D.(3) was significantly high compared with Taeumin group. Taeyangin's F S.D.(5), F# S.D.(5) and Max Average were significantly high compared with Soeumin group. Taeumin's Peak3 and Peak4 were significantly high compared with Taeyangin group. Taeumin's PeakValue1 was significantly high compared with Soeumin group. Taeyangin's PeakValue2 was significantly high compared with Soeumin group. Taeyangin's PeakValue3 and PeakValue5 were significantly high compared with Other groups. 2) In Under 54 years old group, there were no significant differences among constitutional groups in APQ, Shimmer and Octave segment. Taeumin's Center freq.(2) was significantly high compared with Taeyangin and Soyangin groups. Taeumin's Pitch(2) and Pitch(3) were significantly high compared with Taeyangin and Soeumin groups. Taeyangin's and Taeumin's Pitch S.D. were significantly high compared with Soyangin group. Taeyangin's and Soyangin's Octave2 were significantly high compared with Taeumin group. On the point of Energy, Taeyangin's and Soyangin's A# S.D.(2) were significantly high compared with Soeumin group. Taeyangin's and Soyangin's G# dev.(1), G# dev.(2) were significantly high compared with Taeumin group. Taeyangin's and Taeumin's F# S.D.(3) were significantly high compared with Soeumin group. Taeyangin's and Soyangin's Max Average were significantly high compared with Soeumin group. Taeumin's Peak3 was significantly high compared with Taeyangin and Soeumin groups. Taeyangin's and Taeumin's PeakValue2 were significantly high compared with Soeumin group. Taeyangin's and Soeumin's PeakValue3 were significantly high compared with Taeumin group. Taeyangin's and Soyangin's PeakValue5 were significantly high compared with Soeumin group. Taeyangin's and Soyangin's PeakValue9 were significantly high compared with Taeumin group 3) In Over 55 years old group, there were no significant differences among constitutional groups in Pitch, APQ, and Peak segment. Soeumin's F Shimmer(1) and F Shimmer(2) were significantly high compared with Taeyangin and Taeumin groups. Soeumin's G# Shimmer(1) and G# Shimmer(2) were significantly high compared with Soyangin group. Taeyangin's Octave5 and Octave6 were significantly high compared with Soeumin group. On the point of Energy, Soyangin's C S.D., F# S.D.(1), F# S.D.(2) and G dev.(2) were significantly high compared with other groups. Soyangin's F# S.D.(3) was significantly high compared with Taeumin and Soeumin groups. Taeyangin's and Taeumin's G# S.D.(2) and G# S.D.(3) were significantly high compared with Soyangin group 3. Conclusions From above result, there is the possibility of efficient standard guide for constitution diagnosis by analysis of voice

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A Study of the Effect of Intangible Asset on Firm Value : Focused on KOSDAQ-Listed Medium-Sized Companies (기업의 무형자산이 기업가치에 미치는 영향에 관한 연구 : 코스닥 상장 중견기업을 중심으로)

  • Yoon, Jeong-Hee;Seo, Inhee;Choi, Jeongil
    • Journal of Information Technology Services
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    • v.15 no.3
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    • pp.1-14
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    • 2016
  • According to the growing importance of science and technology policy, investment in research and development (R&D) has been increased. In this context, a patent as one of outcome of firm's systematic R&D investment is the way to hold a dominant position in companies' technology competitiveness and also to protect technology right. This study attempts to find the effects of input resources and intellectual property production activity on company value. It conducted empirical analysis based on 238 KOSDAQ-listed and medium-sized firms. Using the previous research, this study configurated research variables about activity of patent production, company value, and input of resources. Through these variables, it aims to know the effect of input of resources and activity of patent production on company value. First, the result of regression analysis shows that R&D cost has the positive effect on a patent production and sales promotion cost positively affects on the registration of the trademark. Second, the output of regression analysis indicates that a patent has the positive effect on company value but a trademark has not. With regard to the input of resources, R&D cost has the influence on company value but sales promotion cost has not. This study attempts to find the effectiveness of company's intellectual property registration on its value and suggests a way that the systematic R&D investment contributes the growth of company value.

Development of Advanced Gravity Model Using Accordance Rate Of Observed O-D Value and Derived O-D Value from Gravity Model (실측 O-D값과 중력모형 재현 O-D값의 일치비율을 이용한 개선 중력모형 개발)

  • Ryu, Yeong-Geun
    • KSCE Journal of Civil and Environmental Engineering Research
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    • v.33 no.1
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    • pp.287-295
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    • 2013
  • This paper developed advanced gravity model for higher estimation accuracy, that deals with residuals. Previously studied paper using gravity model's residual, residual calculated that observed O-D value minus derived O-D value from gravity model, and this residual added to the target year's estimated value from gravity model. In this paper, residuals calculated on gravity model parameter estimation process, and this residual is revealed the same value that observed O-D value devided by derived O-D value from gravity model. And case study resulted that developed new gravity model that applied accordance rate of observed O-D value and derived O-D value from gravity model has higher estimation accuracy than other gravity models as basic gravity model and residual plused gravity model.

A Study on depth analysis for S3D animation (S3D 애니메이션 제작을 위한 입체 값 분석 기술)

  • Kim, Sang-hoon;hwan, Moon suk
    • Journal of Digital Contents Society
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    • v.16 no.4
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    • pp.645-650
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    • 2015
  • In this paper, we propose the method for creating a stable stereoscopic 3D contents with the production guidelines by removing the excessive depth value and scene changes for high quality. We have developed a three-dimensional depth analysis tool for detecting the scene changes out of the production guidelines and the depth value changes excessively. The Scenes detected by depth analysis tool can be modified at the post production and it helps to make a stable stereoscopic 3D contents.