• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.1
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• pp.153-164
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• 2014

This study is to investigate the effects of intangible assets such as research & development, education & training and advertisement on firm values of high-technology firms and low-technology firms listed in the KOSDAQ market, and to analyze the value-relativeness between the audit quality of companies and the expenditure of intangible assets. The substitute measurement of firm values is Tobin's Q model. The sample period for positive analysis is from 2003 to 2008, and the samples, excepting for financial business, are manufacturing companies of closing accounts corporate on December, based on companies of KOSDAQ that are listed in security. Finally, data from about 305 companies are used in this analysis. Followings are the results of the analysis. First, research & development, education & training of high-technology firms have an effect on firm values, and education & training of low-technology have an effect on firm values. Second, we find that audit quality(BIG4) increases the value relevance of R&D expenditures of high-technology firms and audit quality(BIG4) increases the value relevance of education & training expenditures of low-technology firms. This paper is meaningful in that it verified the value-relativeness of cost of intangible assets compared with high-technology firms to low-technology firms.

• Journal of Advanced Navigation Technology
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• v.16 no.6
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• pp.1116-1122
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• 2012

Many researches predicted the linear relationship between discretionary expenditure and sales amount in manufacturing companies. We review their relationship based on financial reports of KOSDAQ and KOSPI listed companies in category of non-durable goods. Also we review the relationship between expenditure on intangible capital and sales amount in aviation service and related manufacturing firms. Identified manufacturing firms showed linear relationship between R&D expenditure and sales amount. On the contrary, aviation service and related manufacturing companies do not have linear relationship between expenditure on intangible capital and sales, while their general management and sales expenditure has linear relationship with sales. It shows aviation service and related manufacturing company keep advertising or R&D related expenditure as sales revenue decreases, while manufacturing companies of non-durable goods has a tendency to reduce it as sales revenue decreases.

• Journal of Technology Innovation
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• v.20 no.3
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• pp.29-55
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• 2012

In order to successfully adopt and implement the Balanced Scorecard(BSC), firms need to respond adequately to the rapid changes of today's business environment and consider the growing importance of non financial factors in the business activities such as intangible assets(R&D expenditure, patent, goodwill, etc.). Our primary focus throughout this paper is on developing Key Performance Index(KPI) of BSC for R&D expenditure activities. In this study, we have developed and named PEI(Patent Efficiency Index),which is the KPI for R&D expenditure by focusing on the efficiency of a patent that is the output from the R&D expenditures. Secondarily, we have attempted to address the solution for the current problems of the traditional R&D performance measurement by using our developed PEI and examine the usefulness and effectiveness of the newly developed our PEI. According to the empirical test results, we find that the PEI is positively associated with ROA and Tobin's Q, respectively and show that our developed PEI is more effective and accurate than the traditional R&D performance measurement as a business performance measurement. Furthermore, these findings proves that we can measure and evaluate how efficiently the firms perform the R&D activities and shows that the PEI can be a critical index for evaluating firm's business performance related to the R&D expenditures.

• Culinary science and hospitality research
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• v.9 no.4
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• pp.163-178
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• 2003

The purpose of this study is to find the effect of restaurant brand image upon service quality, price acceptability, and revisit intention, and to propose the importance of brand image to operators and managers who manage restaurants. To accomplish the purpose of this study, sampling was taken among customers who visit six deluxe hotels and six family restaurants in Seoul. Six hundreds questionnaires were distributed to each hotel and restaurant and 487 valid samples were selected for statistical analysis. The questionnaire consists of 77 items about demographical characteristics, brand image, service quality, revisit intention, price acceptability, and spending patterns. SPSS WIN 10.0 was used for statistical analysis. A research model was built up and three null hypotheses were established. Based on theses research model and three null hypotheses, the test was conducted, and the results are as follows. Brand image has an effect upon service quality, and furthermore this can be preceding variable of service quality. Also Service quality has an effect upon price acceptability and revisit intention.