• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.6
• /
• pp.119-130
• /
• 2021

This study is a study on the regulatory focus and entrepreneurship that affect entrepreneurial motivation under uncertainty. In the empirical analysis results between the prevention focus, risk taking, and economic entrepreneurial motive, which were not observed in previous studies in Korea, this study tried to supplementally verify the previous studies by focusing on the limitations of the sample suggested as limitations. In particular, under a special external environment where uncertainty is deepening due to COVID-19 and the economic situation is being severely hit, we regressively analyze regulatory focus and risk taking, which are innate personal characteristics that can affect entrepreneurial motives. The mediating effect of risk taking was demonstrated. As a result of the empirical results, it was found that the prevention focus, risk taking, and economic entrepreneurial motivation had a significant effect, and it was shown that risk taking had a mediating effect between the prevention focus and the economic entrepreneurial motivation. This result is meaningful as a result not observed in previous studies, and it is judged that the control focus, which is an individual characteristic with a large innate tendency, interacts with the risk taking of the acquired tendency to influence the motivation to start a business. The results of this study can be of practical help by understanding and concentrating on regulatory focus and risk taking when conducting entrepreneurship or entrepreneurship education programs to entrepreneurs who dream of or want to start a business amid the growing uncertainty of the external environment. On the other hand, it is necessary to confirm whether these results, which are different from previous studies, are the effect of sample diversity or the external environment such as Corona 19, and re-verification through additional research is needed in the future.

• KDI Journal of Economic Policy
• /
• v.35 no.4
• /
• pp.31-61
• /
• 2013

The purpose of this study is to calculate the economic value of transport demand forecasting risks in the road PPP project. Under the assumption that volatility of the road PPP project value occurs only in regard with uncertainty of traffic volume forecasting, this study calculates the economic value of the traffic forecasting risks in the case of the road PPP project. To that end, forecasted traffic volume is assumed to be a stochastic variable and to follow the Geometric Brownian motion as time passes. In particular, this study attempts to differentiate itself from existing studies that simply use an arbitrary assumption by presenting the application of different traffic volume growth volatility and the rates before and after the ramp-up period. Analysis of the case projects reveals that the risk premium related to traffic volume forecast of the project turns out as 7.39~8.30%, without considering option value-such as minimum revenue guarantee-while the project value volatility caused by transport demand forecasting risks is 17.11%. As the discount rate grows higher, the project value volatility tends to decrease and volatility in project value is always suggested to be larger than that in transport volume influenced by leverage effect due to fixed expenditure. The market value of transport demand forecasting risk-calculated using the project value volatility and risk premium-is analyzed to be between 0.42~0.50, implying that a 1% increase or decrease in the transport amount volatility would lead to a 0.42~0.50% increase or decrease in risk premium of the project.

• Knowledge Management Research
• /
• v.25 no.2
• /
• pp.193-218
• /
• 2024

The current study investigated the factors influencing the buyer's repurchase intention for second-hand products. This study first identified perceived risk and purchase value as the two primary influencing variables. Additionally, some exogenous variables influencing these two variables were examined. Statistical analysis using Partial Least Squares (PLS) revealed that product uncertainty, seller uncertainty, and site trust had statistically significant relationships with perceived transaction risk. However, while economic benefit showed a significant impact on purchase value, product scarcity and resale value did not exhibit a significant relationship with purchase value. Perceived transaction risk was found to have an insignificant relationship with repurchase intention, but indirectly influenced repurchase intention through purchase value. Purchase value was identified as having a significant influence on repurchase intention. Therefore, it was concluded that purchase value is the most important factor influencing repurchase intention in the purchase of second-hand products, while transaction risk indirectly influences repurchase intention through purchase value. The study indicates that product uncertainty and economic benefit are the most significant exogenous factors influencing transaction risk and purchase value, respectively.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 2004.05a
• /
• pp.568-571
• /
• 2004

본 논문의 목적은 벤처캐피탈(Venture Capitalist)의 투자전략을 게임이론을 통해 분석하고 이해하자는 것이다. 벤처캐피탈은 성장가능성은 높지만 불확실한 벤처기업에 투자하는 전문투자자이다. 벤처캐피탈은 이익을 극대화하기 위해서 성장가능성이 크고 위험관리가 가능한 기업에 투자를 하여야 한다. 하지만, 벤처캐피탈은 일반적으로 제한된 시간과 벤처기업의 속성 때문에 기업에 대한 정보가 부족한 상태에서 투자결정을 내려야 하는 경우가 대부분이다. 투자가 이루어진 후 벤처캐피탈은 벤처기업의 운영 및 기업활동을 감시(Monitor)하고 자문활동(Consulting Activity)을 수행하면서 차츰 기업에 대한 정보를 습득하게 되고 기업의 가치를 판단할 수 있게 된다. 본 논문은 앞에서 기술한 바와 같은 정보 불확실성 상태에서 창업자의 효용(utility)와 벤처캐피탈의 가치평가(value evaluation)를 바탕으로 벤처캐피탈의 투자전략을 게임이론을 통해 분석하였다. 본 논문은 벤처캐피탈이 전환사채형태의 투자를 하는 논거를 밝혀내었다.

• Asia Marketing Journal
• /
• v.10 no.1
• /
• pp.133-160
• /
• 2008

The purpose of this study was to identify the effects of the delay reasons in consumer decision making on experienced emotion and shopping mall satisfaction under the Internet shopping environment. A survey was conducted for this study and 500 answer sheets were analyzed using structural equation modeling. The results are as follows: First, performance risk, financial risk, and social risk significantly have a positive effect on negative emotions for Internet shopping. Second, performance risk has a significant negative effect on positive emotions for Internet shopping. Third, social risk and procedural uncertainty significantly have a positive effect on positive emotions and this shows these reasons are related to pleasure and fun. Forth, needs uncertainty has a negative effect on negative emotions for Internet shopping. Finally, positive and negative emotions that consumer experienced for Internet shopping affect Internet shopping mall satisfaction.

• Information Systems Review
• /
• v.19 no.3
• /
• pp.155-177
• /
• 2017

The purpose of this study is to investigate those factors that are influenced when a user recognizes his/her private information value as an economic asset. The relationship among these factors will also be discussed. This research targets Internet users, and the value of their private information will be converted into economic figures. How economic value changes in relation with individual attributes, dealer's traits, and circumstantial properties will also be studied. The changes in the factors of private information value under different situations will be analyzed from an economic perspective. By using the cost-benefit analysis framework, this work hypothesizes that the user's private information value can be influenced by individual attributes and situational properties. in the business aspect, this study can help users recognize the true value of their personal information and minimize the cost resulting from private information security incidents. This work also highlights the necessity of estimating the scale of investments for protecting private information. Overall, this research will proceed under the hypothesis that the users' recognition of their private information value is influenced by the attributes of the individual, dealers, or situations.

• Journal of Korean Society of Steel Construction
• /
• v.20 no.1
• /
• pp.93-104
• /
• 2008

study deals with the reliability assesment for the 5-year phases of a suspension bridge construction in Korea. The main objectives of this study are; (1) the evaluation of the reliability of a suspension bridge by considering an ultimate limit state for the fracture of main cable wires, (2) the determination of the critical phases among 28 construction stages for the deck erection, and (3) the evaluation of the reliability of the limit state for the erection control during construction stages. The research and the design of the suspension bridge have been focused on the state of construction mainly based on empirical data. Based on the recent survey of the distribution of accidents in Korean railways, over 80% of the accidents related to the uncertainties in human error, planning, design, materials and loads during construction have ben reported before the completion of construction. While many researches have evaluated the safety of bridges, the uncertainties in the construction phases have not been well treated in a guidelines or a specifications. An improved adaptive response surface method is used for the risk assessment in the construction phases of the target suspension bridge.

• Journal of Science and Technology Studies
• /
• v.10 no.2
• /
• pp.143-174
• /
• 2010

How can a regulatory policy to address potential hazards be made legitimate in the face of scientific uncertainty? The precautionary principle has been gradually regarded as the most persuasive answer to this intricate question in Europe since the 1970s and generally recognized as a guiding principle in international environmental law. This principle, however, has often been subject to diverse concerns and criticisms due to its vague definition. This article tries to elaborate the precautionary principle while reviewing both the validity and unreasonableness of these criticisms over this principle. Then, this article explores the policy relevance of this principle by applying this elaborated definition to the concrete case of risk governance such as the risk assesment of food safety. In the end, this paper emphasizes the fact that the precautionary principle can be applied in the field of risk governance, refuting the argument that the precautionary principle is only a moral attitude or a political position.

• KDI Journal of Economic Policy
• /
• v.27 no.2
• /
• pp.89-121
• /
• 2005

This paper investigates the empirical relationship between investment and uncertainty using the firm level data of Korean manufacturing sector. Empirical results show that uncertainty is negatively correlated with investment only for the post-crisis sample period. In particular, the negative effect of uncertainty on investment is more significant for low interest coverage ratio firms, high debt-asset ratio firms and small firms. The results are consistent with the claim that firms act in a more risk-averse manner after the financial crisis. This paper also finds a significant sensitivity of investment to cash flows only for the pre-crisis sample period, suggesting that financial constraint is not relatively important in explaining low investment after the financial crisis.

• Korean Journal of Construction Engineering and Management
• /
• v.8 no.4
• /
• pp.90-98
• /
• 2007

Although the construction industry has been rapidly increased at its size and technologies as a locomotive of the economy development in Korea, most construction companies have not paid their attention on the construction risks seriously. However, they have been experienced a lot of business deterioration and project instability during the IMF crisis and WTO entry, and trying to figure out a way to manage the construction intrinsic risks systematically. Some top ranked construction companies have already developed and been implementing a risk management system for the oversea construction projects applying for the marketing and bidding stage, but not for the domestic construction projects during construction phase yet. This paper proposes a construction risk management system model for the site personnel to understand and manipulate very easily in the construction project.