• Journal of Information Technology and Architecture
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• v.10 no.2
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• pp.211-222
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• 2013

The adoption of ERP systems is most important factor for the competitive advantages which can be achieved by the business process improvement of the company. In the Korean business environment, achieving competitive advantages become more important after financial crisis in 2009. The purpose of this study is to analyze the factors (organizational characteristics, number of years after implementing ERP systems) affecting the ERP adoption effect and to suggest the direction for improving this effect. This study presents the organizational characteristics(Strategic alignment, CEO support, changement management effect) affecting the ERP adoption effect and suggest the direction to improve the corporate performance in the ERP systems.

• Journal of Digital Convergence
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• v.16 no.5
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• pp.185-197
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• 2018

The purpose of this study is to analyze the Korean ETF market, which is experiencing a rapid increase in the number of stocks, to identify the degree of investment efficiency and to present investment directions. The methodology and procedure are ETF yield, change trends, correlation and regression analysis of the ETFs traded between 2010 and 2018. As a result, the total return of domestic ETFs was 3.51%, which was lower than the KOSPI growth rate and the return on equity ETFs was 4.03%, which was low. Leverage ETF yields were below 3%, which was low. The return on bond and currency ETFs was less than 1%. The most profitable ETFs were index ETFs, followed by domestic and leveraged ETFs. This study has contributed to establishing considerations when purchasing ETFs from the viewpoint of investors. Future research will present the direction of ETF investment more precisely.

• Journal of the Korea Convergence Society
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• v.6 no.1
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• pp.71-76
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• 2015

Using a sample of publicly-traded Chinese firms, this study examines a relationship between managerial ownership and corporate debt maturity decisions. China has transformed dramatically into a market capitalist economy over the past decades. However, so far, little attention has been paid to the role of professional managers. In this situation, this study explores the effect of stock grants to managers as incentive system by providing evidence that managerial ownership affects corporate debt maturity decisions. The findings are as follows: First, I find that like US firms, managerial ownership is negatively related to the proportion of long-term debt. Second, I divide the entire sample into two subsamples of state-owned and privately owned firms. For the privately owned firms, I find that there is a negative relationship between managerial ownership and the proportion of long-term debt. In contrast, for the state-owned firms, the relationship is positive and insignificant.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.31-64
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• 2009

This article investigates the short-term cash flow exposures to Korea's major trading partners' currencies based on the kospi and kosdaq firm data from 2000 to 2008. The cash flow approach allows us to analyze the influence on operational performances of individual firm's hedging strategies. Taken all three foreign exchange rates together, more than 30% of the sample firms exhibit significant exposure. Given that the short-term cash flow is rather easy to hedge, the result proves a poor exchange rate risk management practices of Korean firms. Kosdaq firms are more exposed than Kospi firms. On the contrary to the previous researches using stock prices, the operational cash flows show a positive relationship with the value of foreign currencies. The exchange rate-firm sample further shows that the size and leverage affect the level of exposure.

• The Korean Journal of Financial Studies
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• v.9 no.1
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• pp.245-268
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• 2003

전통적인 방법에 의한 PER는 단순히 그 지표의 일반적인 높고 낮음에 따라 소위 '저평가 종목'이라는 이름으로 투자자들에게 추천되고 있다. 그러나 이런 방법은 개별기업의 구체적 내용을 정확하고 종합적으로 고려하지 못하고 있다. 본 연구는 전통적인 방법으로 사용되는 PER지표의 문제점을 개선코자 배당평가 모형으로부터 도출한 PER지표의 구성요소들을 독립변수로 활용 회귀분석을 했다. 그리고 이를 근거로 이론 지표를 만든 후, 그 이론 지표를 투자의사결정에 적용하였을 때의 유효성을 검증했다. PER지표를 구성하는 독립변수는 Kisor & Whitbeck(1963), Malkiel & Cragg(1970), A. Damodaran(1996)에 의해 연구된 것을 원용, PER지표의 구성요소들로 기업의 배당성향, 이익 성장을, 그리고 위험변수로서의 베타계수를 선정했다. 투자성과는 포트폴리오 투자가 일반적인 현실을 감안해 가치가중수익률을 사용한 포트폴리오의 투자성과를 측정했고, 표본은 국내 거래소 시장에 1991년부터 2001년까지 계속 상장된 금융업종을 제외한 전종목을 대상으로 했다. 실증분석에 사용된 기간은 1997년부터 2001년까지 5년 동안의 자료이며, 투자성과를 검증하기 위한 검증모형으로 위험 프리미엄 모형을 사용했다. 먼저 동 분석기간 중 전통적인 방법에 의한 PER효과는 나타나지 않았고, 아울러 기업규모 효과도 찾을 수 없었다. 그러나 회귀분석을 통해 구해진 이론 지표를 활용할 경우, 이론 지표에 비해 시장 지표가 과소 평가된 그룹이 과대 평가된 그룹과 비교할 때 투자성과가 더 우수한 것으로 나타났다. 또한 이론 지표를 통해 PER수준이 낮아짐에 따라 투자성과가 더 높아지는 PER효과도 발견됐다. 이와 같이 이론 지표에 의해 나타나는 PER효과는 기업규모 효과와는 독립적인 것으로 보인다. 외환위기 이후 우리시장에 나타난 차별화 장세 속에 아직도 PER효과나 기업규모 효과와 같은 시장이례 현상이 존재하는지는 관심의 대상이 됐다고 본다. 본 연구에 의하면 기업규모 효과와는 별개의 PER효과가 여전히 존재하며, 다만 이 PER 효과는 전통적 의미의 일반적으로 낮은 PER종목이 초과수익률을 내는 것이 아니라, 기업규모가 크더라도 그 기업의 개별특성을 고려했을 때 이와 비교해 상대적으로 PER가 낮은 종목에 투자하면 초과수익을 낼 수 있음을 의미한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.23-33
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• 2014

This paper aims at delivering significant implications to high-tech startups by visualizing the implementation process of leading KOSDAQ listed companies's business model. This paper founded two meaningful outcomes; first, hish-tech starts-up make a clear direction of implementing intangible business model in real business, second, targeting the role model of benchmarking business model among leading companies, by linking common feature between high-tech starts-up and leading KOSDAQ listed venutures sharing one of Key performance indexes falls on viable business model. The research results of visualizing the implementation of leading KOSDAQ listed ventures' business model shows three major implications. First, business model indicates not just simple logic of creating and delivering values, but more shows CEO leading management vehicle. Second, business model represents the multi-dimension process itself of integrating in and out company's core assets and competencies initiated by CEO. Third, financial outcomes of business model is automatic result of implementing on setting target customer, creating value, and delivering it rather than planned strategically. Fourth, the focal points of implementing business model falls on collecting real information from business sites.

• Journal of Korea Technology Innovation Society
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• v.9 no.4
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• pp.842-864
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• 2006

This paper deals with an empirical study to statistically analyse various financial performances of the selected IPO firms using their investments on research and development(R&D) as an independent variables. The major results of statistical analyses have come up with the followings: 1) The regression analyses for change in average annual total market stock value/total assets over that of R&D expenditures showed the positive relationship, However, those of sales volume and net assets per share showed negative without statistical significances. 2) The statistical analyses in effect of the 3-year average total market stock value/total assets over the 3-year average R&D expenditures resulted in the positive coefficients what are statistically significant at 95% level. 3) Another statistical analysis showed that the financial performances of the IPO finns with deferred assets were better than those of the firms without them. In sum, the degree of investment on R&D by the IPO firms are expected to positively affect their financial performances except the Finns without having proper original technologies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.3
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• pp.191-202
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• 2017

KONEX (Korea New Exchange) is the organised stock exchange for small enterprises. It is a channel through which venture start-ups at their early stage can raise funds without a huge burden of debt. We explain the regulations in this market and examine the effects of major changes in the relevant regulations. The first change was replacing the call auction mechanism with the continuous auction mechanism. The change improved the information asymmetry among investors. The second was lowering the minimum deposit requirement for individual investors from 300 million won to 100 million won. As the result of the change, market liquidity increased a lot and the number of investors increased. The last change was introducing the small investment account. Although this raised the participation of individual investors but did not lead to the improvement in market liquidity or information asymmetry. In overall, encouraging more investors to participate in the transactions in KONEX is the fast way to boost the market, while the long-term strategy should focus more on improving the information asymmetry by helping information generating and transferring activities.

• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.63-104
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• 2004

Economists have long been involved in various studies, theoretical and empirical, on the economic gains from innovative activities and as their outcome, intellectual properties. In Korea, however, research in this field has experienced rather slow progress, partly due to the lack of data availability and the awareness of its importance. This study attempts to measure the economic impact of patents on market value of firms from a microeconomic point of view. Analyses are performed to examine the ex-ante market valuation of patent acquisition activities by investigating the effect of patent acquisitions on daily stock prices as well as on annual market values. The study on the effect of a disclosure of granted patents on daily stock prices reveals that the economic value of a firm's patent acquisition is fairly high. The study on listed firms also reveals that a firm's patent registration stock has a positive and statistically significant effect on its year-end market value. Therefore, it can be concluded that the analysis performed in this study supports the validity of Korea's current patent system. The result, however, does not guarantee the optimality of current system. Studies on various aspects of intellectual property should follow to shape the system into a socially optimal one.

• Journal of Ocean Engineering and Technology
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• v.14 no.3
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• pp.46-54
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• 2000

Three dimensional numerical experiments that included the land-use transformation by the large scale reclamation were used to investigate the mesoscale air flow over the coastal regions. In this paper the surface temperature of the inland was determined through the surface heat budget consideration with inclusion of a layer of vegetation. The vertical diffusion coefficients of momentum, heat and specific humidity in the constant flux layer were taken from the Mellor and Yamada(1975). It has shown that the resulting model is able to reproduce the air circulation in coastal regions, and the simulated characteristics agree with the known properties of this circulation. A series of numerical experiments were then carried out to investigate the diurnal response of the air flow to various types of surface inhomogeneities.