• The Korean Journal of Financial Management
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• v.24 no.4
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• pp.135-161
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• 2007

In this paper, we study empirically the dividend initiation decisions of IPO firms listed on Korea Securities Market and KOSDAQ Market. Specifically, we study three aspects of dividend initiation decision, (a) dividend initiation decision, (b) dividend level decision, (c) time-to-initiation decision. The main results of this study can be summarized as follows. First, determinants suggested by the major theories of dividends, namely, residual dividend, dividend signaling, agency, catering, and transactions cost theory explain significantly the dividend initiation decision. Second, determinants suggested by the major theories of dividends explain significantly the dividend level decision. So to speak, most of the findings for dividend initiation decision also hold for the dividend level decision. Third, most of the factors that increase(decrease) the probability of dividend initiation reduce(increase) the time-to-initiation. Almost of the dividend initiation firms start paying dividends within two years of the IPO. Thus, if IPO firm does not initiate dividend early in the life of the firm, then it is highly likely that it will never initiate dividend.

• Journal of Korea Technology Innovation Society
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• v.18 no.4
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• pp.621-640
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• 2015

The aim of this study is to provide evidence of how a change in the process of calculating the economic valuation of a project can affect the decision regarding national R&D investment. The paper examines a R&D project of cooperative research program of university-industry-research institute for the construction of a woodchip power plant to explore the role of capital expenditure in the economic evaluation of an investment project. The paper finds that the simple introduction of capital expenditure in the profitability analysis affects the perspectives on the construction plan. The results of this study indicate that standardization of the calculation process that takes different characteristics of industries into account is needed in the preliminary feasibility study of national R&D projects.

• Journal of Environmental Policy
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• v.12 no.2
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• pp.33-57
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• 2013

This paper test the relationship among determinants of environmental investments, level of environmental investments, eco-efficiency (carbon productivity). The results show that profitability, leverage and R&D costs have a negative impact on environmental investments, and controlling ownership have a positive impact on environmental investments as well as environmental protection costs. The analysis also show that firms increasing environmental investments are able to gain superior environmental performance ($CO_2$ emission), but are negatively relationship with financial performance. Finally, the findings prove that differences exist in the relationship between determinants and effect of environmental investments when grouped by industry characteristics.

• 한국체육학회지인문사회과학편
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• v.55 no.1
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• pp.457-467
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• 2016

Understanding professional baseball fans' expenditure is expected to provide fundamental marketing information that help increase each team's marketing profits and values and produce a better economic impact on its community. In this regard, this study employed a survey method with a total of 372 residents located in Changwon. A questionnaire included factors such as demographics, consumption patterns and perceived socio-psychic effect(PSE), all of which were derived from literature review. A binary logistic regression was modeled with a dichotomous dependent variable, expenditure(30,000 won more or less). The following were input in the model as the independent variables in order to see the relationships; gender, marriage, education, occupation, income, location, age, leisure type, distance, companion, transportation, interest, and PSE. The results of the logistic regression analysis are as follows. Overall, the model was statistically significant, χ²(21, N=372)=59.159, p=.000. Cox and Snell R² was reported as .147 and .200 respectively. So, the model accounted for between 14.7% and 20.0% of the variation in expenditure. Among the independent variables, income, location, companion, and PSE were found to be the significant factors to expenditure. For income, subjects with 2 million won less of income, compared to those with 4 million won more, were .38 times less likely to pay the money of 30,000 won more. For location, subjects in Masan, compared to those in Jinhae, were 3.49 times more likely to pay 30,000 won more. Subjects in Changwon, compared to those in Jinhae, were 3.05 times more likely to pay 30,000 won more. For companion, people visiting the stadium alone, compared to those with friends/colleague, were .36 times less likely to pay 30,000 won more. For PSE, the odds of 30,000 won more paid increased by 1.37 times with one-unit increase in PSE.

• 한국디지털정책학회:학술대회논문집
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• 2003.12a
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• pp.251-261
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• 2003

최근 정보보호의 중요성에 대한 인식이 확산되고 있음에도 불구하고 정보보호에 관한 적절한 투자가 이루어지지 않아, 효과적인 정보보호 시스템 구현이 지연되고 있다. 이는 전 세계적인 경제불황이라는 원인도 있겠지만, 정보보호 투자에 대한 정당화 논리가 부족하여 최고 경영자의 의사결정에 적절히 반영되지 않은 이유가 더 크다고 할 수 있다. 정보보호는 조직의 업무 수행에 수반되는 부대비용 개념으로 인식되어 왔으며 이 결과 ROI 와 같은 정보보호 투자에 대 한 정당화 논리를 제공하지 못해 적절한 투자가 적절히 수행되지 못하였다. 따라서 최근에는 정보보호 투자에 대한 수익과 지출간의 관계를 통한 ROSI(Return on Security Investment) 분석을 통한 정당화 논리 전개에 대한 필요성이 대두되고 있다. 본 논문에서는 ROSI 산출에 대한 접근방법을 비교 분석하고 TCO(Total Cost of Ownership)를 이용한 ROSI 방법을 제시하고자 한다. TCO는 하드웨어 가격뿐만 아니라 기술지원 및 유지 지원 인력 등을 모두 고려한 총 소유비용이다. 즉 정보보호에 대한 정확한 총 비용을 구하는데 매우 적합하다고 할 수 있다. 본 연구의 결과는 기업들로 하여금 좀 더 효과적인 정보보호 투자 정당화 수단으로서 활용될 수 있을 것이다.

• Asia Marketing Journal
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• v.11 no.1
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• pp.39-72
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• 2009

With the growing importance of accountability, it is getting necessary to test the impact of marketing expenditure on marketing performance. Including recent ROM, we can find a few researches about marketing accountability. But there are a few problems about definitions and metric of marketing expenditure and marketing performance. Therefore, by defining and analyzing the impact of marketing expenditure on marketing performance, we are going to set the classification scheme of marketing expenditure and marketing performance. Based on research findings, new definitions and metrics are proposed as follows. First, we suggest the classification scheme of marketing expenditure. Marketing expenditure is defined as expense accounts in the balance sheet for doing marketing tasks. Marketing expenditures includes many accounts, for example, marketing research, advertising, sales promotion, foreign market development, physical distribution, after services. Among these marketing investment, advertising expenses have a positive effect on marketing performance. Second, we suggest the classification scheme of marketing performance. Already, marketing performance has been defined as financial metrics, customer metrics, market metrics, and corporate social responsibility. But, in this study, we find that the process model is not relevant for explaining association between the performance metrics. The process model is a virtuous cycle: "customer metrics→market metrics→financial metrics→firm valuation metrics." But, in this study, it is not supported or a little significant association between these metrics. Based on these results, we suggest the balance model or flower model as the classification scheme of marketing performance.

• International Area Studies Review
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• v.12 no.2
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• pp.149-173
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• 2008

This paper empirically studies the relationship between R&D expenditures and firms value. First, we can conjecture that R&D expenditures are enhancing the firms value. Such findings depend on an existing research, which R&D expenditures are intangible asset rather than expenses. Although, under U.S. accounting standards, financial statements do not report intangible assets but costs. Second, we can conjecture that short-term, the rate of increase in R&D expenditures had negative influence on firms valuation, because such findings indicates that R&D spending of costs incur mis-pricing. But long-term, consistently R&D expenditures may attract investors on the stock market. Third, lately firms focus on capital efficiency management, such a firms R&D expenditures incur high ROE. Generally investors put too much confidence in capital efficiency management and high ROE may attract investors on the stock market. Finally, High-Tech through the R&D investment improve firms competitive advantage, by competitive advantage, firms have reduced cost and raised productivity in the end improve firms value.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.2
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• pp.153-158
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• 2018

At the Bank of Korea, capital stock statistics were created by the PIM (perpetual inventory method) with fixed capital formation data. Asset classifications also included 2 categories in residential buildings, 4 non-residential buildings, 14 constructions, 9 transportation equipment, 28 machinery, and 2 intangible fixed assets. It is the Korean government accounting system which is developed much with the field of the national accounts including the valuation, but until 2008 it was consistent with single-entry bookkeeping. Many countries, including Korea, were single-entry bookkeeping, not double-entry bookkeeping which can be aggregated by government accounting standard account. There was no distinction in journaling between revenue and capital expenditure when it was consistent with single-entry bookkeeping. For example, we would like to appropriately divide the past budget accounts and the settlement accounts data that have been spent on dredging into capital expenditure and revenue expenditure. It, then, tries to add the capital expenditure calculated to FCF (fixed capital formation), because revenue expenditure is cost for maintenance etc. This could be a new direction, especially, in the estimation of capital stock by the perpetual inventory method for infrastructure (SOC, social overhead capital). It should also be noted that there are differences not only between capital and income expenditure but also by other factors. How long will this difference be covered by the difference between the 'new series' and 'old series' methodologies? In addition, there is no large difference between two series by the major asset classification level. If this is treated as a round-off error, this is a problem.

• The Journal of the Korea Contents Association
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• v.15 no.12
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• pp.483-492
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• 2015

This study involved elementary schoolchildren in Busan Metropolitan city and assumed the foundation of social cooperative associations that provide education services for meteorological fields, then we analyzed expected profits in a year for successful operation of first year. Twelve variables relating to profits and expenses were derived, and we used the decision tree for analyzing optimal expected profits. Profit-related variables were lecture's fee per hour and price of textbooks. Expense-related variables were production costs for the textbooks, annual salary for a teacher, education costs for a teacher, developing costs for the textbooks, traveling expenses, rental fees, and operating costs. Besides, by adding education demands, the number of grades, and the number of teachers, we analyzed changes in expected profits, considering variability of profits and expenses. As a result, despite of expected lower demands, to increase price of textbooks and education costs per hour was of advantage to enhance expected profits. The reason is that the more demand, the more increased production costs for textbooks, which is because not to make enough profits to offset the increased expenses due to lowered price of textbooks and education costs. Considering the value of public interest for social cooperative associations, price determination only concerning increase in demands will be avoided.

• KDI Journal of Economic Policy
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• v.25 no.2
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• pp.89-135
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• 2003

The paper tests the hypothesis that Internet banking reduces cost and ultimately enhances profitability for banks. Our analysis suggests that Internet banking does contribute to cost reduction but does not affect profitability. The implications are that the primary objective of Internet banking has been accomplished, but has not reached the stage in which the benefits overcome the burden of initial investment. The findings also offer the implication that Internet banking probably raises social welfare by passing on the benefit of cost reduction to customers rather than resulting in enhanced profits. In addition, we find that the banking customer's preference for face-to-face transactions may be very low in Korea, which supports the hypothesis that the cost in securing a customer base will be reduced significantly.