• Journal of Industrial Convergence
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• v.22 no.2
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• pp.1-12
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• 2024

This study investigates what decisions have an impact on bank performance. A panel regression analysis was conducted using data from the financial statements of banks located in the United States from 2013 to 2022, and the effects of explanatory variables were examined through hierarchical panel regression analysis divided into financial decision-making and management decision-making. In addition, by analyzing performance separately from the creditor and shareholder perspectives (hereinafter referred to as overall) and from the shareholder perspective alone, it suggests which elements should be utilized and how to improve performance from each perspective. When a panel regression analysis was performed using only liquidity and stability, dependency on deposits and the interest coverage ratio had a statistically significant impact from the perspective of overall performance, and the debt ratio also had a statistically significant impact from the perspective of shareholder performance. When adding non-technical factors, only the labor cost ratio among non-technical factors was found to be statistically significant from the overall performance perspective, and although the non-technical factors were not statistically significant from the shareholder performance perspective, the cash ratio was found to have a statistically significant impact. Lastly, when adding technical innovation elements, the intangible asset ratio was not statistically significant from the overall performance perspective, but was significant from the shareholder performance perspective. The significance and implications of this study are that there are differences in factors that can affect the performance of overall or shareholder and that various decision-making factors can affect a bank's performance.

• The Journal of Society for e-Business Studies
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• v.22 no.3
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• pp.57-74
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• 2017

The Electronic Shelf Label (ESL) is an alternative to the paper price label attached to merchandise shelves and is attracting attention as a retail IoT infrastructure that will lead the innovation of offline retail outlets. In general, when introducing a substitute product, the company tends to consider the financial factors such as the efficiency of the investment cost compared to the existing product or the reduction of the operating cost. However, considering only financial factors in the decision-making process, it may not properly reflect the various values associated with corporate strategy and the requirements of stakeholders. In this study, 8 evaluation items (Investment Cost, Operating Cost, Quality Level, Customer Management, Job Efficiency, Maintenance, Functional Expandability, and Store Image) based on BSC's 4 perspectives (Financial, Customer, Internal Business Process, Learning & Growth), and using AHP (Analytic Hierarchy Process) to measure the priorities of evaluation items for domestic small supermarket employees. As a result of the research, priority was given in order of Customer, Learning & Growth, Internal Business Process, and Financial aspects among the evaluation items for adopting the price label, and the electronic price label was supported with higher importance than the paper price label. In contrast to the priorities of the financial aspects of most prior studies, the items of Learning & growth and customer perspectives have relatively high priorities. In particular, respondents classified by job group, The priorities of the 8 evaluation items were different among the groups. These results are expected to provide implications for both companies (retail outlets) and ESL providers (manufacturers and service providers) who are considering the introduction of ESL.

• The Korean Journal of Financial Management
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• v.14 no.2
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• pp.181-203
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• 1997

본 논문은 미국 다국적 기업의 해외 합작투자 발표가 개별 기업의 주식 가격에 미치는 영향에 관하여 분석하였다. 본 연구에서는 개별 기업의 경영능력 및 대리인 비용의 존재 여부에 따라 기업의 투자의사 결정시 증권시장이 차별적으로 반응한다는 점을 가설화하였으며 이를 실증연구를 통하여 입증하였다. 평균적으로 해외 합작투자 발표 당일에 주가 상승으로 인한 평균초과수익율은 0.4%로 기업 인수 합병에서 인수 기업이 실현하는 수익률에 상응하는 수준이었다. 본 논문의 실증연구 결과는 Jensen(1986)이 제시한 '사내잉여자금-과잉투자'(Free Cash Flow - Overinvestment)가설과 대체로 일치하고 있다. 즉, 기업의 관리능력이 뛰어나고 사내에 축적된 잉여자금의 양이 적은 경우 해외 합작투자 결정은 증권시장의 호의적인 반응을 받은 반면 경영이 부진하고 사내에 유보된 잉여자금의 양이 많은 기업의 경우 투자자의 관심을 끌지 못하였음을 알 수 있다.

• Journal of Korea Game Society
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• v.13 no.3
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• pp.69-76
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• 2013

The financial value of early stage start-up has a tendency to depend more on the non-financial factors, but these are not efficiently reflected in the traditional valuation models. Therefore, most of valuation practices for early stage start-ups heavily relied on the guts of experts. To remedy this, this study suggests a model to directly reflect the non-financial factors especially for the real options approach. Actual process of valuation and the adjustment way were developed considering the characteristics of early stage start-ups in the game industry.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.1-18
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• 2019

Venture capitalists (VCs) play an important role in finding and growing innovative venture companies with high growth potential but high risk. Venture capital investment does not depend on the system, unlike the investment for listed companies. Korea's venture capital industry has entered a period of growth, but lack of data has led to a lack of research on venture capital. Based on this background, this study attempts to analyze various factors affecting investment decision criteria of Korea VCs. In this study, I examined the major factors that VCs consider in decision making of investment through literature review, and I have drawn the research question accordingly. I will focus on the characteristics of founders, products / services, markets, financials, and networks that scholars share common investment decision criteria in Korean VCs. For the purpose of this study, the data were collected through the questionnaire surveyed by investment vetters working in current venture capital and analyzed using AHP analysis. Through this study, I tried to understand the Korean venture capital which has been poorly studied and what criteria and priorities Korean VCs make investment decisions in the Korean venture investment environment. The results of this research will contribute to the vitalization of venture investment, which is important for the upbringing of companies, by providing guidelines for establishing investment attraction strategies of venture companies.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.1D
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• pp.107-117
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• 2008

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• Korea Real Estate Review
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• v.27 no.3
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• pp.23-40
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• 2017

This study examined the motive and incentive for the disposal and purchase of corporate real estate assets based on the various firm characteristics. It was empirically found that firms with a higher leverage ratio, lower cash holdings, and lower sales growth are more likely to dispose of their real estate assets. This implies that financial constraints, internal reserves, and growth opportunities are important factors affecting the corporate decisions regarding the disposal of real estate assets. Meanwhile, it was found that firms with a lower leverage ratio have a higher probability of purchasing real estate assets, suggesting that a stable financial structure enables firms to acquire more of such assets. Using the transaction amount of corporate real estate assets, consistent results were found. While varied opinions on the utilization of corporate real estate assets have been raised, this study broadened the understanding of such by performing rigorous analyses. The result of this study would have practical implications in terms of the introduction of regulations or the establishment of business strategies related to corporate real estate assets.

• The Korean Journal of Financial Management
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• v.15 no.1
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• pp.245-261
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• 1998

본 논문은 다기간 대리모형에서 나타날 수 있는 대리비용 중에서 대리인과 위임자의 의사 결정고려기간(decision-making horizon)의 차이로 인해서 발생할 수 있는 과소투자유인을 연구 대상으로 하고 있다. 대리인인 경영자는 자신의 명성을 고려해서 투자효과가 자신의 임기내에 나타나는 투자안에 높은 관심을 가질 것이다. 그런데 계속기업을 전제로 하면 대리인인 경영자는 위임자인 주주보다 투자의사결정시 고려하는 기간이 짧아서 과소투자의 가능성이 존재한다. 동적최적화 기법을 이용한 이론적 모형의 결과도 대리계약기간이 짧을수록 투자수준이 낮을 것으로 나타났다. 이러한 내용을 한국상장기업들을 대상으로 임원근속기간과 설비투자수준의 관계에 대해서 실증분석한 결과, 이론적 기대와 일치하지만 통계적 유의성은 낮은 편이었다. 이같은 결과는 전문경영체제가 확립되어 있지 않은 한국기업환경의 특성에 기인한다고 생각된다.

• Information Systems Review
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• v.9 no.1
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• pp.161-189
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• 2007

The purposes of this dissertation are to identify various factors affecting the outcomes of feasibility analysis and investment decision makings of new IT project plans and empirically analysis the relationships among them. 9 variables which have been drawn from prior studies and industry practices are the amount of the necessary resource such as development budget and time, the expect financial benefits, the degree of alignments between IT projects and the business strategy, the estimated risk, and the investment priority as the dependent variable. Data from 125 IT projects of K bank, the leading commercial bank in Korea, have been collected and Regression Analysis and ANOVA have been performed. As results, 5 out of 8 hypothesis have been accepted partially or totally.

• Journal of Digital Convergence
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• v.16 no.6
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• pp.45-51
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• 2018

In the capital market, there has been a need to improve the level of financial literacy in order to make the right economic decision, and to increase the responsiveness of advanced countries to financial problems and to be more responsive to the economic environment. In this study, we analyzed whether the liberal accounting education implemented with the goal of improving the level of financial literacy of students in K University was effective. The effects of financial literacy level were analyzed after conducting tests for each phase after opening an liberal accounting. The analysis showed that students' level of financial literacy increased after the education of liberal accounting. These results indicate that the education of liberal accounting is more effective for improving financial literacy and show that liberal accounting are useful in the preparation of financial literacy programs in each university.