• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.14 no.2
• /
• pp.674-680
• /
• 2013

This paper investigates the impact of liquidity constraints on investment expenditures of family and non-family firms. We analyze the ownership structure of family firms to determine whether family control alleviates or exacerbates investment-cash flow sensitivity in domestic firms. To examine the impact of liquidity constraints on investment expenditures of family and non-family firms, we used a financial data of 644 Korea Exchange traded companies over the 2000 - 2010 period. We estimated a time-series and cross-sectional regression model, using samples of family firms and non-family firms. The results show that cash flow is not associated with investment expenditure in family firms, whereas cash flow has a positive impact on investment in non-family firms. Our results show that lower or no investment-cash flow sensitivities in family-controlled firms are mainly attributable to lower agency costs through strong monitoring activities of family members. Higher investment-cash flow sensitivities are observed in non-family firms with more agency problems. This suggests that investment-cash flow sensitivities would be useful measures of liquidity constraints.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.6
• /
• pp.147-157
• /
• 2023

This paper investigates the financial factors affecting angel investors' investment decisions for 818 firms from 2009 to 2018 in the Korean venture investment market. We construct a quasi-experimental design using propensity scoring matching and compare the investment determinants between investment firms and matching firms. The main empirical findings are as follows. First, we find that angel investors are more likely to choose firms based on a firm's growth such as profit and assets rather than profitability or financial stability. In addition, we identify that they prefer the firm not only higher intangible assets but also higher R&D expenditures. Second, we find that angel investors consider both growth and activity ratios in the firms for over three years and have entered the mid-stage of startups. Overall, we confirm that the investment decision of angel investors mainly focuses on the venture startups' growth trend or future growth potential rather than the realized profitability or financial stability. We also infer that the possibility of performance creation is an important investment factor along with growth for the mid-stage startup.

• Journal of Families and Better Life
• /
• v.29 no.2
• /
• pp.51-62
• /
• 2011

Financial consumers can invest their financial assets directly or indirectly. This investment type have effect on their financial well-being and may be influenced by their financial characteristics and investment attitude. The purposes of the study were to classify the consumers by direct and indirect investment behavior of their financial assets and to investigate their socio-economic characteristics and investment attitudes to give implications for financial counseling and education. The data came from the 2009 Fund Investors Survey which was conducted by Korea Investors Protection Foundation. Total 2,530 consumers were analyzed using frequency, CROSSTAB, ANOVA and Duncan's multiple range test. In general, consumer tended to be rational in choosing the investment type. Noninvestors consisted of 38.5% of the sample. The economic level was the lowest for the noninvestors. The consumers who invest both indirectly and directly consisted of 21.0% and their economic level was the highest. Their investment tendency was between direct and indirect investors'. The proportion of direct investors ws 12.1% and that of indirect investors was 28.4%. Although the economic levels of indirect investors and direct investors were not statistically different, there were differences in their demographics and investment attitudes. The proportions of those aged 30-39, female and nonmarried were greater for indirect investors. They had the tendency to invest safely and diversely for a long term with reserve money. On the other hand, direct investors tended to be male, married and aged 40-49. They tended to invest intensively for a shorter term and seek returns even with borrowing money.

• Korea Real Estate Review
• /
• v.27 no.1
• /
• pp.7-16
• /
• 2017

In this study, we examine whether there are prospect theory investment patterns for individual investors in the real estate market. We use the maximum potential profit rate and the maximum potential loss rate of individual investors as a research method and additionally analyze it using the Jeong and Park(2015) model. As a result of the analysis, it was found that the investment pattern according to the prospect theory and disposition effect for individual investors. And we find the difference between zoning areas. This difference in investment behavior is believed to be due to the purpose of the real estate and the existence of rent fee, which creates a difference in investment behavior depending on the purpose. The limitations of this study are the analysis measurement of potential profit and potential loss using the land price index like the study of jeong and Park(2015). This implies that a new property price index needs to be developed or a benchmark for real estate assets is needed for deeper study of real estate investment sentiment.

• Journal of Convergence for Information Technology
• /
• v.8 no.4
• /
• pp.213-217
• /
• 2018

The relationship between R&D investment and subsequent change has been mostly confirmed under additional influencing factors, with the form of innovation investments. The research assumes that a firm adjusts its R&D spending in accordance to performance feedback. It is argued that an increased fluctuation of a firm's R&D expense is related to a reduced performance. This hypothesis is tested on SME in World class 300 Projet by SMBA. Using panel data models, instability measured by SD is related to performance levels measured by ROA, ROE & PM. Results support the proposed relationship between R&D expense instability and the subsequent performance. Although a causal link cannot be clearly established, the results indicate that firms with a lower performance have higher R&D investment fluctuations, possibly being more responsive to performance feedback.

• International Area Studies Review
• /
• v.15 no.2
• /
• pp.3-23
• /
• 2011

Existing studies have argued that, compared to the 1990s, the Japanese foreign direct investment (FDI) in the 2000s became multi-faceted in terms of investment motivation, ownership structure and entry mode, and diversification strategy. We have conducted a cross-sectional analysis and compared our results with the recent findings. We have found that the Japanese FDI in the mid 2000s became globally focused and regionally diversified. Ownership strategy and entry mode of the Japanese FDI in the Asian countries shows a remarkable shift from joint venture to wholly-owned subsidiary. In contrast, the preference of greenfield investments was observed consistently across regions. It seems that, after the Asian financial crisis, the Japanese firms began to re-optimize global FDI strategy and to regionally differentiate investments.

• Journal of the Korean Chemical Society
• /
• v.64 no.5
• /
• pp.291-303
• /
• 2020

This study aimed to explore the patterns of college students' dialogic argumentation in the context of nanotechnology issues, and to compare these patterns based on their idiocentrism and allocentrism. Nanotechnology represents the characteristics of socioscientific issues in that it is widely used in various fields, but at the same time, it includes the likelihood of negative effects. 33 college students who enrolled in science-related course participated in this study. Participants were divided into idiocentric groups and allocentric groups based on the INDCOL scores, and they participated in group discussions on nanotechnology. All discussions were audiotaped and analyzed using the framework of discourse clusters and schemes. Results showed that participating students engaged in dialogic argumentation with the process of exchanging of individual perspectives, exploration of different perspectives, and coordination and negotiation; specifically, they spent most of their time in exploring different values and perspectives regarding nanotechnology. Results also indicated the differences in discourse clusters and discourse schemes between idiocentric and allocentric groups. Allocentric groups more often negotiated to settle on a group decision than idiocentric groups did, and discourse schemes in their negotiation process were slightly different from the ones in idiocentric groups.

• The Journal of the Korea Contents Association
• /
• v.17 no.3
• /
• pp.162-177
• /
• 2017

This study explores how the media covered the new media agenda in the process of the diffusion of new media and what the press's attitude about new media policy is according to the relationship between the press and the government based on the political tendency. For this, this study conducted network analysis. The agreement of political tendency between the press and the government is important variable to decide the attitude of the press about the new media policy. Under the conservative government, the conservative press supported the new media policy, however the opposite opposed it Even if opinion page can take an important role in the process of public opinion, the tone pf editorial page on the new media policy differs from its political tendency. It costs tremendous investment in introducing new media, journalists have judge.

• Proceedings of the Korean Society of Broadcast Engineers Conference
• /
• 2011.11a
• /
• pp.353-355
• /
• 2011

IPTV 서비스는 사업자별로 구성되어 있는 폐쇄적 서비스망에서 VoD 및 방송서비스를 특징으로 하였다. 사업자별 폐쇄성은 사용자의 이용환경의 제약뿐만 아니라 서비스 자원의 이용효율성을 저하시킴으로써, 중복투자 등의 비용적인 부담을 초래하게 되었다. 또한, 다양한 유무선 단말의 수용과 사용자 특성을 고려한 다양한 서비스의 제공요구는 사업자간 또는 서비스 제공자간의 서비스 자원의 상호 공유의 동기를 부여하게 되었다. 이에 본 논문은 오픈 IPTV 서비스 플랫폼에서 제공하는 다양한 서비스 요소들을 융합하여 새로운 융합서비스를 생성하고 제공하는 일련의 구조에 대해 연구하였다. 본 논문에서는 주문형 비디오 서비스를 융합서비스의 예로 삼았으며, 주문형 비디오 서비스를 제공함에 있어, 사용자의 주어진 특성(예를들면, 성별, 연령대 등)에 따른 콘텐츠의 추천을 확장하여, 사용자의 사회적 성향을 반영함으로써, 성별, 연령대에 따른 획일적인 콘텐츠 제공을 극복하고 사용자의 개별적인 성향을 반영하는 콘텐츠 제공방법을 연구하였다.

• The Korean Journal of Financial Studies
• /
• v.10 no.1
• /
• pp.191-214
• /
• 2004

VaR에 의한 금융위험의 측정은 국제결제은행 바젤위원회의 내부모델 허용에 힘입어 금융산업에서 표준방식으로 확고한 입지를 차지하고 있다. 본 연구에서는 한국주식시장포트폴리오를 거래투자자산으로 보유한 경우의 VaR를 극단치이론에 입각하여 측정하고 이의 성과를 RiskMetrics의 성과와 비교하여 검토하였다. GPD의 모수적 추정에 의한 VaR의 사후검정결과는 표본내 사후검정이나 표본외 사후검정에서 어떤 신뢰수준에서도 기대되는 범위와 크게 벗어나지 않은 안정된 결과를 보였다. RiskMetrics의 EWMA방식도 역시 표본내와 표본외 사후검정 어느 경우에나 기대되는 범위에서 크게 벗어나지 않았지만 높은 신뢰수준에서는 그 성과가 GPD VaR에 비하여 상대적으로 불안정하였으며 위험의 과소평가 성향을 확인할 수 있었다. 비모수적 GEV추정에 입각한 VaR의 경우에는 위험을 과대평가하고 지나치게 보수적인 성향을 나타내었다. GPD의 모수적 접근에 의한 VaR 측정은 다양한 신뢰수준에서 정확한 검정결과를 보여주고 있으며, 시간적 흐름에 따르는 VaR의 행태도 지나친 변동성을 보이지 않아 외부규제 및 내부통제를 위한 금융위험의 측정지표로서 실용적인 가치가 있음을 확인할 수 있다.