• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.177-184
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• 2020

This paper analyzes factors affecting corporate investment decisions in economic groups listed on the Vietnam stock market. The panel data of the research sample includes 39 economic groups listed on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, the investment rate is a dependent variable. Cash-flow (CF), Investment opportunities (ROA), Fixed capital intensity (FCI), Leverage (LEV), Sales growth (GR), Size (SZ), Business risk (RISK) are independent variables in the study. The model results show that cash flow and sales growth have the same impact on investment decisions of economic groups in Vietnam. In addition, investment opportunities have a negative impact on the capital investment decisions of economic groups. The remaining factors include fixed capital intensity, leverage, firm size, and business risks that have a weak and insignificant impact on capital investment decisions of economic groups in Vietnam. The findings of this article are useful for business administrators, and helping business managers make the right financial decisions. Besides, the research results are also meaningful to money management agencies. The authors recommend that the State Bank of Vietnam should maintain a sustainable monetary policy.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.4
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• pp.600-616
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• 2022

This study contemplates spatial context of startup in manufacturing, mainly analyzing job creation effects of time lag of startups in manufacturing at different technology levels. Using DID model, we found that each region including capital, non-capital and metropolitan area shows different job creation effects of time lag. In capial region, startup cohort in high R&D intensity manufacturing was found to show short-term job creation effects, but in non-capital region, long-term job creation effects was found with the one in medium-high R&D intensity manufacturing. In case of metropolitan area, we couldn't find much evidence of job creation effects that was statistically significant. The result of analysis implied that, in capital region, startup support policies, targeting at high R&D intensity manufacturing, ought to be focused on scale-up of startups that survived for a certain period. And non-capital area and some of metropolitan areas in non-capital region that have comparatively inferior infrastructure and brain-drain problems as well should focus on fostering startups in medium-high R&D intensity manufacturing in a long-term perspective and utilize their traditional manufacturing base.

• Journal of Korean Academy of Fundamentals of Nursing
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• v.26 no.1
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• pp.62-73
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• 2019

Purpose: The purpose of this study was to estimate the effects of a video low intensity exercise program provided during hemodialysis on fatigue, activity of daily living, positive psychological capital and blood pressure of patients being treated. Methods: A non-equivalent control group pre-post test design was used. Participants were 85 hemodialysis patients assigned to either the experimental group (n=41) or the control group (n=44). The experimental group exercised for about 25 minutes 3 times a week for 8 weeks. Data analyses involved descriptive statistics, $x^2$ test, t-test, multiple regression and repeated measure ANOVA using SPSS/WIN 23.0. Results: The exercise intervention significantly reduced post hemodialysis fatigue and significantly increased positive psychological capital. There was a significant interaction effect on time by group in blood pressure. Systolic blood pressure changes in the experimental group were stable but, changes in the control group tended to increase gradually. Conclusion: To reduce fatigue and increase positive psychological capital for hemodialysis patients, providing exercise during hemodialysis is recommended. Furthermore individualized exercise in terms of intensity, time, duration, etc should be developed and tested. Also, to reduce drastic blood pressure changes during hemodialysis, exercise should be provided.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.4
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• pp.101-113
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• 2021

This paper inquires the macro-economic factors that may affect the corporate venture capital (CVC) from an industrial organization theory perspective. Unlike existing studies focusing CVC investments related to parent corporates' strategic intention, we identified CVC firm as an independent financial investor affected by macro environment and industrial structure. Specifically, we empirically investigate whether and how industry's boom, exogenous crisis, economic growth, and competition intensity affect the CVC investment for a data set of investment in the U.S. based corporate venture capital industry, 1996-2017. The empirical data analyzed in the study contained a total of 84 U.S. based CVC firms and their 2,306 investments from 1996 until 2017. After conducting a time-series negative binomial analysis, our empirical analyses suggest that the CVC investments are affected negatively by exogenous crisis and competition intensity, and positively by industrial boom and economic growth. we found the significance and direction of our independent variables strongly supported all of our four hypotheses in a highly robust manner. The results of this study are expected to contribute the literatures of corporate venture capital and venture investment by illustrating which macro-economic and industrial structure factors affect CVC investment decision to adapt to dynamic environmental change beside strategic intention of CVC firm's parent corporates.

• Journal of Applied Tourism Food and Beverage Management and Research
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• v.14 no.1
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• pp.111-128
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• 2003

Advances in information technology (IT) are becoming one of the most significant driving forces changing the structure of global financial management. This phenomenon is occurring in all industries; the hotel industry is no exception and must quickly adapt to this new trend. This study examines the technology intensity of the industry by assessing the degree to which the industry has allocated capital to IT projects, and discusses IT investment in the hospitality industry with a particular emphasis on assessing the value of IT investment and its investment strategy.

• Journal of Technology Innovation
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• v.20 no.1
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• pp.45-73
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• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.

• Asia-Pacific Journal of Business
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• v.13 no.1
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• pp.185-195
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• 2022

Purpose - This study attempts to analyze the determinants of inventory turnover by applying quantile regression analysis. Design/methodology/approach - By selecting the gross margin, capital intensity, and sale surprise as the determinants of inventory turnover, we investigate their effects on inventory turnover at the several quartiles (10%, 25%, 50%, 75%, 90%) of inventory turnover with quantile regression analysis. Findings - The effects of gross margin and capital intensity on inventory turnover are different for each quartile. But the effects of sale surprise on inventory turnover are not different for each quartile. Research implications or Originality -This study is the first attempt to examine the effects of inventory turnover determinants on inventory turnover by applying quantile regression analysis was not employed in the prior studies. Thus, this study is meaningful in that it shows the possible way to review inventory management strategies that can be applied differently to the firms with different inventory turnover levels.

• Korean Management Science Review
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• v.29 no.3
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• pp.91-105
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• 2012

This paper examines the investment efficiency of Korean venture capitals during 1987~2006 (20 years), focusing on their selection capability. Despite the Korean government's efforts, venture capital industry has evolved in a slow speed. Since the genesis of venture paradigm in Korea at 1997, venture capital industry as a macro unit has been fully discussed in Korean contexts. But venture capital's activities at micro level regarding each investment's outcome have not been examined. This study attempts to fill the voids of micro knowledge about each investment success rates by venture capitals. We analyzed venture investment records in 4,791 venture startups and their success rates. Their investment criteria were relevant to high potential industries and amount of tangible assets. But their criteria were not relevant to R&D intensity and financial growth of venture firms, which may indicate low level of maturity about Korean venture capital industry. We found that Korean venture capital's investment pattern may be originated from the low return of investment, so that efficiency of IPO markets is a prerequisite for the upgrade of venture capitals' efficiency. Some policy implications are discussed.

• 한국체육학회지인문사회과학편
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• v.54 no.5
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• pp.867-876
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• 2015

This study was intended to closely examine an effect that the level of physically challenged person's participation in community sports had on positive psychological capital. In order to accomplish the purpose of study, data on 212 physically challenged persons who lived in B city and participated in community sports were analyzed. Korean version of positive psychological capital created by Taehong Lim (2014) through the reconstruction of scales developed by Luthans, Youssef and Avolio(2007) and Sangwan Jeon and Jonghun Yang's (2009) level of participation in community sports was reconstructed through modification·improvement as measurement instrument. An exploratory factor analysis, reliability test, paired difference test, and multiple regression analysis was carried out by using SPSS 18.0 program for data processing. First, It was shown that there was a significant difference in positive psychological capital according to gender, age, and disability grade among physically challenged persons' socio-demographic characteristics. Second, it was shown that, among sub-variables (period, frequency and intensity) of level of physically challenged persons' participation in community sports, the frequency of participation and the intensity of participation had a significant effect on self efficacy. On the other hand, it was shown that the period of participation didn't have a significant effect. Third, it was shown that the frequency of participation had a significant effect on optimism. On the other hand, it was shown that the period of participation and the intensity of participation didn't have a significant effect. Fourth, it was shown that the frequency of participation and the intensity of participation had a significant effect on hope. On the other hand, it was shown that no significant effect was produced on the period of participation. Fifth, it was shown that the frequency of participation had a significant effect on resilience. On the other hand, it was shown that no significant effect was produced on the period of participation and the intensity of participation. Sixth, it was shown that the frequency of participation and the intensity of participation had a significant effect on positive psychological capital. And it was shown that no significant effect was produced on the period of participation.

• Journal of the Economic Geographical Society of Korea
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• v.23 no.2
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• pp.166-181
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• 2020

This paper attempts to compare and analyze the intensity, trend, and regional gap of income inequality, capitalizing upon the Age-Period-Cohort model which considers age, time and cohort effects, with the 1998-2018 Korea Labor Panel (KLIPS) survey data for respondents living in the Capital and Non-Capital Regions. The main analysis results are as follows. First, in the case of both cohort and age effects, those in their 50~60s, including the so-called baby boomers and '386 generation' living in the Capital Region, have relatively lower income inequality effect compared to that of other age groups and cohorts in the Non-Capital Region. Second, the micro-individual characteristics cannot be ignored to account for a regional gap in income inequality, but rather the effects of structural and institutional omitted variables and the social discrimination effects of individual characteristics variables are more significant in explaining it. Overall, intra-and inter-cohort income inequalities appear to overlap.