• The Journal of the Convergence on Culture Technology
• /
• v.9 no.3
• /
• pp.779-787
• /
• 2023

In the relationship between the shareholding ratio of National Pension Service (NPS) and the investee firm's value, this study examined the mediating effect of R&D expenditure which its increase can indirectly induce the increase of firm value, and examined the moderated mediation effect of the Stewardship Code implementation which pressures investee firms' to increase R&D expenditure and firm value. Using the Korean listed companies' data from 2016 to 2021, the analysis showed that the R&D expenditure had a partial mediation effect on the relationship between NPS's shareholding ratio and firm value. Also, the analysis showed that the NPS's Stewardship Code implementation had positive moderating effects on following relationships, one between NPS's shareholding ratio and R&D expenditure, and the other between NPS's shareholding ratio and firm value. In all, on the relationship between NPS's shareholding ratio and firm value, the R&D expenditure's mediation effect differs before and after the implementation of the stewardship code, which shows the moderated mediation effect.

• Journal of Industrial Convergence
• /
• v.19 no.5
• /
• pp.13-19
• /
• 2021

In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.

• The Journal of Korean Institute of Communications and Information Sciences
• /
• v.35 no.12C
• /
• pp.995-1003
• /
• 2010

The content-based hashing for authentication and copy protection of image, video and 3D model has to satisfy the robustness and the security. For the security analysis of the hash value, the modelling method based on differential entropy had been presented. But this modelling can be only applied to the image hashing. This paper presents the modelling for the security analysis of the hash feature value in 3D model hashing based on differential entropy. The proposed security analysis modeling design the feature extracting methods of two types and then analyze the security of two feature values by using differential entropy modelling. In our experiment, we evaluated the security of feature extracting methods of two types and discussed about the trade-off relation of the security and the robustness of hash value.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.9 no.3
• /
• pp.822-830
• /
• 2008

We aim to confirm empirically that a corporate's R&D expenditure effect positively on its value. As a result of the regression analysis on financial statements of KSE and KOSDAQ enterprises, the sum of R&D expenditure effects positively on corporate value. Moreover, we have the result that R&D expenditure appropriated as cost has more effect on corporate value than the expenditure appropriated as asset.

• Asian Journal of Innovation and Policy
• /
• v.6 no.2
• /
• pp.192-205
• /
• 2017

The aim of this study is to investigate the relative impact of the image of information service on customer's perceived value and satisfaction of R&D information. It also seeks to assess the moderating effect of service users' skills on the value of the service image on the customer. For this purpose, a field study was conducted on users of a public R&D information service called NTIS (National Technology Information Service) in Korea. The findings show that the information service image has a significant impact on customers' perceived value and satisfaction. In addition, customers' perceived value is found to be an important indicator in strengthening customer satisfaction. Findings also reveal that individual personal computer skills moderate the relationship between service image and information value. Further research is needed to strengthen the independent variable in view of the increasing pressure to improve public service quality and customer management.

• KDI Journal of Economic Policy
• /
• v.42 no.3
• /
• pp.33-52
• /
• 2020

Patents are widely used in the literature as a measure of firm-level innovation. It is regarded that patents improve a firm's operational environment and ultimately increase the value of the firm. However, the relationship between patents and firm value in Korea is under-explored in the literature due to the difficulty of constructing datasets. This paper examines whether patents in Korea increase the market value of a firm. To do this, I exploit novel data on firm-level patents and financial information of all listed Korean companies during the period of 1993-2015 and estimate the non-linear production-function type of Tobin's q equations on R&D, patents, and citations. Surprisingly, I find that patents and citations are weakly associated with firm value, while R&D is strongly associated with an increase in firm value. These results direct imply that policymakers in Korea should enhance patenting incentives to encourage firms to innovate.

• Journal of Animal Science and Technology
• /
• v.47 no.1
• /
• pp.49-56
• /
• 2005

The Korean styled meat products such as grilled and/or roasted ham(Jikhwagui: J), Bulgogi ham(B), Kimbab ham(K) and sliced roasted ham(DDukgalbi: D) were obtained from different Korean meat processing companies and investigated for their salinity, saccharinity, pH, moisture and fat content, meat color and sensory evaluation. The results obtained were as follows; Percentage of saccharinity in J, B, K and D ranged 7.5 %(13) - 12.7% (J2), 5.3 0/«B2) -7.5 o/«BI), 5.2 0/«K4) - 6.6 o/«KI, K2, KS), and 6.60/«04) - 14.4o/«Dl), respectively. Percentage of salinity in J, B, K and D ranged 2.260/«13)- 2.38 0/«J4), 1.850/«B2) - 2.45 0/«B3), 1.94o/«KI) - 2.40% (K3), and 1.830/«02) - 2.19 o/«Dl), respectively. The pH value of J, B and K were ranged 6.30 - 6.44, 6.266.37 and 6.20 - 6.42, respectively, which are slightly higher than that of D(5.86 - 6.25). Content of average moisture were higher in B(61.0 %), K(59.94%) and J(59.63%) compared to the D(55.93%). In crude fat, B and D were ranged 14-21 %, which are very lower than those of K(59.94%) and J(59.63%). In meat color, $L^*$ value were above 50.0, except D2 and D3. $a^*$ value of B were slightly higher than those of other meat products. Compared to sensory evaluation, the overall acceptability of J is excellent in the range of saccharinity 12.7%, salinity 2.3 %, moisture 61 %, crude fat II - 12%, $L^*$ value 52 - 54, and $a^*$ value 12.3- 12.7. In the case of B, the overall acceptability is excellent in the range of saccharinity 6.6 - 7.5 %, salinity 1.90- 2.45 %, moisture 60 %, crude fat 15 %, $L^*$ value 56, and $a^*$ value 15. In the case of K, the overall acceptability is excellent in the range of saccharinity 6.5 %, salinity 2.4 %, moisture 61 %, crude fat 16%, $L^*$ value 53, and $a^*$ valuce 15. In the case of D, the overall acceptability is excellent in the range of saccharinity 14.0%, salinity 2.1 %, moisture 55%, crude fat 55%, $L^*$ value 50, and $a^*$ value 13.

• Proceedings of the Technology Innovation Conference
• /
• 1999.12a
• /
• pp.159-177
• /
• 1999

Many companies still struggle with the issue of research and development(R&D) performance measurement, in particular, the nonfinancial performance measurement of R&D with coming of knowledge-based society, Of course, we would not deny the fact that financial measures play the central role in assessing the overall performance of R&D, The aim of this paper is to provide the new model to evaluate the quantitative value of technology (nonfinancial benefits). This new model is based on the technology stock(technology level) acquired in R&D process, That is, we take it for granted that the acquired technology below a certain level(<70% compare to the advanced country) can not be utilized in developing the new products or in proving the manufacturing processes, The evaluation model we create can explains the quantitative relation between the technology stock and the market value considering R&D expenditure to acquire the technology above certain level(>70%) and cost to prevent the technology obsolescence. The value of non-destructive testing technology, which is one of the electric Power technology, is measured quantitatively using our new model as a case study, We also discussed briefly the possibility of capitalization of the measured technology value.

• Asia Pacific Journal of Business Review
• /
• v.1 no.2
• /
• pp.37-62
• /
• 2017

To analyze the effects of R&D expenditure on the firm value of Korean firms, we classified portfolios based on R&D activity levels. After that, we conducted a time-series analysis to assess excess returns from the portfolios. To carry out such an analysis, an empirical analysis of excess returns in the capital market was performed by using the monthly earning rate of stocks from 2000 to 2013. The purpose of this research is to provide basic data on investment to stakeholders in the capital market by analyzing the effects of R&D on the firm value and to overcome scholarly limitations by offering a new model of analysis. The criteria for classifying the portfolios were based on R&D expenditure levels. The analysis models follow the Fama-French Three-Factor Model and the Carhart Four-Factor Model. The analyses results are as follows. Extrapolating monthly profit rates based on R&D expenditure levels, portfolios with low R&D expenditures showed higher earning rates than those with high R&D expenditures. This suggests that high R&D expenditures did not translate into high earning rates. The investor depreciates the R&D expenditures related profitability and the possibility of success in the market, leading to falls in stock prices and a failure to give a positive effect on the firm value. Our research differs from the previous investigations as we carried out an empirical analysis based on the actual investors' attitudes about R&D expenditures and how these can generate excess earnings. Our research results show that the data related to R&D expenditure are not reflected fully in the market.

• The Journal of Korean Society for Radiation Therapy
• /
• v.16 no.1
• /
• pp.57-65
• /
• 2004

Introduction : The phantom that includes high density materials such as steel was custom-made to fix lung and bone in order to evaluation inhomogeneity correction at the time of conducting radiation therapy to treat lung cancer. Using this, values resulting from the inhomogeneous correction algorithm are compared on the 2 and 3 dimensional radiation therapy planning systems. Moreover, change in dose calculation was evaluated according to inhomogeneous by comparing with the actual measurement. Materials and Methods : As for the image acquisition, inhomogeneous correction phantom(Pig's vertebra, steel(8.21g/cm3), cork(0.23 g/cm3)) that was custom-made and the CT(Volume zoom, Siemens, Germany) were used. As for the radiation therapy planning system, Marks Plan(2D) and XiO(CMS, USA, 3D) were used. To compare with the measurement value, linear accelerator(CL/1800, Varian, USA) and ion chamber were used. Image, obtained from the CT was used to obtain point dose and dose distribution from the region of interest (ROI) while on the radiation therapy planning device. After measurement was conducted under the same conditions, value on the treatment planning device and measured value were subjected to comparison and analysis. And difference between the resulting for the evaluation on the use (or non-use) of inhomogeneity correction algorithm, and diverse inhomogeneity correction algorithm that is included in the radiation therapy planning device was compared as well. Results : As result of comparing the results of measurement value on the region of interest within the inhomogeneity correction phantom and the value that resulted from the homogeneous and inhomogeneous correction, gained from the therapy planning device, margin of error of the measurement value and inhomogeneous correction value at the location 1 of the lung showed $0.8\%$ on 2D and $0.5\%$ on 3D. Margin of error of the measurement value and inhomogeneous correction value at the location 1 of the steel showed $12\%$ on 2D and $5\%$ on 3D, however, it is possible to see that the value that is not correction and the margin of error of the measurement value stand at $16\%$ and $14\%$, respectively. Moreover, values of the 3D showed lower margin of error compared to 2D. Conclusion : Revision according to the density of tissue must be executed during radiation therapy planning. To ensure a more accurate planning, use of 3D planning system is recommended more so than the 2D Planning system to ensure a more accurate revision on the therapy plan. Moreover, 3D Planning system needs to select and use the most accurate and appropriate inhomogeneous correction algorithm through actual measurement. In addition, comparison and analysis through TLD or film dosimetry are needed.