• Title/Summary/Keyword: Factor Investing

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An Empirical Study on the Modeling Determinants and Effects of Korean FDI - Focused on six Country of East Asia - (기업의 해외직접투자 모형설정에 관한 실증 연구 - 동아시아 6개국 중심 -)

  • Lee, Eung-Kweon
    • International Commerce and Information Review
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    • v.11 no.2
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    • pp.343-367
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    • 2009
  • This research is about global investment for managing the important position, what Korea is doing in World's main market. Considering there are some differences between developed countries' model and developing countries' model in doing direct overseas investment, they target to get political agreement and develop the new invest plan and strategy by understanding changes of Korean manufacturing companies in direct overseas investment between 2000 and 2007 and analyzing the change of yearly investment motivation factors and determining factors for investment. The result from this result let us know that company should develop their own idea for their competitive advantage by doing direct overseas investment with the existing theory which convinces the need of competitive advantage for investing overseas. I set actual model and analyze results from it with the considering that it is so important to get knowledge and information for globalizing companies to invest overseas and companies, which want to be world leading ones for their field through innovation and changes, need to have more active strategy. And, the overseas investment, which was already done in other countries, 1. Review its realities and tendency in terms of investing countries, investing industries, and its scale. 2. Set up an actual model, based on strategic combination of investing location select and determination of Korean manufacturing companies and yearly investing factor-effect analysis. 3. Analyze how the situational factors have influenced and what factors would be considered for direct overseas investment. From the analyzing result, even though it is fairly true that raising wage and getting resources, avoiding customs, and developing alternating industries for export had influenced at the beginning, overseas investing companies' policy will be influenced by the results from studying marketing-pursuit type, which emphasizes to manage trade income and outgo, keeping the balance in the black, ensuring raw materials, local producing and manufacturing by using low-wage people for local sale, and situation for changing investing tendency as service industry.

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Robustness of Cash Flow Value: Investment in ASEAN

  • LAU, Wei Theng;MAHAT, Fauziah Binti
    • The Journal of Asian Finance, Economics and Business
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    • v.6 no.2
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    • pp.247-255
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    • 2019
  • This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder's perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

The Language Determinant Analysis of Investment Among APEC Member Economies (APEC국가간 언어의 투자 결정요인 분석)

  • Shen, Zhi-Feng;Kim, Tae-In
    • Asia-Pacific Journal of Business
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    • v.7 no.2
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    • pp.61-76
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    • 2016
  • This study aims to establish ways of how languages are used as determination factors for investment decisions among Asian countries where used languages are diversified. According to the analysis result, language segmentation of the investing country increases investment whereas the language segmentation of the invested countries is analyzed as the decreasing factor of investment. Also, it is analyzed that the further the linguistic distance between the investing country and the invested country the more investment increases. In the aspects of approached language distance and investment time selection, along with the increased linguistic distance, the elasticity to foreign direct investment is apprehended to be more flexible than other forms of investment. Such result shows the more segmented the languages of the targeted invested country the more investment cost will increase and therefore the results in linguistic distance can be explained as diversification of the invested country and the result to the forming of bridgehead at the invested area.

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A Factor Analysis of Traffic Accidents Through Traffic Safety Diagnosis Results - Driver Factor - (교통안전진단 결과분석을 통한 교통사고 요인분석 - 사고자 요인을 중심으로 -)

  • Lee, Hwan-Seung;Ahn, Byung-Jun
    • Journal of the Korean Society of Safety
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    • v.21 no.2 s.74
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    • pp.128-137
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    • 2006
  • Traffic accidents occur due to complex influences of transportation companies, drivers, and road environment. This study found that education and surroundings for transportation companies, driving habits of drivers, and road safety facilities and accessory facilities were main factors that affected strongly traffic accidents. Also, it found that driving habits of drivers could affect accidents heavily more than two other factors. Road safety and accessory facilities were analysed that they affected traffic accidents independently with transportation companies and their own drivers. Therefore, in order to achieve a traffic accident prevention as our main target, those companies need to produce atmosphere that their own drivers can have safety awareness, and related institutions for the above target should run parallel with policy assistance and strict traffic enforcement. In the end, this study suggests that transportation companies should secure manpower wholly being charged with traffic safety and financial resources investing in it.

Research about Factor Affecting the Continuous Use of Cloud Storage Service : User Factor, System Factor, Psychological Switching Cost Factor (클라우드 스토리지 서비스의 지속적 사용의도에 영향을 미치는 요인 연구 : 사용자 요인, 시스템 요인, 심리적 전환비용)

  • Jun, Chang-Joong;Lee, Jung-Hoon;Jeon, In-Sook
    • The Journal of Society for e-Business Studies
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    • v.19 no.1
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    • pp.15-42
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    • 2014
  • Cloud storage service has the potential to be a core infrastructure for the future mobile and Internet service; thus related service providers have been investing in it and trying to attract as many users as possible. In addition, those need to find out what motivates the users to keep using their service not only to attract new customers but also to secure their subscribers. Therefore, this study will examine its relationship with user's motivation based on the extended TAM model with external variables for objective research about continuous use of cloud storage service. As a result, it was found that personal innovativeness, self efficacy, functional attributes, and psychological switching cost influence the continuous use of cloud storage service. Also, it is expected they can guide service providers to the right track when setting up their business strategy in the future.

The Effects of the Risk Reduction Behavior and the Choice Attribute on the Fund Investment Behaviors (펀드 위험감소행동과 선택속성이 펀드투자행동에 미치는 영향)

  • Jang, Boo Yeon;Ha, Kyu Soo
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.10 no.3
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    • pp.161-170
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    • 2015
  • Recently the fund has been popular for the representative financial investment. In the decision making procedure of the investor about this fund investment, this research analyze how the factor was considered as fund investing behavior. The paper examines investors' risk reduction behavior and fund choice attribution for fund investment behavior, provides insight for marketing strategy in fund market for fund investment behavior. The period for the survey is from December 2014 to January 2015 and analyzed 431 samples of using a fund investor The research results showed that fund distribution, fund literacy and fund performance appeared to be statistically significant variables that positive affected fund investment satisfaction, but fund advertise negative affected fund investment satisfaction. Also, the fund management company, benefit, fund literacy, fund performance, and recommend appeared to be statistically significant variables that positive affected fund investment intention. It is expected that fund marketing strategy based on research return should be established to cope with the fund literacy as well as the fund investing behavior. Concretely to fund investment satisfaction make informed decision in fund performance, fund information provided to investor should be customized to contribute the improvement of overall fund literacy.

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Collective Intelligence and Human Decision Bias (집단지성(Collective Intelligence)과 의사결정의 편향성)

  • Han, Joo-Hee;Shin, Kyung-shik;Chai, Sangmi
    • Journal of Information Technology Applications and Management
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    • v.22 no.2
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    • pp.113-122
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    • 2015
  • Collective intelligence can be an influential factor of decision-making based on collaboration and information exchange between individuals. Our study explores whether collective intelligence can mitigate the loss aversion effect, bias and error in human judgment, and collective intelligence in online communities can reduce the loss aversion effect. Our community settings display both individual-level and group-level loss aversion effect, investigate effective collective intelligence characteristics like investment commitment, participant experience. Using a multi-method approach our research comprises a web-based experiment with 100 participants investing 3 situations from a real-world community, data from a survey measuring loss aversion behavior of participants. The results suggest the loss aversion effect mitigates under the online-circumstance. Overall, our results suggest that, while collective intelligence mitigates the loss aversion effect, participants do not transfer these results to other settings.

The Location Determinants of FDI in Developing Countries: A Case of Myanmar

  • Yeo, Heejung
    • International Commerce and Information Review
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    • v.19 no.2
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    • pp.85-107
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    • 2017
  • The aim of this study is to empirically examine fundamental factors that drive FDI to a particular location. This study further explores operating conditions of Korean firms in Myanmar. A survey methodology and then a regression analysis are employed. The study finds that the factors such as transportation, production factor, market, and cost play an important role for the location of FDI. However, the Korean investment in Myanmar decreases from 2013. The decrease of Korean investment implies that investing in Myanmar has not been profitable. The empirical study finds a complicated pattern of FDI. Large Korean firms are located far from the consumer market, thus, bear an increased transport cost to reach the consumer market. They are rather located in a place where they can access to a transport means and raw materials with low cost to export final products. They place FDI into a host country to serve as a production platform for exports to neighboring countries.

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Analysis of Preservice Elementary Mathematics Teachers' Efficacy on Mathematics Teaching (초등학교 예비 수학교사들의 수학 교수 효능감 실태 분석)

  • Kang, Moonbong
    • Journal of Elementary Mathematics Education in Korea
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    • v.20 no.1
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    • pp.35-53
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    • 2016
  • The purpose of this study is for investing and analysing preservice elementary mathematics teachers' efficacy on teaching mathematics. It was measured by Kang & Kim(2014)'s instrument; MTEI (Mathematics Teaching Efficacy Instrument). The survey was conducted on a sample of 164 participants who are the 2 or 4 grade in 3 universities of education. The findings of this study are that mathematics teaching efficacy of preservice elementary mathematics teachers in South Korea is 61 percent based on 100 percent. There was no significant difference between women teachers and men teachers, department of natural science and art & humanity when highschool, 2 grade and 4 grade. But, there was the significant difference between big city and province. The social-cultural factor point was much lower than any other factors' point.

Intelligent Allocation of Transporting Resources in Logistics using Genetic Algorithm (유전자 알고리즘을 이용한 물류에서의 지능적 운송 자원 할당)

  • Kim, Ju-Won;Cha, Yeong-Pil;Jeong, Mu-Yeong
    • Proceedings of the Korean Operations and Management Science Society Conference
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    • 2004.05a
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    • pp.23-26
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    • 2004
  • Recently, most of countries in the world are investing huge amount of capital for the infrastructure of logistics and trying to gain dominating position in logistics. To play the role of important hub in logistics, an efficient, flexible, and fault-tolerant transportation process should be developed. Minimization of transportation cost and timely deliveries in the unpredictable environment are a few of the important issues in logistics. This study suggests a way of transporting goods to destinations at the minimal cost and with the minimal delay by optimally allocating transporting resources. Various attributes in transportation such as due date, priority etc. are also considered. Appropriate transporting resources for each work item is selected by calculating the weighted sum of the cost factor and the delay factor assuming that initial sequences of work items are given. A policy to reallocate transporting resources is also suggested when work items or transporting resources are added or deleted because of accidents or disturbances. This policy provides adaptability to the allocation methodology which enables the system to cope with changing environment by controlling various attributes in transportation. Genetic algorithm is used for this approach.

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