• Journal of Navigation and Port Research
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• v.30 no.7
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• pp.599-605
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• 2006

The Port Development has been achieved by the Government because it needs large scale of funds. However, since 1994, the Govenment has been implemeting private investments for constructing and operating the ports and so on. Although the Government had high expectation that it could expedite the expansion of the port facilities, there were many problems in view of construction, management, financial and social environment. This study figure out that most of the important reasons are the uncertainty of risk allocation between private investors and the Government, using with Analytic Hierarchy Process. It is expected that the results of this study will encourage more private investors to participate in port private investments in the future.

• East Asian Journal of Business Economics (EAJBE)
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• v.3 no.2
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• pp.21-25
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• 2015

Investment process on startup companies faces several difficulties based on the characteristics of this type of companies, such as lack of historical data, current operating losses and absence of comparable companies. In this paper we focus in a new methodology based on ordered weighted averaging (OWA) operators. OWA operators are useful instruments that enable the aggregation of information; in other words, from a data set we are able to obtain a single representative value of that set. The investment methodology presented consists on the application of OWA operators to the targeted startup companies based on the capacity of cash-flow generation and also on the planned scenario of future growth for each company. This paper shows that the methodology proposed can serve as a valuable tool, complementing the qualitative criteria (which, obviously, should not be ignored) for assessing and selecting a start-up investment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.57-70
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• 2023

The investigation delved into 457 pieces of scholarly work, encompassing articles, published theses, and dissertations from the National Research Foundation of Korea, spanning the period of the 1997 IMF financial crisis up to 2022. The materials were sourced using terms such as 'angel investment', 'angel investor', and 'angel investment attraction'. The initial phase involved filtering out redundant entries from the preliminary collection of 267 works, leaving aside pieces that didn't pertain directly to angel investment as indicated in their abstracts. The next stage of the analysis involved a more rigorous selection process. Out of 43 papers earmarked in the preceding cut, only 32 were chosen. The criteria for this focused on the exclusion of conference presentations, articles that were either not submitted or inconclusive, and those that duplicated content under different titles. The final selection of 32 papers underwent a thorough systematic literature review. These documents, all pertinent to angel investment in South Korea, were scrutinized under five distinct categories: 1) publication year, 2) themes of research, 3) strategies employed in the studies, 4) participants involved in the research, and 5) methods of research utilized. This meticulous process illuminated the existing landscape of angel investment studies within Korea. Moreover, this study pinpointed gaps in the current body of research, offering guidance on future scholarly directions and proposing social scientific theories to further enrich the field of angel investment studies and analysis also seeks to pinpoint which areas require additional exploration to energize the field of angel investment moving forward. Through a comprehensive review of literature, this research intends to validate the establishment of future research trajectories and pinpoint areas that are currently and relatively underexplored in Korea's angel investment research stream. This study revealed that current research on domestic angel investment is concentrated on several areas: 1) the traits of angel investors, 2) the motivations behind angel investing, 3) startup ventures, 4) relevant institutions and policies, and 5) the various forms of angel investments. It was determined that there is a need to broaden the scope of research to aid in enhancing and stimulating the scale of domestic angel investing. This includes research into performance analysis of angel investments and detailed case studies in the field. Furthermore, the study emphasizes the importance of diversifying research efforts. Instead of solely focusing on specific factors like investment types, startups, accelerators, venture capital, and regulatory frameworks, there is a call for research that explores a variety of associated variables. These include aspects related to crowdfunding and return on investment in the context of angel investing, ensuring a more holistic approach to research in this domain. Specifically, there's a clear need for more detailed studies focusing on the relationships with variables that serve as dependent variables influencing the outcomes of angel investments. Moreover, it's essential to invigorate both qualitative and quantitative research that delves into the theoretical framework from multiple perspectives. This involves analyzing the structure of variables that have an impact on angel investments and the decisions surrounding these investments, thereby enriching the theoretical foundation of this field. Finally, we presented the direction of development for future research by confirming that the effect on the completeness of the business plan is high or low depending on the satisfaction of the entrepreneurs in addition to the components.

• Journal of Distribution Science
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• v.13 no.3
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• pp.69-77
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• 2015

Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

• Journal of The Korea Institute of Healthcare Architecture
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• v.5 no.8
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• pp.7-14
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• 1999

Current Korean healthcare facilities face on a difficult period as much as financial difficulty in Korean economy. Most of all the hospitals have difficulty in minus profit margin and hospital investments are also reducing rapidly. Probably, these seem to set in the period of re-organizing its structures and enhancing productivity from the rapidly growing period, which was to concentrate its resources and prefer large scaled structures. Analyzing the developing process and future trend in the U. S. health care facilities, already experienced in financial difficulty of current Korean health care facility in 70s thru. 80s, this paper is to present directions in future Korean health care policy and healthcare facility planning.

• Bulletin of the Korea Photovoltaic Society
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• v.3 no.2
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• pp.63-69
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• 2017

New and renewable energy has attracted a significant attention since the Paris Agreement in 2015. Especially hydrogen energy is important for reducing greenhouse gas produced during transportation. The new government suggested that the eco-friendly vehicles, hydrogen infrastructure and the development of new and renewable energy are the major growth engines in the future. Hydrogen energy is also concerned as the main part of our economy in the national affairs. In the policy of Mission Innovation Strategy and the third Eco-Friendly Vehicle Master Plan, government presents the status, future direction, technical road map and distribution road map of hydrogen energy. With this trend, investments in the research and development on hydrogen and fuel cells have expanded and will continue to expand for the implementation of the policy. The cost reduction, technical innovation and the increase in the localization rate are required for the new and renewable energy, including hydrogen energy, to become the future growth engine.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.12 no.19
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• pp.67-72
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• 1989

This paper concerns with the decision maker has the job of forecasting capital investments and operating expenses to aid the decision making in choosing and evaluating present annual and future alternatives. The cost estimating function eventually analysis, evaluates and choose the alternatives. And also, the marginal analysis performed originally from a preliminary design of some sort, and eventually plans are made to investigate investment possibilities. This paper provide the discounted net cash flows and the present, annual and future worth methods. In despite of any choice for an analytical methods, there remains the problems of predicting and assessments certain future events. Therefore, these models dealing with the optimal plant sizing, equipments replacement, and lease or buy will be discussed.

• The Journal of Information Systems
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• v.19 no.3
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• pp.105-126
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• 2010

Many organizations have spent huge investments on information systems (IS) but are unable to achieve the maximum benefits expected. The problem of system underutilization of implemented IS is a major factor that causes the lackluster returns on organizational investments in IS. In light of the need for solutions to underutilization, researchers are beginning to explore IS infusion to enhance task performance. IS infusion is the extent to which an individual fully uses the system to enhance his or her task performance. So far, there has yet to be any significant finding or theory to explain the phenomenon. Therefore this study offers a conceptual framework on IS infusion based on the socio-technical system perspective. Particularly, this study investigates the influence of job fit, task competence, technology competence, self-determination with technology and self-determination with task on IS infusion. The analysis following the collection of empirical data found that job fit and self-determination with technology are positively related to IS infusion. This study serves as a basis for future research and suggests important implication to managers and system designers in promoting IS infusion.

• Proceedings of the KIEE Conference
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• 1999.07c
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• pp.1101-1103
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• 1999

Deregulation and restructuring of electric industry change the fundamental nature of electric business which will be coordinated by the evolved market structures such as spot market with pool and bilateral transaction structure, forward market and future market. Introduction of competition can significantly change the system operation in near-terms as well as long-run generation expansion planning Previous centralized planning by monopoly utilities which was guided for the public service purpose will be replaced by decentralized investments plan by individual generation companies in response to commercial incentives. This paper reviews WASP model as a centralized planning tool and presents a methodological analysis of generation expansion planning in deregulated power systems. It stresses how affects the process of planning new generation investments by the introduction of competition and how maintains proper fuel mix and continuously sustains system reliability under deregulated environments.

• Journal of Contemporary Eastern Asia
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• v.18 no.1
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• pp.30-48
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• 2019

China has initiated a series of "economic sanctions" against South Korea, affecting Korean pop stars visiting China and Korean investments in China. Sanctions were imposed on South Korea in response to the decision of South Korea to deploy Terminal High Altitude Area Defense (THAAD) in 2016. Furthermore, the Global Daily assembled local population to boycott Korean products and investments in China. However, the Chinese Foreign Ministry has never positively confirmed these activities as economic sanctions to South Korea related to the THAAD installation. In other words, the Chinese government singled a relatively weak message via these sanctions to South Korea. As a result, the THADD implementation continued in South Korea. In the paper, I interpret China's rationale to impost puzzling economic sanctions, which have a weak resolution, to South Korea and Taiwan. As signaling theory argues, economic sanctions with insufficient resolution, which are more likely to fail, is a more provocative foreign policy. By reviewing China's sanctions usage to South Korea and Taiwan, I propose arguments of bureaucratic competition to answer why China launched such sanctions to other countries: those are caused by domestic institutions who are seeking reward from the Communist Party of China. By comparing shifts of leadership between domestic agencies, the paper provides evidence to support the proposed argument. I also include two alternative explanations to strengthen the proposed argument, albeit connecting the paper with other two larger streams of research, which address analyses of China's aggressive foreign policies as well as the domestic politics of economic sanctions.