• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.3003-3014
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• 2018

This paper investigates whether the value relevance of unbilled revenue in the construction company is differentiated according to the degree of company's operational efficiency. Unbilled revenue is an item that appears in the assets of the statement of financial position based on the IFRS. It is an item that has a nature of accounts receivable, but it is calculated based on subjective judgment of management. In this paper, we hypothesized that the value relevance of unbilled revenue will be differentiated according to operational efficiency of the construction company. The results of hypothesis test are as follows. First, unbilled revenue has a significant relationship with firm's value, which is consistent with previous research results. Second, the value relevance of unbilled revenue is higher in companies with high operational efficiency. In conclusion, this paper is different from previous researches in that this paper presents not only that unbilled revenue has a value relevance but also provides evidence that it can be differentiated according to the degree of operational efficiency.

• The Journal of Information Technology
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• v.2 no.2
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• pp.251-267
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• 1999

This study examines that pricing multiple on and incremental explanatory power of equity book value(earnings) increase(decrease) as financial health decrease. Test using a sample of 75 bankrupt firms and test using a cross-sectional, pooled sample both yield inference consistent with predictions. It is thus hypothesized that the more bankrupt time are, the higher(lower) pricing multiple book value of equity(earnings) obtained. Findings are robust to inclusion of controls for debt/assets ratio, ROA, and ROIC. Overall, the results is the hypothesis.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.87-104
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• 2023

Recently, concerns are growing over small and medium-sized companies holding out on debt as domestic loan interest rates have risen sharply due to the prolonged impact of COVID-19 and soaring raw material prices. In addition, loans from small and medium-sized enterprises, which are difficult in the business environment, are increasingly being rejected due to high loan interest rates and excessive submission documents and financial statements-oriented screening of loans by the financial sector. Therefore, since it is necessary to discuss ways to promote financing and investment by SMEs, this study intends to suggest ways to promote investment through the use of SMEs' ESG systems. The purpose of this study is to suggest that the use of ESG evaluation indicators used as non-financial indicators helps predict the corporate value of SMEs and the importance of SMEs actively participating in ESG information disclosure. This study suggests the necessity of introducing and practicing ESG by SMEs where financing is important, and aims to analyze as an empirical result that the use of non-financial indicators helps predict corporate value. As a result of the study, the ESG performance and corporate value of SMEs showed a positive (+) relationship. It can be seen that both the grades and corporate value of SMEs by ESG sector have a positive (+) influence relationship. The total ESG rating was confirmed to have a positive effect on corporate value, and it was confirmed that SMEs with higher ESG environment, social, and governance ratings were evaluated higher. According to the research results, it is suggested that SMEs also need to use ESG evaluation indicators, and in order to promote the growth of SMEs, it is suggested that research on ways to re-examine the corporate value of SMEs is necessary. Therefore, this study suggests that the use of ESG should be actively recommended and implemented as a way to establish a management strategy for SMEs, and that efforts to disclose ESG information can soon help SMEs solve information asymmetry. In addition, SMEs want to understand the investment mechanism that the introduction and practice of ESG can lead to the improvement of the value of SMEs and suggest the necessity of SME-type ESG policies in the future.

• Journal of Digital Convergence
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• v.18 no.1
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• pp.83-92
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• 2020

Establishing a financial independence is essential for sustainable growth of social enterprises. In this vein, this study investigated the key factors that affect customer loyalty about the products or services provided by social enterprises. Commitment and trust in social enterprises were considered as main factors affecting customer loyalty. We also examined the effects of functional, hedonic and social value about the products or services of social enterprises on purchasing decision-making processes. The research model analysis was conducted on 204 consumers using social enterprises in Dong-gu, Daegu. The analysis of research model has shown that commitment and trust had a significant impact on customer loyalty about the product or service of those enterprises. Functional value did not have a significant effect on commitment, while it had a significant effect on trust. Hedonic value had a significant impact on both commitment and trust. Social value had a significant effect on commitment, but not on trust. Value congruence had a significant effect on both commitment and trust. Based on the our findings, it is expected that it would help establish operational and marketing strategies to improve competitiveness in products and services of social enterprises.

• The Journal of the Korea Contents Association
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• v.13 no.12
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• pp.422-427
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• 2013

The cognition for corporate social responsibility of Chinese companies is negative because it increases cost and causes reduction of profit. But interest and execution for corporate social responsibility of Chinese firms is increasing consistently. Purpose of this study is to find effect of corporate social responsibility on firm value to Chinese enterprises. To achieve this purpose, we performed multiple regression method to 647 firms listed on the Shanghai Stock Exchange of China in 2011. Dependent variable is firm value and independent variable is degree of execution of corporate social responsibility to stakeholders. Conclusions of this study are as follows. First, execution of corporate social responsibility for employees, bondholders, government appeared to have a significant positive effect to firm value at 1% significance level. Second, execution of corporate social responsibility for customers appeared to have a significant negative effect to firm value at 1% significance level. Third, execution of corporate social responsibility for stockholders, suppliers appeared to have a weak positive effect on firm value, however these variables showed statistical insignificant.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.7
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• pp.3053-3061
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• 2011

This study examines the relationship between R&D(research & development) investment and market value among KOSDAQ firms in the Korea Stock Exchange. We investigate the effect of R&D investment on firm value in both total sample and sub-samples classified by firm characteristics based on types of firms. And we study the impact of a major economic disruption as the global financial crisis triggered by sub-prime mortgage problem in the US on R&D investment relative to the firm value. We find that R&D investment positively affects firm value and the squared term of R&D investment is found to be significant and negatively correlated with market value. This suggests the presence of nonlinear relationship like a reverse U-shape between R&D investment and market value in total sample and most of sub-samples. And we find firm characteristics and global financial crisis partially affect the contribution of R&D investment to market value in some of sub-samples.

• Proceedings of the Korea Society for Industrial Systems Conference
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• 2008.10b
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• pp.286-291
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• 2008

세계 IT 서비스산업의 최근 동향을 살펴보면, 2008년 시장규모가 5,259억 달러에 달하며, 이후 매년 6% 내외의 지속적인 성장률을 보일 것이라고 한다. 이는 기업들의 가치사슬의 중심이 기존의 제조업 중심에서 새로운 가치를 창출하는 R&D, 마케팅, 재무 등의 서비스 분야로 옮기는 시장흐름에 따라, IT 서비스산업 역시, 새로운 경제 성장엔진으로서 서비스산업의 중요한 영역으로 자리 매김하고 있음을 알 수 있다. 그러나 최근 국내 IT 서비스 기업들은 협소한 시장, 기업들간의 치열한 경쟁으로 성장률이 둔화되는 모습을 보이고 있다. 이에 따라 IT 서비스산업의 기업들은 최근 서비스산업의 성장과 함께 등장한 새로운 '서비스’에 대해 이해하고, 서비스 가치를 극대화시키는 혁신을 이끌기 위해 투자하고 있다. 즉, 단순히 IT 서비스를 기업의 하부구조를 위한 기능으로 이해하였던, 시각에서 벗어나, IT 조직의 상황을 고려하여 기업의 성장을 도모하는 전략으로 IT서비스를 이해하고, 이를 통해 서비스 혁신을 이끌어야 하는 필요성이 지각되고 있는 것이다. 기존 IT 서비스 관련 혁신관점의 연구들을 살펴보면, 기술중심의 시각에서 혁신 수준 또는 특성이 IT 수용성 및 성과에 미치는 영향에 대해 설명하는 연구들이 대부분으로, IT 서비스를 실제 서비스의 관점에서 이해하여 혁신과의 관계를 규명하는 실증 연구는 부족한 상태이다. 따라서 본 연구에서는 IT 지배구조와 서비스 혁신특성을 통합적으로 고려하여, IT 서비스와 서비스 혁신에 미치는 영향에 대해 알아보고자 한다. 이를 통해 본 연구는 IT 서비스산업의 발전을 위해 전통적인 기술중심의 시각을 극복하고, 비즈니스 관점에서 서비스 혁신을 이끌 수 있는 접근을 제시 할 수 있을 것으로 기대된다.

• The Journal of Society for e-Business Studies
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• v.23 no.1
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• pp.1-22
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• 2018

The value chain has been utilized as a strategic tool to improve competitive advantage, mainly at the enterprise level and at the industrial level. However, in order to conduct value chain analysis at the enterprise level, the client companies of the parent company should be classified according to whether they belong to it's value chain. The establishment of a value chain for a single company can be performed smoothly by experts, but it takes a lot of cost and time to build one which consists of multiple companies. Thus, this study proposes a model that automatically classifies the companies that form a value chain based on actual transaction data. A total of 19 transaction attribute variables were extracted from the transaction data and processed into the form of input data for machine learning method. The proposed model was constructed using the Random Forest algorithm. The experiment was conducted on a automobile parts company. The experimental results demonstrate that the proposed model can classify the client companies of the parent company automatically with 92% of accuracy, 76% of F1-score and 94% of AUC. Also, the empirical study confirm that a few transaction attributes such as transaction concentration, transaction amount and total sales per customer are the main characteristics representing the companies that form a value chain.

• The Journal of the Korea Contents Association
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• v.9 no.10
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• pp.339-348
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• 2009

This research proposes a new approach to measure corporate contributions to sustainability called Sustainable Value. With some global corporations which recognize the seriousness of environmental crisis and their social responsibility, enterprises are positively accepting the sustainable management. Also, publication of the sustainability report is proliferating which is showing the enterprise's strategy, activity, result and influence in environmental, economic, social cases to the stakeholder. However, to settle and proliferate this current, it rests with how to evaluate enterprises sustainability in reasonable and reliable figure. In this context, what introduced and taking effects are sustainability report evaluation and awarding system. But the quality of sun stainability report and its content's depth and the evaluation of enterprise's sustainability itself should be distinguished. Because the enterprise which published excellent graded sustainability report is not always the enterprise that is sustainable. Then, how could we prove the result of enterprise's sustainable management based on sustainability report? This paper is to find the answer and to utilize it based on sustainability report, particularly sustainable value model as the central figure.

• Journal of Digital Convergence
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• v.15 no.11
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• pp.221-229
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• 2017

The purpose of this study is to find out ways to enhance corporate value by using more efficient use of non-reflux Income which is commonly considered in existing corporate income tax refund and newly introduced investment and mutual aid promotion tax. Specifically, we analyzed the effect of income tax return income and income tax return on wages and fixed - asset investments, which are commonly considered in the two tax systems, on firm value. As a result of the analysis, it was confirmed that short-term internal reserves and income reflux activities had a negative impact on firm value, and long-term internal reserves and income reflux return had positive effects on firm value. It is recommended not to formulate uniform criteria such as the ratio of income refund activity to the contents of tax, but to apply the tax refund to the internal taxation system and the taxable income source.