• IE interfaces
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• v.5 no.1
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• pp.61-74
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• 1992

Recognizing the lack of empirical studies on the returns to R & D investment in Korean firms, this paper analyzes the relationships between R & D investment and corporate performances measured by sales growth rate, profit rate and PER. The data used here are from 167 firms in 8 different industries covering the period from 1985 to 1989. The results show that the profit rate is strongly correlated with R & D investment. But unlike the results of most studies previously done in the U.S., R & D investment only weakly and insignificantly correlated with sales growth and PER.

• Journal of Technology Innovation
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• v.21 no.2
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• pp.137-167
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• 2013

This article estimates the scale of impact of expanding governmental fiscal expenditure for R&D investment on the private business enterprise's investment for R&D, and the relationship between business enterprise and university for expanding investment of R&D. According to my results, first, an expanding fiscal expenditure from government for R&D investment leads to increase R&D investment from business enterprise. However, an expanding expenditure from university rather leads to decrease R&D investment from business enterprise. Secondly, the crowding-out effect of expanding R&D investment from University on business enterprise's is very strong, and it is affected by structural changes such as the country's economic power, fiscal stance and cyclical volatility. Third, the more governmental expenditure on university expansive is, the stronger asymmetric relationship between business enterprise and university is, and investment sources of university from business enterprise is the main factor of this relationship. Finally, it is not easy to solve out this asymmetric relationship even through the governmental subsidy.

• Journal of Information Technology Applications and Management
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• v.12 no.1
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• pp.191-211
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• 2005

This study investigates the decision criteria used in the context of IT investment decision making and empirically analyzes the impact of IT project size and types on the importance of decision criteria. 5 criteria which have been extracted from the previous studies and industry practices are budget, financial benefits. strategic value. risk, and the degree of proposer's eagerness. Data of 120 IT project proposals have been collected from 5 companies including bank, insurance. and stock trading company. As results of ANOVA test. 7 out of 10 hypothesis have been accepted statistically. That is. the bigger the project size. the higher the evaluation weight of project budget and risk criteria and the lower the weight of proposer's eagerness. And in case of the infrastructure investment type. the emphasis is placed more on strategic value and risk criteria and less on financial benefit and proposer's eagerness. These findings provide insights for both IT practitioners and researchers.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.231-243
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• 2022

The objective of this study is to analyze the impact of conservative financial reporting on investment during uncertainty. It was assumed that during uncertainty conservative financial reporting can play an important role to improve investment decision-making. For our analysis, data sets from 2005-2020 of nonfinancial companies are used. To measure the impact of conservative financial reporting in the non-financial sector of Pakistan, Khan and Watts' (2009) model is applied. "Prospector" and "Defender" Business strategy is applied for measuring firm-level uncertainty. Investment is measured by adding the change in fixed assets (property, plant, and equipment). To check the robustness of conservative financial reporting, Givoly and Hayn's (2000) Negative Accruals measure is applied. To measure the robustness of uncertainty, environmental scanning and alertness technique is applied. According to environmental scanning and alertness technique, companies are divided into two groups named 'inert' and 'alert'. 'Inert' are those firms that are not scanning their environment, and 'alert' are those firms who continuously analyze their environment. The empirical estimations support our hypothesis. The empirical findings provide the proof that in the wake of uncertainty conservative financial reporting may facilitate to take optimal investment decisions in the developing economy of Pakistan. Our results provide critical and practical implications for investors, researchers, and standard setters.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.283-289
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• 2022

Public investment is the process of investing capital in projects that serve national interests and thereby create a driving force for economic development in each country. Especially in developing countries, investment capital is limited, so improving the efficiency of public investment becomes a decisive factor for economic development and enhancing the country's status and ultimately making the country a should be rich. Vietnam has a low starting point, has gone through the doi moi process, and has gradually become a middle-income country, and public investment is attracting attention to improve the quality of the country's infrastructure. The objective of this study is to evaluate the factors affecting the effectiveness of public debt management in Vietnam, through a survey of 150 experts with knowledge of public investment and public debt management, using the results of the estimation through the Using SPSS software, the research results show that the monitoring system and human resource quality have an impact on the effectiveness of public debt management. The study could not, however, discover any proof of the influence of institutional quality, geographic location, or accountability on the effectiveness of public debt management. The research also addresses several policy recommendations for Vietnam that would help the country manage its public debt better in the future.

• Analyses & Alternatives
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• v.5 no.2
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• pp.3-38
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• 2021

Does Foreign Direct Investment (FDI) exacerbate income inequality in South Korea? If so, does rising income inequality come for the sake of economic growth? This study explores the impact of FDI on income inequality and growth in South Korea. To this end, we collect data on FDI and income inequality/economic growth at both national and provincial levels and empirically test their relationships in South Korea. The empirical results confirm our expectation that FDI magnifies income inequality. Furthermore, we fail to find a positive relationship between FDI and economic growth, implying that income inequality as a consequence of FDI does not come for the sake of economic growth in Korea. Findings suggest that more systematic research and nuanced policy design is necessary to circumvent the mechanisms at play that link the surge of FDI inflows and the exponential expansion of economic inequality.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2003.10a
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• pp.824-828
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• 2003

On February 20, 2003, the FCC, the regulator in US, adopted its UNE triennial Review decision, the most sweeping ruling affecting the telecommunications industry since 1996. The FCC adopted a policy of preserving access to the legacy network, while deregulating new, "next generation" networks utilizing fiber facilities. Baby bell like Verizon, SBC strongly insisted that the FCC should relax the unbundling rules to be enlarged the network investment of telecommunication providers. However, this FCC′s determination looks like the partial acceptance of their assertions. This paper mainly will review the existing studies about the impact of UNEs on investment incentives and then find out some implications to be applied in Korea.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.625-633
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• 2021

Bangladesh's growing foreign aid has sparked controversy over whether it affects the country's economic performance. This review assesses foreign aid's influence on the country's economic growth with annual data covering the 1989-2018 period. The Autoregressive Distributed Lag (ARDL) model is applied to achieve the research objective, and the empirical results indicate a substantial and robust impact of foreign assistance on economic growth. The outcome further reveal that domestic investment also contributes significantly to the country's economic evolution. However, trade openness plays a substantial positive role in the short run, although the impact is immaterial in the long run. The empirical findings indicate that the association between aid, domestic investment, and growth has a confident meaningful effect at 1 per cent level in the long run, whereas aid influences more than domestic investment. However, in the short run, aid, domestic investment, trade openness, and growth show positive and noteworthy response also at 1 percent level. This review undertakes a detailed analysis about the country's economic growth, and grounded on its outcome, this work suggests that focus should be placed more on creating domestic investment, promoting more export, and allocation of aid should be determined by the relative needs of the country.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.2
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• pp.99-106
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• 2020

CEOs Overconfidence can bring potentially risky early decisions to businesses, along with large enterprise free cash flow that can bring different investment decisions with CEOs Overconfidence. Especially in the context of Vietnamese enterprises, CEOs are often influenced by behavioral psychology about overconfidence in investment decisions (due to individual cultural characteristics as well as operating financial markets also depend on many factors outside the market). Therefore, the authors study the impact of overconfidence and cash flow on investment in Vietnamese to find the internal relationship between these three factors in the financial environment in Vietnam. With 480 companies listed on the Vietnam Stock Exchange from 2014 to 2018 (companies have continuous reports), the regression analysis results with panel data (FEM, GLS models, correction of robust and GMM dealing with endogenous problems) have shown Overconfidence has a positive impact on investment. At the same time, the results also indicated that enterprises with overconfident CEOs and large cash flows tend to invest less than enterprises with low cash flow. The results of this study have shown the behavioral behavior of CEOs in Vietnamese enterprises that exist under both prospect theory and effective market theory.

• Korean Management Science Review
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• v.29 no.1
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• pp.57-71
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• 2012

In this paper, we deal with a sector investment strategy by implementing the black-litterman model that incorporates expert evaluation and sector rotation momentum. Expert evaluation analyzes the relative performance of the industry sector compared with the market, while sector rotation momentum reflects the price impact of significant sector anomaly. In addition, we consider the portfolio impact of sector cardinality and weight constraints within the context of mean-variance portfolio optimization. Finally, we demonstrate the empirical viability of the proposed sector investment strategy with KOSPI 200 data.