• 한국산학기술학회논문지
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• 제14권2호
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• pp.674-680
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• 2013

본 연구는 유동성 제약이 가족기업과 비가족기업의 투자 지출에 어떠한 영향을 미치는지에 대해 실증분석 하였다. 가족기업은 위험회피성향이 크고 기업의 성과와 명성을 중시하여 대리인 비용이 적을 것으로 예상되어 현금흐름이나 유동성 제약이 투자에 미치는 영향이 작을 것으로 기대 되었다. 유동성 제약이 기업 투자지출에 가족기업과 비가족기업이라는 지배구조 형태 별로 어떻게 달리 영향을 미치는가를 분석하기 위하여, 644 개의 한국거래소 상장기업에 대하여 2000년부터 2010년 까지 기업 재무 테이터를 사용하여 시계열 횡단면 회귀분석을 실시하였다. 분석결과, 가족기업에서 현금흐름변수는 투자지출에 영향을 미치지 못한 반면, 비가족기업에서는 현금흐름 변수가 매우 민감하게 양의 영향을 주고 있는 것으로 나타났다. 현금흐름이 감소하여 유동성 제약에 직면하면 대리인 문제가 큰 비가족기업의 경우 투자는 크게 감소하나, 대리인 문제가 크지 않은 가족기업에서는 투자지출이 유동성 제약에 영향을 받지 않는다는 것을 시사한다. 이러한 연구로부터의 의의는 현금흐름에 대한 투자의 민감도가 기업의 유동성 제약 여부를 나타내는 유용한 지표가 될 수 있다는 점이다.

• 유통과학연구
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• 제22권3호
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• pp.49-58
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• 2024

Purpose: Research on financial development plays a crucial role in guiding and implementing policies for both financial development and economic growth. This study aims to evaluate the impact of financial development on the economic growth of Southeast Asian countries. Research design, data and methodology: The research utilizes data from 11 Southeast Asian countries from 2015 to 2022. Financial development data is proxied by credit distribution in private sector. Results: Based on the analysis using the FGLS model, it indicates that financial development has a positive impact on the economic growth of Southeast Asian countries. In addition, the study also examines the impact of state investment costs and FDI investment on economic growth. The results also show that foreign direct investment flows still play an important role in Southeast Asian countries (FDI has a positive impact on economic growth). State investment costs also impact economic growth, showing that the development of public investment also brings good development to countries. Conclusions: These results suggest that credit policies for financial development in general, and the development of private credit in particular, play a significant role in these countries. Building a system to promote the activities of private sector economies will help stimulate the economic development of Southeast Asian countries.

• Asian Journal of Innovation and Policy
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• 제1권2호
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• pp.148-167
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• 2012

This paper analyzes the impact of the change in telecommunication regulation changes including the unification of telecommunication service on network investment. The unification of telecommunication service plays a role of separating behavior regulation from entrance regulation and reducing entrance constraints. Therefore, it is expected that the market spillover effect is high through the improvement of behavior regulation. In addition, the effects of the other regulation changes in the 2010 Telecommunications Business Act revision are analyzed. This paper discusses critical factors affecting the decision making process in respect to the firm level and analyzes the impact path guiding investment and innovation. The key findings are as follows. First, the impact of entrance deregulation depends on the intensity of deregulation. If the intensity is not high, this regulation increases the incentive on investment and innovation. However, if the intensity is high as shown in abolishing of licensing, it affects the incentive negatively. Second, if interconnection regulation focuses on existing facilities or the intensity is not strong, this light handed regulation might increase investment and innovation. However, if interconnection obligation is expanded to the facility not constructed or the facility applying new technology, this regulation might deteriorate investment. Third, price deregulation increases the competition of service but it also increases the business opportunity, which means positive effect on investment. Finally, the paper proposes the guideline for telecommunications policy.

• 디지털산업정보학회논문지
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• 제20권2호
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• pp.141-157
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• 2024

This study examines the impact of cryptocurrency value characteristics on cryptocurrency investment intention. Stock craze and information provided through various media, including YouTube, play an essential role in helping investors recognize the value of cryptocurrency and develop positive investment intentions. In this study, we applied the Value-Based Adoption Model (VAM) to verify the relationship between cryptocurrency value characteristics and investment intention. We surveyed 500 cryptocurrency investors to assess network externalities, awareness, compatibility, cost benefits (fees), technicality, security, perceived value, and investment intentions. SEM (Structural Equation Modeling) using AMOS 26.0 was used for data analysis. Results show that network externalities, awareness, compatibility, cost benefits (fees), security, and perceived value significantly impact investment intention. This study provides insights that help investors accurately perceive cryptocurrencies and develop strategies to increase investment intentions. It also contributes to improving investors' decision-making ability. This comprehensive approach will foster the growth of the cryptocurrency market and strengthen investor confidence.

• 한국경영정보학회:학술대회논문집
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• 한국경영정보학회 2007년도 International Conference
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• pp.409-414
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• 2007

Over the past three decades, the impact of IT investments on firm performance has been the subject Q{active research. Although many studies have shown positive and significant benefits derived from IT investment, the findings of almost all these studies are based on data collected in developed countries. This study tries to investigate the effects of IT investment on firm financial performance in the Chinese electronics industry, a typical developing country, and compare it with the United States. Findings show that there is a positive impact of IT investment on firm performance in China. Moreover, the impact in China is not different from what occurred in the United States in the direction and the size against the assertion of previous studies and expectation.

• The Journal of Asian Finance, Economics and Business
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• 제3권2호
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• pp.5-11
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• 2016

This study investigates the impact of Malaysia's capital market and other key determinants on Economic Growth from the period of 1988 to 2012. The key determinants studied are foreign direct investment and real interest rate. This study also examines the long run and short run relationship between the economic growth and capital market, foreign direct investment, and real interest rate by using bound testing cointegration of Autoregressive Distributed Lag (ARDL) and Error Correction Model (ECM) version of ARDL model. The empirical results of the study suggest that there is long- run cointegration among the capital market, foreign direct investment, real Interest rate and economic growth. The result also suggests that capital market and real interest rate have positive impact on economic growth in the short run and long run. Foreign direct investment does not show positive impact on economic growth in the short run but it does in the long run.

• Asia pacific journal of information systems
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• 제30권2호
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• pp.328-352
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• 2020

If a firm announces an investment in IT security, how the market value of its competitors reacts to the announcement? We try to shed light on this question through an event study design. To test the relationship, we collected 143 announcements on cybersecurity investment and measured the subsequent impact on 533 competitors' abnormal returns, spanning from 2000 to 2019. Our estimation results present that, on average, the announcements have no observable impact on the market value of announcing firms and competitors as well, which is consistent with findings of a prior study. Interestingly, however, the impact becomes evident when we classify our samples by industries (Finance vs. non-Finance or ICT vs. non-ICT) and firm size (Big vs. Small). We interpret our empirical findings through the lenses of contagion effect and competition effect between announcing firms and their competitors. Key finding of our study is that, for financial service firms, the effect resulting from the announcement on cybersecurity investment transfers to competitors in the same direction (i.e., contagion effect).

• East Asian Economic Review
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• 제23권2호
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• pp.111-147
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• 2019

Singapore's inward and outward investments with industrialized countries in both manufacturing and service sectors were skill seeking while outward investments to developing countries were labor seeking. Applying the Knowledge-Capital model, it was found that services Foreign Direct Investment is sensitive to skill differences. A ten-percent decline in skill differences with industrialized countries resulted in a 4.25 percent rise in inbound manufacturing and 1.48 percent rise in inbound services investments. Meanwhile, a ten-percent increase in skill differences with developing countries resulted in a 30 percent rise in outbound manufacturing and 0.38 percent rise in services investments. Furthermore, when services are distinguished by skill-intensity, the impact of relative skill endowments on inbound Foreign Direct Investment in skill-intensive services is significantly different from the impact on other services. However, when services are disaggregated by "proximity" needs, we do not find any significant difference in the impact of relative skill endowments on Foreign Direct Investment.

• 유통과학연구
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• 제13권11호
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• pp.31-37
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• 2015

Purpose - This study is an effort to assess the role of behavioral biases in investment decision making, specifically for mutual funds, and the moderating role of the investor. Individual investment behavior is concerned with choices about purchasing various securities. However, behavioral finance disputes the concept of perfect rationality and identifies psychological factors and their impact on decision-making. Research design, data, and methodology - A survey questionnaire was designed and used to collect responses using a judgmental sampling technique from 290 investors in the Gwalior Region. Cronbach's Alpha, factor analysis, and linear regression were all used to test the influence of behavioral biases on investment decision. Results - We found that the behavioral biases have a positive impact on investment decisions. Conclusions - This study's results identified three factors influencing investor behavior(rationale, investment skills, and profit making) and four factors influencing investor decisions (profit maker, market analysis, investment plan, seller). The overall results of the study also show that there is no significant relationship between investor behavior and investment decisions by gender in the market.

• 동아시아경상학회지
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• 제6권3호
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• pp.24-36
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• 2018

Purpose - From establishing China-Japan diplomatic relations in 1972, the relations between two states has improved a lot, from which makes the government and the people reap much benefit. Owing to this reason, this paper aims at exploiting the impact of exchange rate volatility of RMB on China's foreign direct investment to Japan. Research design and methodology - The quarterly time series data from 2003 to 2016 will be employed to conduct an empirical analysis under the vector error correction model. Meanwhile, a menu of estimated methods such the Johansen co-integration test and the Granger Causality test will be also used to explore the impact of exchange rate volatility of RMB on China's foreign direct investment to Japan. Results - The empirical analysis results exhibit that the real exchange rate has a positive effect on China's foreign direct investment to Japan in the long run. Conversely, the real exchange rate volatility of RMB, the trade openness and the real GDP have a negative effect on China's foreign direct investment to Japan in the long run. However, in the short run, the China's foreign direct investment to Japan, the real exchange rate, the trade openness and the real GDP in period have a negative effect on China's foreign direct investment to Japan in period. Oppositely, the real exchange rate volatility of RMB in period has a positive effect on China's foreign direct investment to Japan in period. Conclusions - From the empirical evidences in this paper provided, it can be concluded that an increase in the exchange rate volatility of RMB can result in a decrease in the China's foreign direct investment to Japan in the long run. However, an increase in the exchange rate volatility of RMB can lead to an increase in the China's foreign direct investment to Japan in the short run. Therefore, the China's government should have a best control of the real exchange rate volatility of RMB so as to improve China's foreign direct investment to Japan.