• Journal of Electrical Engineering and Technology
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• v.10 no.4
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• pp.1460-1470
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• 2015

This paper presents an approach to solve the long-term generation expansion planning problem of the restructured electricity industry using an agent-based environment. The proposed model simulates the generation investment decisions taken by a particular agent (i.e. a generating company) in a market environment taking into account its competitors’ strategic investment. The investment decision of a particular company is modeled taking into account that such company has imperfect foresight on the future system development hence electricity prices. The delay in the construction of new plants is also explicitly modeled, in order to compute accurately the yearly revenues of each agent. On top of a conventional energy market, several capacity incentive mechanisms including capacity payment and capacity market are simulated, so as to assess their impact on the investment promotion for generation expansion. Results provide insight on the investment cycles as well as dynamic system behavior of long-term generation expansion planning in a competitive electricity industry.

• Knowledge Management Research
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• v.20 no.4
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• pp.39-55
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• 2019

Although Firms have been increasing their information security significantly to handle increased security risks, the effects of information security were not well understood. This study aims to investigate the market value of information security by employing the event study methodology. Our research also explores how market responses vary depending on the type of information security announcements. We collected 177 firm-level information security announcements between 2001 and 2017 in South Korea. For all samples, our results indicate that the stock market positively reacts to information security announcements. We also conducted subsample analysis and found that while information security certification announcement has a positive impact on the stock market, information security activities (e.g. award, information security system) announcement had no impact on the stock market. Our study adopted a novel approach (i.e. event study) for investigating the effects of information security and found that information security investment positively affects firm value. Our results allow managers to measure the effects of information security investment and help them make right decisions on information security investment.

• Agribusiness and Information Management
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• v.8 no.2
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• pp.9-15
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• 2016

In several industries, including the agriculture industry, information and communication technology (ICT) expenditure has been gradually increasing. This study explores the ICT investment of Korean agricultural corporations, and examines the effect of ICT investment on their profitability using an IT portfolio framework. As the organizational capabilities and environment in which ICT is used is critical in examining its impact, the IT-savvy level is used as a moderator. An increase in ICT investment size results in a significantly positive effect on profitability in organizations with higher IT-savvy levels, whereas there is no effect in organizations with lower IT-savvy levels. This study shows the necessity of understanding the structure of ICT investments in the agriculture industry, and suggests the importance of organizational capabilities and environment in making best use of ICT.

• Journal of Distribution Science
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• v.17 no.3
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• pp.69-83
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• 2019

Purpose - This paper investigates the long term impact of RFID investment on firm value in Korea. We wand to find out why the long term performance of some firm's RFID investment is better than others. To understand the dynamics of the long term returns from RFID investment announcements, we divide our events into groups for each of the independent firm characteristic variable such as investment time period, kind of markets, industries, solvency and growth potential. We composed portfolios based on the RFID investment announcement date for each group and evaluate the monthly abnormal excess returns. Research design, data, and methodology - Based on these calendar-time portfolios, we measure the long term returns from 86 RFID investment announcements of 46 firms from 2003 to 2017. We construct the calendar-time portfolio for 3, 6, 9, 12 months of holding periods. Using the weighted least squares method, we regress the raw monthly returns of the portfolios on the Fama-French model and Carhart(1997) model. As a result, we can get the estimated risk adjusted mean monthly abnormal excess return α_P for each of the calendar-time portfolio. Results - We found that early adopters, large firms, non-manufacturing firms have very significant excess returns. We also found modestly significant excess returns for financially stable firms and slow growing firms. Put together, top managers of the firms which plan to invest RFID should understand the strategic role of RFID adoption and the generalized business process of distribution information technology investment in Korea. Moreover, the findings of this paper provide useful trading strategies to the managers of large funds who are considering on investing in RFID adopting firms. Conclusions - Put together, the results of this paper give us a new insight into how the RFID and IT technology in general and other characteristic factors' interactions affect the long term performance of firms. Using the unbiased estimates of long term returns of the calendar-time portfolios, this paper extends the understandings on short term impact of RFID adoption of existing studies. This paper also extends the current understandings of firm characteristics that affect the long term performance of RFID adopting firms.

• International Journal of Contents
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• v.6 no.4
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• pp.69-78
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• 2010

In recent years, many leading corporations are actively adopting IT as competitive resources to improve productivity and processes efficiency with strategic alignments. In effect, IT investment also continues to increase. As a vast growth of IT investment, questions and criticism on recent IT investment results are also rapidly being raised. Especially, improper decision making and management on IT investment may cause negative impact on the company's reputation and finances, therefore companies need reasonable and wise investment decision making on new IT projects. This study applies the conceptual framework of IT governance to IT investment decision making cases to examine how IT investment governance influences the quality of IT investment decision making and how business-IT strategic alignment affects the quality of IT investment decision making. This paper contributes to identify the main factors for reasonable and effective IT investment decision making and expected to provide proper guidelines for IT investment decision making.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.81-89
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• 2019

Many authors have examined the impact of public spending on economic growth. This study uses ordinary least-squares technique to test the effect of state budget expenditure with two major components: development investment expenditure and recurrent expenditure on Vietnamese economy for the period 2000-2017. The empirical results show that the state budget expenditure of Vietnam has positive effect on the economy, however each main component has different impacts. Recurrent expenditure has significant positive impact on Vietnamese economy while there has no evidence to affirm the relationship between the development investment expenditure and the economic growth. Vietnamese government should restructure the state budget to enhance the positive effect on the economy. In the short run, Vietnam should not increase development investment expenditure due to low efficency in public investment. In the long run, it is necessary to economize recurrent expenditure to reserve a reasonable proportion of state budget for development investment expenditure to build infrastructure for developing the economy. The state budget expenditure should be restructured towards prioritizing recurrent expenditure on human and social relief, reducing public administration expenditure, allocating investment capital from the state budget for key and pervasive projects, avoiding spreading out investments as well as crowding out private investments.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.45-60
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• 2020

Purpose - This study examines the impact of company ownership nature and of the dual role of CEO and board chair on R & D investment intensity, as well as the moderating effect of this dual role. Most previous research focused on the impact of the dual role of CEO and board chair on firm performance. Design/methodology/approach - This study uses A-share companies listed on the Shenzhen and Shanghai stock exchanges in China from 2008 to 2017. The univariate and the multivariate regression analysis were hired In order to analyze the data. Findings - The results show that there is a significant negative relationship between state-owned companies and R & D investment intensity. In addition, there is a significant positive relationship between the dual role and R & D investment intensity. The effect of state ownership on R & D investment intensity is more negative when CEO-board chair duality exists. This means that in case of state-owned companies, if CEO serves as the board chair, the propensity to invest in R&D is further reduced. Research implications or Originality - This is a pioneering study that considers the joint effect of state-owned companies and dual role on R & D investment intensity in the Chinese economy.

• The Journal of Asian Finance, Economics and Business
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• v.10 no.2
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• pp.145-151
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• 2023

Financial literacy (FL) is significant, as educated investors have a culture of savings and investment. The current study was conducted to identify the level of Orientation toward finance (ORTOFIN) and its impact on specific financial behavior variables like Financial Literacy (FL) and Intention towards investment (ITI). Data was randomly collected from 210 gainfully employed respondents using three standardized questionnaires. Demographics of the respondents were also collected. The data was analyzed using correlation and regression. The variables include ORTOFIN, Financial Literacy, and Intention towards Investment, while the control variables include gender, age, qualification, years of experience, and type of industry working. The results of the study show that all three variables (ORTOFIN, FL, and ITI) had significant relationships among themselves. In addition, it as has been found that ORTOFIN and FL positively influence investment intention. The finding that ORTOFIN and literacy are related to investment intention is new, as no past studies have examined this aspect, which is unique. The study also discusses the implications and limitations of the study, such as the impact of family involvement. It thus indicates a positive effect of the variables studied on investment intentions. The study is expected to stimulate further empirical examination of the variables.

• Journal of the Korean Regional Science Association
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• v.9 no.2
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• pp.27-40
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• 1993

Most studies on regional economic impact have utilized employment or employment income data. Recently, a few scholars have noticed the importance of nonemployment income sources in urban economies. Using decennial census data on Arizona towns from 1970 to 1990, this paper first examines the increasing importance of nonempolyment income sources in urban economies and the associations of nonemployment income sources with elderly population and metropolitan location. Then, this paper investigates the impact of nonemployment income on urban growth in the framework of economic base model. The regression results show that the impact of nonemployment income is significant in the increase of nonbasic income and becomes greater over time, and that the impact of transfer over time, and that the impact of transfer income on nonbasic income of transfer income on nonbasic income is stronger in smaller towns and the impact of investment income is stronger in larger towns.

• 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.