• Knowledge Management Research
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• v.11 no.3
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• pp.1-11
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• 2010

The importance of intangible assets have increased unprecedentedly with the advent of the knowledge-based society. Investment in R&D has contributed to the rise of productivity and firm-value in the capital markets. but it is very difficult to determine the economic benefits of R&D investment, due to elusive link between time requirements and the realization of firm value from R&D investment. This study examines the differential effects of R&D expenditure and patents on firm-value by industry. Patents are intangible, proprietary rights that develops new products, plays a crucial role in market competition and results in research and development activities. If firms get patents, their R&D expenditure is assumed to be successful. The study analyzes whether successful R&D expenditure has a significant effect on the firm-value. The study considers two industries : high-tech industries and low-tech industries. These industries are expected to have different effect on R&D expenditure and firm-vale. The results of the study indicate that the successful R&D expenditure increased the firm-value. Successful R&D expenditure in high-tech industries more increased the firm-value more than that in low-tech industries.

• Journal of Environmental Impact Assessment
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• v.8 no.1
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• pp.61-70
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• 1999

The purpose of this study is to understand an appreciation and a perceptive structure of "keijeok" image by Semantic Differential Technique and Factor Analysis. The data used in this study was obtained by the questionnaire survey carried out in Pusan metropolitan city. 15 adjective pairs in the survey were evaluated by the Semantic Differential scales graded 7 ranges from 1(very good) to 7(very bad). A total of 452 samples were collected by the survey and analyzed for this study. The results are as follows; First, 15 variables comprehended to "keijeok" image were estimated as a positive conception(LT 4.0). What's more, residents may perceive "keijeok" image as intangible and aesthetic aspect such as "fresh", "pleasant", "clean". Second, the result of factor analysis shows that factor I which express the major conceptual meaning of "keijeok" image tends to have intangible or aesthetic adjective pairs rather than concrete, whereas factor II which has the weaker meaning compared with factor I may represent a functional aspect of "keijeok" image. It can explain that the perceptive structure of "keijeok" image may be largely influenced by subjective sense, then added or concreted with objective conception or environmental situation. The results can be considered as an important matter which should be reflected at the stage of environmental planning for people's amiable and desirable place.

• Management & Information Systems Review
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• v.27
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• pp.31-52
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• 2008

Intangible Assets are more important determinants of firm value than others in a digital information-based economy(Lev, 2001). Prior research reveals that investments in intangible assets such as R&D and advertising expenditures are associated with firm value. This paper examines the effects of the corporate investments in the information technologies(IT) on stock return and economic goodwill. The sample consists of 152 firms listed on the Korean stock market in 2002. To test hypothesis We employed multiple regression models. Results are as follows; First, IT environment, IT process, and IT human resource are positively associated with firm's IT value. Second, firm's IT value is positively correlated with firm's economic goodwill. Third, firm's IT value is positively correlated with firm's stock return. These results suggest that the investments related with IT are effective in cultivating firm's value and Stock investors can make the best use of firm's announcements related with IT value. Thus the authorities concerned need to expand the public announcements related IT value.

• Journal of Digital Convergence
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• v.10 no.7
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• pp.11-22
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• 2012

Intangible assets are the important tool which decides upon economic wealth and development of knowledge-information economy. We have to make effective use of intangible assets in order to assure surplus earnings, competitive superiority. The importance of intangible assets, especially patent right, may be properly understood only when their values are assessed adequately. It is very significant to appraise rationally patent right value from finance support, technology transaction, investment decision, M&A, legal proceedings, strategy and etc. Thus the purpose of this study is to evaluate the economic value of a patent right using DCF(Discounted-Cash Flow Method). This paper presents the basic model, related principles and standards of valuation, and then, case analysis of patent right valuation using DCF.

• Journal of Fisheries and Marine Sciences Education
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• v.16 no.2
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• pp.199-209
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• 2004

The main purpose of this study is to explore a social capital paradigm which can be applied to many forms of social capital and intangible goods. The social capital paradigm introduces a new form of capital. This new form of capital produces a flow of socio-emotional goods that have value. Moreover, these socio-emotional goods can attach themselves to the objects used to convey them and change their value and meaning. This change in value and meaning is defined as attachment values. Exchanges of socio-emotional goods occur in networks where social capital resides. Formal and informal institutions provide order and meaning to exchanges of tangible and intangible goods. Social capital is a powerful resource that makes our choices interdependent. The social capital paradigm does not alter or contradict the basic economic theories of exchange. While the social capital paradigm accepts that selfish preferences motive many actions, it adds that sympathy and the desire to consume socio-emotional goods are powerful motivators. In case of marine affairs, ocean and fishing villages and their culture have been not only a fundamental basis of fisheries development but they also have made a great deal of contribution to forming social capital. In spite of this fact, the main reason that the problems of fisheries fishing villages fishermen in our society are kept at a distance is because they have been loosing their capability of forming social capital and producing socio-emotional goods, in addition to lowered relative economic share.

• Korean Journal of Heritage: History & Science
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• v.36
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• pp.335-346
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• 2003

With the development of media and computer, Motion Capture system, recently used in the entertainment and computer graphics, is emerging as a new recording method. Motion Capture is a system that records time-varying position of sensors which are attached to a objects and translates it to 3-D coordinate on computer. The motion of object displays the time-varying positions of each sensors that are graphed, or the line connected man-shaped model's movements on the computer monitor. And by adding computer graphic character to it, the various angled images, which are difficult to be perceived on the stage, can be easily recorded. Recently in Japan, Motion Capture system is being actively studied in order to use it in recording and preserving the intangible cultural assets of dance and art. Especially, Warabiza in Tazawako art village at Akita plays the leading role in this area through the project to symbolize and establish the archive of cultural dance, further, Ritsumeikan Univ. is develops the system for coupling the motion capture system to Labanotation. This article introduces the motion capture and it's related studies in Japan, which are being actively studied as a new recording method of intangible cultural assets.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.1
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• pp.153-164
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• 2014

This study is to investigate the effects of intangible assets such as research & development, education & training and advertisement on firm values of high-technology firms and low-technology firms listed in the KOSDAQ market, and to analyze the value-relativeness between the audit quality of companies and the expenditure of intangible assets. The substitute measurement of firm values is Tobin's Q model. The sample period for positive analysis is from 2003 to 2008, and the samples, excepting for financial business, are manufacturing companies of closing accounts corporate on December, based on companies of KOSDAQ that are listed in security. Finally, data from about 305 companies are used in this analysis. Followings are the results of the analysis. First, research & development, education & training of high-technology firms have an effect on firm values, and education & training of low-technology have an effect on firm values. Second, we find that audit quality(BIG4) increases the value relevance of R&D expenditures of high-technology firms and audit quality(BIG4) increases the value relevance of education & training expenditures of low-technology firms. This paper is meaningful in that it verified the value-relativeness of cost of intangible assets compared with high-technology firms to low-technology firms.

• Environmental and Resource Economics Review
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• v.21 no.3
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• pp.595-625
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• 2012

Recently environment-friendly pellet boilers have interests as emissions of greenhouse gases are regulated internationally and energy security becomes more important to oil addicted countries including Republic of Korea. But the Korean market for pellet boilers is on the initial stage due to the high production costs relative to other conventional boilers. Hence the Korean government has supported financially and promoted the pellet boiler business. In this sense, it would contribute market stratergy and effective promotion policy for both of the government and private companies if we can forecast market shares of pellet boilers appropriately. For this purpose, this study surveyed potential consumers' preferences on pellet boilers among various alternatives using a choice experiment reflecting intangible costs. As the market share of new technology increases, intangible costs decline. According to different intangible cost scenarios, we experimented people's preferences on oil, gas, electric, and pellet boilers. A multinomial logit model was employed to estimate coefficient parameters of common attributes for various alternative boilers. Based on the estimates, we forecasted market shares of individual boilers. We found that as intangible costs decline, the market share of pellet boiler increase substantically while market shares of electric and gas boilers decrease dramatically. The market share of oil boiler did not change significantly. Meanwhile, as people are more rich, more educated, and exposed to advertisement on pellet boilers, the likelihood of choosing the pellet boiler increases.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.1-27
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• 2003

The purpose of this study is to empirically investigate the role of capitalized intangibles such as patents, copy rights and R&D and non-capitalized intangibles such as advertising expenses and labor-related expenses, which are considered to be important to generating future excess profits, on the valuation of IPO shares. This study examines 125 firms which went public during 1992 - 1998. The result suggests that advertising expenses do not have significant influence on the offer price and the market price of IPO shares. On the other hand, R&D and labor-related expenses play important role in determining the offer price and the market price of IPO shares. In case of capitalized intangible assets, they we important factors in determining the market price but not the of for price. This study suspects that the Securities and Exchange Law of the Korean Securities Exchange Commission potentially contribute to the result of no effect of capitalized intangibles (except R&D) on the offer price by underwriters. According to the Law, any intangible assets which are considered to be irrelevant to the valuation of IPO shares must be exclued. This is very ambiguous and potentially cause underwriters to exclude any intangibles difficult to measure their value. However the market considers capitalized intangibles to be important, as suggested by the result of this study. To reduce this valuation asymmetry, it is important to reveal detailed information regarding the valuation of assets, in particular, intangible assets to the public.

• Cross-Cultural Studies
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• v.50
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• pp.197-224
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• 2018

Korea's Kimjang and Japan's Washoku were listed in the UNESCO's Intangible Cultural Heritage of Humanity in 2013. Kimjang and Washoku not only have the meaning of a long tradition or national representative food. Additionally, UNESCO admitted the value of Kimjang and Washoku that allows members of society to share together and strengthen their solidarity through the use of it. And the identity of each nation is well represented in the Kimjang and Washoku effort. The Kimjang is managed by the Intangible Cultural Properties Department of the Cultural Heritage Administration. Likewise, the Washoku is managed by the Department of Washokusitsu of Japan's Agriculture Ministry. In regards to festivals, they are the most representative of Kimjang's contents in Korea. Kimjang can participate with a consensus of all people and must do it before the coming winter months. In this way, it is very suitable for the presentation of a festival. And there are many festivals related to Washoku in Japan, mainly manifested with local specialties. We have seen that Japan has many kinds of festivals, which encourages it to be called and known as the country of festivals. And Washoku is being fostered as the core content of the 'Cool Japan Strategy' because it has become world-renowned since it was listed as an intangible cultural heritage.