• 제목/요약/키워드: Investment

검색결과 7,295건 처리시간 0.03초

증권사의 정보기술투자가 기업성과에 미치는 영향에 관한 연구 (Investment in Information Technology and Performance of Securities Companies in Korea)

  • 신용재
    • 경영과정보연구
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    • 제25권
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    • pp.43-68
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    • 2008
  • From intuitional viewpoint many researchers have been considering that information technology investment serves to increase the productivity and the profitability of firm. But the empirical studies that have examined the relationship between information technology investment and firm performance have reported mixed findings. In spite of that, recently there has been growing recognition of the importance of assessing information technology investment in determining future performance of firms. This study examines the relationship between investment in information technology and performance of securities companies in Korea. I use Tobin's Q, a financial market-based measure of firm performance and investigates the pure effect of information technology investment on firm performance after controlling for a variety of firm specific variables which may affect on firm performance. This study finds that information technology investment have a significantly positive association with Tobin's Q. This result implicates that information technology investment contributes to a firm's future performance potential.

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The Roles and Characteristics of R&D Investment in the IT Firms: IT Hardware Firms vs. IT Software Firms

  • Lee, Myunggun;Park, Jongpil;Park, Woojin
    • Asia pacific journal of information systems
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    • 제25권1호
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    • pp.61-81
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    • 2015
  • Investment in research and development (R&D) is critical in the information technology (IT) firms, where newer and better technology is a quintessential goal that directly affects innovation and competitive advantage. This study investigates how R&D investment influences firm performance and value, and how the effect of R&D investment differs between IT hardware and software firms. We also analyze the relationship between firm age and R&D investment in order to identify learning effects on continuous R&D investment. The empirical investigation in this study, based on longitudinal archival data from 2001 to 2010, found a significant effect of R&D investment on firm performance in IT firms. Further, this study demonstrates causal relationship between firm age, and verifies that learning effects are present in R&D investment. Moreover, the results are found to differ between IT hardware and IT software firms.

NPV와 IRR은 투자기회들의 수익성을 측정하는가? 수익성 척도로서 조건들 (Do NPV and IRR Measure the Profitability of Investment Opportunities? Conditions as Measures of Profitability)

  • 김진욱
    • 산업경영시스템학회지
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    • 제45권4호
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    • pp.167-173
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    • 2022
  • Investors must adopt profitable investment opportunities to maximize their wealth. Almost all investment, finance, engineering economics textbooks explain that net present value (NPV) measures the profitability (or value) of investment opportunities in absolute size, and internal rate of return (IRR) measures the profitability of investment opportunities in relative proportions. However, NPV is a measure of the relative size of the return on investment opportunity to do-nothing alternative. Moreover, IRR can occur in multiple investment opportunities and may not exist. To make matters worse, IRR and NPV also have conflicting problems in accept-or-reject decisions. In this study, the reason why NPV and IRR cannot accurately measure the profitability of investment opportunities is identified, and fundamental characteristics that investment opportunity profitability measures should have are presented.

Investment and Business Cycles: Focusing on Firms' Capital Adjustment Costs

  • NAM, CHANGWOO
    • KDI Journal of Economic Policy
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    • 제44권1호
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    • pp.77-98
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    • 2022
  • This paper empirically verifies that the types of capital adjustment costs serve as an important mechanism in relation to investment decision-making after confirming that the investment dispersion of Korean firms is pro-cyclical and can affect business cycles. Specifically, it is found through empirical methods using corporate financial data that capital adjustment costs generally assumed to take a quadratic form in macroeconomics are asymmetric and irreversible in the Korean economy. In particular, capital adjustment costs are empirically proven to cause investment dispersion to expand given that the substitution effect of the marginal value to the marginal cost for one unit of investment in the inter-temporal investment decision is affected by that cost with regard to the resale of owned equipment assets, as opposed to new investments in equipment assets. We ultimately show, albeit indirectly, that investment dispersion can affect business cycles as capital adjustment costs influences investment decisions. What is implied is that the capital adjustment cost is not merely an exogenously deep parameter that fits the dynamics of business cycles in a macroeconomic model but could instead be a policy variable that can be endogenized through government policies.

A Study of Environmental Management Investment Allocation

  • Tien, Shiaw-Wen;Chang, Ting-Ting;Chung, Yi-Chan;Chen, Ching-Piao;Tsai, Chih-Hung
    • International Journal of Quality Innovation
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    • 제9권2호
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    • pp.57-77
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    • 2008
  • The $21^{st}$ century is a new century of environmental protection. Environmental protection is one of the most important subject matters yet to come. Moreover, as the public pays more attention to environmental problems, enterprises should increase their investment in environmental management. Therefore, determining the investment level for environmental management and allocating the investment to associated environmental management activities has become a major task. The principal and agent theory and sales response functions are used for analysis in this research. The allocation of capital investment in environmental management is found to have significant impact on the aggregate sales response, aggregate profit and investment level. Therefore, in preparing the budget for environmental management, enterprises should focus on investment allocation decisions, determine the investment level and allocation method using integrated means, and apply submarket data in the allocation decision-making process. In other words, in setting the investment level, executive management should take managers' willingness into consideration. In allocating capital investment, managers should identify the optimal allocation method based on submarket characteristics.

Impact of FDI on Private Investment in the Asian and African Developing Countries: A Panel-Data Approach

  • TUNG, Le Thanh;THANG, Pham Nang
    • The Journal of Asian Finance, Economics and Business
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    • 제7권3호
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    • pp.295-302
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    • 2020
  • The paper aims to investigate the impact of foreign direct investment (FDI) on private investment with a sample having 49 developing countries in Asia (17 countries) and Africa (32 countries) during the period of 1990-2017. Unlike previous studies, we split the data into three groups for further analysis, including the Asian, African and the full-panel samples. The results confirm a crowding-in effect which shows that foreign direct investment promotes private investment on all three research samples. Besides, the lagged private investment has a positive and significant effect on itself in the next period which reflects the inertia in the trend of private investment in recipient countries. In the full-panel sample, there are some macro factors such as GDP per capita, trade openness, and electricity that also have a positive and statistically significant impact on private investment. Besides, when more deeply estimate with smaller samples, we find that trade openness and labour force have a positive and significant in Africa, on the other hand, not in Asia. However, the domestic credit variable has a negative and significant effect on private investment only in Asian developing countries. Furthermore, there is only a positive and significant impact of the electricity variable on private investment in Asia.

한.미 FTA 투자챕터(Chapter)와 환경문제 (The Investment Chapter of the Korea-US FTA and its Implications for Environmental Matters)

  • 박덕영
    • 한국중재학회지:중재연구
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    • 제24권1호
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    • pp.25-44
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    • 2014
  • Conflict between transnational environmental issues and foreign investment in capital-importing states can be commonly found. Actually, several investor-state dispute arbitration cases like Bilcon v. Canada, S.D. Myers v. Canada, and Metalclad v. Mexico concerned environmental matters. States are worried about their measures for securing the environment might be deemed to go against international investment agreements and foreign investors also are anxious because of excessive regulations. Against this backdrop, stakeholders attempt to strike a balance between securing foreign investment and preserving the environment. This article argues that the investment chapter of the Korea-US FTA tries to solve environment-investment collision in investor-state disputes. Before analyzing the provisions of the investment chapter most relevant to environmental issues, this article points out the most typical types of environmental clauses included in international investment agreements. The investment chapter of the Korea-US FTA has provisions which effectively prevent measures from becoming useless when those measures are legitimate measures relevant to environmental matters. This does not mean that the Korea-US FTA completely solves the conflict between environmental issues and the protection of foreign investment, but still it paves the way for a prudent solution which would hash out this thorny problem.

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Regional Financial Development, Firm Heterogeneity and Investment Efficiency

  • Zhang, Ruonan;Yin, Hong
    • The Journal of Asian Finance, Economics and Business
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    • 제5권4호
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    • pp.73-83
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    • 2018
  • The purpose of this paper is to examine the relationship between regional financial development and corporate investment efficiency as well as the relationship between firm-level characteristics and corporate investment efficiency. Using a large sample of A-listed companies in China from CSMAR database between 2003 and 2016, this paper explores corporate investment efficiency and its influencing factors in emerging market on the basis of heterogeneous stochastic frontier model. The results show that: (1) the average investment efficiency of Chinese listed companies is 74.5%, and the investment efficiency of large enterprises, state-owned enterprises and enterprises with relatively high financial development level is significantly higher; (2) compared with average corporate investment efficiency in the year 2003, the investment efficiency of different types of enterprises in 2016 is significantly higher, and the gap is gradually widening; (3) enterprise heterogeneity namely firm size, nature of property right, and institutional environment reflected by the level of regional financial development indirectly affects corporate investment efficiency by influencing the financing constraints and uncertainty. The findings suggest that to improve corporate investment efficiency in emerging market, financial market should be accelerated, regional balance should be restored and the differences among regions, industries and differences between public and private sectors should be eliminated.

Protection of Minority Shareholder Investment in the Small and Medium-sized Enterprises

  • KANTHAPANIT, Chinnapat;KANTHAPANIT, Chutiya
    • The Journal of Asian Finance, Economics and Business
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    • 제7권8호
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    • pp.451-459
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    • 2020
  • This study aims to examine the relationship of the four factors that increase the protection of minority shareholder investment. The factors are non-controlling shareholders, corporate governance, free cash flow, and shareholder wealth. The data for this study is obtained from the 2017 annual reports of 136 Thai public companies listed in the Market of Alternative Investment of Thailand (MAI). The analysis uses a multiple regression model to determine which factors encourage and which inhibit the protection of minority shareholder investment. The study tests four hypotheses. The results rejected H1 because non-controlling shareholders have negatively correlated with minority shareholder investment protection (beta -0.155 and p-value 0.050). The results accepted H2, H3 and H4 as follows. H2: corporate governance has positively correlated with minority shareholder investment protection (beta 0.17 and p-value 0.031). H3: free cash flow has positively correlated with minority shareholder investment protection (beta 0.214 and p-value 0.007). H4: shareholder wealth has positively correlated with minority shareholder investment protection (beta 0.318 and p-value 0.000). The major findings suggest strong minority shareholder investment protection was enhanced by increasing corporate governance, free cash flow and shareholder wealth. The protection of minority shareholder investment needs to reduce non-controlling shareholding pattern.

Management of Innovation and Investment Activities of Enterprises in the Conditions of Digitalization to Increase Their Competitiveness in the International Market

  • Kravchuk, Nataliia;Rusinova, Olha;Desyatov, Tymofii;Lapshyn, Ihor;Alnuaimi, Ali Juma Ali Sallam
    • International Journal of Computer Science & Network Security
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    • 제22권3호
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    • pp.335-343
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    • 2022
  • The article analyzes the features of innovation and investment activities of enterprises in the context of digitalization to increase their competitiveness in the international market. Ukraine's position on the Global Innovation Index is assessed. The interrelation of management functions in the context of innovation and investment activities of enterprises is substantiated. The structure of sources of financing of innovative activity of industrial enterprises is analyzed. Trends in changes in the volume of foreign direct investment and capital investment in Ukraine are assessed. It is determined that the level of innovative development of enterprises is determined by the level of their investment support, which is determined by the level of their investment attractiveness. The components of the strategy of investment attractiveness of enterprises are outlined. Determining factors in the implementation of innovation and investment policy of enterprises are identified and the main stages that should include the processes of managing innovation and investment activities of enterprises in the context of digitalization.