• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.1-18
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• 2019

Venture capitalists (VCs) play an important role in finding and growing innovative venture companies with high growth potential but high risk. Venture capital investment does not depend on the system, unlike the investment for listed companies. Korea's venture capital industry has entered a period of growth, but lack of data has led to a lack of research on venture capital. Based on this background, this study attempts to analyze various factors affecting investment decision criteria of Korea VCs. In this study, I examined the major factors that VCs consider in decision making of investment through literature review, and I have drawn the research question accordingly. I will focus on the characteristics of founders, products / services, markets, financials, and networks that scholars share common investment decision criteria in Korean VCs. For the purpose of this study, the data were collected through the questionnaire surveyed by investment vetters working in current venture capital and analyzed using AHP analysis. Through this study, I tried to understand the Korean venture capital which has been poorly studied and what criteria and priorities Korean VCs make investment decisions in the Korean venture investment environment. The results of this research will contribute to the vitalization of venture investment, which is important for the upbringing of companies, by providing guidelines for establishing investment attraction strategies of venture companies.

• Asia pacific journal of information systems
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• v.9 no.4
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• pp.125-142
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• 1999

The increased investment in technological innovations makes the investigation of factors affecting technology adoption more interesting. Several perspectives have been proposed to explain the determinants of information technology adoption. While the traditional innovation diffusion research streams try to explain and predict adoption behavior with the adopter's perceptions about the characteristics of the innovation itself, critical mass theorists argue that adoption behavior as a collective action is based on what their business partners are doing and whether there exists enough critical mass to justify the investment. Drawing on theses two perspectives, this study investigates the decision criteria in the adoption of information technology as innovation and factors affecting the decision criteria. The survey results reveal that the adoption behavior is affected both by innovation characteristics and by critical mass's activity. Correlation analysis, t-test, and stepwise regression models also show that as the environmental uncertainty is getting higher, adoption decision is affected more by what others are doing, and that highly competitive organizations seem to play the role of critical mass.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.17-32
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• 2023

In recent years, the need for social ventures that aim to grow while solving social problems through the efficiency and effectiveness of commercial organizations in the market has increased, while there is a limit to how much the government and the public can do to solve social problems. Against this background, the number of social venture startups is increasing in the domestic startup ecosystem, and interest in impact investors, which are investors in social ventures, is also increasing. Therefore, this research utilized judgment analysis technology to objectively analyze the validity and weight of judgment information based on the cognitive process and decision-making environment in the investment decision-making of impact investors. We proceeded with the research by constructing three classifications; first, investment priorities at the initial investment stage for financial benefit and return on investment as an investor, second, the political skills of the entrepreneurs (teams) for the social impact and ripple power, and social venture coexistence and solidarity, third, the social mission of a social venture that meets the purpose of an impact investment fund. As a result of this research, first of all, the investment decision-making priorities of impact investors are the expertise of the entrepreneur (team), the potential rate of return when the entrepreneur (team) succeeds, and the social mission of the entrepreneur (team). Second, impact investors do not have a uniform understanding of the investment decision-making factors, and the factors that determine investment decisions are different, and there are differences in the degree of the weighting. Third, among the various investment decision-making factors of impact investment, "entrepreneur's (team's) networking ability", "entrepreneur's (team's) social insight", "entrepreneur's (team's) interpersonal influence" was relatively lower than the other four factors. The practical contribution through this research is to help social ventures understand the investment determinant factors of impact investors in the process of financing, and impact investors can be expected to improve the quality of investment decision-making by referring to the judgment cases and analysis of impact investors. The academic contribution is that it empirically investigated the investment priorities and weighting differences of impact investors.

• Journal of Family Resource Management and Policy Review
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• v.11 no.2
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• pp.1-19
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• 2007

The purpose of this study was to analyze the affecting factors on employed mens' retirement and reemployment decision making. The focus was on the process of employed mens' decision on retirement and their reemployment decision after retirement from present job. The major findings were as follows ; First, the employed men who had a retirement plan were having more household income, more household net asset, more savings and investment for elderly life, and more positive attitude toward retirement. Second, the major factors affecting on having retirement plan or not were employed mens' age, household income, expected income after retirement, savings and investment for elderly life, job, and attitude toward retirement. Third, the major affecting factors on expected retirement age were employed mens' age, health status, job security, and attitude toward retirement. Forth, the employed mens' reemployment decision was affected from their household income, expected income after retirement, pension ownership, and attitude toward retirement. From the findings, it can be concluded that the employed mens' age, economic status, and attitude toward retirement played a important role in the process of retirement and reemployment decision making.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.31-47
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• 2022

The TIPS, a representative public-private cooperative project to revitalize the start-up ecosystem, is a government supported policy that promotes successful commercialization through various start-up support for technology-based startups. The purpose of this study is to analyze the investment decision factors of the TIPS program and to derive priorities. In order to achieve the research purpose, first, the investment decision factors were derived through literature analysis, a Delphi surveys were conducted on investors and experts participating in the evaluation of the TIPS program, and an AHP analysis was conducted on 20 VCs to empirically analyze the priority of factors on investment decisions. As a result of the analysis, the importance of critical factors was confirmed in the order of entrepreneurs(team) > market > product/service > finance > network. The importance of detailed factors was found in the order of entrepreneur's reliability and authenticity > market growth and scalability > team members' expertise and capabilities > adequacy of current market size > new market creation. This study presented the capabilities of technology-based startups preparing to participate in the TIPS program by deriving factors that influence investment decisions from an investor's perspective and comparing and analyzing the importance. It is also meaningful that basic data on determinants of private-led investment decision-making were presented to stake-holders such as venture capital, accelerator, and start-up support institutions.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.635-645
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• 2020

This research was conducted to achieve several objectives and focus research was based on financial behavior theory and prospect theory as grounded theory e.g., investigate the financial decision-making behavior between financial and real assets investment, and confirm the relationship existing between herding behavior and overconfidence factors to the level of loss and regret aversion, and financial literacy into real assets investment decisions. The study used 220 real estate auction respondents as investor samples at the State Assets and Auction Service Office Makassar, South Sulawesi, Indonesia. Data was collected through the use of a questionnaire consisting of 23 questions to measure the variables. Moreover, the research data passed through several feasibility tests like the inner and outer modeling by Partial Least Square - Structural equation model (PLS-SEM) while the hypotheses formulated were also tested to determine the magnitude of the variable relationship. Through the use of the direct and intervening test, loss and regret aversion variables have a positive and significant effect while financial literacy variables have no significant effect. There is a slight difference in the decision-making process for real assets and financial assets investors. Investment decision making behavior in the financial assets sector requires less complicated decisions compared to the decisions related to real assets investments.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.535-543
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• 2020

Investors from the whole world are looking for those stock markets that are less affected by interest rates. Pakistan is a good place to invest and the investors from the whole world are considering Pakistan for future ventures. The current study, therefore, aims to analyze the factors affecting investors' decision making in Pakistan with the interaction effect of locus of control. The primary data are gathered from 300 respondents. Structural equation modelling (SEM-PLS) is used to analyze the interactions among variables. The study finds positive impact of availability and representative biases on investment decision making. The study could not find any moderating role of locus of control. The results imply that decisions made by Pakistani investors are driven by the most easily or currently available information and they trust on the information obtained from family and friends without any authentication and verification. One possible description of insignificant moderation effect of locus of control can be the sample traits used in the study, e.g., personal characteristics, that change from culture to culture. Another description of these findings may be the association between heuristic biases, including availability, representative and psychological biases and decision-making regarding investment is not personality specific.

• The Journal of Fisheries Business Administration
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• v.39 no.2
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• pp.109-123
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• 2008

This study is aimed to establish an investment decision model for offshore aquaculture project of rock bream in Korea using a certainty equivalent method (CEM) based on the expected utility theory and to investigate its economic viability under risk and uncertainty. In the analysis with CEM, the effects of risk attitude and risk level on investment and risk premium were examined and the impacts of various risk and uncertainty factors on the investment decision were also assessed. In addition, the outcomes were compared to those evaluated by the traditional net present value (NPV) method. Results show that risk premium grew as the investors became more risk averse and uncertainty level (the variance of NPV) increased. Consequently, the certainty equivalent value was predicted to decrease from the value assessed by the traditional NPV method.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.53-59
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• 2021

This research aims to examine the model of investor herding behavior in making investment decisions in the Indonesian capital market, which is influenced by social and information impacting on the value of the Book Value Per Share (BVPS). The latest stock market conditions show that most investors make the same error pattern in making investment decisions that result in losses. The experiment involves two independent variables, namely, information about BVPS and social influence. This study used a 2×2 factorial design laboratory experimental method. Data collection was carried out through treatment of a sample of 100 individual investors listed on the Indonesia Stock Exchange. Univariate Two-Way Analysis of Variance (ANOVA) statistical tool was used to test the independent variable on the dependent variable. Research results showed that the social influence originating from expert investors is more influential than the Book Value Per Share (BVPS) information on the behavior of herding investors in making investment decisions. These findings suggest that investors know their psychological factors, thereby increasing self-control and investment analysis skills. Further research can use psychological bias and other indicators of accounting relevant information such as Earning Per Share (EPS) to test herding behavior in investment decision making in the capital market.

• Management Science and Financial Engineering
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• v.16 no.2
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• pp.99-114
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• 2010

The influencing factors of large-scale IT investment decisions are rarely investigated in an empirical perspective. We find out different behaviors in IT investment decisions according to the size of organization. Large scale IT-investment decisions (e.g. system downsizing) can be the outcome of decision-makers' motivation to adopt and control new IT systems- However, this phenomenon is salient in the large-sized organization rather than small-sized ones. Based on our investigation, we predict general IT decision-making behaviors in organizations when making IT investment decisions.