• Journal of Information Technology Applications and Management
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• v.15 no.1
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• pp.139-152
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• 2008

Recently organizations identify information security as one of essential means for gaining competitive advantage. However, they do not actively increase investment in this area because they consider spending for information security as a cost rather than an investment. This is because organizations don't have a clear understanding of information security objectives which can be achieved through investment, and they don't have criteria for alternatives which can be considered in information security investment decision-making. In this paper we propose to model the decision-making process of information security investment by the AHP (Analytic Hierarchy Process). The results will show that availability is the most important criterion for the decision of information security alternatives, and intrusion detection is the most important information security alternative. We hope that the results of this paper provide a guideline for clear decision-making in information security investment.

• Journal of the Korean Home Economics Association
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• v.30 no.1
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• pp.199-217
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• 1992

The purpose of this study was to examine changes in the household investment planning according to the family life cycle, to improve the household investment planning process, and to develop research model. The results were as follows : Household investment planning varied with stages of the family life cycle because the stock of resources shifted and financial goals changed as the family life cycle stage changed. The main financial goals of family in each stage of the life cycle were the purchasing of house in the establishing stage, children's education and marriage in the extending stage, and the elderly's economic welfare in the diminishing stage. Also, in the Ⅰ & Ⅱ stage the most important investment goals were the purchasing of house, children's education in the Ⅲ stage, children's marriage in the Ⅳ stage, and the elderly's economic welfare in the Ⅴ stage. Therefore, the financial goals were recognized as the important goals underlain the investment-planning goals, and alternatives for the accomplishment of investment-planning goals were determined. The results of this study can contribute to establish the long-run investment planning process and improve the level of household's financial well-being.

• Journal of the Korean Home Economics Association
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• v.30 no.1
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• pp.219-235
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• 1992

This study attempted to examine a theoretical framework which synthesizes risk attitude, type of investment management and investment behavior and to provide the specific investment strategy by analysing several variables which have effect upon the investment behavior. The results of this research were as follow : 1. Risk attitude had significant differences by the variabels such as age, sex, education, income and debt/asset ratio. Also the type of investment management was influenced significantly by the variables such as age, education, occupation, income, total asset, debt/asset ratio, achievement motivation and risk attitude. The ratio of risky asset holdings was affected by the variabels such as age, education, occupation, housing ownership, income, total asset, debt/asset ratio, achievement motivation, risk attitude and type of investment management. 2. Among several variables affecting the ratio of risky asset holding risk attitude, education, type of investment management, debt/asset ratio and achievement motivation had direct effect on it. Besides age had indirect effect through risk attitude and age, achievement motivation and risk attitude had indirect effect through the type of investment management. 3. The results of this study showed that causal relation between input, throughput and output can be applied to household's investment behavior and the concept of risk or risk attitude can be applied to other fields except household's investment. Also it could be attributed to provide the investment strategy for improving level of household's financial well-being.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.2993-3002
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• 2018

This case study introduces the process of developing the technology rating evaluation model for investment. The technology evaluation rating model for investment is a project that the Financial Services Commission and the Ministry of Commerce, Industry and Energy collaborated to expand the scope of technology finance from loan to investment. The technology evaluation model for investment was developed with the aim of predicting high growth companies. The model consists of a statistical model and an expert model. Here, statistical models were modeled by using logistic regression analysis. Expert models gathered opinions of experts and identified the weight of each evaluation item and set the model. The rating system of the model is composed of 10 grades. The distribution of the model was consistent with KTRS grade distribution. Interestingly, the emphasis is on technology and marketability. In the technology valuation grade model for the goddess, there is a considerable difference from the emphasis on managerial competence or business performance.

• Korean Management Science Review
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• v.30 no.1
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• pp.73-89
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• 2013

This paper develops an investment algorithm based on Markowitz's Portfolio Selection Theory, using historical stock return data, and empirically evaluates the performance of the proposed algorithm in the U.S. and the Hong Kong stock markets. The proposed investment algorithm is empirically tested with the 30 constituents of Dow Jones Industrial Average in the U.S. stock market, and the 30 constituents of Hang Seng Index in the Hong Kong stock market. During the 6-year investment period, starting on the first trading day of 2006 and ending on the last trading day of 2011, growth rates of 12.63% and 23.25% were observed for Dow Jones Industrial Average and Hang Seng Index, respectively, while the proposed investment algorithm achieved substantially higher cumulative returns of 35.7% in the U.S. stock market, and 150.62% in the Hong Kong stock market. When compared in terms of Sharpe ratio, Dow Jones Industrial Average and Hang Seng Index achieved 0.075 and 0.155 each, while the proposed investment algorithm showed superior performance, achieving 0.363 and 1.074 in the U.S. and Hong Kong stock markets, respectively. Further, performance in the U.S. stock market is shown to be less sensitive to an investor's risk preference, while aggressive performance goals are shown to achieve relatively higher performance in the Hong Kong stock market. In conclusion, this paper empirically demonstrates that an investment based on a mathematical model using objective historical stock return data for constructing optimal portfolios achieves outstanding performance, in terms of both cumulative returns and Sharpe ratios.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.3
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• pp.1109-1115
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• 2013

The present study attempts to build a decision making model for social enterprise investment. The proposed model includes four factors; social compatibility, growth, profitability, stability, and organizational suitability. Thirteen social enterprise investors were requested to rate the importance of each of the four factors when they make investment decisions. Financial stability (25.8%) and social compatibility(25.7%) turned out to be most important followed by profitability(17.5%) and growth(17.1%). Organizational suitability(13.9%) was least important. This study uncovered the first empirical factors for social enterprise investment decision making in the early stage of exploratory research. In practice, also provided several implications to social entrepreneurs, investors and policy makers.

• Environmental and Resource Economics Review
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• v.16 no.4
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• pp.763-779
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• 2007

The combined heat-and-power (CHP) plant is recently suggested as an effective resolution in response to recent rising oil prices and the Kyoto Protocol. This research provides a model for economic appraisal to evaluate CHP investment. Real option model is developed to incorporate a case where the investment is irreversible and underlying revenue is stochastic. The analysis shows that power plant capacity more than 40 Gcal makes CHP investment profitable while the results may vary 10 modest level with respect to investment cost, heat sales price and discount rate.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.253-270
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• 2023

Research on investment determinants of accelerators, which are attracting attention by greatly improving the survival rate of startups by providing professional incubation and investment to startups at the same time, is gradually expanding. However, previous studies do not have a theoretical basis in developing investment determinants in the early stages, and they use factors of angel investors or venture capital, which are similar investors, and are still in the stage of analyzing importance and priority through empirical research. Therefore, this study verified for the first time in Korea the discrimination and effectiveness of investment determinants using accelerator investment determinants developed based on the business model innovation framework in previous studies. To this end, we first set the criteria for success and failure of startup investment based on scale-up theory and conducted a survey of 22 investment experts from 14 accelerators in Korea, and secured valid data on a total of 97 startups, including 52 successful scale-up startups and 45 failed scale-up startups, were obtained and an independent sample t-test was conducted to verify the mean difference between these two groups by accelerator investment determinants. As a result of the analysis, it was confirmed that the investment determinants of accelerators based on business model innovation framework have considerable discrimination in finding successful startups and making investment decisions. In addition, as a result of analyzing manufacturing-related startups and service-related startups considering the characteristics of innovation by industry, manufacturing-related startups differed in business model, strategy, and dynamic capability factors, while service-related startups differed in dynamic capabilities. This study has great academic implications in that it verified the practical effectiveness of accelerator investment determinants derived based on business model innovation framework for the first time in Korea, and it has high practical value in that it can make effective investments by providing theoretical grounds and detailed information for investment decisions.

• East Asian Economic Review
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• v.20 no.2
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• pp.229-275
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• 2016

We study the effect of the high-skilled emigration rate on the growth rate of the source countries. We incorporate the foreign direct investment and the policy variables into the panel model and also their interactions with the high-skilled emigration rate, as they are related to the network externality that may be created by the high-skilled emigrants working abroad. We apply the static fixed-effects model and compare it with the results obtained in the dynamic panel model with system generalized methods of moments estimators. We find the negative effect of the high-skilled emigration rate by itself and in its interaction with the foreign direct investment only in the dynamic model. However, we find positive coefficient for the interaction of the high-skilled emigration rate and the civil liberties index, which holds across the static and dynamic specifications. This implies that the effect of the high-skilled emigration rate on the growth rate of the source countries can be positive, and the extent is larger for countries with 'poor' civil liberties. The developing countries with low levels of foreign direct investment inflows and 'poor' civil liberties can best benefit from the high levels of skilled emigration outward. Through finding significant interactions with other variables, we confirm that the high-skilled emigration should be considered along with other related variables in measuring its impact on growth. The implications offer suggestions for the international trade and aid policies.