• Journal of the Korean Data and Information Science Society
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• v.28 no.6
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• pp.1481-1500
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• 2017

This study examines the stability and excellence of portfolio investment strategies based on the accounting information of the Korean stock market. In the process of constructing the portfolio, various combinations of financial ratios are used to select the stocks with high expected return and to measure their performance. We also tried to improve our investment performance by using genetic algorithm optimization. The results of this study show that portfolio strategies using accounting information are effective for investment decision making and can achieve high investment performance. We also verify that portfolio strategy using genetic algorithms can be effective for investment decision making.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.163-171
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• 2020

The study aims to examine the effects of inward every presence of foreign investment, import, and real exchange rate shocks on export performance in Vietnam. This study employs a time-series sample dataset in the period of 2009 - 2018. All data are collected from the General Statistics Office of Ministry of Planning and Investment in Vietnam, World Development Indicator and Ministry of Finance, State Bank of Vietnam. This study employs the Augmented Dickey-Fuller test and the vector error correction model with the analysis of cointegration. The results demonstrate that a higher value of import significantly accelerates export performance in the short run, but insignificantly generates in the long run. When the volume of registered foreign investment goes up, the export performance will predominantly decrease in the both short run and long run. Historically, countries worldwide are more likely to devaluate their currencies in order to support export performance. According to the study, the exchange rate volatility has an effect on the external trade in the long run but no effect in the short run. Finally, Vietnam's export performance converges on its long-run equilibrium by roughly 6.3% with the speed adjustment via a combination of import, every presence of foreign investment, and real exchange rate fluctuations.

• Journal of Information Technology Services
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• v.12 no.3
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• pp.165-178
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• 2013

The interest in economics and efficiency of IT investment is growing as the amount of overall governmental IT investment steadily increase. Accordingly, there is a strong need to determine whether the expenditure incurs effectively for IT investment and to accurately analyze the economics of IT investment, In this perspective, this study discusses the prior researches on concepts regarding the analysis of IT investment management framework as proposed from academic and professional perspectives in advanced countries' government sectors. Thereafter, an adoption of IT investment management (ITIM) framework has been considered so as to enhance the performance of ICT initiative projects in the public sector. In the suggested IT investment management framework, we suggest economics and efficiency of public IT investment should be improved by integrating ICT project selection and control as well as evaluation stage into single governance framework.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.40 no.2
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• pp.104-110
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• 2017

When evaluating effectiveness of a R&D program, there is a tendency to simply compare the performances of the beneficiaries before and after the program or to compare the differences in the performances of the beneficiaries and the non-beneficiaries before-after the program. However, these ways of evaluating effectiveness of a program have some problems because they can not differentiate between complement effect, which facilitates corporate R&D investment, and substitute effect, which, literally, substitutes corporate R&D investment. Therefore, these problems could bring about wrong policies concerning R&D programs. In this paper, a new approach using path analysis is suggested as a means to overcome these problems and it is utilized, as an application, to evaluate the effectiveness of Plant Engineering Program conducted by Ministry of Trade, Industry & Energy, Korea. First, the direct impact of government R&D investment on corporate R&D investment is analyzed, through which it is identified which of crowding-in effect (complement effect) and crowding-out effect (substitute effect) is dominant. Next, the direct effect of government R&D investment on corporate performance and the direct effect of corporate R&D investment on corporate performance is analyzed respectively. Finally, by combining the two previous analysis, the total effect of government R&D investment on corporate performance is identified. As a result, it turns out that, in Plant Engineering Program, crowding-in effect is more dominant than crowding-out effect and that Plant Engineering Program has definitely positive effect on the beneficiary in terms of corporate performance indirectly and directly.

• Journal of Korea Society of Industrial Information Systems
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• v.14 no.2
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• pp.59-71
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• 2009

A great number of companies continue to invest heavily in information technology such as SCM The reasons for this investment vary, but the principal belief is that they will use the technology to gain competitive advantage in today's highly dynamic and changing business market. In order to identify the SCM management performance, this study investigates the impacts of information technology strategy(operation-oriented and market-oriented) on the information technology investment direction(internal system orientation and external system orientation), process innovation level and management performance(non-financial performance and financial performance). This study collected data on-line and off-line from enterprises which implement the supply chain management. The 82 responses were used for the statistical analysis.

• International Journal of Computer Science & Network Security
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• v.22 no.10
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• pp.201-206
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• 2022

The main purpose of the study is to analyze the features of innovation and project management in the system of improving the performance of personnel as a factor in ensuring competitiveness and investment security. For the successful operation of enterprises, regardless of their form of ownership and field of activity, in order to carry out effective activities, they turn to innovative methods related to the formation of the potential of the workforce, and increasing the level of education and qualifications of staff and establishing their potential ability to make independent decisions. Based on the results of the study, the key features of innovation and project management in the system of improving the performance of personnel as a factor in ensuring competitiveness and investment security are characterized.

• International Journal of Advanced Culture Technology
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• v.11 no.1
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• pp.103-109
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• 2023

This study examines the association between ownership structure and labor investment efficiency. Specifically, this study investigates whether owner-manager firms, where managers own a large percentage of shares in the firm, involve in more efficient labor investment. Based on the management entrenchment hypothesis, managers are more likely to make labor investment decisions to maximize their private benefits rather than creating value for shareholders, resulting in lower efficiency in labor investment. On the other hand, according to the incentive alignment hypothesis, managers tend to make labor investment decisions that will improve future firm performance as their interests are aligned with those of shareholders. In this situation, owner-manager firms are expected to have higher efficiency in labor investment. Our empirical results show that owner-manager firms engage in more efficient labor investment, which contributes to long-term firm value. This study provides empirical evidence that firms' labor investment behavior can vary depending on the characteristics of the ownership structure.

• Journal of Korea Society of Digital Industry and Information Management
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• v.4 no.4
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• pp.103-111
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• 2008

While the demand for ASP(Application Service Provider) focused on small and medium enterprises who are fully aware of needs of ICT readiness has been increasing, those who consider to adopt ASP are wondering whether their performance would be actually successful if they did. These concerns can be an important standard of judgement, when introducing new information systems, by analyzing ROI(Return on Investment) on the current enterprises. Therefore, to review the feasibility of investing IT and measuring the performance, this study suggests a framework for ROI analysis which estimates IT investment performance, through multi-criteria approach on both financial performance index and non-financial one. We applied methodology on ASP-based IT investment performance evaluation to sample manufacturing companies under 50 employees and deduced the main implications to be considered when introducing the system.

• The Journal of Industrial Distribution & Business
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• v.6 no.4
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• pp.27-37
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• 2015

Purpose - This study first explores the possible dynamic relationship between ownership structure and firm performance using a panel of 4,900 Chinese-listed small- and medium-sized enterprises (SMEs) from 1999 to 2012. Research design, data, and methodology - We address this issue through a dynamic panel model using a method of moments (GMM) technique and dynamic simultaneous equations to alleviate the potential endogenous problem: unobserved heterogeneity, simultaneity, and dynamic endogeneity. Results - Under the framework of dynamic endogeneity, firm performance has a significantly positive influence on ownership, but not vice versa. Ownership and performance can be explained by their owned lagged values, respectively. Moreover, intertemporal endogeneity exists among ownership, investment, and performance through the application of system dynamic equations, which implies that the relationship among ownership structure, investment, and firm performance is dynamic by nature. Conclusions - This study also significantly contributes to a better understanding of dynamic corporate governance by providing further empirical evidence from the largest capital market in the Asian region.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.330-334
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• 2011

Build-operate-transfer (BOT) projects are privatized infrastructure undertakings that face long-term investment risks and uncertainties. To ensure these projects can be completed on time and operated according to performance specifications, governments usually require BOT concessionaires to furnish performance bonds as a security. However, in order to attract investment, governments often provide abandonment rights for concessionaires to deal with investment risks and uncertainties. In the context of real options, these abandonment rights will increase project value, but the furnish of performance bonds will reduce this value. Currently in the BOT context, there is no real option model that can handle explicitly the impact of performance bonds on project value. In this paper, a real option valuation model is derived to deal with this important issue. The Taiwan high-speed rail project is used as a case study to show the applicability of the proposed model.