• The Journal of Asian Finance, Economics and Business
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• v.3 no.3
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• pp.5-15
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• 2016

This study examines whether Korean rating agencies such as Korea Investors Service (KIS), National Information & Credit Evaluation (NICE), and Korea Ratings Corporation (KR), incorporate corporate governance into their corporate bond ratings in Korea. We find that the Korean rating agencies assign higher ratings to the bonds issued by Chaebol (Korean business group) affiliated firms. Our results also indicate that those rating agencies give higher ratings to the bonds with greater foreign investor share ownership. Moreover, if the rating agencies value corporate governance, higher rated firms should issue bonds at lower yield to maturity. We discover that Chaebol affiliation is counted favorably by the rating agencies. We find that investors are willing to pay lower risk premium for bonds with higher institutional ownership, but higher risk premium to bonds with greater equity ownership in the form of depository receipts. Therefore, even if the rating agencies and investors in Korea consider corporate governance (Chaebol affiliation and ownership structure) an important determinant in bond ratings and the yields to maturity, they have opposite views on institutional ownership and share ownership in the form of depository receipts.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.45-52
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• 2021

Stock price fluctuations affect investor returns, particularly, in this pandemic situation that has triggered stock market shocks. As a result of this situation, investors prefer to move their money into a safer portfolio. Therefore, in this study, we approach an efficient portfolio model using smart beta and combining others to obtain a fast method to predict investment stock returns. Smart beta is a method to selects stocks that will enter a portfolio quickly and concisely by considering the level of return and risk that has been set according to the ability of investors. A smart beta portfolio is efficient because it tracks with an underlying index and is optimized using the same techniques that active portfolio managers utilize. Using the logistic regression method and the data of 100 low volatility stocks listed on the Indonesia stock exchange from 2009-2019, an efficient portfolio model was made. It can be concluded that an efficient portfolio is formed by a group of stocks that are aggressive and actively traded to produce optimal returns at a certain level of risk in the long-term period. And also, the portfolio selection model generated using the smart beta, beta, alpha, and stock variants is a simple and fast model in predicting the rate of return with an adjusted risk level so that investors can anticipate risks and minimize errors in stock selection.

• Journal of Distribution Science
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• v.13 no.12
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• pp.95-103
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• 2015

Purpose - The Visegrád Group cooperation of the past 14 years and that of V4 for the past 20 years has very important significance in the 21st century that must be maintained. This cooperation is valuable because of the trade routes that connect northern Poland to the Balkans in southern Croatia, which forman important basis for the resuscitation of Central European development. Currently, because of the European manufacturing base and industrial development, an energy supply and stable energy distribution networks have been introduced to secure cooperation and not competition within the Visegrád Group. This paper's research emphasizes the supply chain hub in neighboring countries. Although Central and Eastern European countries are small, they can provide a competitive response to Western Europe if they collaborate with the V4 group and other countries. Research design, data, and methodology - The subjects of this study in the Visegrád Group area are related to the development of Marketing and Distribution Sciences in the integrated European Union. In relation to the existing energy infrastructure, construction companies and financial institutions benefit from large-scale construction projects. Existing or new infrastructure facilities among the V4 must comply with the preconditions of regional energy markets. The network of emerging markets is changing into a European-logistics hub of new markets. This hub is closely associated with the economic development of European self-sustainment given that energy for distribution and consumption is imported from Russia. Therefore, this paper indirectly provides data on the regional distribution of energy as alternative bases in Europe for market expansion to Asia. Results - As a result, it appeared unlikely that V4 failed to implement homogeneity following the standards of Western Europe, as proposed by the EU. Throughout European history, individuals have gathered in Central Europe as an innovation hub. Currently, the region is being established independently for energy industrial development and not for tourism development, and is expected to play a central role in innovation and distribution consumption. Therefore, similar to Western and Northern Europe, V4 only appears to engage in distribution consumption on the basis of the identity that it formed for itself. This area is expected to either create a regional platform or a voice over a single economic policy. Conclusions - To this end, regarding the distribution of consumer groups within and outside the region, the V4 group is expected to be established for various policy areas and as a Eurasian outpost of trade and distribution logistics. In addition, given its purpose of engaging in the distribution of energy cooperation and trade clusters, the Visegrád Group will be in charge of the center axis of the bridge for distribution logistics trading partners from the Western Balkans to Caucasus and Eastern Europe. Thus, the Visegrád Group is entering this region as a platform for market share by enabling all or any investor can gain greater industrial benefits.

• Journal of Intelligence and Information Systems
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• v.12 no.2
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• pp.125-144
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• 2006

The development of mobile applications is fast in recent years. However, nearly all applications are for messaging, financial, locating services based on simple interactions with mobile users because of the limited screen size, narrow network bandwidth, and low computing power. Processing an algorithm for supporting a group decision process on mobile devices becomes impossible. In this paper, we introduce the mobile-oriented simple interactive procedure for support a group decision making process. The interactive procedure is developed for multiple objective linear programming problems to help the group select a compromising solution in the mobile Internet environment. Our procedure lessens the burden of group decision makers, which is one of necessary conditions of the mobile environment. Only the partial weak order preferences of variables and objectives from group decision makers are enough for searching the best compromising solution. The methodology is designed to avoid any assumption about the shape or existence of the decision makers' utility function. For the purpose of the experimental study of the procedure, we developed a group decision support system in the mobile Internet environment, MOBIGSS and applied to an allocation problem of investor assets.

• Journal of Digital Convergence
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• v.14 no.7
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• pp.127-133
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• 2016

The objective of this study is to investigate the association between MBTI personality types of potential investors and their cognitive behavioral investment disposition. Three questionnaires related with MBTI, cognitive investment disposition, and behavioral one from 400 subjects were collected and analyzed. Based on both cognitive and behavioral investment disposition scores, potential investors having E(Extroversion), S(Sensing), and F(Feeling) types tend to put up with the risk resulting from their investment better than ones who having I(Introversion), N(Intuition), and T(Thinking) types. However, the difference between J(Judging) and P(Perceiving) types was not significant. Also investor group with ENF combination had the most aggressive investment disposition among other groups. On the contrary the group with ISF had an tendency to avoid the investment risk. In addition the correlation between cognitive and behavioral investment dispositions was 0.86. This study is expected to be used as basic data with which investment companies and banks recommend adequate financial instruments to consumers.

• The Journal of the Korea Contents Association
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• v.21 no.12
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• pp.348-362
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• 2021

Real estate investment behavior factors are divided into profitability, risks (stability), liquidity, and regulation (deregulation) factors. The sub-attributes of the investment behavior factors are generally formative indicators. Unlike reflection indicators, formative indicators can identify not only the influence of investment behavior factors on dependent variables, but also the influence of sub-attributes on dependent variables. Therefore, theoretical and practical needs of comparing the influences of factors and sub-attributes on dependent variables has been suggested. In this study, in order to provide information that help marketing for lots shopping building, both the causality between investment behavior factors and investment intention and the causality between sub-attributes and investment intention were comparatively studied for each of the three investor groups: the whole group, the group with high investment intention and the group with low investment intention. For this purpose, a survey and multiple regression analyses were conducted on 237 existing investors in the customer DB of a company that have been developing and selling lots shopping building in the metropolitan area and Sejong City. At the factor level, the effects of profitability and regulation were significant in the whole group and the group with low investment intention, but the effects of risk and liquidity were significant in the group with high investment intention. At the sub-attribute level, all three groups showed different results.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.165-190
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• 2008

The degree of informational asymmetry relating to the expiration of index derivatives is usually increased as an expiration day of index derivatives approaches. The increase in the degree of informational asymmetry may have some effects on trading behavior of investors. To examine what the effects look like, 'life cycle of index derivatives' in this study is defined as three adjacent periods around expiration day: pre-expiration period(a week before the expiration day), post-expiration period(a week after the expiration day), and remaining period. It is inspected whether stock investor's trading behavior is changed according to the life cycle of KOSPI200 derivatives and what the reason of the changing behavior is. We have four results. First, trading behavior of each investor group is categorized into three patterns: ㄱ-pattern, L-pattern and U-pattern. The level of trading activity is low for pre-expiration period and normal for other periods in the ㄱ-pattern. L-pattern means that the level of trading activity is high for post-expiration period and normal for other periods. In the U-pattern, the trading activity is reduced for remaining period compared to other periods. Second, individual investors have ㄱ-pattern of trading large stocks according to the life cycle of KOSPI200 index futures while they show U-pattern according to the life cycle of KOSPI200 index options. Their trading behavior is consistent with the prediction of Foster and Viswanathan(1990)'s model for strategic liquidity investors. Third, trading pattern of foreign investors in relation to life cycle of index derivatives is partially explained by the model, but trading pattern of institutional investors has nothing to do with the predictions of the model.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.1
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• pp.1-19
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• 2021

The purpose of this research is to improve the investment success rate for startups in the water industry for the development of the entrepreneurial environment of the Korean water industry. In this research, we identified investment determinants through prior research and stratified them, and then surveyed the investor group at the beginning of the start-up using the FGI method, and determined the order of the investment determinants of investors. At the same time, we classified 41 start-ups related to the water industry into two groups: the group that received investment and the group that did not in the early stages of the start-up. Then we investigated the understanding of the investor's investment determinants, ranked them, and compared them by using the AHP technique. Through this, this research proposes five implications. First, it is important for start-ups in the early stages to receive seed investment to revitalize investment for startups in the water industry. For this, startups need to understand investors and prepare to attract investment with the perspective of angel investors rather than the perspective of VC investors. Second, Start-ups in the water sector should consider that the characteristics of the founder are important in order to receive seed investment, and also need to define their business at the industry and market level, and provide relevant rationale to meet the expectations of investors who value industry expertise and experience, and to increase the possibility of seed investment, which is important in the early stages of a startup. Third, institutions, such as K-water(Korea Water Resources Corporation), that support water industry startups need to conduct open innovation business opportunities discovery programs linked to startups so that startups currently participating in the startup support program could have business opportunities from the business infrastructure of platform-forming companies in the water industry. In particular, such institutions should help founders develop their industrial expertise and careers by supporting this type of start-up preparation process through the participation of in-house venture founders. Fourth, when K-water uses the government start-up support fund to discover and foster founders, it should increase initial contact with seed investors, conduct more thorough verification of business plans, and develop programs that use government start-up support funds to prepare a business suitable for seed angel investors. Fifth, K-water should support seed by connecting funds for initial investment among funds operated by itself. It is also necessary to develop a program that links the company receiving the seed investment with VC investment, not angel investment in cooperation with the VC fund operation entity participating as an LP so that companies that have attracted seed investment could attract follow-up VC investment.

• Management & Information Systems Review
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• v.34 no.5
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• pp.23-47
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• 2015

In the Korea stock market, individual investors have perceived stock as short arbitrage investment, not long-term investment strategy. In order to reinforce stock market transparency and soundness, it is important to enforce the measures for stock market management. Especially, stock market event caused by financial policy can be given individual investors negative information regarding a stock trading. Thus, it is a need for investigating whether comprehensive review of listing eligibility is influenced on individual investors' responses and stock behaviors in respect of effectiveness. The purpose of this study to examine the relations between such stock market management and transitional aspect of individual investors' trading types and response on the based of pre- and post-event occurrence. Using an dataset of user's text messages on 9 firms posted on the firm-based social media (i.e., Naver, Daum, Paxnet) over the period 2009 to 2014. And we performed text-clustering and topic modeling according to keywords for classifying into investors group and non-investors groups and two types of investors were categorized depending on main topic transition by event windows in Comprehensive review of listing eligibility. The results indicated that a variety of stockholders existed in the stock. And the ratio of non-investors group was on the decrease, on the other hand, the proportion of investors group veer onto the side of pre-pattern after comprehensive review of listing eligibility. A distinctive feature of our study is to explain the influence of stock market management on response changes of individual investors as well as to categorize in accordance with time progression. Implications an suggestions for future research were also discussed.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.4 no.5
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• pp.15-26
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• 1981

While one characteristic of modern enterprises is that their forms are mostly stock company type profit organization the other characteristic is that such modern enterprises have mostly been managing under separation between capital and management. The term "Separation of ownership and Management" means that a company is controlled and managed not by its financier or investor but by the professional manager equipped with scientific management skill and knowledge. Nowadays, separation between capital and management could be adopted by advent of professional managers, and the enterprises are managed not exclusively by the interested group of stockholders but by the professional managers Professional managers can manage their enterprises in such a way as to guarantee to achieve sociality and public interests required in the modern enterprises. The purpose of this study is to formalize management ideology of enterprises in Daegu Area by means of comparative study on the degree of separation of ownership and management among enterprises in the United States, Japan and Daegu Area, thus to advise enterprising men of management idea-logy formalized. Findings from the comparative study are as follows 1. There are differences in staffing and financing between enterprises of the United States and those of Japan and Daegu Area. 2. Degree of Separation of ownership and management in Japan and Daegu Area is much less than that of the United States, and 3. The degree of separation of ownership and management is higher in open enterprises in Daegu Area. Accordingly. enterprises in Daegu Area should adopt up-to-data management theory and techniques in order to be developed themselves, and furthermore, to contribute to both the nation and the local community in economic development. In modern industrial society, the scale enterprise organization is growing very rapidly and the managerial circumstances are very much complicate and variable , thus the demand for the competent managers equipped with management knowledge and ability are high. The necessity of systematic and efficient managerial training is social demand needed urgently in modern industrial society. Therefore, it is necessary for the enterprising men in Daegu Area to establish cooperation system between university and industry in which they can participate voluntarily.luntarily.