• 유통과학연구
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• 제14권4호
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• pp.13-20
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• 2016

Purpose - This paper attempts to determine the importance of financial sustainability and the impact of Selling, General and Administrative Expenses (SG&A) on the financial sustainability of the IT industry. Research design, data, and methodology - Primarily the impact of SG&A expenditure on the sales revenue, assets, gross margins and profit is ascertained. After that the impact of SG&A expenditure, sales revenue, assets, gross margins and profit on the financial sustainability i.e., return on assets is worked out. Finally the impacts of financial sustainability i.e., return on assets on total enterprise value and market valuation multiples are found out. Results - The empirical result shows that SG&A expenditure most strongly impacted sales revenue, assets, gross margins and profit positively. Financial sustainability impacted in mixed manner with SG&A expenditure, sales revenue, assets, gross margins and profit. Assets and gross margins have weak positive impact on financial sustainability. Sales revenue has no impact on financial sustainability. Finally financial sustainability had moderate positive impact on total enterprise value and had no impact on market valuation multiples. Conclusions - SG&A expense has moderate positive impact on the financial sustainability and magnitude is very low.

• Asia Marketing Journal
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• 제15권3호
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• 경영과학
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• 제31권2호
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• pp.71-86
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• 2014

There is a growing need for technology transactions between the technology providers, who develop technologies, and the technology consumers, who purchase and commercialize technologies, to be smooth, when technologies, as intangible assets, are traded as items that can be purchased and sold. In response to these challenges, this study examines new approaches to assessing the fair market value of technologies. Because corporations are the main force behind technology development and commercialization in the existing business environment, applying one valuation method to technology assets is viable; however, as the subjects of technology development and technology commercialization are separate, the need for price negotiations between the subjects of technology transaction has grown. Moreover, as the investigations into and the application of transaction prices have been performed separately by technology providers, technology consumers, and technology assessment financial institutions, the research on technology valuation methods has shown that there are differences in perceived transaction prices between the subjects involved. This research presents a new method, appropriate to technology transactions; unlike existing methods, it grants option values to the technology provider and newly defined key variables to the technology consumer.

• 산업경영시스템학회지
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• 제30권4호
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• pp.170-181
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• 2007

The purpose of computing economic depreciation value is to find valuation of assets closely in line with market prices. The valuation of industrial assets are called Engineering Valuation. The two representative techniques for such valuation are Hulten-Wykoff Method, which estimates real value using regression equations, and T-factor Method devised at Iowa State University. The two are all empirical methods for computing service life (duration period). In this paper, we derived the service life by empirical methods using national wealth statistics, and also by more conventional methods such as original group method and retirement method. The results from each method are compared with one another. We also computed economic service life from these results. In S. Korea where amount of asset value statistics is still insufficient, the most effective method for empirically computing economic service life turns out to be the one using national wealth statistics. In addition, we also present economic relationship between depreciation value computed by using Hulten-Wykoff Method and depreciation value computed by using T-factor Method.

• 수산경영론집
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• 제53권2호
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• pp.42-57
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• 2022

The purpose of this study was to estimate the economic values of whale watching. The data used in this study were collected with 1,599 coastal tourists and the questionnaire included contingent valuation method questions. The results show that coastal tourists obtained the benefits of about KRW 15,970 from whale watching. Further analyses were conducted to check the differences of willingness to pay for whale watching based on the three variables as follows: previous experience of whale watching and participation intention in whale watching tourism, and previous experience of cruise trips. The results indicate that the respondents, who already participated or intended to participate in this type of tourism activity, were willing to pay higher than those, who did not participated or had no intention of participation, respectively. These results imply that whale watching could be a feasible alternative to the direct consumption of whale meat. Based on the study results, we provide policy and management-related implications for whale watching programs.

• Current Photovoltaic Research
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• 제11권4호
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• pp.124-133
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• 2023

In order to deploy the large-scale energy storage (ES) service in the various industry, it is very important to develop a business model with high technological and economic feasibility through detailed valuation of cost and expected benefits. In relation to this, this paper established an optimal scheduling plan for electric vehicle charging stations connected with photovoltaic (PV) and ES technologies in Korea using the distributed energy resource valuation tool and analyzed the feasibility of the project. In addition, the impact of incentives such as REC (Renewable Energy Certificate) to be given to electric vehicle charging stations in accordance with the relevant laws to be revised in the future was analyzed. As a results, the methodology presented in this paper are expected to be used in various ways to analyze the feasibility of various business models linked to renewable energy and ES technologies as well as the electric vehicle market.

• 동아시아경상학회지
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• 제12권2호
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• pp.1-7
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• 2024

Purpose: This study delves into the application of the Ohlson 1995 valuation model, particularly addressing the intricacies of the "Other information" variable. Our goal is to pinpoint the most suitable variables for substitution within this category, focusing specifically on the Mongolian Stock Exchange (MSE) context. Research design, data, and methodology: Employing data spanning from 2012 to 2022 from 60 MSE-listed companies, we conduct a comprehensive analysis encompassing both financial and non-financial indicators. Through meticulous examination, we aim to identify which variables effectively substitute for the "Other information" component of the Ohlson model. Results: Our findings reveal significant outcomes. While all financial variables within the model exhibit importance, certain non-financial indicators, notably the company's level and state ownership participation, emerge as particularly influential in determining stock prices on the MSE. Conclusions: This study not only contributes to a deeper understanding of valuation dynamics within the MSE but also provides actionable insights for future research endeavors. By refining key variables within the Ohlson model, this research enhances the accuracy and efficacy of financial analysis practices. Moreover, the implications extend to practitioners, offering valuable insights into the determinants of stock prices in the MSE and guiding strategic decision-making processes.

• 한국산학기술학회논문지
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• 제17권11호
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• pp.155-167
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• 2016

기술 가치평가는 개발된 기술에 대한 사업화 과정에서 사업타당성을 평가할 수 있는 근거가 된다. 그러나 기술 자체의 평가에만 초점을 두는 전통적인 평가 방법은 구매자의 입장을 충분히 반영하지 못하는 한계를 지니고 있기 때문에, 평가된 기술의 가치는 실제 시장에서 체감하는 정도와 차이를 보일 수 있다. 따라서 본 연구는 실제 가치평가의 주요 거래자라 할 수 있는 수요자 입장을 반영한 기술가치 평가 방법을 제시하고자 한다. 평가방법은 첫째 기술의 본질적인 가치를 평가하는 기술성 요인, 수요자의 환경 역량 등을 평가하는 기술수요자 요인, 시장가치를 나타내는 시장성 요인을 도출하고 이들의 연관관계를 분석한다. 둘째, 요인 간 연계 구조를 토대로 수익접근법에 의해 기술의 기대이익을 산출한다. 마지막으로, 산출된 기대이익은 현가화하여 최종적인 기술 가치를 나타낸다. 제안된 방법론을 '유비쿼터스 홈네트워크 시스템과 이를 이용한 음성서비스 및 조명제어 방법' 기술에 적용하여 가치 평가를 수행하였으며, 평가 결과를 산업통상자원부에서 배포한 기술가치평가 가이드에 따른 기술가치평가와 비교하여 타당성을 검증하였다. 본 연구의 기술가치평가 방법은 보다 정량적이고 체계적인 접근법에 기반하였으며, 기술거래 이해관계자의 입장을 반영한 기술이전을 위한 의사결정지원 도구로서 활용될 수 있다.

• Ocean and Polar Research
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• 제33권3호
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• pp.223-233
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• 2011

The Korean government has acknowledged the importance of Dokdo Island and has consequently taken various measures for the effective management of it. There has, however, been little quantitative information about the value of Dokdo Island and this study, therefore, attempts to assess the Islands non-market value. To this end, this study estimated the non-market value by MAUT/CVM. The non-market value estimated by MAUT/CVM includes historic value, military value, ecological value, and geological value. According to the results, the values calculated by the price in market is about 10.37 trillion won and the values estimated by MAUT/CVM is about 1.72 trillion won annually.

• 자원ㆍ환경경제연구
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• 제9권4호
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• pp.747-771
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• 2000

This paper reports the results of a study to elicit willingness to pay (WTP) for changes in health risks from exposure to As, Pb, THM in tap water using experimental market method. The experimental market method, compared with other non-market valuation methods, allows us to use incentive compatible demand revealing scheme, to acquire market-like experience through repetitive auctions, and to incorporate learning process by providing new information during the session. Participants seemed to utilize the objective risk information in a 'rational' manner, and to change their WTP bids accordingly. Moreover they were able to reduce the 'ambiguity' in risk perception processes when objective risk probabilities provided are quite different from their subjective perceptions. Nonetheless, anchoring effects appeared to be still persistent in spite of market-like experience and learning opportunity. And implicit values entailed by WTP bid/risk tradeoffs indicate a wide variation in values across alternative risk reductions and overrated responses to very small risk reductions.