• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.49-59
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• 2021

This study empirically analyzes the effect of firm overinvestment propensity on the value relevance of capital investment. In order to verify this point, this study attempts to analyze the value relevance of overinvestment firms' capital investments. The analysis was performed according to the model of Biddle et al. (2009) and McNichols and Stubben (2008) on overinvestment propensity for analysis, and the results are as follows. First, in terms of overinvestment, corporate capital investment shows negative value relevance, so the excessive investments above reasonable levels have reduced firm's value. In contrast, the value relevance for capital investment showed a positive value for firms whose managerial propensity changed, that is, from under-investment in the previous year, it shifted to overinvestment in the current year. Second, as a result of analyzing the value relevance of the investment increase according to the investment propensity, the overinvestment firms showed negative values and the underinvested firms showed positive values; thus, the value relevance of the increase in investment was opposite to the investment propensity of the firm. These findings confirm that the stock market differentially evaluates investment efficiency according to investment propensity, continuity, and investment alterations, and reflects it appropriately in the firm's value.

• Journal of Korea Trade
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• 제27권1호
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• pp.60-78
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• 2023

Purpose - The study analyzed 90 online firms worldwise and observed them for ten years to investigate their investments and firm performance variabilities. This study attemped to verify the existence of agency problems in online firms. Through this, the paper intends to expand the scope of research in the fields of investment and firm value both empirically and in theory. This study also attempted to supplement the insufficient logic of previous studies by analyzing the relationship between investment and profitability. Design/methodology - In this study, the investment is subdivided into over-, under-, and neutral investments, and an empirical analysis of the firm performance was conducted. As investment generally has long-term effects, the impact of a firm's investment on future firm performance and variabilities in firm performance was considered over the short-and medium-term period. Findings - It was found that there was a negative relationship between firms with an overinvestment and future firm performance. Underinvestment has no clear statistically significant results on firm performance. This implies that overinvestment causes more reduction in future firm performance than underinvestment. It was also found that underinvestment and overinvestment significantly increased the variability of firm performance. A positive significance was found between under- and over- investment with a variability of 3 years and overinvestment with a variability of 4 years in the future. A negative relationship was found between neutral investment propensity and future performance variabilities. Neutral investment has less effect on the future performance variability of a firm than a firm's overinvestment and underinvestment. For online firms, underinvestment and overinvestment have a greater effect on the firm's future performance variability than neutral investment. Originality/value - The agency theory predicts that information asymmetry and adverse selection problems exacerbate conflicts of interest among stakeholders, thus firm performance. The study contributed to accumulating research on online firms that are currently underexplored by analyzing the investment behavior of major firms in the online industry.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2011년도 정기총회 및 추계학술대회 논문집
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• pp.1816-1824
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• 2011

Recently, with traffic SOC investment policy changing from road-centered to railway-centered according to environment-friendly and sustainable development, issues regarding overlapping and overinvestment of traffic facility have been raised. Regarding investment of various traffic facilities of which departure and destination are similar to each other, academia, civic organizations, government, etc. are recognizing problems including overlapping investment of budget, environmental destruction, etc., but not suggesting definite solutions. Objective transportation network analysis is required because various positive effects including solutions of delay/congestion may occur due to provision of alternative way and distribution of the amount of traffic when accidents occur, as well as negative effects suggested by some of civic organizations in various transportation facility investment of similar departure and destination. Hereupon, this study tries to suggest a tool that can objectively evaluate interrelations of transportation network by applying multi-criteria analysis including economic feasibility regarding analysis of interconnections between and within means of transportation.

• KDI Journal of Economic Policy
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• 제34권2호
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• pp.173-204
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• 2012

본고는 산출물시장이 과점적이고 동질적 상품이 거래되어 기업들이 생산량 경쟁을 하고 배출권시장은 완전경쟁적일 경우, 기업이 지출하는 저감투자량의 적절성을 이론적으로 분석한다. 산출물시장이 완전경쟁적일 때와는 달리 저감투자는 직접적으로 배출비용을 줄이는 효과 이외에 다른 기업의 산출물을 줄이는 간접적 효과를 발생시킨다. 균형하에서의 저감투자량은 사회적으로 최적인 저감투자량에 비해 생산량 대비 과잉투자를 야기하여 투자배분을 왜곡한다. 본고는 또한 불완전경쟁시장이 배출권 거래제도하에서 발생시킬 수 있는 비효율성의 제반 요인들을 검토하고 정책적 시사점을 제시한다.

• 재무관리연구
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• 제14권2호
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• pp.181-203
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• 1997

본 논문은 미국 다국적 기업의 해외 합작투자 발표가 개별 기업의 주식 가격에 미치는 영향에 관하여 분석하였다. 본 연구에서는 개별 기업의 경영능력 및 대리인 비용의 존재 여부에 따라 기업의 투자의사 결정시 증권시장이 차별적으로 반응한다는 점을 가설화하였으며 이를 실증연구를 통하여 입증하였다. 평균적으로 해외 합작투자 발표 당일에 주가 상승으로 인한 평균초과수익율은 0.4%로 기업 인수 합병에서 인수 기업이 실현하는 수익률에 상응하는 수준이었다. 본 논문의 실증연구 결과는 Jensen(1986)이 제시한 '사내잉여자금-과잉투자'(Free Cash Flow - Overinvestment)가설과 대체로 일치하고 있다. 즉, 기업의 관리능력이 뛰어나고 사내에 축적된 잉여자금의 양이 적은 경우 해외 합작투자 결정은 증권시장의 호의적인 반응을 받은 반면 경영이 부진하고 사내에 유보된 잉여자금의 양이 많은 기업의 경우 투자자의 관심을 끌지 못하였음을 알 수 있다.

• 자원ㆍ환경경제연구
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• 제10권2호
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• pp.135-159
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• 2001

This study analyses the energy consumption increase by using a physical production index (PPI) based decomposition method. The energy efficiency of the Korean industry deteriorated to a large extent in the 1992 to 1997 period. This outcome, however, does not contradict the result of a previous study that the physical energy intensities (measured by energy use per production unit) decreased in four Korean energy intensive industries such as steel, cement, petrochemical and pulp and paper in the same period. Although the physical energy intensities in four industries considered decreased significantly, the energy efficiency of the Korean industry deteriorated because the increase in the value-added production was smaller than that in the physical production except for the steel industry. This outcome suggests that the reduction in the physical energy intensity alone will not result in reducing the economic energy intensity, thereby reducing the increase in the energy consumption of the Korean industry. Therefore, it necessitates to restructure the Korean industry towards a higher value-added production and to strengthen energy efficiency improvement efforts in the Korean industry. As the overinvestment in the energy intensive industries caused a deep price fall of Korean products and a reduction of the value added of the Korean industry and with it an increase in the economic energy intensity, a decrease in this intensity will highly depend on reducing the overcapacity in the energy intensive industries which was partly responsible for the currency and economic crisis of 1997.

• 한국항만경제학회지
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• 제35권3호
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• pp.41-60
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• 2019

본 연구는 의약품 물류업체를 대상으로 물류센터 선정시 고려하는 요인들을 파악하고 그 요인들에 대한 중요도-만족도를 분석함으로 현재의 의약품 물류센터입지의 개선방안을 제공하였다. 첫째, 물류센터선정시 고려요인은 물류요인, 경제요인, 환경요인, 정책요인으로 구분되고 각 요인에 포함된 구체적인 속성들에 대해서는 대부분이 중요도에 비해 만족도가 낮은 것으로 나타났다. 둘째, 의약품 물류센터 이용자들은 생산업체, 유통업체, 병-의원, 약국으로 구분하고 각 이용자별 분석결과, 물류 요인은 개선이 필요하고 환경요인은 과잉투자된 것으로 확인되었다. 이러한 연구 결과는 향후 의약품 유통업체들이 물류센터를 선정하는데 있어 방향성을 제시해 줄 수 있으며, 전략적 시사점을 제공할 수 있을 것으로 기대한다.

• 토지주택연구
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• 제11권1호
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• pp.49-57
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• 2020

본 연구는 기업의 투자효율성이 투자부동산 비중에 미치는 영향을 살펴보았다. 경영자의 사적이익 추구현상과 대리인비용이 클수록 나타나는 과잉투자성향이 기업의 투자부동산 비중을 증가시키는지 분석하였다. 이를 위해 2007년부터 2018년까지 유가증권시장과 코스닥시장의 5,781개의 기업-연도를 대상으로 분석하였으며 투자효율성은 McNichols and Stubben(2008)의 연구방법론으로 측정하였다. 분석결과는 다음과 같다. 첫째, 투자 비효율성이 커질수록 기업의 투자부동산 비중이 증가하는 것으로 나타났다. 이는 투자 비효율성이 높을수록 나타나는 대리인비용과 경영자의 제국건설성향이 투자부동산 비중과 유의한 관련성을 갖는다는 것을 의미한다. 둘째, 유가증권시장과 코스닥시장으로 구분하여 분석한 결과에서는 코스닥시장에서 유의성을 확인할 수 없었다. 즉, 투자 비효율성이 커질수록 나타나는 투자부동산의 비중은 유가증권시장에서 관찰되었다. 셋째, 투자 비효율성을 과잉투자와 과소투자로 구분하여 분석한 결과에서는 과잉투자성향이 증가할수록 투자부동산의 비중이 증가하였으나 과소투자와는 관련성이 나타나지 않았다. 이상의 연구결과는 그 간의 선행연구에서 주로 투자부동산과 기업 가치의 관련성에 초점을 맞추었던 반면, 대리인비용과 투자부동산 비중 간의 실증적 증거가 부족한 가운데 추가적인 학문적, 실무적 시사점을 갖는다.

• 산경연구논집
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• 제13권1호
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• pp.11-21
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• 2022

Purpose: This study predicted cost asymmetry as a determinant of investment efficiency, and empirically analyzed the relationship between cost stickiness and investment efficiency. Research design, data and methodology: Using a sample of 4,382 Korean firm-year observations over 2011-2017 period, I examined the relationship between cost stickiness and investment efficiency. Asymmetrical cost behavior is measured as model of Homburg and Nasev (2008) and model of Park, Koo, and Pae (2012). Investment efficiency is measured as Chen, Hope, Li, and Wang (2011)'s model. Results: Firms with cost stickiness are less efficient in their investment than firms with non-cost stickiness. In other words, cost stickiness is an empirical result that supports the previous research on cost decision-making from perspective of managers pursuing private benefits due to information asymmetry. Conclusions: By showing that the manager's decision-making on the cost behavior affects the investment efficiency corresponding to capital management, the implications for the mechanism for efficient capital management are provided. Through the empirical results, it was shown that the cost stickiness is a product of opportunistic cost decision-making due to information asymmetry, and it is to present evidence that expands the meaning of the causes of asymmetric cost behavior.

• 대한조선학회논문집
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• 제53권5호
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• pp.420-427
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• 2016

The marine equipment companies expanding facility investment in accordance with the booming economy are suffering from the reduced demand and the growth of chinese businesses. In this regard, the risk of overinvestment and the importance of prudent equipment investment must be reconsidered. Thus, in this study we performed a productivity and economical efficiency analysis in order to evaluate the investment value on production facilities in a company under the present conditions. The freezer of a fishing vessel manufactured by N company is selected as the subject of our study, while the assembly and welding cooling plates are configured as the scope of automation. Analysis on productivity and economical efficiency was conducted through CYCLONE (Cyclic Operation Network) simulation and economic analysis methods after analyzing the production process of freezer. The proposed analytical technique can be used to support the investment decision in production automation equipment of fishing vessels freezer.