• The Journal of Economics, Marketing and Management
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• v.7 no.2
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• pp.1-5
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• 2019

Purpose - Along with the rise of foreign investments in the Korean stock market, there has been a variety of studies on their influence. The conflicting findings on the question of information asymmetry of foreign investors among existing literatures appear to be a result of mixture of research method problems, what information is defined as being comparable, individual business levels, or the entire stock market. This paper empirically investigates what factors contribute to foreign investments in firms in the Korean stock market. Research design, data, and Methodology - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted the panel regression model to assess the sample construction including yearly and cross-sectional data. Result - This paper find that firms' R&D, dividends, size give significant positive impact to foreign investment, whereas debt gives significant negative impact to foreign investment. This relationship does not change when the samples are divided before and after the 2008 global financial crisis. Conclusion - This results support the literatures that foreign investors favor firms lowering their information asymmetry.

• Journal of Technology Innovation
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• v.24 no.3
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• pp.81-105
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• 2016

The purpose of this study is to estimate the cost-saving effect of R&D investment in the ICT industry. As is well known, the R&D investment induces both the product innovation and the process innovation, in turn leads the effect of creating profit and cutting cost. However, it appears that studies concerned with the cost-saving effect of R&D investment have been unproductive, while most existing studies concentrate on the topic involved with the creating profit of R&D investment. Therefore, we extend the effect of R&D investment to a framework of the cost-saving focusing on the ICT industry. To empirically analyze the effect, we built a simultaneous three-equation model comprising a translog cost function and two cost share equations, and employed the SUR analysis. As a result, we found out that the cost-saving effect on the total cost is statistically significant. In addition, we examined relationships between the R&D investment and each cost of production elements. The results show that on the one hand, the R&D investment and the intermediate good cost have the substitution relationship. On the other hand, the complementary relationship is observed between the R&D investment and each labor or capital cost.

• Proceedings of the Korean Society for Noise and Vibration Engineering Conference
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• 2006.05a
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• pp.988-991
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• 2006

Rolling Stock running are making Rail Head Surface damage(corrugation, flaking, shelling, etc). It's coming out Rail Head Surface Irregularity. It increases Rolling Stock and structure vibration. Therefore, this paper analyzes the influence of Rail Head Surface Irregularity to railway vibration. And, It introduces the management method of Rail Head Surface and proposes its R&D direction in railway-run organization.

• Journal of Technology Innovation
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• v.11 no.1
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• pp.125-145
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• 2003

In the knowledge-based economy, the accumulation of technological knowledge is undoubtedly the core competency to reinforce the competitiveness of individual firms and to raise the innovation capability of social and economic systems. Thus far, however, only single or fragmentary indicators, such as R&D expenditure, R&D stock, the number of researchers and the number of R&D employees have been adopted to measure the amount of technological knowledge. In this research, we suggest an approach for aggregating and structuring respective indicators. Applying correlation and factor analysis, we examine the relationship among nine conventional proxy measures for technological knowledge and present a new approach for gauging an aggregated measure.

• Proceedings of the Technology Innovation Conference
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• 2003.02a
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• pp.27-40
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• 2003

Though it has been recognized that the accumulation of technological knowledge has been the core competency to reinforce the competitiveness of individual firms and to raise the innovation capability of social and economic systems, only single or fragmentary variables, such as R&D expenditure, R&D stock, the number of researchers and the number of R&D employee have been adopted to measure the amount of technological knowledge. In this research, we use nine conventional technological knowledge measures under the conceptual structure of input-output framework to technological knowledge. Applying correlation and factor analysis, we examine the relationships among the nine proxy measures quantitatively and suggest the new approach for the calculation of technological knowledge index as a aggregated measure.

• Journal of Technology Innovation
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• v.9 no.2
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• pp.17-33
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• 2001

In the knowledge-based economy, technological knowledge (TK) is reckoned key subject of knowledge management. Despite growing recognition, it has long been considered an intractable task to develop precise measures of TK and, as a remedy, a number of R&D-related proxy indicators have been employed. Although voluminous previous research has examined the structure and process of technological innovation by using proxy indicators, the inquiry into the relationship among respective indicators has remained unexplored. In this research, we take three most frequent proxy indicators of TK, R&D human resources, R&D stock, and patents, and investigate the correlation among respective measures. In addition, the dynamic pattern of time lag between technological input and output is also analyzed.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.7
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• pp.3053-3061
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• 2011

This study examines the relationship between R&D(research & development) investment and market value among KOSDAQ firms in the Korea Stock Exchange. We investigate the effect of R&D investment on firm value in both total sample and sub-samples classified by firm characteristics based on types of firms. And we study the impact of a major economic disruption as the global financial crisis triggered by sub-prime mortgage problem in the US on R&D investment relative to the firm value. We find that R&D investment positively affects firm value and the squared term of R&D investment is found to be significant and negatively correlated with market value. This suggests the presence of nonlinear relationship like a reverse U-shape between R&D investment and market value in total sample and most of sub-samples. And we find firm characteristics and global financial crisis partially affect the contribution of R&D investment to market value in some of sub-samples.

• The Journal of Industrial Distribution & Business
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• v.12 no.3
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• pp.43-49
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• 2021

Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

• Fisheries and Aquatic Sciences
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• v.9 no.1
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• pp.7-13
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• 2006

Using biochemical methods, we determined the potential of local female shrimp populations as breeding stock to select the best adult prawns for improving larval production. As condition indexes, we selected total RNA, DNA, their ratio, and trypsin activity. The DNA content in the pleopods of each local population was similar, i.e., between $0.90{\pm}0.06\;and\;1.02{\pm}0.04(SE){\mu}g/mg$. In comparison, the RNA contents differed markedly between $2.00{\pm}0.09$ and $0.96{\pm}0.08\;{\mu}g/mg$. Therefore, the RNA/DNA (R/D) ratio in the pleopod could be used as a condition index because it represents a biochemical characteristic of the population. The mean pleopodal R/D ratio of the Goheung population was the highest at $2.52{\pm}0.19$, which indicated the best condition. Trypsin activity was influenced little by shrimp condition and more by the amount of food ingested. The gonadosomatic index (GSI) and R/D ratio in the gonads provided offsetting information about the instantaneous gonad maturity. The Goheung population had the highest instantaneous GSI, despite some spawning. Based on the condition indexes and time of gonad maturation, the Goheung shrimp population is suitable for use as breeding stock.

• International Commerce and Information Review
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• v.15 no.3
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• pp.225-243
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• 2013

This paper analyses the effects of innovation and openness on productivity in Korean firms using company innovation index which issued by STEPI in 2012. The data contains 296 companies which are registered in Korean stock market. I observed that the effect of past R&D investments on innovation is significant than current R&D investment. The regression results show that company innovation index has significantly positive effects on the firm's revenue. The firm size and the openness also have an important effect on the firm's revenue.