• East Asian Journal of Business Economics (EAJBE)
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• v.12 no.2
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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.

• International conference on construction engineering and project management
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• 2024.07a
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• pp.807-814
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• 2024

Urban road maintenance creates potential risks for both road users and workers in addition to traffic congestion and delays. The adverse effects of maintenance work could be minimized through mitigation measures of work zone layout and construction arrangement, such as reducing the dimension of work zone segments and scheduling construction during low-traffic periods. However, these measures inevitably escalate construction costs. Consequently, decision-making in urban road maintenance necessitates a balance among multiple strategic objectives to facilitate optimal development via a comprehensive road maintenance management system. This study aims to propose an integrated framework to accomplish the multiple and conflicting objectives for maximizing safety and mobility while minimizing construction costs by optimizing the work zone layout and construction sequence dynamically. The framework enables the seamless information exchange among building information modeling (BIM), geographic information system (GIS), and domain-specific computational engines (DCE), which perform interdisciplinary assessments and visualization. Subsequently, a genetic algorithm is employed to determine the optimal plan considering multiple objectives due to its versatility in resolving highly complex conflict problems.

• Journal of Global Scholars of Marketing Science
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• v.19 no.3
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• pp.49-61
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• 2009

This article provides training exercises for executives into interpreting subroutine maps of executives' thinking in processing business and industrial marketing problems and opportunities. This study builds on premises that Schank proposes about learning and teaching including (1) learning occurs by experiencing and the best instruction offers learners opportunities to distill their knowledge and skills from interactive stories in the form of goal.based scenarios, team projects, and understanding stories from experts. Also, (2) telling does not lead to learning because learning requires action-training environments should emphasize active engagement with stories, cases, and projects. Each training case study includes executive exposure to decision system analysis (DSA). The training case requires the executive to write a "Briefing Report" of a DSA map. Instructions to the executive trainee in writing the briefing report include coverage in the briefing report of (1) details of the essence of the DSA map and (2) a statement of warnings and opportunities that the executive map reader interprets within the DSA map. The length maximum for a briefing report is 500 words-an arbitrary rule that works well in executive training programs. Following this introduction, section two of the article briefly summarizes relevant literature on how humans think within contexts in response to problems and opportunities. Section three illustrates the creation and interpreting of DSA maps using a training exercise in pricing a chemical product to different OEM (original equipment manufacturer) customers. Section four presents a training exercise in pricing decisions by a petroleum manufacturing firm. Section five presents a training exercise in marketing strategies by an office furniture distributer along with buying strategies by business customers. Each of the three training exercises is based on research into information processing and decision making of executives operating in marketing contexts. Section six concludes the article with suggestions for use of this training case and for developing additional training cases for honing executives' decision-making skills. Todd and Gigerenzer propose that humans use simple heuristics because they enable adaptive behavior by exploiting the structure of information in natural decision environments. "Simplicity is a virtue, rather than a curse". Bounded rationality theorists emphasize the centrality of Simon's proposition, "Human rational behavior is shaped by a scissors whose blades are the structure of the task environments and the computational capabilities of the actor". Gigerenzer's view is relevant to Simon's environmental blade and to the environmental structures in the three cases in this article, "The term environment, here, does not refer to a description of the total physical and biological environment, but only to that part important to an organism, given its needs and goals." The present article directs attention to research that combines reports on the structure of task environments with the use of adaptive toolbox heuristics of actors. The DSA mapping approach here concerns the match between strategy and an environment-the development and understanding of ecological rationality theory. Aspiration adaptation theory is central to this approach. Aspiration adaptation theory models decision making as a multi-goal problem without aggregation of the goals into a complete preference order over all decision alternatives. The three case studies in this article permit the learner to apply propositions in aspiration level rules in reaching a decision. Aspiration adaptation takes the form of a sequence of adjustment steps. An adjustment step shifts the current aspiration level to a neighboring point on an aspiration grid by a change in only one goal variable. An upward adjustment step is an increase and a downward adjustment step is a decrease of a goal variable. Creating and using aspiration adaptation levels is integral to bounded rationality theory. The present article increases understanding and expertise of both aspiration adaptation and bounded rationality theories by providing learner experiences and practice in using propositions in both theories. Practice in ranking CTSs and writing TOP gists from DSA maps serves to clarify and deepen Selten's view, "Clearly, aspiration adaptation must enter the picture as an integrated part of the search for a solution." The body of "direct research" by Mintzberg, Gladwin's ethnographic decision tree modeling, and Huff's work on mapping strategic thought are suggestions on where to look for research that considers both the structure of the environment and the computational capabilities of the actors making decisions in these environments. Such research on bounded rationality permits both further development of theory in how and why decisions are made in real life and the development of learning exercises in the use of heuristics occurring in natural environments. The exercises in the present article encourage learning skills and principles of using fast and frugal heuristics in contexts of their intended use. The exercises respond to Schank's wisdom, "In a deep sense, education isn't about knowledge or getting students to know what has happened. It is about getting them to feel what has happened. This is not easy to do. Education, as it is in schools today, is emotionless. This is a huge problem." The three cases and accompanying set of exercise questions adhere to Schank's view, "Processes are best taught by actually engaging in them, which can often mean, for mental processing, active discussion."

• Journal of the Korean association of regional geographers
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• v.17 no.1
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• pp.58-74
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• 2011

This study analyzed and compared the importance and priority of location decision factors in Foreign Direct Investment Firms managing the manufacturing business in the nation's southeastern economic zone, and in expert group by using AHP analytical technique based on examining the location theory and the prior research of real estate for industry. Also, it analyzed difference in importance and priority for location factors by corporate scale, by business category, and by location type targeting only foreign direct investment firms, and offered references necessary for location decision-making. In addition, to elicit useful information for policy related to location decision factors for foreign direct investment firms, the implications were elicited by analyzing the results recognized between foreign direct investment firms and expert group on information elements regarding investment satisfaction, business bottlenecks, and location decision process. The considerable gap was indicated in importance and priority of location decision factors considered between the nation's foreign direct investment firms and real-estate expert group for industry. As a result of analyzing by reflecting the corporate characteristic variable in location assessment model unlike before, the importance of the competitive advantage factor and the business strategic factor was indicated to be very high.

• The Journal of the Korea Contents Association
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• v.8 no.2
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• pp.182-194
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• 2008

Corporate managers look at IT outsourcing as long-term strategic choices not as short-term tactical ones, and maximizing the effect that IT outsourcing brings about is the main concern to them. Emerging different types of IT outsourcing and their effects on the corporate business decisions necessitate the research on this subject. According to previous researches, the Intent for IT outsourcing is categorized as IS Improvement, Business Impact, and Commercial Exploitation. The decison factors for these IT outsourcing include corporate strategy types, IT role, and interaction between these two. Firm size and IT maturity are selected as moderating factors to add the credibility to the research of the effect of IT outsourcing decision making. Analyzing collected data revealed that corporate strategy rather than IT role is more significant factor affecting the intent for IT outsourcing decision. Defenders(as in corporate strategy types) tend to use IT outsourcing more as a means to improve information systems, compared to analyzers and reactors. Prospectors tend to use IT outsourcing more as a commercial exploitation, compared to analyzers and reactors. These outcomes prove that corporate strategy characteristics reflect outsourcing intent. There were previous researches that showed outsourcing decision depends on IT role, however the hypothesis was rejected that IT role determines outsourcing intent. It was also rejected that the interaction between corporate strategy types and IT role determines outsourcing intent. Corporate decision makers should first analyze corporate strategy, and reflect it on the outsourcing intent when they make IT outsourcing decisions. Only the precise defining of IT outsourcing intent will lower the risk and increase the possibility of success.

• Science of Emotion and Sensibility
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• v.9 no.spc3
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• pp.197-208
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• 2006

Modern corporations are changing their strategies from 4P-based marketing strategies which have been used for logic-based consumers in the past to perception-based marketing strategies which will be performed for current emotion-based consumers. Therefore, the importance of emotional marketing, which means the integrated strategies approaching consumers by combining logic-based marketing strategies and emotion-based design strategies, has been increased. However, existing researches have not tried to suggest the essence and research scope of design marketing and verify the applicability of each research sectors but only tried to apply some marketing tools in design process. Regarding this, this study suggests that the essence of design marketing has to be defined first then various and systematic academic reviews have been performed on each research sectors of it before design marketing tools are applied in design practices. In addition, this study suggests 3 research categories of design marketing based on traditional marketing. They are first, understanding consumer's decision making precess for design and next, introducing and applying various research tools ant last, applying various strategic tools for strategy-making based on situation understanding. Finally, this study suggests future research directions on 3 research categories mentioned above.

• Journal of the Economic Geographical Society of Korea
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• v.4 no.1
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• pp.61-76
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• 2001

The purposes of this research are to examine the theoretical background and industrial policy issues with regard to building a Innovation System for encouraging industrial competitiveness and fostering regional industry in Korea. Knowledge has become the driving force of economic growth and the primary source of competitiveness in the world market. So since 1990s, Innovation Systems have been put emphasis on as new industrial development strategy in a knowledge-based economy. It can be understood that Innovation System is composed of National Innovation System(NIS) and Regional Innovation System(RIS) and interrelated the concept of clusters and networks, which are contribute to industry development throughout boosting innovation. As for the Korean industrial policy, when the former centralized policy decision making process became decentralized through the implementation of local autonomy, the role of local or state government in relation to regional industrial promotion intensified. But with the impotance of for fostering strategic industry in the region. new industrial policy issues in Korea are needed as follows; $\circled1$ Building a market-oriented support system for industrial cluster through providing the resource of innovation. $\circled2$ Establishing agency for regional industrial development. $\circled3$ Making a evolutionary vision for broader region including 2 or 3 province, $\circled4$ Fostering strategic industry which is selected in term of specialization and potential of the region. The RIS model for industry development is outlined in this paper but policy initiatives for building a RIS have to be extracted from further case studies.

• The Journal of Society for e-Business Studies
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• v.26 no.4
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• pp.119-131
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• 2021

With the boom of platform businesses, digital transformation has become the most important topic for businesses. Digital transformation has now become the most urgent strategy for survival, from a strategy considered as an option to choose in the past. Many companies are desperately seeking the ways to be digitally transformed. Even though there have been many studies on digital transformation, most of them are on strategic and conceptual model levels based on simple case analyses. In this study, we analyze the benefits of data integration and network effects from it, based on platform business model at the core of digital transformation. The change based on platform can be categorized into the internal one for the integration of data and better decision making, and the external one for the expansion of the businesses and better prediction of consumer behaviors through the integration of external data sets by the platform business model based enterprises. While the progress for digital transformation is not mature enough yet, financial industry is one of the most promising industries for the change and realization of the aim of it with its relatively much more advanced IT infrastructure. Many companies are making various efforts for the integration of external data, and if the good results can be accomplished, financial industry will contribute to the advancement of digital transformation in other industries as well. For "My Data" project by Korean government, we suggest the data structure and transaction of data (of Korea) should be advanced and established more quickly.

• Management & Information Systems Review
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• v.36 no.3
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• pp.219-237
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• 2017

Looking into the top-five innovative sectors in Korea's manufacturing and service industries, this study empirically analyzes the effect of innovation performance on R&D investment, which is one of the most important strategic decisions for corporate management. In the midst of an uncertain business environment, R&D investment has been regarded as the most important strategic decision making in corporate management related to innovation. Corporate management, however, tend to be reluctant to make sufficient R&D investment due to the risk of an investment failure. Therefore, having R&D investment by offsetting this risk has been deemed as a key task for corporate management. However, prior studies have failed to identify which factors affect companies' strategic decision making on R&D investment. This study is to remedy this weakness of prior study. Relying on path dependency theory at organization-level and dominant logic at individual-level, this study empirically examines the multiple regression model, which sees entrepreneurial orientation as a positive mediator between innovation performance and R&D investment. The results found in the analysis of 242 local companies in the manufacturing and service sectors represent that innovation performance has a direct and positive effect on R&D investment, while it indirectly affects R&D investment through the mediating roles of entrepreneurial orientation. They also revealed that innovation performance had a meaningful impact on entrepreneurial orientation, which is an inclination to seek innovation, led to R&D investment. The founding of this study imply that innovation performance in the past affects innovation strategies in the future, and such a relationship could be strengthened by entrepreneurial orientation as the dominant logic of corporate management.

• Korean Business Review
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• v.21 no.2
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• pp.195-214
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• 2008

In 2004, in order to create core competences and major growth drivers for endogenous regional developments, the Korean government adopted the policies for establishing regional innovation systems, The main organization for the policies is the regional innovation council which is composed of diverse groups of scholars, professionals, and government officials. The regional innovation council of Kang-won Province consists of a couple of sub-divisions such as Operation Committee, Administration Office, Planning and Moderation Department, Strategic Industry Department, Culture and Tourism Industry Department, Regional Industry Department, and Regional Human Resource Development Department. The primary roles and jobs are planning, reviewing, evaluating and finalizing regional innovation policies. However, because of conflicts with local government, insufficient budget problems, organization structure problems, and decision making process problems, the regional innovation councils could not perform their original roles and functions. They could not adopt radical or non-traditional strategies. Although it's failure, a lot of people recognize the importance of regional innovation councils' roles and functions, I believe there would be another regional innovation councils coming continuously which would be take more important roles and have more power over budgeting problems. The purpose of this article is to identify the primary sources of strategies and organization structure problems of the previous regional innovation councils and to provide a couple of answers. In this paper, the author primarily analyze the problems of the Kang-won innovation council. A couple of answers to the desirable organization structures and the desirable roles of regional innovation councils will be presented for discussion.