• Title/Summary/Keyword: Value of Growth Opportunities

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A Study on the Long-run Effect of Foreign Direct Investments: A VESA Approach (내재가치를 이용한 해외직접투자 공시기업의 장기효과에 관한 실증연구)

  • Lee, Won-Heum
    • The Korean Journal of Financial Management
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    • v.25 no.2
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    • pp.103-135
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    • 2008
  • We test the hypothesis whether foreign direct investments(hereafter "FDI") can affect the changes of the firm value. In this study, we use a newly developed event study technique, referred to as value-based event study approach(hereafter "VESA"), which is based on the seminal papers of M&M(1958, 1961, 1963) and Lee(2006, 2007). The empirical findings about the effects of FDI's on the intrinsic firm values, which can be measured by intrinsic Q(hereafter "IQ") values of the VESA, are as follows; First, the FDI's are carried out by healthy firms in terms of high IQ's. The IQ values become higher during the post-FDI period than prior to performing FDI's. Second, among the four components of IQ values, the value of assets-in-place, the value of intangible assets, and the value of growth opportunities are all increased during the post-FDI period, except the value of current earnings. Third, the same results are observed in all the samples classified by industry. In sum, thanks to the above findings in this study, we can conclude that the announcements of the FDI's are good and reliable indicators for the firm to signal to the market that the FDI firms are healthy in intrinsic firm values, and also that they have good chances to increase their firm values through the new investments abroad.

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The Substitution of Inkjet-printed Gold Nanoparticles for Electroplated Gold Films in Electronic Package

  • Jang, Seon-Hui;Gang, Seong-Gu;Kim, Dong-Hun
    • Proceedings of the Materials Research Society of Korea Conference
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    • 2011.10a
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    • pp.25.1-25.1
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    • 2011
  • Over the past few decades, metallic nanoparticles (NPs) have been of great interest due to their unique mesoscopic properties which distinguish them from those of bulk metals; such as lowered melting points, greater versatility that allows for more ease of processability, and tunable optical and mechanical properties. Due to these unique properties, potential opportunities are seen for applications that incorporate nanomaterials into optical and electronic devices. Specifically, the development of metallic NPs has gained significant interest within the electronics field and technological community as a whole. In this study, gold (Au) pads for surface finish in electronic package were developed by inkjet printing of Au NPs. The microstructures of inkjet-printed Au film were investigated by various thermal treatment conditions. The film showed the grain growth as well as bonding between NPs. The film became denser with pore elimination when NPs were sintered under gas flows of $N_2$-bubbled through formic acid ($FA/N_2$) and $N_2$, which resulted in improvement of electrical conductance. The resistivity of film was 4.79 ${\mu}{\Omega}$-cm, about twice of bulk value. From organic anlayses of FTIR, Raman spectroscopy, and TGA, the amount of organic residue in the film was 0.43% which meant considerable removal of the solvent or organic capping molecules. The solder ball shear test was adopted for solderability and shear strength value was 820 gf (1 gf=9.81 mN) on average. This shear strength is good enough to substitute the inkjet-printed Au nanoparticulate film for electroplating in electronic package.

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A Study on Medical Tourism Evaluation and Institutional Challenges (의료관광 시행 이후에 나타난 성과와 향후의 과제)

  • Moon, Seong-Jea
    • The Korean Society of Law and Medicine
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    • v.11 no.2
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    • pp.275-307
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    • 2010
  • In the presidential new-year address in January 2, 2009, the President declared that 17 kinds of new driving force of growth that could create high-added value be selected to step up job creation and an increase in national wealth. The Ministry of Strategy & Finance announced plans for the 17 kinds of new driving force of growth after the presidential address. Specifically, that ministry announced an ambitious plan to select health care service named 'Global Health Care' as one of the five service industries that could create high-added value in a move to provide jobs to approximately 7,000 people and produce pervasive economic effects coming up to a trillion and 10 billion won. To attain the goal, several action plans were mapped out to globalize domestic medical institutions, to rearrange the relevant law and system for the purposes of raising awareness of domestic medical institutions among foreign patients and improving their accessibility and post-satisfaction level, and to lure lots of foreign patients through financial assistance. At the same time, the government announced plans to lure severe patients such as those in want of surgery or organ transplant, cancer patients or patients with heart diseases to create high-added value on a long-term basis. Thus, the government announced that it planned to formulate such strategies and to enter an agreement with foreign governments to attract plenty of foreign patients. In fact, however, there are little full-scale evaluation of medical tourism though it's been a year since it was introduced, and there are few actual efforts to implement what the government announced, either. According to the results of the evaluation of medical tourism, domestic hospitals are said to undergo little significant changes after the introduction of medical tourism, which shows that they take a dim view of medical tourism instead of having expectations for that. The medical tourism industries in major Asian countries have been dynamized, and there are several factors of their success. First of all, they are successful in creating new market opportunities by incorporating related industries such as medicine, tourism and IT and in developing medical tourism products and differentiated marketing by taking advantage of their competitive edge. They have offered full-fledged assistance to this sector, and another reason is the improved international credibility of their medical service. If our country fails to pinpoint our problems in consideration of the cases of the Asian countries or to provide appropriate financial aid, our country is bound to lag behind them. Given this reality, how to assess medical tourism and what challenges this sector is confronted with are discussed.

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A Study on the Influence Differences of the Awareness and Attitude toward Climate Change on Satisfaction and Behavioral Intention - Focused on the Comparison Between the Korean and Chinese Tourists- (관광객의 기후변화에 대한 인식과 태도가 만족도와 행동의도에 미치는 영향력 차이에 관한 연구 - 중국인과 한국인 관광객 비교를 중심으로 -)

  • Ahn, Sung-Sik;Hwang, Jung;Hwang, Yun-Seop
    • International Area Studies Review
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    • v.21 no.2
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    • pp.45-70
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    • 2017
  • Tourist industry has many sensitive issues with climate change and is worthy of study from an aspect that it could provide new opportunities and threats from the low-carbon - green- growth point of view. To study how the change of awareness and attitude of the customers due to climate change affects the tourism demand and tourism choices is very important. Even at present, the effect is ongoing. In this paper, diverse needs and changes of tourists, who are the subjects of tourism activities, have been grasped through the examination of psychological characteristics according to climate change after defining the influencing relations of tourism experience, tourism value, tourism risk factors, satisfaction, and behavioral intention, affected by awareness of climate change and their attitude toward it. Through this, the implications that are necessary for establishing marketing strategies could be provided. The results of this present paper are as follows: First, it was shown that awareness of climate change did not affect tourism risk factors while it had a significant influence on tourism experience and tourism value. Secondly, it was revealed that the Chinese tourists generally influenced more greatly than the Koreans. Thirdly, it was shown that the attitude toward climate change did not affect tourism value while it influenced significantly on tourism experience and tourism risk factors. Fourthly, it was revealed that tourism risk factors did not affect tourism satisfaction while tourism experience and tourism value had a significant influence on tourist satisfaction. Fifthly and last, it was shown that tourism experience, tourism value, and tourism risk factors did not influence behavioral intention respectively.

Korean Customer Attitudes Towards SNS Shopping

  • Cho, Young-Sang;Heo, Jeong-Yoon;Youn, Myoung-Kil
    • Journal of Distribution Science
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    • v.10 no.8
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    • pp.7-14
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    • 2012
  • As a new format of retailing, social shopping on SNS has rapidly grown in recent. Although there is much literature associated with customer behaviours in the academic world, little attention has been paid to identifying the shopping patterns of SNS shoppers. This paper will, thus, identify how perceived value has an impact on the buying intention of SNS shoppers, after illustrating what kind of factor influences the formation process of perceived value in the Korean marketplace. Given that SNS shoppers are for the most part 20s as well as 30s, the authors handed out questionnaires to them. Furthermore, based on literature review results, the conceptualised research model was developed. Despite lack of literature, the authors developed five constructs like price reduction, quantity- and time-limited message, product ranges, information-sharing, and required number of shoppers. The researchers made a considerable effort to identify the relationship between research concepts and each variable, based on a few research analysis methods such as frequency analysis, the Varimax rotation technique used orthogonal rotation, Cronbach's Alpha, PCA (Principle Component Analysis), and the like. Amongst the 5 variables used to measure the degree of influences on the perceived value as a social shopping characteristic, it has been evident that price cut, required minimum shoppers, product variety, and information-sharing have a positive impact on the perceived value formation processes of SNS customers. Also, this research implies that SNS retailers can differentiate themselves from other retailers by differently using the above factors. From a practitioner's point of view, these factors should be strategically used to increase the social shopping opportunities of SNS users. It is, furthermore, evident that the perceived value formed by the above 4 factors have played an important role in the buying decision process of SNS customers. In a sense, whether customers are aware of higher price cut rates, information-sharing, required minimum shoppers, and product variety has a positive impact on making buying decisions. From a retailer's point of view, online shopping mall operators are able to use blog as well as twitter to improve the buying intention as a marketing tool of social network, because the business activities provided by social shopping retailers, like the rapid, accurate responses to customer requirements, the provision of a variety of information, and the communications between customers are closely related to buying intentions. There are a few research limitations to conduct this empirical research. It was not easy to review prior papers, due to its lack. In spite of the increasing number of SNS shoppers in Korea, little research attention has been paid to this kind of research topic by academicians, because buying products or services through SNS is in its infancy. With regard to research populations, it would be difficult to generalise the research findings in Korea, owing to unbalanced respondent distribution. Considering the above research limitations as well as the growth of social shopping, many authors should pay considerable attention to SNS-related issues in the future, and develop the more sophisticated criteria to measure the characteristics of SNS shoppers.

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A Study of Determinants of the Sustainability of the Social Innovative Enterprise: Case Research on Fragrant People Co. (사회혁신기업의 지속가능성 결정요인 연구: (주)향기내는사람들 사례분석)

  • Yang, Oh-Suk
    • Journal of International Area Studies (JIAS)
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    • v.19 no.1
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    • pp.157-204
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    • 2015
  • This paper explores firm-specific internal and external determinants of the sustainability of "the social innovative enterprise(SIE)" by conducting a case research on Fragrant People Co. In doing so, some business and policy implications have been produced concerning the components and determinants of the sustainability of the SIE. First, entrepreneurship is a necessary factor for the survival and growth of the SIE. A social entrepreneur does manage effectively social and economic opportunities for making economic and social values interact dynamically beyond their trade-off relationship and creating new market chances. Second, the SIE also needs competitive advantages as commercial enterprises do. Valuable resources to be used for taking opportunities and avoiding threats, rare resources not to be possessed by other firms, and resources not to be easily imitated by competitors are extremely necessary for achieving objectives of the SIE. In addition, a firm must be well organized for those valuable, rare, and not easily imitated resources. Economic performance achieved by the SIE gives a birth to its financial independence, contributing to the realization of symmetric social performance. Third, the SIEs will be allowed to seek symmetrically economic and social performance only when they use sufficiently competitive advantage resources with entrepreneurship, which is composed of innovativeness, proactiveness, agility and risk-taking attitudes. In doing so, financial assistance from central or local governments may not ensure the sustainability of the SIEs. In addition, vision & value sharing(person-organization fit) can ensure the sustainability of the SIEs only when it is connected with the organizational commitment.

A Framework for Creating Inter-Industry Service Models in the Convergence Era (융합 서비스 모델 개발 방법론 및 체계 연구)

  • Kwon, Hyeog-In;Ryu, Gui-Jin;Joo, Hi-Yeob;Kim, Man-Jin
    • Asia pacific journal of information systems
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    • v.21 no.1
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    • pp.81-101
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    • 2011
  • In today's rapidly changing and increasingly competitive business environment, new product development in tune with market trends in a timely manner has been a matter of the utmost concern for all enterprises. Indeed, developing a sustainable new business has been a top priority for not only business enterprises, but also for the government policy makers accountable for the health of Its national economy as well as for decision makers in what type of organizations. Further, for a soft landing of new businesses, building a government-initiated industry base has been claimed to be necessary as a way to effectively boost corporate activities. However, the existing methodology in new service and new product development is not suitable for nurturing industry, because it is mainly focused on the research and development of corporate business activities instead of new product development. The approach for developing new business is based on 'innovation' and 'convergence.' Yet, the convergence among technologies, supplies, businesses and industries is believed to be more effective than innovation alone as a way to gain momentum. Therefore, it has become more important than ever to study a new methodology based on convergence in industrial quality new product development (NPD) and new service development (NDS). In this research, therefore, we reviewed any restrictions in the existing new product and new service development methodology and the existing business model development methodology. In doing so, we conducted industry standard collaboration analysis on a new service model development methodology in the private sector and the public sector. This approach is fundamentally different from the existing one in that ours focuses on new business development under private management. The suggested framework can be categorized into industry level and service level. First, in the industry level, we define new business opportunities In occurrence of convergence between businesses. For this, we analyze the existing industry at the industry level to identify the opportunities in a market and its business attractiveness, based on which the convergence industry is formulated. Also, through the analysis of environment and market opportunity at the industry level. we can trace how different industries are lined to one another so as to extend the result of the study to develop better insights into industry expansion and new industry emergence. After then, in the service level, we elicit the service for the defined new business, which is composed of private service and supporting service for nurturing industry. Private service includes 3steps: plan-design-do; supporting service for nurturing industry has 4 steps: selection-make environment- business preparation-do and see. The existing methodology focuses on mainly securing business competitiveness, building a business model for success, and offering new services based on the core competence of companies. This suggested methodology, on other hand, suggests the necessity of service development, when new business opportunities arise, in relation to the opportunity analysis of supporting service based on the clear understanding of new business supporting infrastructure optimization. Meanwhile, we have performed case studies on the printing and publishing field with the restrict procedure and development system to assure the feasibility and practical application. Even though the printing and publishing industry is considered a typical knowledge convergence industry, it is also known as a low-demand and low-value industry in Korea. For this reason, we apply the new methodology and suggest the direction and the possibility of how the printing and publishing industry can be transformed as a core dynamic force for new growth. Then, we suggest the base composition service for industry promotion(public) and business opportunities for private's profitability(private).

Rainfed Areas and Animal Agriculture in Asia: The Wanting Agenda for Transforming Productivity Growth and Rural Poverty

  • Devendra, C.
    • Asian-Australasian Journal of Animal Sciences
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    • v.25 no.1
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    • pp.122-142
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    • 2012
  • The importance of rainfed areas and animal agriculture on productivity enhancement and food security for economic rural growth in Asia is discussed in the context of opportunities for increasing potential contribution from them. The extent of the rainfed area of about 223 million hectares and the biophysical attributes are described. They have been variously referred to inter alia as fragile, marginal, dry, waste, problem, threatened, range, less favoured, low potential lands, forests and woodlands, including lowlands and uplands. Of these, the terms less favoured areas (LFAs), and low or high potential are quite widely used. The LFAs are characterised by four key features: i) very variable biophysical elements, notably poor soil quality, rainfall, length of growing season and dry periods, ii) extreme poverty and very poor people who continuously face hunger and vulnerability, iii) presence of large populations of ruminant animals (buffaloes, cattle, goats and sheep), and iv) have had minimum development attention and an unfinished wanting agenda. The rainfed humid/sub-humid areas found mainly in South East Asia (99 million ha), and arid/semi-arid tropical systems found in South Asia (116 million ha) are priority agro-ecological zones (AEZs). In India for example, the ecosystem occupies 68% of the total cultivated area and supports 40% of the human and 65% of the livestock populations. The area also produces 4% of food requirements. The biophysical and typical household characteristics, agricultural diversification, patterns of mixed farming and cropping systems are also described. Concerning animals, their role and economic importance, relevance of ownership, nomadic movements, and more importantly their potential value as the entry point for the development of LFAs is discussed. Two examples of demonstrated success concern increasing buffalo production for milk and their expanded use in semi-arid AEZs in India, and the integration of cattle and goats with oil palm in Malaysia. Revitalised development of the LFAs is justified by the demand for agricultural land to meet human needs e.g. housing, recreation and industrialisation; use of arable land to expand crop production to ceiling levels; increasing and very high animal densities; increased urbanisation and pressure on the use of available land; growing environmental concerns of very intensive crop production e.g. acidification and salinisation with rice cultivation; and human health risks due to expanding peri-urban poultry and pig production. The strategies for promoting productivity growth will require concerted R and D on improved use of LFAs, application of systems perspectives for technology delivery, increased investments, a policy framework and improved farmer-researcher-extension linkages. These challenges and their resolution in rainfed areas can forcefully impact on increased productivity, improved livelihoods and human welfare, and environmental sustainability in the future.

A Q-study on Librarians' Role Orientations (도서관 사서의 역할지향(Role Orientation)에 관한 Q 연구)

  • Jung, Hyun-Wook;Kang, Hye-Young
    • Journal of Korean Library and Information Science Society
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    • v.38 no.2
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    • pp.13-30
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    • 2007
  • The purpose of this study was to explore the role orientation that librarians are expected to carry during their career-life. More specifically, this study examined the pattern of librarians subjectivism related to attitude, belief, and confidence. Q questions were made of 36 items, including personal value system and role attitude. P sample included 23 librarians. Data were collected for 8 days (from April 15, 2005 to April 22, 2005). Analyses showed the following results. First, librarians role orientations were classified into 3 types: user-centered orientation, organization-centered orientation, and expertise-centered orientation. (1) The first type librarians were interested in having good relationships with users, while emphasizing the importance of providing good services to the users. (2) The second type of librarians were concerned with social function of the library, while placing highlight on their roles as organizational members. Among them, achievement evaluation was regarded as an important indicator of personal success. They were interested in having stable organizational culture, as well as economic growth of libraries. This orientation was dominant among married members. (3) The third type of librarians focused on librarians role implementation and professional achievement. They showed interest not only in the improvement of librarians creativity and the growth of expertises, but also the expansion of retraining opportunities. This orientation was conspicuous among female librarians. Second, several commonalities and differences were consistently found among librarians. The first type was interested in user-centered orientation(user contact, need satisfaction, self dignity, etc.). The second type was interested in organization-centered orientation(creativity, expertise growth, retraining opportunity, professional achievement. self-respect, etc.).

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A study of dental hygiene students on school subject degree of recognition before admission and satisfaction (치위생과 학생들의 입학전 학과 인지도와 만족도 및 취업의식에 관한 조사)

  • Kim, Hwa-Ju;Lim, Kun-Ok;Kim, Yun-Jeong
    • Journal of Korean society of Dental Hygiene
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    • v.6 no.2
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    • pp.115-127
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    • 2006
  • A purpose of this study is degree of recognition and consciousness investigation about a satisfaction duty before admission about a school subject of some academic dental hygiene students. From responses to individual written survey questionnaires answered by 608 students who are studying Dental Hygiene at colleges in Mokpo, Iksan, Gangneung. The following are the results regarding their satisfaction levels with their majors and their interest in working abroad: 1. Regarding the motivating factors to major in Dental Hygiene, most students(51.3%), particularly most freshmen(57.3%), have chosen this major because of more job opportunities than students with other majors. The most common source of information in choosing majors is the Internet(30.8%). 2. Most students do not want to change their majors even if they are provided with the chance to do so(65.5%). They are in general satisfied with their studies. The result shows that the Dental Hygiene majors are positive toward their major. 3. Most students will choose their jobs by their own choices(40.6%), and the most important factor in their choices is the opportunity of self-growth and development(33.1%). The survey results show that the Dental Hygiene students value their own decisions and self-realization. 4. Showed the difference that as a result of having seen a knowledge degree advance a school subject of major in Dental Hygiene by a school year and ash students, an admission motive, relevance of an information acquisition path, all noted. 5. And were able to see the difference that noted in an adviser, work selection bases in case of work selection whether or not there was a dissatisfaction reason about a major and a criminal record.

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