• Journal of Information Technology Applications and Management
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• v.30 no.5
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• pp.83-105
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• 2023

The purpose of this study was to investigate the impact of investment fund attributes such as fund product characteristics, returns on fund investment (ROI), internal controls, and after service on fund investor behavior based on investment information technology. In addition, we also examined how customers reinvest through emotional immersion, company trust and company satisfaction of investment firms in the context of fund investment. First, empirical results show that fund product characteristics, returns on fund investment, and financial firms' internal controls and after service act as signals to fund investors to shape their reinvestment intentions. Second, while investors are generally perceived to be interested only in investment returns, this study also shows that they consider both fund product characteristics and fund investment returns, which are core attributes of funds, as well as financial firms' internal control and after service, which are non-core attributes. Third, we find that company trust is an important factor in investors' reinvestment intentions, showing that investors are more likely to reinvest in a fund if they perceive the financial firm to be trustworthy and reliable. Finally, these findings emphasize that investors consider not only tangible aspects of fund products, such as fund product characteristics and returns on fund investment, but also intangible factors, such as financial firms' internal control and after service, and trustworthiness. Taken together, another implication is that the more advanced the investment information technology of financial firms, the more trust, satisfaction, immersion, and reinvestment intentions of investors will increase.

• Journal of Korea Trade
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• v.24 no.6
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• pp.37-60
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• 2020

Purpose - The purpose of this study is to investigate the direct and indirect impact of innovation space factors on the growth of semiconductor enterprises. Design/methodology - This empirical study uses the financial statements of 83 semiconductor listed companies in 23 provinces from 2004 to 2019 approved by CSRC (2019). A stepwise regression and backward regression are employed in order to examine the role of innovation space to expand technology investment in promoting business growth and uses South Korean Samsung's investment in China as a test case. Findings - Results indicate that innovation space, technology input, geographical area, owner's background, operating years and financing liabilities all contribute to a boost in business growth. Factors such as carbon emission, financial liberalization, government efficiency, technology input, and financing liabilities further influence management growth. Innovation space follows a nonlinear pattern, and this plays a positive role in magnifying the influence of technology on management growth. Additionally, operations of the state-owned companies and expansionary financing enterprises are influenced by the external economy. Regarding the spatial distribution, the Samsung investment in 24 companies in China shows that Samsung focuses on the acquisition of scarce resources for semiconductor production as a component of its investment and innovation strategy. Originality/value - Even though prior research has considered the concepts studied here, this study contributes to empirically evaluate the direct impact of innovation space on business growth, and the indirect impact of innovation space on business growth through technology investment. This study includes an in-depth discussion of the practical effects that innovation space has on China's economy, using a case of South Korean Samsung's investment in China as a test the empirical findings.

• Knowledge Management Research
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• v.20 no.4
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• pp.119-129
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• 2019

This paper is aim to test how market orientation is related to the investment decision making. After controlling for firm-specific factors, this study finds a significantly positive relationship between market orientation and R&D expenditures, especially firms with high ratio of intangible assets and low ratio of abnormal inventory assets. Under conditions of low quality of earnings, the negative relation between market orientation and R&D expenditures is enhanced in electronic related industries. This indicates that the relation between market orientation and R&D expenditures may exhibit more reasonable patterns for investment decision of firms in technology driven business environment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.17-32
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• 2023

In recent years, the need for social ventures that aim to grow while solving social problems through the efficiency and effectiveness of commercial organizations in the market has increased, while there is a limit to how much the government and the public can do to solve social problems. Against this background, the number of social venture startups is increasing in the domestic startup ecosystem, and interest in impact investors, which are investors in social ventures, is also increasing. Therefore, this research utilized judgment analysis technology to objectively analyze the validity and weight of judgment information based on the cognitive process and decision-making environment in the investment decision-making of impact investors. We proceeded with the research by constructing three classifications; first, investment priorities at the initial investment stage for financial benefit and return on investment as an investor, second, the political skills of the entrepreneurs (teams) for the social impact and ripple power, and social venture coexistence and solidarity, third, the social mission of a social venture that meets the purpose of an impact investment fund. As a result of this research, first of all, the investment decision-making priorities of impact investors are the expertise of the entrepreneur (team), the potential rate of return when the entrepreneur (team) succeeds, and the social mission of the entrepreneur (team). Second, impact investors do not have a uniform understanding of the investment decision-making factors, and the factors that determine investment decisions are different, and there are differences in the degree of the weighting. Third, among the various investment decision-making factors of impact investment, "entrepreneur's (team's) networking ability", "entrepreneur's (team's) social insight", "entrepreneur's (team's) interpersonal influence" was relatively lower than the other four factors. The practical contribution through this research is to help social ventures understand the investment determinant factors of impact investors in the process of financing, and impact investors can be expected to improve the quality of investment decision-making by referring to the judgment cases and analysis of impact investors. The academic contribution is that it empirically investigated the investment priorities and weighting differences of impact investors.

• Asian Journal of Innovation and Policy
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• v.5 no.2
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• pp.129-145
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• 2016

This is a case study to analyze the role of technology licensing or transfer office (TLO) as factors of success for the spin-off from government research lab. The case company is a research lab startup, which is a joint venture through technology investment by a government research lab or university in the designated R&D parks and cash investment by the partner company. The case company listed on the stock market in 2015 reaching a market capitalization of US$ 1.2 billion. We confirm the success factors of startups pointed out in many studies: original technology, good understanding of core technology and production technology, technological competitiveness in the market. However, there is an important factor not well discussed in the previous studies, the role of TLO. TLO guided the company ownership, management, technology, and solved problems that pause business itself. The case became the sample of research lab startup and technology investment in Korea.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.295-302
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• 2020

The paper aims to investigate the impact of foreign direct investment (FDI) on private investment with a sample having 49 developing countries in Asia (17 countries) and Africa (32 countries) during the period of 1990-2017. Unlike previous studies, we split the data into three groups for further analysis, including the Asian, African and the full-panel samples. The results confirm a crowding-in effect which shows that foreign direct investment promotes private investment on all three research samples. Besides, the lagged private investment has a positive and significant effect on itself in the next period which reflects the inertia in the trend of private investment in recipient countries. In the full-panel sample, there are some macro factors such as GDP per capita, trade openness, and electricity that also have a positive and statistically significant impact on private investment. Besides, when more deeply estimate with smaller samples, we find that trade openness and labour force have a positive and significant in Africa, on the other hand, not in Asia. However, the domestic credit variable has a negative and significant effect on private investment only in Asian developing countries. Furthermore, there is only a positive and significant impact of the electricity variable on private investment in Asia.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.73-83
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• 2018

The purpose of this paper is to examine the relationship between regional financial development and corporate investment efficiency as well as the relationship between firm-level characteristics and corporate investment efficiency. Using a large sample of A-listed companies in China from CSMAR database between 2003 and 2016, this paper explores corporate investment efficiency and its influencing factors in emerging market on the basis of heterogeneous stochastic frontier model. The results show that: (1) the average investment efficiency of Chinese listed companies is 74.5%, and the investment efficiency of large enterprises, state-owned enterprises and enterprises with relatively high financial development level is significantly higher; (2) compared with average corporate investment efficiency in the year 2003, the investment efficiency of different types of enterprises in 2016 is significantly higher, and the gap is gradually widening; (3) enterprise heterogeneity namely firm size, nature of property right, and institutional environment reflected by the level of regional financial development indirectly affects corporate investment efficiency by influencing the financing constraints and uncertainty. The findings suggest that to improve corporate investment efficiency in emerging market, financial market should be accelerated, regional balance should be restored and the differences among regions, industries and differences between public and private sectors should be eliminated.

• International Journal of Computer Science & Network Security
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• v.22 no.3
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• pp.335-343
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• 2022

The article analyzes the features of innovation and investment activities of enterprises in the context of digitalization to increase their competitiveness in the international market. Ukraine's position on the Global Innovation Index is assessed. The interrelation of management functions in the context of innovation and investment activities of enterprises is substantiated. The structure of sources of financing of innovative activity of industrial enterprises is analyzed. Trends in changes in the volume of foreign direct investment and capital investment in Ukraine are assessed. It is determined that the level of innovative development of enterprises is determined by the level of their investment support, which is determined by the level of their investment attractiveness. The components of the strategy of investment attractiveness of enterprises are outlined. Determining factors in the implementation of innovation and investment policy of enterprises are identified and the main stages that should include the processes of managing innovation and investment activities of enterprises in the context of digitalization.

• Asia-Pacific Journal of Business
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• v.4 no.2
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• pp.11-20
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• 2013

This study extends the extant scope of understanding investment decision, beyond the dominant 'technical' emphasis on the application of discounted cash flow techniques. The research methodology draws the positivist and interpretive research paradigms. It uses a deductive approach, survey strategy and principal component analysis for the analysis. Three key sets of factors emerged as important in the investment decision process in the hydropower sector. They are: group consensus (framing), influences on own judgment (heuristics), and application of knowledge & experience (intuition). The use of purposive and convenient sampling might have some unintended impact on the findings. Consequently, any generalizations of the findings to a wider population of organizations and managers need to be made with care. It is hoped that this paper will encourage other researchers to go beyond the analytic techniques of investment appraisal that have dominated investment decision research and seek to balance the emphasis by focusing on human involvement and behavioral aspects of investment decision.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.21-31
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• 2020

This study investigates the dynamic effects of economic development, international cooperation, electricity consumption, and political risk on the escalation of CO₂ emission in Vietnam. We adopted autoregressive distributed lag model and Granger causality method to examine the interaction between CO₂ and various economic and political factors, including foreign direct investment, trade openness, economic growth, manufacture, electricity consumption, and political risk in Vietnam since the economic revolution in 1986. The findings reflect opposite influence between these factors and the level of CO₂ in the intermediate and long-term durations. Accordingly, foreign direct investment and CO₂ emission have a bidirectional relationship, in which foreign direct investment accelerates short-term CO₂ emission, but reduces it in the long run through an interactive mechanism. Moreover, economic development increases the volume of CO₂ emission in both short and long run. There was also evidence that political risk has a negative effect on the environment. Overall, the findings confirm lasting negative environmental effects of economic growth, trade liberalization, and increased electricity consumption. These factors, with Granger causality, mutually affect the escalation of CO₂ in Vietnam. In order to control the level of CO₂, more efforts are required to improve administrative transparency, attract high-quality foreign investment, and decouple the environment from economic development.