• 산업융합연구
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• 제5권1호
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• pp.45-59
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• 2007

This paper empirically examines the portfolio diversification effect using data from both KOSPI and KOSDAQ. In KOSPI market, portfolio diversification effect disappears when more than 18 stocks are added in the portfolio. About 63% of portfolio risk is eliminated. In KOSDAQ market, the maximum portfolio diversification effect is achieved when 17 stocks are at least included in a portfolio. The maximum cumulative risk reduction is 35%.

• 무역학회지
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• 제46권2호
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• pp.75-92
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• 2021

There is increasing awareness in the international alliance literature that the firm performance effects of the alliance portfolio go beyond the effects of the individual alliances. I enrich this nascent perspective by developing a alliance portfolio composition framework based on the alliance portfolio dimensions - underpinned by the simultaneity of quantitative and qualitative factors in international portfolio - that enhances firms' financial performance. This paper assesses the impact on firm performance of composing the alliance dimension within a firm's international alliance portfolio. In an unbalanced panel data analysis with fixed effects of the performance of 502 firms operating in the Korean manufacturing industry during 2011-2017, I test whether firm's three dimension of international alliance portfolio affect on firm financial performance. I find that the intensity of international alliance have significantly positive effect on the firm performance. And following the moderating analysis of three portfolio dimension-functional, relational, and attribute, all of each three international alliance portfolio has positive moderating effects on the relationship between the alliance intensity and firm performance. These results indicate that firms should consider and form simultaneous approaches to exploit the international alliance based on the alliance portfolio dimensions with intensity of alliance portfolio.

• Asian Journal of Business Environment
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• 제10권1호
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• pp.37-43
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• 2020

Purpose: The purpose of this study was to examine the relationship between portfolio quality and financial sustainability of microfinance institutions in Kenya. Research Design, Data, and Methodology: The analysis was based on a panel dataset of 30 microfinance institutions for the period of 2010 to 2018. Data was obtained from the Microfinance information exchange (MIX) database, and it was analyzed through descriptive and inferential statistics with the aid of STATA. Based on the results of the Hausman test, the study adopted the fixed effect regression model to test the research hypothesis. Results: The study found that portfolio quality had a positive significant effect on financial sustainability of Microfinance institutions in Kenya (β= 0. 211; p-value < 0.05). For the control variables; firm age had a positive effect (β= 0.773; p-value <0.05), while firm size (β= -0. 749; p-value < 0.05) had a negative effect on financial sustainability. Conclusions: The study concluded that portfolio quality has an important influence on the financial sustainability of microfinance institution. The study recommends that managers of microfinance institutions should devise good collection policies to improve portfolio quality while lessening loan default rate. The portfolio quality may improve the overall profitability and enhance investor confidence in their strategic decision-making on refinancing.

• 한국콘텐츠학회논문지
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• 제22권10호
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• pp.691-702
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• 2022

본 연구는 투자 포트폴리오를 구성함에 있어 금융자산 뿐만 아니라 비금융자산 중 최근 대중 투자자들로부터 관심을 가지고 급부상하고 있는 음악저작권 조각 투자를 포함시켰을 때 얻을 수 있는 포트폴리오 분산 효과를 검증하였다. 국내 음악저작권 자산의 투자와 관련한 지수가 발표된 2019년 1월부터 2022년 6월까지 42개월간의 기간 동안의 데이터를 활용하여 전통적 글로벌 분산 투자 포트폴리오를 구성하고, 해당 포트폴리오에 음악저작권 투자 지수를 포함시킨 비금융자산 편입 포트폴리오를 추가로 구성하여 분석하였다. 분석 과정에서 포트폴리오 자체가 발생시키는 효과보다는 비금융자산인 음악저작권 자산의 포함 여부에 따른 개선 효과를 확인하기 위해 기본적으로 활용되는 포트폴리오 전략인 단순보유, 지속 재조정, 평균-분산 최적화, 리스크패러티 등 네 가지 포트폴리오 전략을 활용하였다. 분석 결과 음악저작권 자산을 포함한 포트폴리오는 네 가지 포트폴리오 전략 모두에서 위험은 감소하였지만, 수익률은 개선되는 효과를 보여주었다. 이는 위험 대비 수익을 고려하는 지표인 샤프지수가 크게 개선되는 결과를 가져오는 것으로, 음악저작권 자산을 투자 포트폴리오에 포함시키는 것은 의미 있는 포트폴리오 분산투자 효과가 존재함을 보여주었다. 본 연구를 통해 전통적 금융자산을 통한 글로벌 분산투자 포트폴리오에 음악저작권 투자를 포함함으로써 유의미한 포트폴리오 분산투자 효과가 있음을 동적 자산 배분 관점에서 처음으로 밝혔다는 점에서 본 연구의 학술적 의미를 찾을 수 있으며, 나아가 비금융자산을 포트폴리오에 편입함으로써 포트폴리오 성과를 개선할 수 있는 가능성을 보여주었다.

• 한국정보시스템학회지:정보시스템연구
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• 제28권3호
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• pp.203-225
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• 2019

Purpose The purpose of this study is to empirically verify an ePortfolio success model which shows the structural causal relationships among the basic modeling constructs. We developed the success model based on DeLone and Mclean(2003) from IS perspective and on Balaban et al(2013) from ePortfolio perspective. And we are focused on the success of ePortfolio system designed for college students and professors. Design/methodology/approach Structural equation modeling techniques were applied to data collected 375 users of the ePortfolio system, K-Folio, at least one semester during one academic year. The structural model was analyzed using a Lisrel 8.54 statistical program. Findings The followings are the findings of the study. First, the constructs of IS success model are well applied to ePortfolio for college education. Second, the proposed model which has direct causal relationships from ePortfolio's quality to performance is more significant than the D&M and Balaban's model(2013). Third, the information quality among ePortfolio quality constructs does not have effect on system usability and performance. It means that information contents' quality issued by professor or system manager is not satisfied with the students yet. Finally, by using indirect analysis of structural equation model, we found that the ePortfolio operation manager should focus on ensuring system maintenance activities and providing fast and accurate services for improving ePortfolio performance.

• 수산해양교육연구
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• 제21권1호
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• pp.1-15
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• 2009

The purpose of this study was to examine the effect of a career exploration program using career portfolio for vocational high school students and suggest ideas for making a decision their career and occupation. The number of subjects in this study were 50 high school students in Busan metropolitan city among which 25 were assigned for the experimental group and 25 in the control group. The career exploration program utilizing career portfolio in this study was composed of 12 sessions utilizing the career portfolio. This program was based on Jeong et al.'s career development program(2005) for high school students and Choi's career exploration program using internet(2005). The instruments of this study were self-efficacy scale and career identity scale. The average, standard deviation and the differences between the pre and post-test were calculated and processed by SPSS WIN 14.0. The major findings of this study can be summarized as follows: First, the career exploration program using career portfolio was effective to enhance significantly the level of the self-efficacy of vocational high school students. Second, the career exploration program using career portfolio was also effective to enhance career identity.

• 기술혁신연구
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• 제5권1호
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• pp.15-43
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• 1997

This paper investigates empirically the relationship between various business portfolio properties (particularly technological properties) and chaebol's performance using data on the 50largest chaebols in Korea. In addition to the traditional indexes to measure diversification such as entropy index, we calculated inter-industry technological similarity using R'||'&'||'D expenditure data by industry and 1990 Input-output Table in korea, and obtained chaebol-level technological relatedness and internal transaction proportion from chaebols' business profile, inter-inustry technological similarity and 1990 input-output table. We applied factor analysis on 13 business portfolio property indexes and showed that they could be grouped into 3 dimensions. diversification scope, inter-business relatedness and degree of vertical integration. In this paper, using 50 largest chaebols' financial data (1989-1994), we analyzed empirically the effect of business portfolio properties on ROS(Return On Sales) which is conventional index for firm performance and on TFP(Total Factor Productivity) growth which is a pure measure of firm performance. To utilize the advantage of panel data, FEM(Fixed Effect Model) and REM(Random Effect Model) were used. The empirical result shows that the entropy index as a measurement of inter-business relatedness in not significant but technological relatedness index is significant. OLS estimates on pooled data were considerably different from FEM or REM estimates on panel data. By introducing interaction effect among the three variables for business portfolio properties, we obtained three findings. First, only VI(Vertical integration) has a significant positive correlation with ROS. Second, when using TFP growth as an dependent variable, both TR(Technological Relatedness) and VI are significant and positively related to the dependent variable. Third, the interaction term between TR and VI is significant and negatively affects TFP growth, meaning that TR and VI are substitutes. These results suggest strategic directions on restructuring business portfolio. As VI is increased, chaebols will get more profit. A higher level of either TR or VI will increase TFP growth rate, but increase in both TR and VI will have a negative effect on TFP growth. To summarize, certain business portfolio properties such as VI and TR can be considered "resources" themselves since they can affect profit rate and productivity growth. VI and TR have a synergy effect of change in profit rate and productivity growth. VI increases ROS and productivity growth, while TR increases productivity growth representing a technological synergy effect.t.

• 한국초등과학교육학회지:초등과학교육
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• 제20권1호
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• pp.107-122
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• 2001

The Purpose of this study is to find the effects of the portfolio assessment on elementary students' scientific knowledge, inquiry process skill, scientific attitudes in the teaching of science. And finally the parents' response to the portfolio assessment is also investigated. In order to reach the goal of this study, the investigator developed the evaluation instrument such as an experimental report and a cumulative observation sheet for the 4th-grade Unit-1 'Light Propagation' and Unit-3 'Separating Mixtures', and then these were administered to 42 4th-grade elementary students in Inchon. Based upon the findings and within the limitations of this study, several conclusions can be drawn regarding the problems investigated. First, as the portfolio assessment offers enough information about individual student's performance, it has a highly positive effect on evaluating the students' scientific knowledges. It can also make possible to grasp the several aspects of the student's progress. Second, the portfolio assessment can be implemented without giving students any psychological pressure from testing itself. Therefore, the portfolio assessment is an effective means of appraising inquiry process skills. Third, the portfolio assessment is effective to evaluate the students' attitude toward science by means of individual records which include such aspects that is hardly found by the teacher who teaches science in the class. Fourth, as most parents showed a positive response to this portfolio assessment, it is considered to be effective method of appraising the result of teaching science at elementary school. Accordingly, this study demonstrated that the portfolio assessment is an effective method that can assess students' scientific knowledges, inquiry process skills, and scientific attitudes gained from science teaching-learning. Therefore, it is necessary to implement the portfolio assessment to other grade students as well in the following study where teacher may give more encouragements and suggestions to sti dents for the better learning motives. Also teachers should suggest more definite evaluation criteria to students so that they may improve the students' self and peer evaluation skills.

• 한국경영과학회지
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• 제38권4호
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• pp.35-52
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• 2013

Markowitz's portfolio selection model is used to construct an optimal portfolio which has minimum variance, while satisfying a minimum required expected return. The model uses estimators based on analysis of historical data to estimate the returns, standard deviations, and correlation coefficients of individual stocks being considered for investment. However, due to the inaccuracies involved in estimations, the true optimality of a portfolio constructed using the model is questionable. To investigate the effect of estimation inaccuracy on actual portfolio performance, we study the changes in a portfolio's realized return and standard deviation as the accuracy of the estimations for each stock's return, standard deviation, and correlation coefficient is increased. Furthermore, we empirically analyze the portfolio's performance by comparing it with the performance of active mutual funds that are being traded in the Korean stock market and the KOSPI benchmark index, in terms of portfolio returns, standard deviations of returns, and Sharpe ratios. Our results suggest that, among the three input parameters, the accuracy of the estimated returns of individual stocks has the largest effect on performance, while the accuracy of the estimates of the standard deviation of each stock's returns and the correlation coefficient between different stocks have smaller effects. In addition, it is shown that even a small increase in the accuracy of the estimated return of individual stocks improves the portfolio's performance substantially, suggesting that Markowitz's model can be more effectively applied in real-life investments with just an incremental effort to increase estimation accuracy.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 1996년도 제10회 동계학술발표회 논문집
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• pp.265-295
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• 1996

This paper investigates empirically the relationship between various business portfolio properties (particularly technological properties) and chaebol′s performance using data on the 50 largest chaebols in Korea. In addition to the traditional indexes to measure diversification such as entropy index we calculated inter-industry technological similarity using R&D expenditure data by industry and 1990 Input-output Table in Korea, and obtained chaebol-level technological relatedness and internal transaction proportion from chaebols′business profile, inter-industry technological similarity and 1990 input-output table. We applied factor analysis on 13 business portfolio property indexes and showed that they could be grouped into 3 dimensions, diversification scope, inter-business relatedness and degree of vertical integration. In this paper, using 50 largest chaebols′financial data (1989-1994), we analyzed empirically the effect of business portfolio properties on ROS (Return On Sales) which is conventional index for firm performance and on TFP(Total Factor Productivity) growth which is a pure measure of firm performance. To utilize the advantage of panel data, FEM(Fixed Effect Model) and REM(Random Effect Model) were used. The empirical result shows that the entropy index as a measurement of inter-business relatedness is not significant but technological relatedness index is significant. OLS estimates on pooled data were considerably different from FEM or REM estimates on panel data. By introducing interaction effect among the three variables for business portfolio properties, we obtained three findings. First, only VI (Vertical integration) has a significant positive correlation with ROS. Second, when using TFP growth as an dependent variable, both TR(Technological Relatedness) and f[ are significant and positively related to the deepened variable. Third, the interaction term between TR and VI is significant and negatively affects TFP growth, meaning that TR and VI are substitutes. These results suggest strategic directions on restructuring business portfolio. As VI is increased, chaebols will get more profit. A higher level of either TR or W will increase TFP growth rate. but increase in both TR and VI will have a negative effect on TFP growth. To summarize, certain business portfolio properties such as VI and TR can be considered "resources" themselves since they can affect profit rate and productivity growth. VI and TR have a synergy effect of change in profit rate and productivity growth. VI increases ROS and productivity growth, while TR increases productivity growth representing a technological synergy effect.