• Knowledge Management Research
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• v.11 no.3
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• pp.1-11
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• 2010

The importance of intangible assets have increased unprecedentedly with the advent of the knowledge-based society. Investment in R&D has contributed to the rise of productivity and firm-value in the capital markets. but it is very difficult to determine the economic benefits of R&D investment, due to elusive link between time requirements and the realization of firm value from R&D investment. This study examines the differential effects of R&D expenditure and patents on firm-value by industry. Patents are intangible, proprietary rights that develops new products, plays a crucial role in market competition and results in research and development activities. If firms get patents, their R&D expenditure is assumed to be successful. The study analyzes whether successful R&D expenditure has a significant effect on the firm-value. The study considers two industries : high-tech industries and low-tech industries. These industries are expected to have different effect on R&D expenditure and firm-vale. The results of the study indicate that the successful R&D expenditure increased the firm-value. Successful R&D expenditure in high-tech industries more increased the firm-value more than that in low-tech industries.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.69-76
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• 2020

The study examines lagged economic effects of research and development (R&D) investment on the market value of manufacturing firms listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China. This study applies panel data analysis methods to address the following issues: 1) There might be an adjustment lag in the impact of R&D investment on corporate market value, and 2) Unobserved firm effects must be taken into account. The balanced panel data includes a total of 1,462 observations with 34 cross-sections of manufacturing firms listed on Chinese stock markets and with 27 time-specific quarterly periods from 2007 to 2017. The results indicate that the R&D investment of Chinese manufacturing firms tends to yield favorable market value of the firm with some adjustments to time. The results show that R&D investment exhibits a strong positive impact on their market value of manufacturing firms in Chinese stock markets. Moreover, R&D investment has a positive time-lag effect on the market value of the firm. Interestingly, the R&D investment of Chinese manufacturing firms generate a relatively constant positive effect on their market value, supporting the notion that the corresponding returns of R&D investment for such firms yield lagged but added market values.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2008.10a
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• pp.152-156
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• 2008

This study examines the relationships between R&D investment and Market value of Firms using data of small and medium enterprises (SMEs) in the manufacturing sector of Korea. In particular, this paper investigates the role of technology innovation system in the impact of R&D investment on firm's Market value of Firms. Findings from the previous studies on the relationship between R&D investment and Market value of Firms are positive relationship. Main of the previous studies demonstrated a positive impact of R&D investment on Market value of Firms. On the other hand, some recent studies showed this is not the case. Those studies persisted that the technological innovation system for managing and efficiently utilizing R&D investment and capability has to be built in order for R&D investment to give rise to increases in Market value of Firms. According to the Oslo manual by OECD, it is assumed that a technology innovation system can becharacterized as three factors :capability for technological innovation, capability for technology commercialization, capability for technological innovation management. This study divides sample firms into two groups using the "Inno-Biz" certificate system of the Korean Small and Medium Business Administration (SMBA): Inno-Biz firms Vs. Not Inno-Biz firms. The system selects innovative SMEs denoted as "Inno-Biz" using the above factors as criteria. The results revealed that the technology innovation system has the moderating effect to R&D investment on Market value of Firms.

• Proceedings of the Korean Society of Crop Science Conference
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• 2017.06a
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• pp.264-264
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• 2017

Legumes are good sources of various nutrients. Among legumes, soybean and its flour are accessible foods to consumers. However, in case of soybean flour, there is a disadvantage of easily going rancid. Thus, this study aimed to investigate how the quality of soybean flour changes during storage according to the packaging materials and storage temperatures. The raw and roasted soybean flours were packed in two types of packaging, polyethylene (PE) and polypropylene (PP) film bags respectively, and stored at three different storage temperatures (4, 20, and $45^{\circ}C$) for 1 year. The acid value, conjugated diene value, peroxide value, p-anisidine value, thiobarbituric acid (TBA) value, lipoxygenase activity, and fatty acid content of raw and roasted soybean flours were measured at the point of starting storing, and after 1, 2, 4, 8, and 12 weeks of storage. The acid value of soybean flour was increased for 4 weeks and thereafter significantly decreased (p < 0.0001). The conjugated diene value was significantly increased after 4 weeks storage at $45^{\circ}C$ with PE and PP film bags (p < 0.0001). The peroxide value had no changes during 4 weeks storage at $45^{\circ}C$ with PE and PP film bags, and then those was dramatically increased after 8 weeks (p < 0.0001). The p-anisidine values in all of storage conditions were decreased after 4 weeks. Lipoxygenase activity was decreased at 12 weeks storage at $20^{\circ}C$ and $45^{\circ}C$ with PP film bags. Acid value had positive correlations with p-anisidine value (r = 0.30 and p < 0.0001) and lipoxygenase activity (r = 0.36 and p < 0.0001), and had negative correlations with conjugated diene value (r = -0.45 and p < 0.0001) and peroxide value (r = -0.25 and p < 0.001). Conjugated diene value had a high positive correlation with peroxide value (r = 0.76 and p < 0.0001), but that had a negative correlation with lipoxygenase activity (r = -0.51 and p < 0.0001). Peroxide value had negative correlations with p-anisidine value (r = -0.20 and p < 0.01) and TBA value (r = -0.15 and p < 0.05). The degree of reduction in fatty acid content of raw soybean flour was higher than the roasted soybean flour during the storage. Total fatty acid content had positive correlations with acid value (r = 0.45 and p < 0.0001) and p-anisidine value (r = 0.58 and p < 0.0001), but had a weak negative correlation with conjugated diene value (r = -0.19 and p < 0.01). This study showed how the rancidity of the raw and roasted soybean flours progressed during storage. Thus, our findings can be used as base data to do a further study of finding and developing more stable storage conditions of the soybean flour.

• Journal of Advanced Navigation Technology
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• v.15 no.1
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• pp.104-111
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• 2011

In this study, I have tried to analyze an influence of R&D investment on ROV(Real Option Value), corporate value and market value by analyzing R&D investment, ROV, corporate value and market value of machine and material industry in the perspective of ex post. As a result of this study, corporate value, which has been deduced by real option according to R&D investment, reflects market value well and possesses a strong correlation with R&D investment, ROV, corporate value and market value. This implication demonstrates this study result is corresponding with existing theories.

• The Korean Journal of Applied Statistics
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• v.29 no.1
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• pp.171-180
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• 2016

Basel committee suggests using Value-at-Risk (VaR) and expected shortfall (ES) as a measurement for market risk. Various estimation methods of VaR and ES have been studied in the literature. This paper compares semi-parametric methods, such as conditional autoregressive value at risk (CAViaR) and conditional autoregressive expectile (CARE) methods, and a Gaussian quasi-maximum likelihood estimator (QMLE)-based method through back-testing methods. We use unconditional coverage (UC) and conditional coverage (CC) tests for VaR, and a bootstrap test for ES to check the adequacy. A real data analysis is conducted for S&P 500 index and Hyundai Motor Co. stock price index data sets.

• Journal of Electrical Engineering and Technology
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• v.13 no.5
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• pp.2080-2085
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• 2018

There have been numerous studies that extract the R-peak from electrocardiogram (ECG) signals. All of these studies can extract R-peak from ECG. However, these methods are complicated and difficult to implement in a real-time portable ECG device. After filtration choosing a threshold value for R-peak detection is a big challenge. Fixed threshold scheme is sometimes unable to detect low R-peak value and adaptive threshold sometime detect wrong R-peak for more adaptation. In this paper, a simple and robustness algorithm is proposed to detect R-peak with less complexity. This method also solves the problem of threshold value selection. Using the adaptive filter, the baseline drift can be removed from ECG signal. After filtration, an appropriate threshold value is automatically chosen by using the minimum and maximum value of an ECG signals. Then the neighborhood searching scheme is applied under threshold value to detect R-peak from ECG signals. Proposed method improves the detection and accuracy rate of R-peak detection. After R-peak detection, we calculate heart rate to know the heart condition.

• Korean small business review
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• v.41 no.1
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• pp.75-96
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• 2019

This study used age, education, major, working period as CEO's characteristics and examine relationship between these characteristics and R&D Investment. Furthermore this study examined how CEO should react in terms of R&D investment, which is effected by CEO's characteristic in the market. The empirical results are following. (1) When CEO's age are young, they spend much money for R&D investment. And R&D investment which is determined by young CEO has a positive effect on relation of firm value. (2) A higher educational background has a positive effect on R&D investment and will create higher firm value. (3) When CEO's major is competitive in the same industry, it has a positive relationship with R&D investment and its firm value is bigger than though. (4) When CEO working period is long, they showed active to R&D investment. On the other hand, the firm value decreased. This study focused on analyzing the relationship between characteristics of CEO and R&D Investment, furthermore, how R&D investment which effected by CEO's characteristic is contributing in creating the firm value. This results indicate that CEO's characteristics reflect R&D investment and value of venture business. Therefore, CEO's characteristics should be considered financial information and firm value in the market.

• International Journal of Advanced Culture Technology
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• v.8 no.3
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• pp.10-17
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• 2020

This study was cross sectional descriptive survey study to analysis the relationship between marriage value view and health promotion behavior among university students. Questionnaires from those who voluntary agreed to the study were collected online, and the collection period was from May 20, 2020 to June 10, 2020. Research tools for analyzing marriage value view was used by RR lee, and health promotion behavior research tools was developed by Walker., The data analysis was performed using SPSS 18.0 as frequency, Pearson correlation, t-test, and Multiple regression analysis. According to the analysis, women had high passive (p<0.05) and exclusive (p<0.01) marriage value view, while men had high active (p<0.01) and instrumental (p<0.05) marriage value view. According to the analysis, it turns out that people who value interpersonal relationships during health promotion have a positive effect on romantic (t=2.383, R²=.257, p=.019) and instrumental (t=2.201, R²=.120, p=.030) marriage value view. Hygiene has been appeared to affect Passive marriage value view (t=3.001, R²=.111, p=.003) and Exclusive marriage value view (t=3.765, R²=.122, p=.000). Nutrition has been appeared to affect conservative marriage value view (t=2.086, R²=.118, p=0.039). Exercise has been appeared to affect conservative marriage value view (t=2.456, R²=.118, p=0.015) and active marriage value view (t=2.261, R²=.168, p=0.025). Through this study, in order to increase for the desire of marriage, marriage values need to be organized differently between men and women in marriage value programs and it suggested that health promotion behavior be included in programs that enhance the value of marriage.

• Journal of Technology Innovation
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• v.20 no.1
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• pp.45-73
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• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.