• Information Systems Review
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• v.19 no.4
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• pp.1-25
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• 2017

Despite high uncertainty on financial return, firms have continuously increased their investment on technologies because they recognize the potential value of technology investment in terms of enhancing operational efficiency and sustaining competitive advantage. Notably, an individual technology investment pattern or strategy within an industry may ultimately lead to significant differences in business performance. Hence, we first categorized technology investment into traditional research and development investment and information technology investment. Afterward, we examined the effects of each pattern with combination of the two types of technology investment on business performance according to firm size and position in the supply chain through fuzzy-set qualitative comparative analysis. Data collected from 562 manufacturing firms in Korea were used in the analysis. Results showed that large-sized firms were slightly affected with microscopic patterns in their technology investments, whereas small firms were highly affected with their technology investment patterns and their positions in the supply chain. The findings implied that a small enterprise requires an appropriate technology investment strategy to achieve successful business outcomes.

• The Korean Journal of Financial Management
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• v.18 no.2
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• pp.1-25
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• 2001

본 연구에서는 우리나라 기업에서 내부현금흐름과 부채가 투자지출과 어떠한 관계에 있는가를 분석함으로서 외부자금조달의 제약 및 대리인 문제가 투자지출에 미치는 영향을 분석하였다. 분석의 결과, 전체 기간에 대하여 투자지출은 내부현금흐름과 강한 양(+)의 관계를 나타내어 외부 자금조달의 제한이 투자지출에 큰 영향을 미치는 것으로 나타났다. 그러나 표본을 분류하여 분석한 결과, 단독기업이 재벌기업에 비해 정보비대칭 문제가 심각하므로 더 큰 외부자금조달의 제한에 직면할 것이라는 증거는 발견되지 않았으며, 주식시장의 장세에 따른 분석결과, 주가 상승기에 투자지출과 부채비율은 두드러진 음(-)의 관계를 형성함으로서 이 시기에는 부채가 투자를 억제하는 요인인 것으로 분석되었다. 또한 IMF 이후 1998년에는 내부현금흐름이 투자지출에 큰 영향을 미치지 않았으며, 투자기회가 적은 기업에서만 부채의 계수가 유의적인 음(-)으로 나타나 IMF 이전과는 다른 양상을 보였다.

• 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.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2005.10a
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• pp.282-295
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• 2005

본 연구는 기업이 정보보호 투자 시 필요로 하는 경제성 평가의 접근방법을 제시한다. 기업은 윤리경영을 기초로 사업과 서비스를 통한 수익창출을 목표로 한다. 그리고 기업은 안정적인 사업, 서비스의 정보환경을 확보, 유지하기 위해 지속적인 정보보호 활동을 통하여 Risk를 줄이는 작업을 해 오고 있다. 기업의 정보보호 활동과 패턴은 초기의 정보보호 기본기능을 도입, 구축하는 단계에서 탈피하여 점진적으로 종합적인 관리체계로 발전되고 있으며 이와 병행하여 산출되는 정보와 정규화 되는 Data를 기초로 정량적인 관리가 이루어 지 는 시점에 와 있다. 기업의 정보보호 투자에 대한 경제적인 효과를 체계적으로 평가하고 관리하는 활동은 아직도 초기단계에 머무르고 있다. 그러므로 기업이 정보보호 투자 시 발생되는 피해비용의 감소와 사업 및 서비스 등에서 예측되는 경제가치 창출에 대한 기대효과의 정량적인 관리를 통해 투자의 기준을 제시하여 기업에서 효과적인 정보보호 투자가 이루어지도록 함에 있다.

• Venture DIGEST
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• s.42
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• pp.10-11
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• 2004

중소ㆍ벤처기업들은 지난해를 보내며 많은 어려움을 겪었다. 담보나 신용 부족으로 은행 등의 간접금융 활용이 어려웠고 이에 더해 벤처캐피탈 등을 통한 직접금융 시장마저 여의치 않았기에 어느해 보다 어려운 한해였을 것이다. 그러나“비가 온 뒤에 땅이 굳어진다”고 했듯이 지난 한해를 슬기롭게 잘 지내온 벤처기업들에게 2004년 직접금융시장을 통한 재원조달이 다소 나아질 것으로 전망된다. 국내 직접금융시장의 주요 투자기관인 벤처캐피탈의 재원조달 현황 파악을 통해 중소 벤처기업의 자금조달시장을 예측해보고자 한다. 우선 벤처캐피탈 재원조달의 주요수단인 투자조합(Fund)결성 현황을 살펴보고, 투자조합의 운영 특성상 조합결성 후부터 3~5년간 투자가 이루어지는 것을 감안하여 2004년의 투자전망을 살펴보도록 한다.

• The Korean Journal of Financial Management
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• v.16 no.1
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• pp.115-127
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• 1999

본 논문은 5대 재벌 계열사들의 투자행태를 분석하였다. 5대 재벌 계열사들을 상장기업과 비 상장기업으로 나누어 분석하면 비상장기업의 투자는 내부현금흐름에 영향을 받고 상장기업에 비해 계열사 현금흐름에 영향을 받는 정도가 큰 것으로 나타나고 있다. 5대 재벌 계열사들을 종속기업과 비종속기업으로 나누어 분석하면 종속회사의 투자가 비종속회사에 비해 계열회사 현금흐름에 영향을 받는 정도가 큰 것으로 나타나고 없다. 본 논문의 분석결과는 5대 재벌의 경우 비상장회사와 종속회사가 다른 계열사들로부터 자금지원을 받는 형태로 내부금융시장이 작동하고 있다는 것을 보여주고 있다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.147-157
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• 2023

This paper investigates the financial factors affecting angel investors' investment decisions for 818 firms from 2009 to 2018 in the Korean venture investment market. We construct a quasi-experimental design using propensity scoring matching and compare the investment determinants between investment firms and matching firms. The main empirical findings are as follows. First, we find that angel investors are more likely to choose firms based on a firm's growth such as profit and assets rather than profitability or financial stability. In addition, we identify that they prefer the firm not only higher intangible assets but also higher R&D expenditures. Second, we find that angel investors consider both growth and activity ratios in the firms for over three years and have entered the mid-stage of startups. Overall, we confirm that the investment decision of angel investors mainly focuses on the venture startups' growth trend or future growth potential rather than the realized profitability or financial stability. We also infer that the possibility of performance creation is an important investment factor along with growth for the mid-stage startup.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.2
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• pp.674-680
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• 2013

This paper investigates the impact of liquidity constraints on investment expenditures of family and non-family firms. We analyze the ownership structure of family firms to determine whether family control alleviates or exacerbates investment-cash flow sensitivity in domestic firms. To examine the impact of liquidity constraints on investment expenditures of family and non-family firms, we used a financial data of 644 Korea Exchange traded companies over the 2000 - 2010 period. We estimated a time-series and cross-sectional regression model, using samples of family firms and non-family firms. The results show that cash flow is not associated with investment expenditure in family firms, whereas cash flow has a positive impact on investment in non-family firms. Our results show that lower or no investment-cash flow sensitivities in family-controlled firms are mainly attributable to lower agency costs through strong monitoring activities of family members. Higher investment-cash flow sensitivities are observed in non-family firms with more agency problems. This suggests that investment-cash flow sensitivities would be useful measures of liquidity constraints.

• Korean small business review
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• v.40 no.3
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• pp.1-24
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• 2018

The purpose of this study is verifying with corporate financial data that the required investment amount flow shows a similar pattern as times passed, in new product development by start-up company. In the previous paper, the same authors proposed the required investment amount flow as a 'New Product Investment Curve (NPIC)'. In this study, we have studied further in various types of companies. The samples used are accounting data of 462 companies selected from 5,873 Korean companies which were finished external audit in 2015. The results of this study are as follows; The average investment period was 3 years for the listed companies, while 6 years for the unlisted companies. The investment payback period was 6 years for listed companies, while 17 years for unlisted companies. The investment payback period of the company supported by big affiliate company (We call 'greenhouse company') was 14~15 years, while 17 years for real venture companies. When we divide all companies into 4 groups in terms of R&D cost and variable cost ratio, NPIC explanatory power of 'high R&D and high variable cost ratio group (Automobile Assembly Business) is best. Among the eight investment cost indexes proposed to estimate the investment amount, the 'cash 1' (operating cash flow+fixed asset excluding land & building+intangible asset, deferred asset change)/year-end total assets) turned out to be the most effective index to estimate the investment flow patterns. The conclusion is that NPIC explanatory power is somewhat reduced when we estimate all companies together. However, if we estimate the sample companies by characteristics such as listed, unlisted, greenhouse, and venture company, the proposed NPIC was verified to be effective by showing the required investment amount pattern.

• Journal of Labour Economics
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• v.36 no.2
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• pp.95-124
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• 2013

This article empirically explore the effects of a training subsidies of corporate training investment and productivity improvement using enterprise data. I find that large sized enterprises don't have clear positive effects, but small&medium sized enterprises have, And the more enterprises have corporate training investment, the more positive effects of training subsidies decrease. So large sized enterprises with a relatively high level of corporate training investment have the restricted effect of training subsidies compare to small&medium sized enterprises.