• 한국벤처창업학회:학술대회논문집
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• 2020.06a
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• pp.45-50
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• 2020

최근 계획된 행동이론을 바탕으로 국내 증권형 크라우드펀딩 투자자의 참여의도와 무리행동에 관한 연구를 수행하였다. 연구 결과 계획된 행동이론의 주요변인 중 태도와 주관적 규범은 증권형 크라우드펀딩 투자자의 참여의도에 정(+)의 영향을 미치는 것으로 확인되었다. 그리고 간접효과 분석 결과 참여의도는 태도, 주관적 규범과 무리행동 사이에서 매개적 역할을 하는 것으로 확인되었다. 그러나 계획된 행동이론에서 행동의도의 주요 변인으로 제시된 지각된 행동통제는 참여의도에 미치는 영향이 통계적으로 비유의적인 것으로 나타났다. 대신 무리행동에는 직접적으로 정(+)의 영향을 미치는 것으로 확인되었다. 한편 국내 증권형 크라우드펀딩 투자자는 실제 투자행동을 할 때 플랫폼에서 제공되는 펀딩 진행정보를 일종의 신호로 보고 다수의 다른 투자자를 모방하여 무리행동을 한다는 것을 실증적으로 확인하였다. 본 연구는 종전 연구의 후속연구로서 국내 증권형 크라우드펀딩 투자자의 손실보전기대가 참여의도 및 무리행동에 조절적 역할을 하는지 여부를 연구해 보고자 한다. 손실보전기대는 증권형 크라우드펀딩 투자로 인해 투자자가 받게 되는 각종 혜택이나 투자조건에 따라 크라우드펀딩 투자로 인한 손실 일부 또는 전부를 보전하거나 손실 발생 가능성을 낮출 수 있다고 믿는 정도를 말한다. 본 연구를 통해 국내 증권형 크라우드펀딩 투자와 관련한 각종 혜택 및 투자조건 등이 투자자의 손실보전기대를 유발하여 투자자의 참여의도와 무리행동에 조절적 영향을 미치는지 여부를 실증적으로 확인함으로써 향후 크라우드펀딩 관계 당사자들의 동 제도 활성화 및 투자자 보호를 위한 각종 정책 및 사업계획 수립 등에 유의미한 결과로 활용될 수 있을 것이다.

• Management & Information Systems Review
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• v.32 no.3
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• pp.83-105
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• 2013

There are many literatures about the herding behavior of institutional investors but there is lack of literatures about the relation among several investor groups consisting of institutional investors. So we investigate the relation among sub-institutional investor groups like bank, insurance companies, pension funds using KRX intraday trading data of 2009. As the result, we find that foreign, individual, and securities firm investors trade in the opposite direction of other investor groups including pension funds. And pension, insurance, asset management, private equity funds, other companies, government, and banks are cross-mimicking each other, so we conclude that these investors make herding behavior. In 2009 institutional investors except securities firms make herding in a short period, and insurance, asset management, pension funds and other companies make herding and self-mimicking in all period, but there is no herding and mimicking after foreign investors.

• 한국벤처창업학회:학술대회논문집
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• 2020.11a
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• pp.179-184
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• 2020

본 연구는 확장된 합리적 행동이론(ETRA)을 이용하여 주식투자 시 자본시장심리지수를 기반으로 한 어플리케이션의 선택행동에 영향을 끼치는 요인들과 투자자의 휴리스틱과의 관계를 알아보는데 있다. 연구자는 개별 투자자의 휴리스틱이 선택행동에 영향을 미칠 것으로 추정하고 대표성 휴리스틱, 가용성 휴리스틱, 감정 휴리스틱을 측정하여 선택행동에 영향을 미치는 매개변수로 분석을 하였다. 연구모델의 경로계수 분석결과는 다음과 같다. 첫째, 독립변수인 투자기회확장 그리고 매개변수인 휴리스틱 중 대표성 휴리스틱이 행동의도에 영향을 미치는 것으로 나타났다. 둘째, 행동의도가 종속변수인 선택행동에 영향을 미치고 매개변수인 가용성 휴리스틱이 선택행동에 영향을 미치는 것으로 나타났다. 연구모형에서 대표성 휴리스틱에 영향을 주는 독립변수는 혁신적 성향, 투자기회확장, 사용비용, 그리고 인지된 효익이며 반면에 가용성 휴리스틱에 영향을 주는 독립변수는 혁신적 성향과 투자기회확장으로 밝혀졌다. 매개효과 검증결과에 의하면 서비스다양성은 선택행동에 영향을 미치는데 휴리스틱의 매개효과가 없고 직접효과만 있는 것으로 밝혀졌다. 반면에 투자기회확장은 선택행동에 미치는 직접효과는 통계적으로 유의하지 않고 매개변수 휴리스틱의 간접효과 값이 0.217이고 통계적으로 유의하여 매개효과가 있는 것으로 밝혀졌다. 휴리스틱의 매개효과를 개별적으로 확인한 결과 첫째, 대표성 휴리스틱은 매개효과를 통한 간접효과가 없는 것으로 확인되었다. 둘째, 가용성 휴리스틱은 매개효과의 크기가 0.1360이고 경로계수가 통계적으로 유의하게 나타나 매개효과를 통한 간접효과가 있다는 것을 확인하였다. 따라서 독립변수 투자기회확장은 시장 심리지수를 기반으로 한 어플리케이션에 대한 선택행동에 영향을 미치는데 직접적으로 영향을 미치지 않고 투자자의 가용성 휴리스틱이 매개가 되어 간접적으로 선택행동에 영향을 나타내는 것을 실증적으로 확인하였다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.1-18
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• 2020

This study is to identify the influence of major variables that affect the participation intention of securities type crowdfunding investors and how participation intention and perceived behavioral control affect investors' herd behavior including indirect effect analysis based on the theory of planned behavior. The ultimate purpose of this study is to understand the investment behavior of securities type crowdfunding investors and to help the relevant parties to develop various policies and business plans to revitalize the system and protect investors. An online survey was conducted on people who are interested or have experience in securities type crowdfunding to receive a total of 276 responses. Excluding outliers, a total of 261 responses were taken into account for the final analysis. For the data analysis, structural equation model analysis using SPSS 22.0 and Amos 22.0 statistical package was conducted. As a result, two of the major variables of the theory of planned behavior-attitude and subjective norm-have been found to have a positive effect on the participation intention of securities type crowdfunding investors. And after analyzing the indirect effect, the participation intention was found to play a mediating role between attitude, subjective norm and herd behavior. However, the perceived behavioral control presented as a major variable of behavioral intention in the theory of planned behavior showed that the effect on participation intention was statistically insignificant. Instead, it was found to have a direct positive effect on herd behavior. This is significant because it empirically confirmed that even if investors perceive securities type crowdfunding as easy to participate, perceived behavioral control does not seem to have a significant impact on participation intention because securities type crowdfunding is an investment in an early-stage business with a high risk of loss. On the other hand, the study has great significance in that it empirically confirmed that domestic securities type crowdfunding investors perceive the funding progress information provided by the platform as a signal and imitate many other investors, showing herd behavior when they actually make an investment. It is expected that this study will provide meaningful insights for the policy making of crowdfunding supervisory offices and platform operators by empirically identifying major variables that influence the participation intentions and herd behavior of domestic securities type crowdfunding investors.

• KDI Journal of Economic Policy
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• v.33 no.1
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• pp.45-72
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• 2011

This study uses Korea's equity fund-related data ranging from Jan. 2002 to Apr. 2010 to analyze the existence of cross-subsidization among funds managed by the same management company. The findings are as follows: i) a transfer of performance outcome is confirmed to move from low-fee funds to high-fee funds, meaning that management companies tend to maximize their own interest than investors' return. And such a tendency has been strengthened since 2008. ii) young funds overperform old funds, iii) funds with high returns in the previous quarter perform better than funds with low return in the same period. These results suggest that in order to protect investors, it is necessary to conduct close monitoring on transactions that might undermine the benefits of investors and comprehensive evaluation on the capability of management companies.

• Management & Information Systems Review
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• v.39 no.3
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• pp.83-98
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• 2020

This study analyzes how investors' irrational behavior (or pessimistic sentiment) affects stock market returns and investors' market activity using mass media that delivered public information from January 1998 to December 2012 as a sample. According to pessimistic investor theory, investor pessimism leads to downward pressure on the price of equity capital, thereby making market sentiment pessimistic and lowering market yields. It also shows that investor pessimism increases transaction costs in the market, which in turn dampens investors' trading activities. In other words, pessimistic reporting on public information disseminated by mass media induces investors to act irrationally, eventually having a direct impact on the stock market. This study conducted an empirical analysis of the existing theoretical and empirical studies using domestic mass media as a sample. First, the study revealed a negative correlation between pessimistic reporting and returns as well as excess returns, while it did not show statistically significant results. Second, evidence has been suggested that pessimistic sentiment in the stock market has a negative impact on future pessimistic reporting by mass media. Third, the analysis of the impact of pessimistic reporting on investors' market activity using proxy variables for various market activities found that pessimism dampens market activity, while it did not show statistically significant results. It is assumed that low statistical significance is due to the fact that sample collection was carried out on a monthly basis. While the results of the study have low statistical significance, statistical signs support predictions of the theory.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.3
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• pp.161-170
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• 2015

Recently the fund has been popular for the representative financial investment. In the decision making procedure of the investor about this fund investment, this research analyze how the factor was considered as fund investing behavior. The paper examines investors' risk reduction behavior and fund choice attribution for fund investment behavior, provides insight for marketing strategy in fund market for fund investment behavior. The period for the survey is from December 2014 to January 2015 and analyzed 431 samples of using a fund investor The research results showed that fund distribution, fund literacy and fund performance appeared to be statistically significant variables that positive affected fund investment satisfaction, but fund advertise negative affected fund investment satisfaction. Also, the fund management company, benefit, fund literacy, fund performance, and recommend appeared to be statistically significant variables that positive affected fund investment intention. It is expected that fund marketing strategy based on research return should be established to cope with the fund literacy as well as the fund investing behavior. Concretely to fund investment satisfaction make informed decision in fund performance, fund information provided to investor should be customized to contribute the improvement of overall fund literacy.

• 한국벤처창업학회:학술대회논문집
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• 2023.11a
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• pp.85-89
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• 2023

최근 급변하는 세계 경제 환경에서 창업기업은 혁신, 고용 및 경제 활력의 핵심 동력으로 등장했다. 그러나 초기 창업 기업이 성장하는 여정에는 많은 어려움이 따르며, 이 과정에서 엔젤투자자의 역할이 필수적이다. 초기 창업 시장의 촉매제 역할을 하는 엔젤투자자는 필요한 자본을 제공할 뿐만 아니라 경영 노하우 및 네트워크를 통해 창업기업이 성공할 수 있도록 지원한다. 그러나 최근 데이터에 따르면 신생 기업 중 엔젤 투자의 혜택을 받는 기업은 1.4%에 불과한 것으로 나타나 창업기업의 잠재력과 지원 사이에는 분명한 공백이 존재한다. 이 연구는 지속가능한 경제 성장을 위해 창업 생태계의 중요한 요소인 엔젤투자자의 위험회피 성향을 이해함으로써 이들의 투자 행동, 의사결정 프로세스에 대한 통찰력을 얻을 수 있다. 위험회피가 엔젤투자에 미치는 영향을 알아보고 엔젤투자가 활성화 될 수 있는 방법을 제안하고자 한다. 본 연구를 통해 위험회피 성향이 엔젤투자에 대한 관심도와 실제 투자 활동 간의 관계를 추정해보고자 한다. 위험회피 성향이 엔젤투자자에 어떻게 영향을 미치는지 탐색하는 것에 중점을 두고, 엔젤투자자의 행동과 관심사에 영향을 미치는 다양한 요인들을 포함하여 진행한다. 연구 표본은 서울 및 경기 지역의 일반 성인과 엔젤투자자로 설문조사를 통해 필요한 데이터를 수집한다. 이 연구는 위험회피 성향이 엔젤투자 결정에 어떻게 반영되는지에 대한 깊은 이해를 제공하고, 엔젤투자 활성화를 위한 정책 및 전략을 수립하는데 중요한 통찰력을 제공할 것이다.

• Korean Journal of Culture and Social Issue
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• v.13 no.3
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• pp.89-109
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• 2007

This study is an exploratory study on stock investment behaviors of individual investors in psychological perspective. The study is based on many behavioral finance studies which overconfidence of individual investors has an effect on irrational investment decision making and investment behaviors such as excessive trading. Accordingly, this study was to investigate the factors of self-enhancement perception on confidence of investment of individual investors and to find whether these psychological biases lead to irrational investment behaviors. The results indicated that there were sex differences in the factors of self-enhancement perception on individual investors' confidence of investment. In case of male investors, they were confident of their ability of investment but in case of female investors, they were confident of optimistic expectation of return. Also, male investors were more confident of investment than female investors. In addition, the result showed that risky investment behaviors of individual investors were influenced by psychological factors such as favorable self-evaluation, confidence of self-controllability, optimistic expectation of return and confidence of investment in part. This study suggests that further researches need to search after other variables which can mediate between psychological factors and investment behaviors of individual investors.

• The Journal of the Korea Contents Association
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• v.16 no.3
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• pp.553-562
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• 2016

Then, it investigated the investment preference through the previous studies to analyze the influence factor of investment satisfaction and demonstrated the effects through the PLS (Partial Least Squares) regression. In addition, it separated the target type to institutional investors and retail investors and carried out the survey for comparing the investment preference of investor type. The result of analysis found out that institutional investors emphasis on investment preference such as the Inflation hedge, Early payback, Financial stability, Leverage risk and etc. Then, general investors emphasis on investment preference such as the Rental income, Facilities and Equipment, Business area and population, Ease of use, Leverage risk, Early payback and etc. In addition, common investment preferences are the Leverage risk, Early payback and Facility accessibility.