• 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.

• International Area Studies Review
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• v.15 no.3
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• pp.429-449
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• 2011

This study investigated the determinants of the foreign direct investment (FDI) by the Korean firms. We focused on types of FDI such as market-seeking, efficiency-seeking, strategic asset-seeking, resource seeking investment and institutional distance including economic distance, political distance and cultural distance which were affecting Korean FDI decision. We tested our hypotheses using Korean FDI data collected between 1980 and 2010. The result showed that Korean FDI to be associated with market-seeking, efficiency-seeking, strategic asset-seeking investment, and institutional distance such as economic distance. We also examined Korean FDI before and after IMF, and the results indicated that before IMF, Korean FDI was associated with market-seeking and strategic asset-seeking investment. However, after IMF, Korean FDI was associated with market-seeking, efficiency-seeking, strategic asset-seeking investment, and institutional distance such as economic distance.

• Proceedings of the Korean Society for Cognitive Science Conference
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• 2000.05a
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• pp.195-200
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• 2000

판단자의 입장에 따라 의사결정에 영향을 미치는 요인이 달라지는지를 알아보기 위해 두 개의 실험을 실시하였다. 실험 1 에서는 투자 수준이 주식의 선택과 최고 매수가에 영향을 주는지 알아보았다. 투자수준에 관한 정보를 주는 조건과 그렇지 않은 조건간에 약간의 차이가 있었다. 매수자와 매도자의 입장에서 주식을 선택하거나 가격을 정하게 한 실험 2에서는 매도의 경우에는 기대값에 비중을 두나 매수자의 경우에는 이익을 얻을 확률정보에 더 비중을 두는 것을 관찰하였다. 이는 입장에 따라 정보의 유관성이 달라지는 것을 보여주는 것이었다.

• 한국벤처창업학회:학술대회논문집
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• 2020.06a
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• pp.25-29
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• 2020

최근까지의 국내외 투자 의사결정 요인을 살펴보면 주로 벤처캐피탈리스트 투자 성공 요인이 연구되어 왔다. 하지만, 2018년 이후 폭발적으로 증가한 투자 자금과, 우수한 스타트업의 성장으로 인해, 기업가들의 투자 거절 사례가 빈번하게 발생하고 있다. 따라서 투자자는 우수한 스타트업에 투자하기 위해 어떤 조건에서 투자를 거절당하는지 인지해야 할 필요가 있다. 본 연구는 주로 초기 창업자들에게 투자하는 국내외 벤처캐피탈리스트 7명을 인터뷰 하여 거절된 투자의 요인을 살펴보고, 우수한 스타트업 투자 유치를 위한 방향을 제시하려고 한다. 연구 결과 최근 3년 이내 투자자들은 잦은 투자 거절 경험을 하였으며, 기업가의 투자사 거절 요인은 1) 투자자의 낮은 산업 전문성, 2) 투자자의 낮은 장기 지향성이다. 먼저, 기업가는 많은 투자 기회를 인식하며, 과거와 달리 비재무적 조건에 비중을 두는 것으로 나타났다. 그 중 투자 기업의 전문성은 특히 기술 스타트업에서 많이 발견되며, 투자자가 피투자기업이 속한 산업의 기술적 이해가 낮을수록 투자가 거절될 수 있으며, 투자 목적의 경우, 투자사가 제시하는 투자의 목적이 장기 지향성이 낮을수록 투자가 거절될 수 있다. 이는 스타트업의 대표와 투자사의 상호성에도 부정적인 영향을 주기 때문이다. 따라서 초기 기술 기업에 투자하는 투자사일수록 투자사가 보유하고 있는 산업전문성과 일치하는 스타트업에 투자를 제안해야 하며, 초기 기술 기업의 기업가는 높은 기업 애착도가 있음으로, 스타트업과 컨텍하는 단계에서부터 투자사의 투자 성향에 대해 끊임없이 알리며, 장기지향적인 투자를 제안해야 한다.

• Journal of the Korean association of regional geographers
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• v.17 no.1
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• pp.58-74
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• 2011

This study analyzed and compared the importance and priority of location decision factors in Foreign Direct Investment Firms managing the manufacturing business in the nation's southeastern economic zone, and in expert group by using AHP analytical technique based on examining the location theory and the prior research of real estate for industry. Also, it analyzed difference in importance and priority for location factors by corporate scale, by business category, and by location type targeting only foreign direct investment firms, and offered references necessary for location decision-making. In addition, to elicit useful information for policy related to location decision factors for foreign direct investment firms, the implications were elicited by analyzing the results recognized between foreign direct investment firms and expert group on information elements regarding investment satisfaction, business bottlenecks, and location decision process. The considerable gap was indicated in importance and priority of location decision factors considered between the nation's foreign direct investment firms and real-estate expert group for industry. As a result of analyzing by reflecting the corporate characteristic variable in location assessment model unlike before, the importance of the competitive advantage factor and the business strategic factor was indicated to be very high.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.253-270
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• 2023

Research on investment determinants of accelerators, which are attracting attention by greatly improving the survival rate of startups by providing professional incubation and investment to startups at the same time, is gradually expanding. However, previous studies do not have a theoretical basis in developing investment determinants in the early stages, and they use factors of angel investors or venture capital, which are similar investors, and are still in the stage of analyzing importance and priority through empirical research. Therefore, this study verified for the first time in Korea the discrimination and effectiveness of investment determinants using accelerator investment determinants developed based on the business model innovation framework in previous studies. To this end, we first set the criteria for success and failure of startup investment based on scale-up theory and conducted a survey of 22 investment experts from 14 accelerators in Korea, and secured valid data on a total of 97 startups, including 52 successful scale-up startups and 45 failed scale-up startups, were obtained and an independent sample t-test was conducted to verify the mean difference between these two groups by accelerator investment determinants. As a result of the analysis, it was confirmed that the investment determinants of accelerators based on business model innovation framework have considerable discrimination in finding successful startups and making investment decisions. In addition, as a result of analyzing manufacturing-related startups and service-related startups considering the characteristics of innovation by industry, manufacturing-related startups differed in business model, strategy, and dynamic capability factors, while service-related startups differed in dynamic capabilities. This study has great academic implications in that it verified the practical effectiveness of accelerator investment determinants derived based on business model innovation framework for the first time in Korea, and it has high practical value in that it can make effective investments by providing theoretical grounds and detailed information for investment decisions.

• Korean Journal of Construction Engineering and Management
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• v.21 no.5
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• pp.29-37
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• 2020

This study analyzed the importance of factors according to the investor's perspective through a survey of residential real estate experts using AHP and fuzzy theory. Analysis results showed that rent, profitability, traffic accessibility, commercial and infrastructure, and financial regulation are important in common. By expert group, financial and credit groups cited profitability, rent, traffic accessibility, supply and tax benefits, construction and development groups cited traffic accessibility, rent, direct access, profitability, commercial area and infrastructure, and appraisal and evaluation groups cited rent, profitability, transportation accessibility, financial regulation and supply as the most important factors. This showed that it had a preference characteristic that was associated with work. In other words, it focuses most on the financial perspective in investment characteristics, and it values convenience such as accessibility to transportation and commercial districts and infrastructure as its location characteristics. In addition, it was found that easing financial regulations in the market is important to expand investment in real estate. This study aims to help the business feasibility analysis of residential property developers and rational decision-making of general investors who are consumers, taking into account the various perspectives of the expert group.

• Korea Real Estate Review
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• v.27 no.1
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• pp.45-57
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• 2017

In this study, the factors influencing logistics warehouse price were analyzed using Hedonic price model. All the actual transaction cases of the logistics centers in Gyeonggi province for 10 years from 2006 to 2015 were investigated. In this hedonic model, statistically significant variables includes building, economic, investment and time characteristics. The analysis permits a better insight of price determinants of warehouse price. First, the purchase price of large size logistics centers is relatively high. Second, the indirect investment shows higher price due to active investment tendency. Third, Foreign investors with various know-how on investment are leading the selling price.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.2
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• pp.657-665
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• 2016

This study analysed how real estate investor's preference influences the investment satisfaction and re-investment intention. For the study, the investment preference was analysed using the PLS Structural Equation Model. The profitability and safety among the investment behavioral factors influenced the investment satisfaction the most. The facility characteristics among the investment behavioral factors influenced the investment satisfaction slightly. Finally, the investment satisfaction among the investment preferences influenced the re-investment intention mainly.

• Information Systems Review
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• v.5 no.1
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• pp.1-18
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• 2003

Many organizations experience that the value they gained from IT (information technology) investment is lower than they expected prior to the actual implementation of a system - the value gap between expected value and realized value from IT. Research on the barriers to the expectation and realization is of high importance both in practice and in IS research. This study analyzed such barriers observed in three companies that have adopted such IT systems as Enterprise Resource Planning (ERP), Supply Chain Management (SCM), and Customer Relationship Management (CRM) systems each. From analyses of the three companies we specifically identified eight types of barriers: barriers related to industry, organization, knowledge, resource, usage, competence, product, and safety. Common barriers among the three cases were classified into six types, e.g. lack of strategic mind-set, improper organizational structure, lack of human resource, etc. We expect that the results help managers in IS investment to minimize the valuation gap and maximize realized values.