• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.12
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• pp.5558-5563
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• 2011

Using longitudinal data of 108 firms in large business conglomerates from 2001 to 2009, this study examines the impact of controlling shareholders' control-ownership disparity on R&D investment. The study finds that control-ownership disparity is negatively related to R&D intensity. This empirical result suggests that controlling shareholders' control rights in excess of ownership rights incent controlling shareholders' expropriation for their private interests, leading to decreased R&D investment which enhances firm value in the long term.

• Journal of Digital Convergence
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• v.15 no.6
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• pp.1-8
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• 2017

This study examined the factors influencing foreign direct investment(FDI) in OECD countries where Korea is a target country. The differences in the cultural distances of host and home countries and the difference in the perceptions of corruption have been used to identify the factors affecting foreign direct investment. As a result of the study, it was found that there are differences in foreign direct investment according to cultural dimension and corruption perceptions index. Foreign direct investment may increase or decrease depending on the cultural tendency and the higher the perceptions of corruption, the more active the investment. The smaller the power distance between host country and home country in the factors affecting foreign direct investment, the larger the number of investments and the larger the size of individualism versus collectivism. Foreign direct investment increased when the investing country's corruption perceptions index was high. The results of this study confirm that cultural and corruption perceptions can affect trade transactions. Therefore, it is necessary to consider the cultural tendency and the cultural distance in the trade transaction by confirming that the degree of culture and corruption perceptions can affect the trade transaction. And that it can influence trade and economic growth by appropriately managing social variables such as public corruption.

• Management & Information Systems Review
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• v.34 no.1
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• pp.65-80
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• 2015

In previous studies concerning turnover, they argue individual stock's turnover must be identical to market portfolio's turnover under one condition where 2 funds separation theorem holds. In this kind of world, all market participants hold and trade the same portfolio and this should be only market portfolio. If one's trading portfolio's shape is different from market portfolio's, this would mean he or she has an advantage over others in information and this kind of information would be private. In accordance with this theory, we develop a metric which measures how far one's trading portfolio from market's and name it as Stock Selection by Investor(SSI). We apply this measurement to the various types of investor groups classified as individual, institutional and foreign who participate in Korea stock market. To test the validity of measure, we regress price ratio on this measurement using SUR method. As a result, individual investor group shows large number in SSI, but the coefficient in regression is not significant and economically meaningless. In case of institutional investor group, the coefficient proves to be significantly negative. We can infer from this fact that their trading is somehow far from informed trading. Stock selection activity by foreign investor groups proves to be informed trading by showing significantly positive coefficient and the magnitude of coefficient is economically meaningful, especially in sell activity.

• Journal of Digital Contents Society
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• v.19 no.8
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• pp.1515-1525
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• 2018

Security threats in the 4th Industrial Revolution have expanded to the issue of safety, but the environment for information security of domestic companies is still at a low level. This study aims to propose policy implications by empirically analyzing factors affecting investment intention. We investigated the state of information security and protection behavior and expanded UTAUT to investigate correlations. The results showed that information assets affect facilitating conditions, and perceived and new concerns have impacts on social influence. Social influence affect experience and habits, but the impact on security investment intentions was rejected. Facilitation conditions, previous experiences and habits have great influences on investment intention, new service security investment intention. The influence of perceived and new concern are low or rejected. There are moderating effects between types of business, size, security organization, experience of infringement, security personnel ratio, and personal information collection. This study will help to establish policies for enhancing the level of information security.

• Journal of Intelligence and Information Systems
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• v.26 no.3
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• pp.1-36
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• 2020

This study is to reveal the acceptance factors of the Market Sentiment Index (MSI) created by reflecting the investor sentiment extracted by processing unstructured big data. The research model was established by exploring exogenous variables based on the rational behavior theory and applying the Technology Acceptance Model (TAM). The acceptance of MSI provided to investors in the stock market was found to be influenced by the exogenous variables presented in this study. The results of causal analysis are as follows. First, self-efficacy, investment opportunities, Innovativeness, and perceived cost significantly affect perceived ease of use. Second, Diversity of services and perceived benefits have a statistically significant impact on perceived usefulness. Third, Perceived ease of use and perceived usefulness have a statistically significant effect on attitude to use. Fourth, Attitude to use statistically significantly influences the intention to use, and the investment opportunities as an independent variable affects the intention to use. Fifth, the intention to use statistically significantly affects the final dependent variable, the intention to use continuously. The mediating effect between the independent and dependent variables of the research model is as follows. First, The indirect effect on the causal route from diversity of services to continuous use intention was 0.1491, which was statistically significant at the significance level of 1%. Second, The indirect effect on the causal route from perceived benefit to continuous use intention was 0.1281, which was statistically significant at the significance level of 1%. The results of the multi-group analysis are as follows. First, for groups with and without stock investment experience, multi-group analysis was not possible because the measurement uniformity between the two groups was not secured. Second, the analysis result of the difference in the effect of independent variables of male and female groups on the intention to use continuously, where measurement uniformity was secured between the two groups, In the causal route from usage attitude to usage intention, women are higher than men. And in the causal route from use intention to continuous use intention, males were very high and showed statistically significant difference at significance level 5%.

• International Commerce and Information Review
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• v.16 no.5
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• pp.179-201
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• 2014

The complementary effect between FDI and its absorptive capacity has drawn more attention than before. This paper intended to explore the relationship between energy intensity and such complementary effect. The absorptive capacity of FDI shows various aspects among which we focus on the human capital, the financial system and the infrastructure in this paper. Using the panel data from 1990 to 2011, the study is processed between the 20 OECD and 20 Non-OECD countries. The empirical results shown that for OECD country, a complementary effect exists between FDI and its absorbability and it has the controlling effect on energy reduction. But the effect is only significant in the human capital and the financial system. The infrastructure variable is less important in OECD country due to their high development level. However, for non-OECD country, the complementary effect between infrastructure and FDI reduces energy consumption significantly, it can get to the point that the process for infrastructure to attract FDI and also benefits from it only blow its way to the Non-OECD, developing countries, without andy special effects for the OECD countries which has already highly build up their infrastructure. Also, the financial system in Non-OECD countries is at the primary stage yet, which is not easy to contribute efficiency. To make a conclusion, the complementary effect between infrastructure and FDI in OECD country and which between finical system and FDI in non-OECD country cannot enhance energy efficiency as expected.

• The Korean Journal of Financial Management
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• v.18 no.1
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• pp.83-106
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• 2001

본 연구에서는 1997년 말 외환위기 이후 $1998\sim1999$년에 걸쳐 행하여진 한국 은행산업 구조 조정의 성과를 실증적으로 분석하였다. 실증분석의 결과 위험수준이 높아 구조조정 기간에 금융감독당국으로부터 강한 경영개선 압력을 받을 가능성이 높은 은행들은 무수익여신, 부실여신비율 등 대출행위의 건전성 측면과 대출, 유가증권간의 투자비율, 그리고 유가증권 내 자산종목 간의 투자 비율 등 여러 가지 위험관련 변수들과 관련하여 측정된 건전화에 대한 동기면에서 외환위기 이전에 비하여 유의적이고 일관된 보다 높은 건전화에 대한 동기를 가지고 있었음을 볼 수 있었으며, 이러한 결과는 외환위기 이후의 은행권 구조조정 정책에 대한 어느 정도의 유효성을 보여 주는 결과로 사료된다. 또한 은행 집단별 분석에서는 구조조정 과정에서 퇴출 또는 우량은행에게 인수/합병된 부실은행들은 구조조정 이전의 기간에 그 외의 은행들 보다 위험추구에 대한 동기가 매우 강하였음을 볼 수 있었으나 이러한 위험추구의 동기가 우량은행에로의 인수/합병을 통하면서 상당히 감소하였음을 발견할 수 있었으며, 이러한 결과는 총표본에 대한 분석에서의 결과와 일관되게 외환위기 이후의 구조조정 정책에 대한 어느 정도의 유효성을 보여 주는 결과로 사료된다.

• The Korean Journal of Financial Management
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• v.11 no.1
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• pp.31-72
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• 1994

본 연구는 한국의 30대 대기업집단의 위험수준을 나타내는 영업레버리지도 및 재무레버리지도를 산출하여 영업위험 및 재무위험을 조사, 분석하였다. 실증분석을 통하여 다음과 같은 결론을 얻을 수 있었다. 첫째 우리 기업의 재무위험은 일본기업에 비해 높은 것으로 나타났으나, 영업위험은 낮은 것으로 나타났다. 둘째 기업의 자금조달이 시설투자에 유의적인 영향력이 있으며, 이러한 시설투자로 인해 당해년도 및 4년 후 기업의 수익에 정의 효과가 나타났으며, 영업위험보다는 재무위험이 기업의 수익에 대해 더욱 강한 정의 효과를 나타내고 있다. 특히 당해 년도의 순이익과 결합레버리지와는 유의적인 정의관계를 발견할 수 있다. 세째 기업의 금융비용부담이 기업의 레버리지 효과 및 수익에 미치는 영향에 관한 회귀분석 결과 기업의 지급이자에 대한 금융부담이 기업의 순이익에 부의 효과를 나타내고 있다.

• Journal of Korean Ophthalmic Optics Society
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• v.11 no.3
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• pp.207-215
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• 2006

This study surveys the brand and design recognition by an expert vs. non-expert group in the eye glasses industry. This survey is to search for a way for domestic brands to compete and win foreign ones. The non-expert group chose design as the most noteworthy difference between domestic and foreign brands; likewise, the expert group appeared to first consider design on their choice. Brand recognition by the non-expert group appeared very low; on the other hand, expert group's recognition was higher with domestic brands than with foreign ones. In conclusion, the bounce back of domestic eye glasses business does not seem to be possible in a snap by a special recipe; rather, it is necessary to invest and make efforts to develop new techniques for better quality on the one hand, and to increase brand and design recognition on the other.

• Proceedings of the KOR-KST Conference
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• 1998.10b
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• pp.261-261
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• 1998

교통계획의 목적은 교통체계를 분석하여 교통과 활동간의 상호작용을 효율화시켜 도시 및 지역사회의 목표를 달성하는데 있으며, 합리적인 교통계획을 수립하여 한정된 투자재원을 효율적으로 배분하기 위해서는 교통수요에 대한 합리적 접근이 필요하다. 교통수요예측의 접근방법은 미시적인 개별적 접근방법과 거시적인 집단적 접근방법으로 구분되며, 다시 모형화 기법이 결정적인가 확률적인가에 따라 개별결정적, 개별활률적, 그리고 집단결정적, 집단확률적 모형의 4가지로 구분될 수 있다. 이 중에서 일반적으로 관심의 대상이 되는 2가지 형태는 집단결정적, 개발확률적 모형이다. 집단결정적모형은 전통적 교통수요예측모형에 해당되며, 개별확률적모형은 1970년대 Mc Fadden을 시작으로 Ben-Akiva, Manheim을 중심으로 한 소비자 행동선택 이론에 근거한 개별행태모형이 이에 해당된다. 개별행태모형은 개개인의 통행행태를 다른 모든 조건이 동일할 때 개개인은 비용의 최소화를 추구하고, 비용과 관련한 통행행태는 거시적 수준에서의 주어진 제약 조건과 관계가 있으며, 의사결정은 확률분포에 의해서 결정되는 효용원칙(Efficiency Principle)에 입각하여 해석한다. 도시내와 도시간, 취업자와 비취업자, 출퇴근 시, 목적별 등의 여러 가지 통행에 있어서 다양한 변수들을 사용하여 교통수단 선택모형의 파라메카 값을 추정하고 통행패턴을 분석해 왔다. 본 논문에서는 개별행태모형인 로짓모형 중에서 집단다항로짓모형을 이용하여 여러 통행 중 공항시설의 접근에 필요한 교통수단 효용함수의 파라메타 값 추정 시, 일반적으로 사용되는 통행시간, 통행비용이라는 변수를 공통으로 두고, 대중교통의 경우에만 해당하는 환승이라는 특정대안변수(Specific alternative variable)를 첨가하여 그것이 수단선택에 미치는 영향을 분석한다. 또한, 대중교통의 속성을 가지고 있는 지하철과 버스를 하나의 대안으로 묶어서 효용함수를 구한 다음 다시 승용차, 택시, 대중교통을 독립된 대안으로 두고 모형을 정립하는 NESTED LOGIT모형으로 파라메타를 추정하여 대중교통의 효용에 관해 분석·비교하였다. 본 논문에 이용된 자료는 공항을 이용하는 이용객들을 대상으로 직접 설문·면접조사한 자료이며 대상 교통수단은 승용차, 택시, 지하철, 버스로 설정하였다.