• Management Science and Financial Engineering
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• 제21권1호
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• pp.25-29
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• 2015

Recently much research efforts have focused on how to manage carbon emissions in logistics operations. This paper formulates a model to determine an optimal shipment size with aims to minimize the total cost consisting not only of inventory and transportation costs but also cost for carbon emissions. Unlike the literature assuming carbon emission factors as a given condition, we consider the emission factors as decision variables. It is allowed to make an investment in improving carbon emission factors. The optimal investment decision is shown to be of a threshold type with respect to unit investment costs. Moreover, the findings in this work provide insights on the various elements of the investment decision and their impacts.

• KDI Journal of Economic Policy
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• 제44권1호
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• pp.77-98
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• 2022

This paper empirically verifies that the types of capital adjustment costs serve as an important mechanism in relation to investment decision-making after confirming that the investment dispersion of Korean firms is pro-cyclical and can affect business cycles. Specifically, it is found through empirical methods using corporate financial data that capital adjustment costs generally assumed to take a quadratic form in macroeconomics are asymmetric and irreversible in the Korean economy. In particular, capital adjustment costs are empirically proven to cause investment dispersion to expand given that the substitution effect of the marginal value to the marginal cost for one unit of investment in the inter-temporal investment decision is affected by that cost with regard to the resale of owned equipment assets, as opposed to new investments in equipment assets. We ultimately show, albeit indirectly, that investment dispersion can affect business cycles as capital adjustment costs influences investment decisions. What is implied is that the capital adjustment cost is not merely an exogenously deep parameter that fits the dynamics of business cycles in a macroeconomic model but could instead be a policy variable that can be endogenized through government policies.

• 한국IT서비스학회지
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• 제12권3호
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• pp.289-309
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• 2013

Korea has been ranked at the top consecutively in UN e-Government Survey. This fact reflects consistent efforts by public institutes in Korea. However, there were some duplicate efforts and inefficiency in the investment into IS(information systems). In other words, management and decision making on e-government have yet to improved. Accordingly, governmental institutes have long been promoting policies for EA in order to carry out and manage effectively IT projects including the e-Government projects. EA is being regarded as a means to facilitate IT Governance for systematic management of IT projects, A major objective is to firmly establish the decision making process for IS investment through EA, since the each institute is a large organization with so complicated and specialized demand for IS. As a result, systematic decision making is becoming quite difficult. Thus, this study attempts to identify different types of IT investment decision making and to figure out the relationship between the decision types and the organizational performance of public institutes where EA was implemented.

• 디지털융복합연구
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• 제10권11호
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• pp.175-183
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• 2012

본 연구는 조직 외부적 요인인 제도적 압력이 의사결정자의 IT투자 의사결정에 미치는 영향을 규명하기 위해 수행되었다. 제시된 연구모형을 분석하기 위해 중소기업을 대상으로 설문을 배포하여 데이터를 수집하였다. 수집된 데이터는 PLS 기법을 활용하여 분석하였다. 분석 결과 강압적 압력과 규범적 압력은 IT투자 의사결정에 유의한 영향을 미치지 않았으나 모방적 압력에 유의한 영향을 미치는 것으로 나타났다. 모방적 압력은 IT투자 의사결정에 유의한 영향을 미치는 것으로 나타났다.

• 한국국방경영분석학회지
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• 제7권1호
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• pp.53-80
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• 1981

This paper explores a rational investment decision model in sequential capital allocation process under capital rationing. A method is proposed for measuring the new investment decision factor which is the flexibility that describes the future availability of invested funds. This flexibility is important in sequential decision process. Also presented is a multiobjective (MO) decision model into which flexibility is incorporated with the profit and risk factors. The effectiveness of this criterion is compared with the expected present value and the mean-semivariance criteria through a simulation model.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.53-59
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• 2021

This research aims to examine the model of investor herding behavior in making investment decisions in the Indonesian capital market, which is influenced by social and information impacting on the value of the Book Value Per Share (BVPS). The latest stock market conditions show that most investors make the same error pattern in making investment decisions that result in losses. The experiment involves two independent variables, namely, information about BVPS and social influence. This study used a 2×2 factorial design laboratory experimental method. Data collection was carried out through treatment of a sample of 100 individual investors listed on the Indonesia Stock Exchange. Univariate Two-Way Analysis of Variance (ANOVA) statistical tool was used to test the independent variable on the dependent variable. Research results showed that the social influence originating from expert investors is more influential than the Book Value Per Share (BVPS) information on the behavior of herding investors in making investment decisions. These findings suggest that investors know their psychological factors, thereby increasing self-control and investment analysis skills. Further research can use psychological bias and other indicators of accounting relevant information such as Earning Per Share (EPS) to test herding behavior in investment decision making in the capital market.

• 한국콘텐츠학회논문지
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• 제18권9호
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• pp.584-593
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• 2018

창업은 국가 경제성장에 기여하고 고용창출 효과가 크므로 국가는 창업활성화의 다양한 정책들을 추진하고 있다. 그러나 기술창업은 2016년 현재 2013년 대비 오히려 5.0%p 감소하였다. 정부가 추진하는 창업투자활성화는 벤처캐피탈과 엔젤 펀드들을 통해 창업 이후 성장기 또는 주식상장 2~3년 전의 유망한 벤처기업들에 주로 투자되며, 실제적으로 창업기의 투자와는 투자의 시기적 차이가 있고, 이러한 벤처기업에 투자하는 투자의사결정요소에 관한 연구는 많다. 창업활성화는 민간의 창업투자가 활발하도록 환경조성이 필요하며 창업기에 투자하는 민간 투자금의 현금화 가능성과 수익성에 관해 투자자들의 기대에 대한 연구가 필요하다. 창업기에는 창업자, 가족, 친구, 바보들 등의 비공식투자자들에 의해 투자되고 공식투자자들인 벤처캐피탈 및 엔젤펀드 등의 전문투자에 비해 비정형화된 투자의사결정이 이루어지는 것이 일반적이다. 본 연구는 비공식투자자의 특성과 투자의사결정요소, 그리고 투자금의 현금화 가능성 및 투자수익성이 투자의도에 미치는 영향을 분석하는 것으로서, 현금화 가능성은 자영업창업의 투자의도에 매개효과가 있고, 투자수익성은 기업창업의 투자의도에 매개효과가 있는 것으로 분석되었다.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2001년도 제19회 하계학술발표회 논문집
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• pp.117-130
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• 2001

R&D is the core competence of an enterprise. Furthermore, R&D requires huge capital investment and has very risky characteristics. Therefore, to be successful in R&D process, several approaches of engineering economics are used prior to decision-making. Until now, typical approaches of engineering economics such as NPV(net present value) or DCF(Discounted cash flow) have been used. But, they cannot properly capture managerial flexibility to adapt and revise later decisions in response to unexpected market development. In a constantly changing and always uncertain marketplace, managerial operation flexibility and strategic adaptability have become vital in order to successfully capitalize on favorable future investment opportunities and limit losses from adverse market development. For the alternatives of conventional static decision-making approaches, new concept of using real options is introduced. Real option theory is based on financial option's characteristics and checks every revision interval whether situation have changed favorable to decision maker or not. In advantageous situation, the decision maker has only to go on. In contrast, with unfavorable situation, he abandons the investment immediately. In this aspect, real option model is more suitable in very uncertain and dynamic business environment in that it can provide the opportunity to cope with flexibility. This paper suggests efficient and effective R&D investment strategy by using real options model. In addition, this paper compares financial options and real options.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1231-1240
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• 2021

A shift in perspective from standard finance to behavioral finance has taken place in the past two decades that explains how cognition and emotions are associated with financial decision making. This study aims to investigate the influence of various psychological factors on investment decision-making. The psychological factors that are investigated are differentiated into two aspects, cognitive and emotional aspects. From the cognitive aspect, we examine the influence of anchoring, representativeness, loss aversion, overconfidence, and optimism biases on investor decisions. Meanwhile, from the emotional aspect, the influence of herding behavior on investment decisions is analyzed. A quantitative approach is used based on a survey method and a snowball sampling that result in 165 questionnaires from individual investors in Yogyakarta. Further, we use the One-Sample t-test in testing all hypotheses. The research findings show that all of the variables, anchoring bias, representativeness bias, loss aversion bias, overconfidence bias, optimism bias, and herding behavior have a significant effect on investment decisions. This result emphasizes the influence of behavioral factors on investor's decisions. It contributes to the existing literature in understanding the dynamics of investor's behaviors and enhance the ability of investors in making more informed decision by reducing all potential biases.

• 한국IT서비스학회지
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• 제14권3호
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• pp.217-236
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• 2015

How does social interaction among investors affect decision-making in the online social lending platform? And what is the reason? In this study, in order to obtain the answer, we carried out case study research of Moneyauction and Popfunding, which are domestic online social lending platforms. We conducted interviews with managements of both social lending platforms and investors and analyzed statistical data including investment records, social interaction history between investors and lenders from both platforms. In addition, researchers performed direct participation and observation through the platforms as real investment members. As a result, we revealed that social interaction among investors has a material impact on the investment decision-making. Also we found that investors build trust by socially interacting with each other and this trust building leads to the investment decision making. Our findings confirm that social lending investors's decision-making process comply with the social embeddedness theory and imply that loan applicants must do their best efforts to display sincerity and truthfulness through their posting.