• 수산경영론집
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• 제34권1호
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• pp.31-44
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• 2003

The purpose of this study is to investigate empirically interaction among the financing decision, investment decision, and profitability by using 41 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. Sample period is 19 years from 1982 till 2000. This analysis method employs the two stage least squares(2SLS) estimation method. From the results of regression analysis by 2SLS estimation method, the adjusted $R^2$ values were high and the overall F values indicated significant. The empirical results of this study are as follows; (1) determinant factors of capital structure model for fisheries are profitability, firm-size, fisheries investment of total asset, and business risk. As pecking order theory explains, the higher is profitability the lower is debt ratio. The larger firm-size, the higher is debt ratio. The higher is fisheries investment of total asset and business risk, the higher is debt ratio. (2) determinant factors of investment model for fisheries are the change of sales, business risk, and debt ratio. These factors have positive relation to fisheries investment of total asset (3) determinant factors of profitability model for fisheries are fisheries investment of total asset and debt ratio. These factors have negative relation to profitability. On the basis of analysis results, on the government's financial policy for fisheries corporations, I suggests that with interest rate reduction, the government should lend more funds to solve the crisis in the financial structure of the fisheries firms

• 무역학회지
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• 제46권1호
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• pp.1-21
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• 2021

The main purpose of this research is to analyze the changes in investment motivation by year through time series and cross-sectional analysis of the factors and investment decisions of Korean manufacturing companies. According to the investment pattern for Asean from the 1980s to the 19th, the first expansion period was 82 to 86, the average increase in overseas investment for securing foreign raw materials due to the second oil shock, and the second expansion period was a gradual increase in exports to the U.S. in 1987 to 1996. During the first stagnation period, direct investment in Asean stagnated in the aftermath of the 1998-05 Asian crisis, and in the third expansion period, part of the production facilities invested in China were relocated to Asean, increasing Asean's investment to become Korea's largest manufacturing investment in 17. Korea's proportion of investment in Asean surpassed that of mass investment since 10 years ago, and the proportion of investment in manufacturing sector has been transferred from China to Asean, and after 17 years, it has served as an overseas production base connecting China. As such, The main purpose of the research will be to extract the determinant factors and key factors for overseas direct investment and investment patterns in conjunction with global manufacturing companies' production base relocation and investment trends through empirical analysis. This research paper gave basic reference to the motivation and determinant of investment 16 years ago, and analyzed the changes in investment motivation by year and content through empirical analysis, contributing some reasonable purpose to the decision of companies and policy makers interested in overseas direct investment.

• 경영정보학연구
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• 제19권1호
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• pp.185-202
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• 2017

생산함수이론을 이용하는 대부분의 연구는 IT활용의 결과로 경제 성장을 보고 있다. 그러나 몇몇 연구들은 경제 성장을 IT 투자의 결정요인으로 보고 있다. 이러한 결과가 산업 수준에서도 유효한지를 조사하기 위하여, 이 연구는 미국의 1997년부터 2007년까지의 산업 자료를 이용하여 양방향 인과성 분석이 가능한 그레인저 인과성 분석을 수행하였다. 많은 산업에서 IT 투자는 경제 성장에 영향을 주었으며, 몇몇 산업에서 경제 성장이 IT 투자에 영향을 주었으며, 몇몇 산업에서는 IT 투자와 경제 성장은 아무런 영향 관계가 없었다. 산업 수준의 IT자본과 산업총생산을 국가 수준으로 합산한 시계열 자료를 이용한 분석에서는 IT 투자와 경제 성장은 어떠한 영향 관계가 없었으나, 산업 특성과 시간 특성을 고려하는 산업 수준의 패널 자료를 이용한 분석에서는 양방향 인과 관계가 발견되었다. 이러한 결과는 IT 생산성 역설의 이유였을 수도 있다.

• 아태비즈니스연구
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• 제7권2호
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• pp.61-76
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• 2016

This study aims to establish ways of how languages are used as determination factors for investment decisions among Asian countries where used languages are diversified. According to the analysis result, language segmentation of the investing country increases investment whereas the language segmentation of the invested countries is analyzed as the decreasing factor of investment. Also, it is analyzed that the further the linguistic distance between the investing country and the invested country the more investment increases. In the aspects of approached language distance and investment time selection, along with the increased linguistic distance, the elasticity to foreign direct investment is apprehended to be more flexible than other forms of investment. Such result shows the more segmented the languages of the targeted invested country the more investment cost will increase and therefore the results in linguistic distance can be explained as diversification of the invested country and the result to the forming of bridgehead at the invested area.

• 통상정보연구
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• 제10권4호
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• pp.417-437
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• 2008

Korean firms have had a short history of foreign direct investment and export in China market entry. This present study empirically analyzed determinants of the choice of foreign market entry modes, Particularly forcusing on the China market entry on Korean manufacture firms. This study developed a research model to determinant factor in the China market entry and collected 77 survey responses from the Korean manufacture firms. This study model construct in the third factor, China market character, company character and product character. In China market character, the variance are China trade barrier, culture different, competition power. The variance in company character are internationalization experience, enterprise rage and entry motivation. Also the variance in product character are product different, customer service and cost advantage. It is researcher's main interest that which type of China market entry format brought most positive evaluation form the Korean manufacture firms. therefor, these research results turned out to be different a little both export and direct investment in China market of Korean manufacture firms.

• 중소기업연구
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• 제43권1호
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• pp.187-219
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• 2021

창업초기기업들의 어려움을 해결해주고, 리스크 높은 기존 투자방식의 문제점을 해결하기 위한 방안으로 새로운 유형의 투자주체인 스타트업 액셀러레이터가 등장하였다. 이러한 스타트업 액셀러레이터들이 스타트업의 성공에 미치는 가시적 성과들이 나타나면서 중대형 액셀러레이터 기업들이 등장하였고, 더불어 이들이 투자하는 시드머니의 규모도 점차 증가하고 있다. 그리고 소형 액셀러레이터 기업과 이들의 투자행태 등의 차이점이 나타나기 시작하였다. 이에 이들의 도움을 필요로 하는 스타트업들에게는 희망하는 투자유치 규모가 증가할수록, 사업화가 진행 될수록, 어떤 요인들을 준비해 나가야 하는지에 대한 정보가 필요하며, 액셀러레이터들에게는 투자규모가 확대되었을 때 어떤 기준으로 스타트업을 선정해야 하는지에 대한 준거기준이 필요해 졌다. 하지만 현재 이에 대한 연구는 국내외적으로 진행되고 있지 않아 본 연구는 건당 평균 시드머니의 투자규모별로 중대규모와 소규모 투자그룹으로 나누어 이들 간의 주요 투자결정요인, 투자목적, 주요 액셀러레이팅 프로그램 등 의 차이를 살펴보았다. 본 연구결과, 소규모 투자그룹은 '컨설팅 중심 형 액셀러레이터'로, 중대규모 투자그룹은 '투자 중심 형 액셀러레이터'로 세분화할 수 있었다. 그리고 투자 규모에 따라 주요 서비스와 투자목적이 다르고, 투자결정요인이 달라짐을 알 수 있었다. 이러한 연구 결과는 액셀러레이터 기업과 이들의 도움을 필요로 하는 스타트업들, 후속연구자들에게 좋은 준거기준이 되리라 생각한다.

• 경영과정보연구
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• 제21권
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• pp.239-269
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• 2007

The purpose of this thesis is to analyze empirically the relationship between market structure, measured by Herfindahl-Hershmann Index(HHI), and financial factors, and innovation in Korean industry panel datasets for 2000-2006. Results show that debt ratio and scale of the firm has a consistent positive effect on the investment in research and development. As more scale of the firm is getting bigger, the investment in R&D decrease. Also, as more debt ratio of firm rise, the investment for innovation increase. Concentration ratio, the HHI and the classification factor of High-tech industry and Low-tech industry has a consistent positive effect on the innovation. Factors affecting the investment in research and development include market structure and characteristics of industry as well as the internal affairs of the firm.

• 아태비즈니스연구
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• 제12권2호
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• pp.1-24
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• 2021

Purpose - We aim to verify whether CSM activities increase investment efficiency, and to verify whether the influence of CSM activities on investment efficiency is discriminatory depending on whether or not they belong to chaebol. Design/methodology/approach - Using 4,701 Korean firm-year observations over the 2011-2017 period, we used multiple regression analysis. CSM is measured by the evaluation score of the Korea Corporate Governance Service (KCGS). Findings - Our study confirms that CSM is a significantly positive relationship with investment efficiency. This shows that, as a result of CSM, the increased earnings quality acts as an incentive to increase investment efficiency. Next, in analysis of a dataset into two groups (a chaebol, non-chaebol), the results show that the relationship between CSM and investment efficiency differs among detailed indicator activities depending on whether or not they belong to chaebol. Research implications or Originality - It is significant that this study focused on and analyzed CSM as a determinant of investment efficiency, and examined the effects of whether or not it belongs to chaebol in the relationship between CSM and investment efficiency. Our results, which suggested that CSM can increase investment efficiency, are expected to provide important implications not only for managers but also for investors and supervisors.

• 산경연구논집
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• 제13권1호
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• pp.11-21
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• 2022

Purpose: This study predicted cost asymmetry as a determinant of investment efficiency, and empirically analyzed the relationship between cost stickiness and investment efficiency. Research design, data and methodology: Using a sample of 4,382 Korean firm-year observations over 2011-2017 period, I examined the relationship between cost stickiness and investment efficiency. Asymmetrical cost behavior is measured as model of Homburg and Nasev (2008) and model of Park, Koo, and Pae (2012). Investment efficiency is measured as Chen, Hope, Li, and Wang (2011)'s model. Results: Firms with cost stickiness are less efficient in their investment than firms with non-cost stickiness. In other words, cost stickiness is an empirical result that supports the previous research on cost decision-making from perspective of managers pursuing private benefits due to information asymmetry. Conclusions: By showing that the manager's decision-making on the cost behavior affects the investment efficiency corresponding to capital management, the implications for the mechanism for efficient capital management are provided. Through the empirical results, it was shown that the cost stickiness is a product of opportunistic cost decision-making due to information asymmetry, and it is to present evidence that expands the meaning of the causes of asymmetric cost behavior.

• 아태비즈니스연구
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• 제11권3호
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• pp.95-106
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• 2020

Purpose - This study examines the information effect of the disclosure of new office investments on the Korean stock market and investigates determinant of performance of sample firms. Design/methodology/approach - The sample consists of companies listed on the Korean Exchange that announced investments in new office construction for eleven-years from January 2007 to December 2017. It analyzes excess return using event study methodology and studies the determinants of abnormal return with multiple regression analysis. Findings - We find that abnormal returns of the short and long window are positive on average and statistically significant. In particular, CAR of high growth subsample is a larger positive return than that of the low one both short and long window. Difference in abnormal returns by investment size is observed only in short time window. But there is not observed difference by cash holding level. Research implications or Originality - This finding is able to be added to the evidence of the theory of corporate value maximization academically. Moreover, it shows the possibility that building a new office can have a positive effect on corporate value. It is expected to help investors make decisions because it can provide useful information to market participants in practice.