• The Journal of the Korea Contents Association
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• v.22 no.10
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• pp.691-702
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• 2022

This study verifies the diversification effect when non-financial asset such as fractional music royalties investment which is recently get interest from masses, is included in traditional global asset allocation portfolio. From Jan 2019 when Music Royalties index is announced to Jun 2022, compared traditional global asset allocation portfolio and the portfolio included with music royalties. To eliminate the enhancement effect from portfolio strategy itself rather than including non-financial asset, used the four basic portfolio strategy such as buy & hold, constant rebalanced, mean variance, risk parity. As a result, all the portfolios included with music royalties shows less risk with higher returns. This means the sharpe ratio has enhanced and that results the portfolio diversification effect is placed. The empirical analysis of the study found academic significance in that the portfolio included with music royalties investment has diversification effect, and show the possibilities the not only on the music royalties, other non-financial asset can be shown the portfolio diversification effect.

• Journal of Digital Convergence
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• v.16 no.2
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• pp.27-36
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• 2018

Financial IT evaluation methods have been unable to satisfy firms' requirements. There has been a growing demand for more comprehensively and non-financially measuring the IT performance. We developed a process-based approach in evaluating impacts of IT on primary activities. In this research we proposed a model that uses the corporate objective of IT and strategic fitt as the core independent variables in measuring the IT effect. Based on the data collected from the management variables of the 125 companies located in Korea, the companies were classified into the 4 different groups according to their corporate objective for IT: un-oriented, operations oriented, market oriented and dual oriented. Through the empirical analysis, we were able to demonstrate that the management of the companies showing a higher orientation level perceives a better IT investment performance, and this shows that the corporate objective for IT serves as a useful index for measuring the IT investment effect. In this research, it was also demonstrated that the strategic alignment has a positive influence on perceiving the IT investment effect.

• Korean Journal of Agricultural Science
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• v.34 no.1
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• pp.85-97
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• 2007

This study aimed at analyzing the economic effect of outdoor swimming pool investment using the reservoir's amenity resources. We focused on the identification of the amenity value of reservoir in the rural area and the economic evaluation for establishing This study aimed at analyzing the economic effect of outdoor swimming pool investment using the reservoir's amenity resources. We focused on the identification of the amenity value of reservoir in the rural area and the economic evaluation for establishing infrastructure such as swimming pool based on the reservoir's landscape value. To this end, we have conducted the case study on the outdoor swimming pool in connection with Go-Bok reservoir in Yeon-Gi county, Chungnam Province and estimated its income effect on the rural community by cost-benefit analysis method. The research results are as follows; 1) Outdoor swimming pool participants, with 11,581 visitors totaled to Yeon-gi county every year, was estimated to spend the worth of 58,446 thousand won paid for the agricultural product purchase and etc. 2) Internal rate return of the outdoor swimming pool project was estimated to 16.19%, which considered to be economically feasible comparing with 10% of current capital opportunity cost. Based on the results of this study, we suggest the following strategies for development of amenity value of swimming pool in connected with the reservoir; 1) Reservoir amenities should be well preserved even after construction of swimming pool lest losing amenity values while managing the facilities. 2) Measures to increase the marketing value of intangible reservoir's amenities through promotion should be established. 3) Effective program for more visitors with longer staying and more agricultural products sales should be designed.

• Korea Trade Review
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• v.43 no.2
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• pp.87-105
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• 2018

We investigate the effects of inward foreign direct investment on innovation in Korean industries from 1998 to 2015 by first dividing FDI into greenfield and M&A (mergers and acquisitions). Furthermore, we use the number of patent applications as the proxy of innovation. Our empirical results are as follows: First, inward foreign direct investment has a significantly positive effect on the number of patent applications. This result suggests that the transfer of technology or knowledge through the inward foreign direct investment has a positive impact on innovation in Korean industries. Second, the greenfield investment has a positive impact on patent applications. This result is consistent with Liu and Zou (2008)'s assertion that greenfield investment has a positive impact on innovation by increasing facilities or plants. The M&A investment, however, has no significant effect on patent applications. This result is consistent with Stiebale and Reize (2011) who argue that the host countries do not benefit from technology transfer through M&A investments. In addition, this supports Liu and Zou (2008) and Garcia et al. (2013)'s hypothesis that foreign parent firms do not influence the innovation of host countries by employing strategies to increase market power rather than R&D activities through M&A investments. It is meaningful that this study first analyzes the impact of foreign direct investment on innovation in Korean industries and uses the number of patent applications as a proxy of innovation. Our empirical evidence provides policy implications for innovation and attraction of inward foreign direct investments.

• Korea Trade Review
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• v.48 no.2
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• pp.71-94
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• 2023

The purpose of this study is to prove the effect of psychic distance between home country and host country on overseas foreign direct investment(OFDI) of Spanish companies through panel analysis. The panel data was based on cultural, institutional, economic, and geographical distance data over the past decade between Spain and Spain's OFDI countries. According to the Random Effect Model(REM) analysis, cultural distance(CULD) had a negative effect on OFDI, while institutional distance(INSD) had a positive effect. Among economic distances, income size distance(GDP) had a positive effect on OFDI, but export size distance(EXPO) had a negative effect. Geographic distance(PKM) had a negative impact. Meanwhile, according to the results of quantile regression analysis to prove the psychic distance effect by OFDI size, the effects of CULD and INSD in the quartile (75%) to which Korea belongs were the same as the REM analysis results. In addition, GDP and EXPO had a positive effect, and PKM had a negative effect but EXPO had a positive effect. Therefore, FDI host countries need to establish differentiated strategies through quantile analysis while making continuous efforts to improve the system.

• Journal of Distribution Science
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• v.13 no.9
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• pp.5-11
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• 2015

Purpose - The purpose of this research is to provide insights that can be used for deliberate decision making around challenging big data investments by measuring the economic value of such big data implementations. Research design, data, and methodology - We perform empirical research through an event study. To this end, we measure actual abnormal returns of companies that are triggered by their investment announcements in big data, or firm size information, during the three-year research period. The research period targets a timeframe after the introduction of big data at Korean firms listed on the Korea stock markets. Results - Our empirical findings discover that on the event day and the day after, the abnormal returns are significantly positive. In addition, our further examination of firm size impacts on the abnormal returns does not show any evidence of an effect. Conclusions - Our research suggests that an event study can be useful as an alternative means to measure the return on investment (ROI) for big data in order to lessen the difficulties or decision making around big data investments.

• The Korean Journal of Health Service Management
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• v.10 no.3
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• pp.1-12
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• 2016

Objectives : This study examined relations between investment efficiency and management performance as indexes related to productivity of Korean regional public hospitals. Methods : The analysis data are financial information of Korean regional public hospitals from 2011 to 2014. For the indicators, value added to total assets, value added to productive activity tangible fixed assets, and value added to personnel expenses, operating margin to revenues, net profit to total earnings, and ratio of value added. Results : Significant relevance was not shown among indicators of investment efficiency. However, Significant relevance was shown between value added to personnel expense and productivity per value added. Conclusions : It confirmed that outside support funds like subsidy did not have effect on improving the management performance. Also, it could be known that availability about input of capital and labor was not realized organically.

• The Journal of Information Systems
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• v.29 no.3
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• pp.159-178
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• 2020

Purpose The purpose of this study is to demonstrate the relationship between ICT(Information & communication technology) infrastructure, investment environment, and innovation performance from a national perspective. Design/methodology/approach We derived 5 hypotheses based on the literature review. To measure each concept, We converted the scores of each country provided by the Global Innovation Index into a 7 Likert scale and performed a regression analysis. Findings According to the empirical analysis result, this study confirmed that knowledge and technology output mediated the relationship between ICT infrastructure and creative goods and services. In addition, this study confirmed that the investment environment has a moderating effect between ICT infrastructure and knowledge and technology output.

• Journal of the Korean Operations Research and Management Science Society
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• v.17 no.2
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• pp.145-162
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• 1992

This paper proposes two design principles for expert systems to solve a stock market timing (SMART) problems : machine knowledge and fuzzy post-adjustment, Machine knowledge is derived from past SMART instances by using an inductive learning algorithm. A knowledge-based solution, which can be regarded as a prior SMART strategy, is then obtained on the basis of the machine knowledge. Fuzzy post-adjustment (FPA) refers to a Bayesian-like reasoning, allowing the prior SMART strategy to be revised by the fuzzy evaluation of environmental factors that might effect the SMART strategy. A prototype system, named K-SISS2 (Knowledge-based Stock Investment Support System 2), was implemented using the two design principles and tested for solving the SMART problem that is aimed at choosing the best time to buy or sell stocks. The prototype system worked very well in an actual stock investment situation, illustrating basic ideas and techniques underlying the suggested design principles.

• Proceedings of the Safety Management and Science Conference
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• 2013.11a
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• pp.99-104
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• 2013

비용편익분석은 어떤 사업으로 인하여 자연배분의 변화가 생길 때 그에 따른 경제적 편익을 측정하게 되며 사업을 시행하여 생기는 편익과 비용을 비교하여 경제성을 평가하고 대안 중에서 우선순위를 결정할 때 유용하다. 따라서, 본 논문은 자본에 관한 투자기준을 마련하기 위해서 분석용 모델인 "비용편익분석"을 활용 하여 제조기업의 어떤 사업계획에 의하여 생겨나는 자본요소가 어떻게 투자되어야 생산비용을 최소화 할 수 있는지를 자본투자에서 가장 핵심적인 생산설비투자와 기술개발투자에 대한 비용편익분석을 통하여 그 방법론을 제시함으로써, 자본투자에 있어서 "비용효과분석"의 활용성을 확인하고자 한다.