• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.117-127
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• 2021

This study was conducted to comprehensively identify factors that potentially influence corporate investment behavior, including micro, macro, and sectoral variables. Furthermore, investment behavior was studied across nations based on their participation in the global value chain (GVC), which was evaluated based on commodities, limited manufacturing, advanced manufacturing, and innovative activities. The study uses the dynamic panel data analysis and Generalized Method of Moment (GMM) estimation for a sample of 800 corporations, with data spanning over 2000-2019. The study result shows that in all types of countries, the coefficient lag indicator of capital expenditure statistically has a significant effect on capital expenditure. Sales growth, exchange rate, and GDP have a significant positive effect on corporate investment growth, while DER has a negative effect. In commodity countries, corporate investment is influenced by sales growth, exchange rate, and FCI. The variables that influence corporate investment in manufacturing countries are the FCI, exchange rate, sales growth, GDP, and DER. In innovative countries, variables that significantly affect capital expenditure are DER, GDP, and Tobin Q. In each type of country, the interaction terms between exchange rate and commodity price are positive and statistically significant.

• 아태비즈니스연구
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• 제11권2호
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• pp.45-60
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• 2020

Purpose - This study examines the impact of company ownership nature and of the dual role of CEO and board chair on R & D investment intensity, as well as the moderating effect of this dual role. Most previous research focused on the impact of the dual role of CEO and board chair on firm performance. Design/methodology/approach - This study uses A-share companies listed on the Shenzhen and Shanghai stock exchanges in China from 2008 to 2017. The univariate and the multivariate regression analysis were hired In order to analyze the data. Findings - The results show that there is a significant negative relationship between state-owned companies and R & D investment intensity. In addition, there is a significant positive relationship between the dual role and R & D investment intensity. The effect of state ownership on R & D investment intensity is more negative when CEO-board chair duality exists. This means that in case of state-owned companies, if CEO serves as the board chair, the propensity to invest in R&D is further reduced. Research implications or Originality - This is a pioneering study that considers the joint effect of state-owned companies and dual role on R & D investment intensity in the Chinese economy.

• Agribusiness and Information Management
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• 제8권2호
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• pp.9-15
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• 2016

In several industries, including the agriculture industry, information and communication technology (ICT) expenditure has been gradually increasing. This study explores the ICT investment of Korean agricultural corporations, and examines the effect of ICT investment on their profitability using an IT portfolio framework. As the organizational capabilities and environment in which ICT is used is critical in examining its impact, the IT-savvy level is used as a moderator. An increase in ICT investment size results in a significantly positive effect on profitability in organizations with higher IT-savvy levels, whereas there is no effect in organizations with lower IT-savvy levels. This study shows the necessity of understanding the structure of ICT investments in the agriculture industry, and suggests the importance of organizational capabilities and environment in making best use of ICT.

• 경영과정보연구
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• 제27권
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• pp.53-69
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• 2008

In this paper we analyse performance of value strategy and moving average method among the non-financial listed companies whose fiscal year ends at December in the Korean Stock Exchange between 1996 and 2005. And we analyse combination investment performance of value investment and moving average method. After the analysis objective enterprises divide with the value stock and the growth stock, in accordance with moving average method we divide ascending stock and descending stock. And we compose 6 portfolios with combination of value stock, growth stock, ascending stock and descending stock. Using the difference of investment performance of these portfolios, when fundamental analysis and technical analysis method all considering we measure investment performance. The major findings of this research are as follows: First, the value strategy of buying value stocks and selling growth stocks were effective in the long-term investment. Second, using the moving average method, technical analysis were effective in the case of the short-term investment. Third, the portfolios combined fundamental analysis and technical analysis were more effective than investment performance of technical analysis.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.69-76
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• 2020

The study examines lagged economic effects of research and development (R&D) investment on the market value of manufacturing firms listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China. This study applies panel data analysis methods to address the following issues: 1) There might be an adjustment lag in the impact of R&D investment on corporate market value, and 2) Unobserved firm effects must be taken into account. The balanced panel data includes a total of 1,462 observations with 34 cross-sections of manufacturing firms listed on Chinese stock markets and with 27 time-specific quarterly periods from 2007 to 2017. The results indicate that the R&D investment of Chinese manufacturing firms tends to yield favorable market value of the firm with some adjustments to time. The results show that R&D investment exhibits a strong positive impact on their market value of manufacturing firms in Chinese stock markets. Moreover, R&D investment has a positive time-lag effect on the market value of the firm. Interestingly, the R&D investment of Chinese manufacturing firms generate a relatively constant positive effect on their market value, supporting the notion that the corresponding returns of R&D investment for such firms yield lagged but added market values.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.305-315
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• 2021

This study aims to investigate the relationship between the difference in gender of top executives and corporate investment. In addition, this study also extends to how the sensitivity of investment to cash flow varies with the gender of leaders. Finally, the effect of the gender of leaders on firm investment is also tested across firm types (state firms vs. private firms and high-growth firms vs. low-growth firms). Based on the dataset of Vietnamese listed firms over 2007-2017, the fixed-effect model is used to test the hypotheses. The results show that women as chairs of the board tend to lower corporate investment, whereas the gender of CEOs (Chief Executive Officers) does not influence the investment level. Moreover, top female executives are associated with a decrease in the sensitivity of investment to cash flow. These regression results also show that top female executives only have an impact on the rate of investment in private and low-growth firms. The findings of this study are useful for the board of directors in selecting a chairperson in line with the firm's strategies. Furthermore, the findings of this study are also meaningful for policymakers who should monitor the separate role of the CEO and chair of the board in a company.

• 통상정보연구
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• 제17권1호
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• pp.137-163
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• 2015

본 연구에서는 우리나라에 진출한 외국인투자기업의 투자지분율차이와 CEO국적별차이가 고용에 어떠한 차이를 미치는지 보기 위해서 실증분석을 하였다. 실증분석을 하기위해, 투자비중, CEO국적, 설립시기, 기업규모등을 독립변수로 사용하였다. 고용증가율(EMPG)을 종속변수로 하여 일원분산분석을 실시하고 회귀분석하였다. INVRATIO는 투자비중을 나타내는 변수로서 1-0%<투자비중<50%, 2-투자비중=50%, 3-50%<투자비중${\leq}100%$을 나타내는 변수이며 CEO국적은 1-한국, 2-공동, 3-외국인을 나타내는 변수이다. 실증분석 결과 투자비중=50%, 50%<투자비중${\leq}100%$에서 0%<투자비중<50%보다 고용을 더 낮게 하는 것으로 나타났다. 그리고 CEO국적에 따른 고용행태를 실증 분석한 결과 차이가 없는 것으로 나타났다. 본 연구의 시사점은 투자지분율형태와 CEO국적별에 따른 고용분석을 이론적 검토와 통계적 분석을 함으로써 대한(對韓) 외국인직접투자에서 고용에 미칠 수 있는 영향과 그에 대한 대처방안을 검토할 수 있다는 것이다. 또한 고용에 있어서 향후 투자지분율을 현재보다 더욱 중요하게 고려해야 할 요인이라는 점을 제공했다는 것이다.

• 품질경영학회지
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• 제20권2호
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• pp.76-93
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• 1992

The purpose of this study, by surveying the status of firms, measurement-related investment and the defect rate, is to analyze the effect of measurement-related investment and to propose a scheme of efficient measurement-related investment which reduces the defect rate. For this project we obtain the data of the status of the measurement-related investment and the defect rate of 928 firms in Korean manufacturing industry by mailing survey. One of our results shows that the firms which have measurement standard laboratory, i.e, which invest in measurement-related area comparatively high, have the defect rate about 0.8% lower than those firms which don't have measurement standard laboratory. Also we find that the small-and-middle size firms have worse measurement-related facility than the large firms and the firms in the heavy-chemical industry have higher measurement-related investment effect than the firms in the light industry.

• 대한치과보철학회지
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• 제16권1호
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• pp.45-47
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• 1978

We use investment to retain the mould of the wax pattern in making dental metal castings. A fin on the metal casting is occasionally formed due to several factors. The factors making the fin are improper burn out time and temperature, improper W/P ratio of investment and lining of asbestos in casting ring. The purpose of this study is to investigate the effect of W/P ratio of investment on the fin formation. Except the W/P ratio of investment which used to invest the wax pattern, the study was done under same condition; burn out time and temperature, W/P ratio of refractory cast(W/P=0.12) and asbestos lining in casting ring. The obtained result is that the fin is more likely to be formed on the casting which invested with higher W/P ratio of investment to that of refractory cast.

• 무역학회지
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• 제47권1호
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• pp.181-198
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• 2022

This paper investigates the arbitrage effect by the covered interest parity (CIP) deviation, as well as other push or pull factor effect on capital inflows and ouflows in the Korean bond market, by utilizing OLS, TSLS, IRF and VDC in EC model. The sample period covers February 2002 to December 2020. It is found that, the swap basis reflecting the CIP deviations have the significant effects on both debt investment inflows and debt investment outflows. Also, it is found that, the Korean risk factors have decreasing effects on foreigner's investment in the Korean bonds, while the global risk factors have decreasing effects on Korean resident's investment in the foreign bonds.