• Korean Management Science Review
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• v.17 no.3
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• pp.61-71
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• 2000

Due to the potential growing capability that reflects future value, the market value of internet business companies (IB) are still evaluated high although major players like Amazon continuously suffer losses. Then, how do investors valuate the potential growing capabilities given that traditional financial/accounting based valuation approaches seem to be inappropriate for IB. This study attempts to provide an answer to this issue. We, therefore, analyzed the predictability of various accounting and non-accounting variables for IB value. These include book value, net income, unique visitors, page view, reach rate, public float and institutional holdings. Because of being in infant stage and difficulties in obtaining necessary web traffic data, sample of 20 pure IB were selected from Korea Stock Exchange Market, KOSDAQ, and informal market. The results of this study showed that web traffic date had the strongest relationship with IB value. In particular, unique visitors and reach rate were found to be best predictors for IB value while page view was reasonable indicator. Interestingly, net income was not found to related to IB value. This calls for an attention to the typical characteristics of IB that my hinder the usage of traditional valuation approaches for IB. Another results revealed that none of both public float and institutional holdings was significantly associated with IB value, indicating market’s supply-demand factors were less important than traffic information.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.4 no.4
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• pp.422-427
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• 2003

The purpose of this study analyzes the effects of M＆A between conglomerate and non-conglomerate corporational with 57 samples of firms during the period from 1990 to 1997 right before IMF. financial crisis. These models employed to measure effects of M＆A in this paper are both market model and market adjusted return model using test of t-statistics. Results of this article show that negative excess returns are observed for non-conglomerate mergers and positive excess gains are exhibited for conglomerate mergers. This implies that conglomerate mergers are more effective than firm specialization in terms of merger effects.

• Asian Journal of Business Environment
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• v.5 no.3
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• pp.17-21
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• 2015

Purpose - This paper compares current requirements for depreciation accounting from the Financial Accounting Standards Board in America for equity securities and all debt securities with determinable fair value, and disclosure requirements related to the fair value of securities below registered cost with the requirements of the international Financial Reporting Standards Board and accounting standards committee. Research design, data, and methodology - Mini-review statements are examined relating to depreciation of investments in America and the Financial Accounting Standards depreciation of investments in Iran that meet the requirements of international reporting standards and the Iranian Accounting Standards Committee. Results - Accounting rules for depreciation of investments in securities requires a good deal of judgment. In particular, devaluation decisions during the recession and market crisis were controversial, although even with no clear guidelines on devaluation, sometimes such decisions were simple. Conclusions -Companies can choose from formal policies applied uniformly and documentations of interest to provide a summary of the principles and conclusions obtained through disclosure, enabling market participants to assess the entity's conclusions reasonably, thereby easing investor and market worries.

• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.99-122
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• 2019

According to the recent IDC (International Data Corporation) report, as from 2025, the total volume of data is estimated to reach ten times higher than that of 2016, corresponding to 163 zettabytes. then the main body of generating information is moving more toward corporations than consumers. So-called "the wave of Big-data" is arriving, and the following aftermath affects entire industries and firms, respectively and collectively. Therefore, effective management of vast amounts of data is more important than ever in terms of the firm. However, there have been no previous studies that measure the effects of big data investment, even though there are number of previous studies that quantitatively the effects of IT investment. Therefore, we quantitatively analyze the Big-data investment effects, which assists firm's investment decision making. This study applied the Event Study Methodology, which is based on the efficient market hypothesis as the theoretical basis, to measure the effect of the big data investment of firms on the response of market investors. In addition, five sub-variables were set to analyze this effect in more depth: the contents are firm size classification, industry classification (finance and ICT), investment completion classification, and vendor existence classification. To measure the impact of Big data investment announcements, Data from 91 announcements from 2010 to 2017 were used as data, and the effect of investment was more empirically observed by observing changes in corporate value immediately after the disclosure. This study collected data on Big Data Investment related to Naver 's' News' category, the largest portal site in Korea. In addition, when selecting the target companies, we extracted the disclosures of listed companies in the KOSPI and KOSDAQ market. During the collection process, the search keywords were searched through the keywords 'Big data construction', 'Big data introduction', 'Big data investment', 'Big data order', and 'Big data development'. The results of the empirically proved analysis are as follows. First, we found that the market value of 91 publicly listed firms, who announced Big-data investment, increased by 0.92%. In particular, we can see that the market value of finance firms, non-ICT firms, small-cap firms are significantly increased. This result can be interpreted as the market investors perceive positively the big data investment of the enterprise, allowing market investors to better understand the company's big data investment. Second, statistical demonstration that the market value of financial firms and non - ICT firms increases after Big data investment announcement is proved statistically. Third, this study measured the effect of big data investment by dividing by company size and classified it into the top 30% and the bottom 30% of company size standard (market capitalization) without measuring the median value. To maximize the difference. The analysis showed that the investment effect of small sample companies was greater, and the difference between the two groups was also clear. Fourth, one of the most significant features of this study is that the Big Data Investment announcements are classified and structured according to vendor status. We have shown that the investment effect of a group with vendor involvement (with or without a vendor) is very large, indicating that market investors are very positive about the involvement of big data specialist vendors. Lastly but not least, it is also interesting that market investors are evaluating investment more positively at the time of the Big data Investment announcement, which is scheduled to be built rather than completed. Applying this to the industry, it would be effective for a company to make a disclosure when it decided to invest in big data in terms of increasing the market value. Our study has an academic implication, as prior research looked for the impact of Big-data investment has been nonexistent. This study also has a practical implication in that it can be a practical reference material for business decision makers considering big data investment.

• Environmental and Resource Economics Review
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• v.17 no.2
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• pp.349-379
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• 2008

Otters which are the nearly extinct feral animal as well as indicator species of ecological balance of river have a wide variety of public value. The objective of this paper is to estimate non-market value of preservation of otters' habitats in Cheongju Si and Cheong won Gun. In this research, the one-and-one-half bound dichotomize choice method as a contingent valuation methods is used to derive willingness to pay for the preservation of otters' habitats. 311 residents were surveyed to determine their recognition and willingness to pay for preservation of otters' habitats. The results show that the value of preservation of otters' habitats is 5,904 won per house and month.

• Food Science of Animal Resources
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• v.44 no.2
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• pp.255-268
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• 2024

Probiotic products have long been recognized for their health benefits. Additionally, milk has held a longstanding reputation as a dairy product that offers high-quality proteins and essential micronutrients. As awareness of the impact of food on health grows, interest in functional products such as probiotic dairy products is on the rise. Fermentation, a time-honored technique used to enhance nutritional value and food preservation, has been used for centuries to increase nutritional value and is one of the oldest food processing methods. Historically, fermented dairy products have been used as convenient vehicle for the consumption of probiotics. However, addressing the potential drawbacks of fermentation has recently led to increase in research on probiotic dairy drinks prepared without fermentation. These non-fermented dairy drinks have the advantage of maintaining the original flavors of milk drinks, containing potential health functional probiotics, and being an alternative dairy product that is helpful for probiotics intake. Currently, research on plant-based dairy products is rapidly increasing in the market. These developments might suggest the potential for novel forms of non-fermented dairy beverages with substantial prospects in the food market. This review aims to provide an overview of milk-based dairy beverages, both fermented and non-fermented, and discuss the potential of non-fermented dairy products. This exploration paves the way for innovative approaches to deliver probiotics and nutrition to consumers.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.233-254
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• 2023

Purpose - This study aims to verify whether the effect of tax avoidance on corporate value is non-linear in the Korean financial markets. Design/methodology/approach - This study believes that the cause of the inconsistent empirical analysis results of previous studies that verified the relationship between tax avoidance and firm value may be an error in assuming linearity, and verifies whether a nonlinear relationship exists. The sample company in this study is a December settlement corporation listed on the Korean stock market, and the analysis period is from 2000 to 2021. In the empirical analysis model, Tobin's Q is used as a proxy for corporate value, tax avoidance is used as the main independent variable, and a regression model is designed with corporate size, growth rate, and debt ratio set as control variables. Findings - As a result of the empirical analysis, it can be confirmed that there is an inverted U-shaped nonlinear relationship between tax avoidance and corporate value. In the additional analysis using Ohlson (1995) firm valuation model for the robustness of the results of the empirical analysis, the same nonlinear value relationship between tax avoidance can be confirmed. Research implications or Originality - This study is considered to be meaningful in that it verifies the non-linear relationship of tax avoidance, which has not been attempted in previous studies. The meaning of the inverted U-shaped nonlinear relationship presented in this study is that corporate tax avoidance acts as a factor that increases corporate value up to a certain level, but rather becomes a factor that decreases corporate value when it exceeds a critical point. These results are expected to provide new perspectives and perspectives on tax avoidance to companies belonging to the Korean capital market.

• Environmental and Resource Economics Review
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• v.16 no.4
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• pp.873-900
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• 2007

Non-market valuation studies tend to assume that individual households have homogeneous preferences for a non-market good to value. However, since the preferences for non-market goods, especially environmental goods are more likely to be heterogeneous by nature, it may be more appropriate to assume heterogeneous preferences for non-market goods, which may in turn may lead to reduced biases in the WTP estimation. This study investigate the extent to which individual households have heterogeneous preferences for reduced concentrations of radon, a radioactive indoor air pollutant, for road safety, and for nuclear power safety. We also analyze the effect of heterogeneity assumption on the results of model and WTP estimation. Using the choice experiments and mixed logit models, we found that allowing for heterogeneous preferences improved model fitness and that there existed heterogeneous preferences for both reduced radon concentration and road safety, albeit not for nuclear power safety. The mean WTP for reduced radon concentrations and road safety increased by factors of 2.44 and l.74 respectively with the models allowing for heterogeneous preferences.

• Asian Journal of Business Environment
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• v.10 no.2
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• pp.33-41
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• 2020

Purpose: This study assesses the marketing practices and value-added fish products under the Coral Reef Rehabilitation and Management Program (COREMAP) in East Indonesia. Research design, data and methodology: This study gathered qualitative and quantitative data through i) focus group discussions (FGD) with fishers, traders and COREMAP officers, ii) surveys and iii) interviews with fishermen and traders. This study surveyed 714 households (365 in COREMAP and 349 in non-COREMAP) and 33 traders (17 in COREMAP and 16 in non-COREMAP) using structured questionnaires between January and March 2016. This study used Shepherd's Index to estimate the marketing efficiency for each stage of the marketing channel. For value-added fish products, the value is determined by the difference between processed output and the raw product used. Results: Marketing cost in the non-COREMAP area was more efficient than in COREMAP as indicated by lower operational cost and higher selling price. However, no value-added fish products were produced in the non-COREMAP area. This study noted a lower catch in COREMAP area, which implies COREMAP program successfully reduced fishing pressure. Conclusions: This study identified poor infrastructure and the limited market as the major problems in developing value-added fish products in both COREMAP and non-COREMAP area.

• Asia pacific journal of information systems
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• v.15 no.4
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• pp.165-192
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• 2005

This study introduces how to estimate the monetary value of intellectual capital of a public research institute by incorporating a non-market valuation technique, the choice experiments(CE). CE is a survey-based environmental valuation technique that has increasingly been popular over the last decade. The members of institute E, a typical type of public research institutes in Korea, were surveyed, before the data were fit to the conditional logit and mixed logit models. The total value of the institute's intellectual capital was estimated at approximately W3,377 billion for the year 2003. The institute's human, structural and relational capitals that comprise the intellectual capital were estimated at W18.7 billion, W10.7 billion and W4.4 billion respectively, for each of the components' index values improving by 1%. The human capital was placed a higher value than the other two. The study also shows that CE is a flexible technique that enables the researcher to estimate the monetary value of the intellectual capital whatever the index values of the component capitals and to interpret model estimation results more in depth by incorporating the mixed logit, a state-of-the-art discrete choice model, than the conventional conditional logic.