• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.11a
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• pp.1213-1244
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• 2017

This study used a resource-based perspective to analyse the effects of organizational composition on the R&D performance of science and technology government-funded research institutes (GFRIs). We assumed that the composition of each GFRI would eventually be regarded as absorptive capacity and act as a moderating variable between R&D investment and performance. We used a panel generalized least squares (GLS) model with fixed effects to analyse panel data from 115 Korean GFRIs between 2011 and 2015. Our findings show that R&D investment of GFRIs has a direct and positive effect on performance. We also analysed how organizational composition can moderate the effect of R&D investment on performance. The findings provide evidence that organizational composition plays a moderating role between R&D investment and performance. Finally, this study discusses policy implications, its limitations, and also highlights future research directions.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.1
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• pp.79-86
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• 2020

The effects of R&D investment on innovation such as patents and intangible assets, and the effect on the corporate performance such as revenue and profit growth, were analyzed using path analysis. In particular, this study compared and analyzed the performances of non-cooperative R&D and cooperative R&D. The results of this study are summarized as follows. First, R&D investment has a significant impact on innovation performance. This supports the existing research results. Second, patents have a significant impact on intangible asset growth. Third, in the case of corporate groups carrying out cooperative R&D, intangible asset growth forms a significant causal relationship with revenue growth. Fourth, in case of cooperative R&D, intangible asset growth has a significant mediating effect between patent and revenue growth. Like the existing research, the results of this research support the innovation performance of R&D investment. It also supports the existing argument that the results of cooperative R&D are more favorable to increase corporate value. However, unlike the existing research, we found a path leading to increased revenue through patents and intangible assets, and confirmed that such a path is likely to be achieved through cooperative R & D rather than internal R&D.

• Journal of Technology Innovation
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• v.20 no.1
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• pp.263-294
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• 2012

The purpose of this study is to examine the effect on R&D investment and technology commercialization capabilities on business performance of 118 Korean firms which has R&D center. In particular, this study tried to define technology commercialization and technology commercialization capabilities for the board and narrow perspective, and investigates the role of technology commercialization capabilities in linking R&D investment and business performance in terms of a financial performance as the growing rate of sales, the growing rate of operating income to sales and non-financial performance as the ratio of technology commercialization. The results of this study are as follows. First, the findings of the research indicated that there was a significant positive relationship between R&D investment and business performance as financial and non-financial. Second, the study found that board technology commercialization capability as technology strategic planning, technology process, and technology organization has the mediating effect to R&D investment on business performance as the ratio of technology commercialization. Third, the study found that narrow technology commercialization capability as manufacturing and marketing play a mediating role in terms of business performance as financial and non-financial.

• New & Renewable Energy
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• v.18 no.2
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• pp.26-39
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• 2022

Considering the recent substantial increase in national research and development (R&D) budgets in the energy sector there has been increased Interest in the effectiveness of government R&D investments. We conducted a case study to calculate the allowable scale and effectiveness of R&D investment by calculating the direct performance improvement effect resulting from R&D investment as an economic value. Using conditions that existed prior to R&D investments as a reference, five cases in which performance improved due to R&D investments were compared and analyzed. The government's financial investment is increasing rapidly in line with the establishment of the national hydrogen roadmap. R&D is needed to enhance the current low technology readiness level of hydrogen fuel cells compared to solar and wind energy fields. Therefore, an R&D project to improve the performance of the fuel cell system was selected as this case study's subject. Using the results in this study, the allowable level of investment in the task unit of national R&D projects could be calculated. Moreover, it is advisable to provide a standard for rational decision making for new R&D investments since it is possible to determine investment priorities among a large number of candidates.

• Proceedings of the Technology Innovation Conference
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• 2000.06a
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• pp.175-209
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• 2000

The performance of US economy in the last cecade is considered to be driven by the IT investment. However, the causal relationship has not been conclsive between IT investment and economic performance, which makes a decision in IT investment tricky. IT as a growth strategy is critical to the developing countries which experienced resource constraint. In case IT acts as a driving force in the new technology paradigm, the less investment in IT will continue to which the growth gap between countries. When IT dose not make a significant contribution to growth, heavy investment in IT means misallocations of resources. Therfore a decision on IT investment has critical implication in terms of growth strategy. Based on a growth accounting nethod, the current study is to analyse the contribution of IT

• Journal of the Korea Society of Computer and Information
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• v.14 no.6
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• pp.107-116
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• 2009

Even though there are growing numbers of IT utilization in many organizations, they are required to use only constrained amount of resources due to the decrease in IT Investment, following economic recession. Besides, the CEOs in those organizations are required to assess how IT Investment, which has been gradually increased during the industrial growth, affects their organizational performances. Thus, they began to enforce IT governance so as to measure IT efficiency and minimize business risks. As a result, they improved the decision making process of IT Investment, enforced IT value assessment, and established the IT Investment-performance evaluation process as well. In this article, I aimed to make it clear how IT Investment affects the IT Performance by analyzing the effects of the factors constituting the IT Investment managing system and the Process Maturity on the User Satisfaction. This analysis can suggest a practical IT Investment-performance model, which can increase organizational performances.

• Korean Management Science Review
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• v.30 no.1
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• pp.73-89
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• 2013

This paper develops an investment algorithm based on Markowitz's Portfolio Selection Theory, using historical stock return data, and empirically evaluates the performance of the proposed algorithm in the U.S. and the Hong Kong stock markets. The proposed investment algorithm is empirically tested with the 30 constituents of Dow Jones Industrial Average in the U.S. stock market, and the 30 constituents of Hang Seng Index in the Hong Kong stock market. During the 6-year investment period, starting on the first trading day of 2006 and ending on the last trading day of 2011, growth rates of 12.63% and 23.25% were observed for Dow Jones Industrial Average and Hang Seng Index, respectively, while the proposed investment algorithm achieved substantially higher cumulative returns of 35.7% in the U.S. stock market, and 150.62% in the Hong Kong stock market. When compared in terms of Sharpe ratio, Dow Jones Industrial Average and Hang Seng Index achieved 0.075 and 0.155 each, while the proposed investment algorithm showed superior performance, achieving 0.363 and 1.074 in the U.S. and Hong Kong stock markets, respectively. Further, performance in the U.S. stock market is shown to be less sensitive to an investor's risk preference, while aggressive performance goals are shown to achieve relatively higher performance in the Hong Kong stock market. In conclusion, this paper empirically demonstrates that an investment based on a mathematical model using objective historical stock return data for constructing optimal portfolios achieves outstanding performance, in terms of both cumulative returns and Sharpe ratios.

• Journal of Convergence for Information Technology
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• v.11 no.5
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• pp.94-103
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• 2021

This study aims to propose technical trading rules for Bitcoin futures and empirically analyze investment performance. Investment strategies include standard trading rules such as VMA, TRB, FR, MACD, RSI, BB, using Bitcoin futures daily data from December 18, 2017 to March 31, 2021. The trend-following rules showed higher investment performance than the comparative strategy B&H. Compared to KOSPI200 index futures, Bitcoin futures investment performance was higher. In particular, the investment performance has increased significantly in Sortino Ratio, which reflects downside risk. This study can find academic significance in that it is the first attempt to systematically analyze the investment performance of standard technical trading rules of Bitcoin futures. In future research, it is necessary to improve investment performance through the use of deep learning models or machine learning models to predict the price of Bitcoin futures.

• Journal of Korean Society of Water and Wastewater
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• v.23 no.3
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• pp.315-320
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• 2009

This study found that introduction of environmental systems and increased environmental investment have a major impact on K company's sustainable development. The analysis indicated that the environmental investment variable has a close relationship with production quantity, sales, and the amount of sludge treatment variables in K company. However, all other variables including the cost of disinfection chemicals, and the expenditure of sludge treatment have no relationship with the environmental investment variable. Additionally, short-term results show that the company's environmental expenditure variable is conversely related with the environmental performance variable.

• Journal of Digital Convergence
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• v.10 no.6
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• pp.181-187
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• 2012

This study inquires into what effect the tax burden of investors, for typical taxes related to real estate investment; acquisition tax, comprehensive real estate holding tax, and transfer income tax, might have on the real estate investment behaviors; the purpose of long-term investment. These real estate investment behaviors have been analyzed to see how much they affect investment performance such as realized compound yield. This study model, which considers the fact that the choice of investment behavior for the degree of tax burden of investors may lead to different results in real estate investment, is expected to be an effective decision-making tool for investment.