• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2001년도 제19회 하계학술발표회 논문집
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• pp.117-130
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• 2001

R&D is the core competence of an enterprise. Furthermore, R&D requires huge capital investment and has very risky characteristics. Therefore, to be successful in R&D process, several approaches of engineering economics are used prior to decision-making. Until now, typical approaches of engineering economics such as NPV(net present value) or DCF(Discounted cash flow) have been used. But, they cannot properly capture managerial flexibility to adapt and revise later decisions in response to unexpected market development. In a constantly changing and always uncertain marketplace, managerial operation flexibility and strategic adaptability have become vital in order to successfully capitalize on favorable future investment opportunities and limit losses from adverse market development. For the alternatives of conventional static decision-making approaches, new concept of using real options is introduced. Real option theory is based on financial option's characteristics and checks every revision interval whether situation have changed favorable to decision maker or not. In advantageous situation, the decision maker has only to go on. In contrast, with unfavorable situation, he abandons the investment immediately. In this aspect, real option model is more suitable in very uncertain and dynamic business environment in that it can provide the opportunity to cope with flexibility. This paper suggests efficient and effective R&D investment strategy by using real options model. In addition, this paper compares financial options and real options.

• 한국임상약학회지
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• 제13권1호
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• pp.18-28
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• 2003

An appropriate parent role model for alcohol, tobacco and other drug abuse prevention in adolescence was designed as part of a comprehensive effort to reduce the use of alcohol, tobacco and other drugs by underage youth. The content of the model offers a new and positive chemical health model. The model calls for development of a set of guidelines that can provide the framework for examining alcohol, tobacco and other drug use. The actions of adults in the community, especially parents, are very important factors in whether or not youth use chemicals. So these guidelines can be used to assist parents and other adults with questions such as, what can we say to young people about using alcohol, tobacco or other drugs except that it's against the law? At what age and times are discussions appropriate? What can we do to make our community a healthier place in which young people can make better decisions about alcohol, tobacco and other drug use? The model acknowledges and affirms the legal and appropriate use of alcohol and other drugs as well as supports the decision not to drink. It encourages participants to consider their own guidelines for using and not using alcohol and other drugs. The guidelines can also be used as the basis for early intervention when use is illegal, unhealthy or risky. It is important to note that the model affirms healthy and appropriate use as well as nonuse.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.969-980
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• 2020

This study examines the acceptance factors, barriers, benefits, and strategies for resolving Information and Communication Technology (ICT) adoption and usage problems based on the different demographic characteristics of SMEs. The demographic characteristics investigated are gender, educational qualifications, age, managerial status, and years of business experience. To the best of our knowledge, this paper is the first to examine a more comprehensive demographic characteristics in the context of ICT adoption. A survey using self-administered questionnaires was conducted to retrieve information from SME owners/managers in Pekalongan, the local city of Indonesia. The items in the questionnaire were discussed with various experts in the field and a pilot study was conducted prior to the distribution of the research instrument. The study made some interesting findings. No significant differences were found in the SMEs' adoption factors between the demographics of gender groups and educational qualifications. However, significant disparities were found to exist among the age compositions, managerial status, and years in business. Additionally, younger managers/owners of SMEs find it easier to understand the background factors of ICT adoption. Lastly, older managers/owners are more likely to stick to the organizational status quo, be less able to learn new technology, and more likely to avoid risky decisions.

• 스마트미디어저널
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• 제4권3호
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• pp.56-61
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• 2015

빅데이터와 관련하여 많은 성공사례들이 보고되었지만 실제로 시스템을 구축하는 데 있어서는 여전히 많은 어려움이 있다. 기술적인 측면에서 데이터의 수집과 저장, 처리와 분석, 그리고 표현과 사용에 이르는 전 과정을 포괄적으로 이해해야 하고, 비즈니스적 측면에서는 구축된 시스템으로부터 얻을 수 있는 가치를 미리 파악하여 투자를 감행해야 하는 경영진에게 설명해야 한다. 본 연구는 빅데이터 정보시스템을 구축하는 것과 관련된 사항들을 쉽게 파악할 수 있는 5W 1H 프레임워크를 제공하고, 제시된 프레임워크를 기존의 빅데이터 사례들에 적용한 예시를 보여주었다. 투자를 위한 경영진의 의사결정을 이끌어내고 빅데이터 프로젝트의 종합적인 이해와 관리에 도움을 줄 수 있을 것으로 기대된다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.331-339
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• 2021

The youths are characterized by their reckless and ambitious behavior. They exhibit a strong tendency to make risky decisions that may jeopardize their future. These qualities are also in line with their experience-seeking behavior. As young entrepreneurs aim high in profit-seeking activities, their ethical stance may be compromised. Moreover, their money profile increases at an accelerated pace, leading them to love money even more. Quantitatively, this study was the first to investigate the behavior of young entrepreneurs in terms of their love of money, religiosity, and ethical perceptions by adopting the hadith perspective in Islamic tradition by developing the scales of all constructs. The respondents were 261 members of the Indonesian Young Entrepreneur Association in Sulawesi Selatan, Indonesia. This study also examined gender as the moderating variable. This study found that the love of money affects ethical perception negatively; on the other hand, religiosity positively affected ethics. Gender is found to moderate religiosity, but not love of money. These results signify the harmful impact of loving money too much on young entrepreneurs' ethics; furthermore, the scales developed from hadith revelation were able to capture the empirical findings significantly.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.169-178
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• 2021

This research aims to test, firstly, how the disclosure of corporate social responsibility (CSR) helps to moderate the effect of family ownership on investment efficiency; secondly, how CSR disclosures mediate the effect of corporate governance on investment efficiency. STATA was used to analyze archival data collected from a total sample of 210 manufacturing companies listed on the Indonesian Stock Exchange (IDX), which were in the family businesses category for the period of 2016-2018. The first finding is that CSR moderates the effect of family ownership on investment efficiency. This implies that family businesses are very careful about investing. They will avoid risky decisions that may increase the economic wealth, but reduce the socio-emotional wealth. To maintain socio-emotional wealth, they tend to choose an underinvestment strategy and are more concerned with the prestige and good reputation of their families and dynasties than with economic wealth. Thus, CSR disclosures can reduce the underinvestment strategy of family businesses listed on the IDX. The second finding is that CSR disclosures are able to mediate the effect of corporate governance on investment efficiency. CSR activities play a major role in decision-making, and through CSR disclosures, corporate governance has a greater effect on investment efficiency.

• 국제학술발표논문집
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• The 6th International Conference on Construction Engineering and Project Management
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• pp.496-500
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• 2015

International construction projects are inherently more risky than domestic projects with multi-dimensional uncertainties that require complementary risk management at both the country and project levels. However, despite a growing need for systematic country evaluations, most studies have focused on project-level decisions and lack country-based approaches for firms in the construction industry. Accordingly, this study suggests data-driven approaches for evaluating countries using two quantitative models. The first is a two-stage country segmentation model that not only screens negative countries based on country attractiveness (macro-segmentation) but also identifies promising countries based on the level of past project performance in a given country (micro-segmentation). The second is a multi-criteria country segmentation model that combines a firm's business objective with the country evaluation process based on Kraljic's matrix and fuzzy preference relations (FPR). These models utilize not only secondary data from internationally reputable institutions but also performance data on Korean firms from 1990 to 2014 to evaluate 29 countries. The proposed approaches enable firms to enhance their decision-making capacity for evaluating and selecting countries at the early stage of corporate strategy development.

• Investigative Magnetic Resonance Imaging
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• 제13권2호
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• pp.127-136
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• 2009

목적: 정상인을 대상으로 과제의 규칙을 모른체 의사결정를 하는 경우 시간에 따른 뇌활성 영역의 차이를 lowa Gambling 과제를 수행하는 자기공명 뇌기능 영상을 사용하여 알아보고자하였다. 대상 및 방법: 14명의 오른손잡이 정상인(여자 5명, 남자 9명, 평균나이 26.8세)을 대상으로 100개로 구성된 lowa Gambling과제를 수행하는 동안 자기공명 뇌기능영상을 획득하였다. GE 3.0T 자기공명영상 장치에서 혈액산소포화 의존(BOLD)기법을 사용하여 EPI 데이터 (에코시간 40 ms, 반복시간 2000 ms, 매트릭스 $64{\times}64$)를 획득한 후 MATLAB버전 7.2 (The Mathworks Inc., Natick, MA, USA)와 Statistical Parametric Mapping (SPM 2; Wellcome Department of Imaging Neuroscience, London, UK) 분석툴을 이용하여 총 100개 중 20개 단위로 구성된 5개의 블록으로 나누어 분석하였다. 결과: 과제 수행초기 블록에서는 위쪽 중앙 전전두뇌엽에서의 뇌활성화를 나타내고 과제를 수행해 감에 따라 뇌활성화 영역이 점차 중앙 전전두뇌엽의 아래족으로 이동하는 결과를 나타내었다 (p < 0.005). 결론: 의사결정 과제의 규칙을 모르는 경우 과제를 수행하며 규칙을 알아가는데는 위쪽 중앙 전전두뇌엽의 영역을 사용하고 과제의 규칙을 깨달은 다음 의사결정을 수행하는 경우에는 아래쪽 중앙 전전두뇌엽의 영역을 사용함을 알수 있었다.

• 유통과학연구
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• 제12권10호
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• 재무관리연구
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• 제2권1호
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• pp.55-75
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• 1986

This article is to analyse the economic efficiency of capital market, which plays a role of resource allocation in terms of financial claims such as stock and bond. It provides various contributions to the welfare theoretical aspects of modern capital market theory. The key feature that distinguishes the theory described here from traditional welfare theory is the presence of uncertainty. Securities has time dimensions and the state and outcome of the future are really uncertain. This problem resulting from this uncertainty can be solved by complete market, but it has a weak power to explain real stock market. Capital Market is faced with the uncertainity because it is a kind of incomplete market. Individuals and firms in capital market made their consumption-investment decision by their own criteria, i. e. the maximization of expected utility form intertemporal consumption and the maximization of the market value of firm. We noted that allocative decisions that had to be made in the economy could be naturally subdivided into two groups. One set of decisions concerned the allocation of first-period resources among consumption $C_i$, investment in risky firms $I_j$, and riskless investment M. The other decisions concern the distribution among individuals of income available in the second period $Y_i(\theta)$. Corresponing to this grouping, the theoretical analysis of efficiency has also been dichotomized. The optimality of the distribution of output in the second period is distributive efficiency" and the optimality of the allocation of first-period resources is 'the efficiency of investment'. We have found in the distributive efficiency that the conditions for attainability is the same as the conditions for market optimality. The necessary and sufficient conditions for attainability or market optimality is that (1) all utility functions are such that -$\frac{{U_i}^'(Y_i)}{{U_i}^"(Y_i)}={\mu}_i+{\lambda}Y_i$-linear risk tolerance function where the coefficients ${\mu}_i$ and $\lambda$ are independent of $Y_i$, and (2) there are homogeneous expectations, i. e. ${\Large f}_i(\theta)={\Large f}(\theta)$ for every i. On the other hand, the efficiency of investment has disagreement about optimal investment level. The investment level for market rule will not generally lead to Pareto-optimal allocation of investment. This suboptimality is caused by (1)the difference of Diamond's decomposable production function and mean-variance valuation model and (2) the selection of exelusive investment or competitive investment. In conclusion, this article has made an analysis of conditions and processes of Pareto-optimal allocation of resources in capital marker and tried to connect with significant issues in modern finance.