• Korean Management Science Review
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• v.31 no.3
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• pp.95-111
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• 2014

It is essential to carry out an economic analysis on public water supply projects so that policy makers and water enterprises are aware of the actual value of the project. However, many popular approaches based on discounted cash flow analysis do not capture the uncertainties inherent in cash flow. In order to analyze the economic values of the water supply project of local governments, we utilize real option model, which considers uncertainty in future water price behavior and captures the value of real life flexibility. The real option model is designed to incorporate the option to expand and abandon, and it is applied to a local government case. Furthermore, we assess the project by exploring Luehrman's option space to accommodate the more efficient decision making. The results show that substantial amount of potential value is included in the public water supply service, and the overall value is greater than the value obtained from the discounted cash flow model.

• Proceedings of the Korea Inteligent Information System Society Conference
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• 2002.05a
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• pp.222-229
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• 2002

A value net is a business design that uses digital supply chain concepts to achieve both superior customer satisfaction and company profitability. In order to implement the value net model, information processing and distribution needs to occur in real time. Software agent technology is becoming popular due to the inherent characteristics of autonomy, distributedness and modularity. In this paper, we adopt agent technology to handle all real time decision process, making the value net model a complex multi-agent network of decision makers. For the agents to properly coordinate their respective activities we develop MAVN model, a Web-based multi-agent language grounded in the XML and Java.

• The Journal of Fisheries Business Administration
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• v.34 no.1
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• pp.87-115
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• 2003

Korean fisheries societies have had many difficulties for economic, social, and living circumstances. The government has tried many projects to improve these circumstances. But the results of the projects did not come up to his expectation. Recently, blue tourism is emerging as an alternative for improving these circumstances. So we applied a tourism value chain model for identifying what value activities and resources needed. According to the tourism value chain model, it was identified that there were six different value activities, i. e. advertising, reserving, moving, experiencing, returning, and after services of blue tourism. To identify which of the resources are sufficient or not in Korean blue tourism, we compared the required resources with actual ones. It was identified that Korean fisheries societies have so sufficient H/W related resources, but not IT related S/W resources, humanware-based resources, some industrial H/W resources and sociocultural resources. Therefore, Korean blue tourism will be activated, we have to concentrate our efforts on supplementing some scant blue tourism resources, i.e. S/W and humanware related resources and developing a variety of tourism programs to H/W resources. Generally, sustainable tourism needs all of S/W, H/W, and humanware resources. So we suggest several policies for the aspects of S/W, H/W, and humanware resources to activate blue tourism. But before carrying these policies out, they should be tested by field studies. And tourism motivations will be also studied because effective tourism marketing is impossible without an understanding of consumers' motivations.

• Journal of Information Technology Services
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• v.18 no.1
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• pp.13-26
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• 2019

This study analyzes the characteristics of lending-based crowdfunding of various crowdfunding models, identifies the factors affecting the use of the general public, and provides suggestions for the policies set by real estate crowdfunding businesses and related authorities. To analyze the service's adoption from a cognitive perspective, this study developed a new model that combined the Value-based Adoption Model (VAM), motivation theory, and a set of variables that take into account the characteristics of the real estate industry. For empirical analysis, survey was conducted from the general investors of real estate and valid 252 data were utilized by R 3.2.2. The results of this study showed that both government regulation and the perceived risk are hindering the perceived values and intention to use crowdfunding for real estate. In contrast, this research found that among the intrinsic motivation, enjoyment had a significant impact on the perceived value. In addition, it turned out that among the extrinsic motivation, market attractiveness, brand credibility, expected return, and safety and protection had significant impacts on the perceived value. Finally, it showed the perceived value of real estate crowdfunding had a positive impact on the intention to use.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.181-189
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• 2022

The current study examines the nexus between the capital structure (debt-equity) and firm value (Tobin's Q) by including profitability (alternatively Return on Assets (ROA) and Return on Equity (ROE)) as a moderator in the companies of Saudi Arabia. The study sample consists of 102 companies listed on Tadawul (the Saudi Arabian stock exchange) from different sectors of Saudi Arabia during the period 2013 to 2020. The study estimates pooled regression, panel regression with fixed and random effects, and dynamic panel regression models to report the results. The study results report that there is a negative and significant association between capital structure and firm value in model 1, while in models 2 and 3 there is a more negative and significant impact between the two study variables compared to model 1 after the inclusion of interaction variable, i.e. profitability in terms of ROA and ROE. The comparative result shows that the companies of Saudi Arabia hold more debt in their capital structure mix, hence evidencing a decrease in the firm value. The reported results also show that models 2 and 3 are better in explaining the impact of capital structure on firm value due to the interaction of profitability compared to model 1.

• Journal of the Korean Society of Food Culture
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• v.22 no.3
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• pp.303-308
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• 2007

The purpose of this study was to measure the mediating effects of sacrifice, value and satisfaction on the relationship between restaurant service quality and loyalty. A total of 273 questionnaires were completed. Structural equation model was used to measure the causal effects of service quality, perceived sacrifice, value, satisfaction and loyalty. Results of the study demonstrated that the structural analysis result for the data also indicated excellent model fit. The influences of service quality and perceived sacrifice on value were statistically significant. The influences of service quality and value on satisfaction were statistically significant. The influences of value and satisfaction on loyalty were statistically significant. As expected, the service quality had a significant effect on loyalty. The results indicated that the effect of service quality on loyally was mediated by value. Moreover, the effect of service quality on loyalty w3s mediated by satisfaction.

• The Journal of Information Systems
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• v.32 no.1
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• pp.53-84
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• 2023

Purpose The purpose of this study is to understand the factors that influence the purchasing behavior of NFT collectibles consumers, using the value-based acceptance model (VAM). As the use of NFTs is predicted to become more widespread in the near future, it is important to explore how these consumers make purchasing decisions. Design/methodology/approach This study employed text analysis and in-depth interviews to identify the factors of benefits and sacrifices perceived by consumers. Based on the results of the exploratory study, a research model and hypotheses were established. To test the hypotheses, an online survey was conducted, and the data was analyzed using a structural equation model. Findings The major findings of this study showed that perceived benefit factors had a significant positive impact on consumers' perceived value of NFT collectibles, whereas perceived sacrifice factors did not have a significant effect on perceived value. Also, when consumers' social needs were met, their perceived value was highest. Lastly, the effect of perceived value on purchase intention was not affected by the level of psychological ownership.

• Journal of the Korean GEO-environmental Society
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• v.24 no.1
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• pp.5-14
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• 2023

In this study, the load transfer characteristics of the base and skin of drilled shafts were analyzed and the load sharing ratio was calculated by performing a load transfer large-scale model test and three-dimensional numerical analysis considering the similarity of drilled shafts, which is the design target. From the linear behavior of drilled shafts shown in the large-scale model test and 3D numerical analysis results, the skin load transition curve for the design conditions of this study was proposed by Baquelin et al., and the base load transition curve was proposed by Baquelin et al. For the horizontal load transition curve, the formula proposed by Reese et al. was confirmed to be appropriate. The test value was slightly larger than the numerical analysis value for the axial load at the rock socketing, but the load sharing ratio at the rock socketing increased, on average, about 27.8% as the vertical load increased. The analysis value of the vertical settlement of the pile head under the vertical load was evaluated to be slightly smaller than the test value, and the maximum vertical settlement of the pile head in the model test and analysis maximum vertical load was 10.6 mm in the test value and 10.0 mm in the analysis value, and the maximum vertical settlement value at the base of the pile was found to be a test value of 2.0 mm and an analysis value of 1.9 mm. The horizontal displacement at the head of the column (ground surface) and the head of the pile during the horizontal load was found to agree relatively well with the test value and the analysis value. As a result of the model soil test, the horizontal load measured at the maximum horizontal displacement of 38.0 mm was evaluated to be 24,713 kN, and the horizontal load in the numerical analysis was evaluated to be 26,073 kN.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2001.11a
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• pp.307-337
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• 2001

In this paper, we propose the valuation frame of the IT(Information Technology) ventures using ROV(Real Options Valuation) model. Generally, ROV can comprises the traditional valuation method such as DCF(Discounted Cash Flow), which can measure only the tangible value of a firm from the expected future earnings, in that ROV can additionally measure the intangible value such as the strategic value of a firm in the uncertain environment. We set up the hypothetic IT venture future investment plan and assume that there are a growth option and a switching option consequently along the investment time horizon, which are caused by each characteristics of ventures and IT technologies, especially modularity. In the case that there are several embedded real options in the firm's investment plan in a row, we should apply the compound option pricing model as a real option valuation model in order to consider the value interaction between real options. In an addition, we present the results of optimal investment timing analysis using real options approach and compare them. with those of the original assumed investment timing.

• Journal of Korea Society of Digital Industry and Information Management
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• v.6 no.2
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• pp.209-224
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• 2010

This study is focus on consumer innovativeness. The purpose of this study is to explore variable that affect users' perceived value of mobile advertising and actual response intension to analyze relationship among variables. We built research new model based on the Technology Acceptance Model(TAM) and the Ducoffe's model(1996). The result of this study can be summarized as below. First, consumer innovativeness had a positive effect on convenience, the entertaining element and informativeness. Second, credibility and convenience had a positive effect on mobile advertising value. Third, Mobile advertising value had a positive effect on actual response intention to mobile advertising. As shown in the result of this study, the relation between perceived value of mobile advertising and actual response intention, depending on innovativeness in accordance with mobile advertising characters elements.