• The Journal of the Convergence on Culture Technology
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• v.9 no.2
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• pp.319-325
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• 2023

This study investigates the impact of over-investment on the market value of cash holdings. In addition, this paper examines whether the effect of over-investment on the value of cash holdings differs depending on firms' ownership structure. The results show that increase in over-investment reduces the market value of cash holdings. This suggests that investors perceive that over-investment deteriorates future business performance and generates excessive burdens on future cash flows. As a result, they provide negative evaluation on the market value of cash holdings. In addition, the negative impact of over-investment on the market value of cash holdings is more significant for owner manager firms where managers hold a high level of equity. Such empirical results imply that owner manager firms are more likely to use their cash holdings for private interest, therefore, over-investment reduces the cash value to a greater extent. This study provides empirical evidence that the effect of over-investment on the market value of cash holdings varies depending on the characteristics of firms' ownership structure.

• International Commerce and Information Review
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• v.19 no.1
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• pp.257-278
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• 2017

The paper examines the ownership structure and the firm value of online firms in the world. Data are gathered by using FACTIVA database for firms in the Dow Jones index for the 2014 fiscal year. The Ordinary Least Squares regressions, the Generalized Linear Model, and the model selection criteria are employed to analyze the relationship between the dependent and the independent variables. The paper tests theories such as the convergence of interest theory, the managerial entrenchment theory, and the eclectic theory. The paper finds that the ownership structure has an influence on the firm value depending on the rank of the large shareholders. While the first large shareholders have a negative association with the firm value, the presence of the second and the third large shareholders have a positive influence on the firm value. The paper also finds that the identity of the largest shareholders whether they are insiders or outsiders have an influence on the firm value. The proportion of shareholding by a large shareholder and her identity are variables which predict a firm value.

• Journal of Industrial Convergence
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• v.19 no.5
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• pp.13-19
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• 2021

In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.

• The Korean Journal of Financial Management
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• v.4 no.1
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• pp.45-58
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• 1988

This paper is to examine the relevance of banarptcy Costs (BC) to Capital Structure with three related purposes: whether or not BC are trival,, a proxy methodology for estimating BC, the present value of expected BC vs tax benefits' trade off. For these purposes, the samples includes 19 industrial firms which went bankrupt over period 1970-78 and secondly seven large Companies which went bankrnpt recently in the U.S. The results are quite strong that BC are not trival. In many cases they exceed 20% of the value of the firm measured just prior to bankruptcy. Direct BC are explicit and administrative costs paid by debtor in reorganization/liqaidation process. Indirect BC are essentially defined as unexpected losses and estimated in two way: a regression method and security analyst's forcasts. The present value of expected BC for many of the bankrupt firm is found to exceed the present value of tax benefits from leverage. This implies that firms were overleveraged and that a potentially important ingredient in the discussion of optimum capital structure is indeed the BC factor. Therefore, BC are relevant to the cost of capital structure decision and should he considered seriously.

• Proceedings of the Korean Society of Precision Engineering Conference
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• 1997.04a
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• pp.1073-1077
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• 1997

In this paper, we have studied internal quality including chemical compositions, microscopic structure and nonmetalic inclusion of test materials. We have analyzed machining characteristics including tensile strength value, impact value, hardness value etcs. Test materials are usd martensitic heat resisting steel, STR11 and STS420J2. The obtined results are as follows : 1. In analyzing internal quality, STR11 and STR420J2 have typical martensite structure and a minute needle-shaped structure. 2. Tensile strength and reduction of area and hardness value are large STR11 than STS420J2. But elongation impact are smaller STR11 than STS420J2. 3. Fracture surface of tensile speciman is ductile in STR11 and STS420J2.

• 한국방재학회:학술대회논문집
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• 2007.02a
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• pp.33-36
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• 2007

This study shows the basic data for setting up a response modification factor of unreinforcement masonry structure by considering and analyzing the experiment results of the domestic walls. If the result of this study compare with the value R of KBC-2005, 1.5, the average value, 1.2, is the low value. However, the maximum value, 2.57, is more than 70% bigger than the standard value. The standard value of overstrength factor, 2.5 is judged to have relatively bigger value than this study.

• International journal of advanced smart convergence
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• v.12 no.3
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• pp.157-162
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• 2023

This study analyzed the relationship between ESG performance and corporate value using panel data from Chinese equipment manufacturing companies spanning from 2012 to 2021, and it also examined whether ownership structure moderates this relationship. We have contributed to filling the gap in existing research. The main conclusions of this study are as follows: Firstly, similar to previous researches, ESG performance was found to have a positive and statistically significant impact on corporate value. Secondly, when the three dimensions of ESG - Environmental (E), Social (S), and Governance (G) - were analyzed separately, it was observed that E and S have a positive and statistically significant impact on corporate value, while G has a negative and statistically significant impact. Thirdly, ownership concentration emerged as a significant moderating factor in explaining the connection between ESG performance and corporate value. Lastly, when the three dimensions of ESG were analyzed separately, ownership concentration was found to serve as a positive moderating factor in the relationship between corporate value and E and S, but it did not play a statistically significant role for G.

• Journal of Technology Innovation
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• v.15 no.1
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• pp.203-233
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• 2007

This study investigates how characteristics in the value-chain industrial cluster affect the R&D investment and the output of firms in each industries. For this, we try to extract the inter-industrial networking structure from the input-output table in which 17 manufacturing sectors are included. In particular, we will give shape to the "unit structure" which shows the intermediary flows of goods and services between industries in order to get an unit of final demand in a certain industry. Using this "unit structure", we can try the inter-industrial networking analysis and get some indices of centrality and centralization related to the characteristics of each industries in the value-chain industrial cluster. The results show that the centrality in the value-chain industrial cluster does not have any consequence for the R&D investment and the output in each industries. However, there is a correlation between the centralization in the value-chain industrial cluster and the R&D investment and the output of firms in each industries. These results may be very suggestive in bringing up a new frame of industrial cluster policy in a macro level.

• Journal of the Korea Fashion and Costume Design Association
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• v.12 no.3
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• pp.93-103
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• 2010

The results of comparison and analysis of dynamical features according to Jacquard structure are as follows. Regarding elongation(E) value in tensile property, the value in the direction of course was found to be larger in all Jacquard structure, except floating Jacquard, than the direction of wale. It could be found that, as to bending strength(B) in Bending Property, the value of bending strength in the direction of course smaller in all the textile(structure) except floating than the direction of wale, so that the ability of curve formation is excellent. And in case of floating Jacquard, it showed the smallest value in the direction of course and wale, so that it was interpreted as Jacquard having a soft feel. Blister Jacquard showed the highest value in both directions of course and wale, so that it was evaluated as Jacquard having the hardest touch. With regard to shearing character(G) and shearing hysteresis(2HG) in Shearing Property, Jacquard indicated the lowest value, so it was evaluated as the textile(structure) having high drape the transformation of whose fabric is easy. In addition, normal Jacquard, transfer Jacquard, blister Jacquard showed a high value, so that it could be known they are Jacquards having stiff touch. The study implies that normal Jacquard, bird's eye Jacquard, etc., which well stretch in the direction of a course like tubular Jacquard course, is better to make the margin a little shorter than the basic margin, and Jacquard that well stretches in the direction of wale like ladder's back Jacquard and floating Jacquard is better to make the margin longer and the length shorter than the basic margin.

• Proceedings of the Korea Society for Industrial Systems Conference
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• 2007.02a
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• pp.114-121
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• 2007

In the existing ISP methods, the important' role of enterprise value is usually ignored or not recognized in the information systems planning (ISP). Besides, in some ISP methods, there is a connotative precondition that the main body of value is always the enterprise stakeholder. Thus, in ISP, the enterprise stakeholders‘ value has been recognized while the value of other main bodies has been neglected, which has resulted in boycott and other problems in normalization construction. Based on the existing ISP analysis frame and ways, this article analyzes the enterprise fundamental principle of enterprise value acting on ISP and defines the formation of enterprise value. On the basis of Keeney's analysis way of value focused thinking for decision-making, we induct the factors of enterprise value into the ISP method and set forth such an ISP process: (1) identify the aggregation of enterprise value; (2) conform the objective structure of enterprise levels; (3) determine the appraisal standard for enterprise fundamental objectives; (4) determine the basic structure for information systems ; (5) confirm the data requirements for information systems; (6) give appraisal and comment.