• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.813-821
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• 2021

The relationship between capital structure policy and firm value is interesting to study because the concept of capital structure was initiated by Modigliani and Miller who claimed that the company's capital structure is not a factor in its value. They asserted that linking leverage with firm value was irrelevant. Therefore, this study examined the role of growth opportunities as a moderating variable for the relationship between capital structure and firm value. The population of this study is 300 companies from the manufacturing sector that are listed on the Indonesia Stock Exchange (IDX) for the period 2015-2018. To analyze the data, the subgroup moderation method was employed by dividing the data into two parts: companies with high growth opportunities and companies with low growth opportunities. The results revealed that capital structure had a direct positive effect on firm value. Furthermore, the test results of the two regression models of growth opportunities as the moderating variable are very interesting. It was found that for companies with high growth opportunities, the use of debt had a negative effect on firm value, and conversely, the use of debt had a positive effect on firm value for companies with low growth opportunities. The statistical F-test results proved that growth opportunities are a moderating variable for the relationship between capital structure and firm value.

• 한국산업융합학회 논문집
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• 제26권5호
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• pp.833-844
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• 2023

As technology convergence is recognized as a driver of innovation, the identification of technology convergence opportunities is critical to expanding a firm's technology portfolio. Recently, wearable technology has emerged as an important factor in creating new business opportunities and providing technology investment alternatives for firms in the era of Industry 4.0. Against this background, this study provides a new patent analysis framework for identifying and proposing technology convergence opportunities in the wearable field. Using 8,621 patents filed between 2011 and 2021, a case study was conducted to identify technological convergence opportunities by applying Word2Vec algorithm. The analysis framework can be divided into four stages, with the final stage recommending potential technology convergence opportunities for a specific candidate firm's technology area by calculating similarities between technology codes. This study aims to better understand the current status of wearable technology development as well as to propose a new methodology for capturing technology convergence opportunities in the wearable industry. The case study result suggests that the convergence of healthcare and ICT may provide new development opportunities. Furthermore, the results are expected to provide alternative perspectives on the development of new markets and technologies using wearable technology and can support the strategic decision-making on future technology planning in the wearable field.

• 산업경영시스템학회지
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• 제45권4호
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• pp.167-173
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• 2022

Investors must adopt profitable investment opportunities to maximize their wealth. Almost all investment, finance, engineering economics textbooks explain that net present value (NPV) measures the profitability (or value) of investment opportunities in absolute size, and internal rate of return (IRR) measures the profitability of investment opportunities in relative proportions. However, NPV is a measure of the relative size of the return on investment opportunity to do-nothing alternative. Moreover, IRR can occur in multiple investment opportunities and may not exist. To make matters worse, IRR and NPV also have conflicting problems in accept-or-reject decisions. In this study, the reason why NPV and IRR cannot accurately measure the profitability of investment opportunities is identified, and fundamental characteristics that investment opportunity profitability measures should have are presented.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.1-8
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• 2020

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

• 벤처창업연구
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• 제6권4호
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• pp.39-57
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• 2011

본 논문***은 청년창업가의 창업기회원천을 분석하여 기회탐색의 성격을 연구함을 그 목적으로 한다. 이를 위해 창업기회요인으로 창업의지, 창업기회 발생배경, 창업기회단서, 창업기회단서의 접촉상황, 사업아이디어 활용, 창업자본금 중 자기자본비율의 여섯 가지 변수를 사용하였다. 탐색적 조사를 위하여 서울시 "청년창업 1000프로젝트" SBA 강남청년창업센 터의 청년창업가를 대상으로 설문자료 182개를 획득하였고, SPSS Win Ver. 18.0 프로그램을 사용하여 빈도분석과 변수간 관계성을 검정하기 위하여 독립성 검정을 하였다. 연구결과는 첫째, 창업의지의 성격 조사에서 의도적 창업이 87.4%의 비율로 기존 연구와는 차별된 결과를 보여주었다. 둘째, 창업기회 발생배경은 교육을 통한 비율이 기존 연구에서보다 확연히 증가되었음을 확인할 수 있었다. 셋째, 창업기회단서의 접촉상황을 조사한 결과는 기존연구와 달리 응답자의 절반에 가까운 숫자가 탐색적으로 창업에 접근하였던 것으로 조사되었다. 본 연구결과는 청년창업가들의 창업기회 유형을 이해하여 청년창업가로 하여금 안정적이고 성공적인 창업에 이룰 수 있도록 정책적 지원 방안을 제시한다는 점에서 그 시 사점이 있다.

• 한국생활과학회지
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• 제16권3호
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• pp.465-477
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• 2007

The purpose of this study was to investigate factors affecting leisure activities participation in the elderly. The factors considered were leisure opportunities, leisure motivation, leisure satisfaction and some background variables. Subjects were 291 elderly persons who completed the questionnaire assessing the variables in the study. The results of this study were as follows: 1) Leisure activities participation of the elderly was affected by leisure opportunities, leisure motivation, leisure satisfaction, gender, and education. 2) Leisure satisfaction influenced by leisure opportunities, motivation, health, and financial condition. 3) Leisure opportunities and motivation had effects on leisure activities participation indirectly via leisure satisfaction. 4) Also, status of health and financial condition of the elderly had an indirect effect on leisure activities participation via leisure motivation.

• Asian Journal of Business Environment
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• 제4권1호
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• pp.5-13
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• 2014

Purpose - This study examines the relationship between organizational justice and employee job satisfaction and the extent of its moderation by perceived alternative job opportunities. Research design, data, and methodology - This is a cross-sectional study utilizing survey questionnaire data from 220 bank employees, which included scales measuring organizational justice, job satisfaction, and perceived alternative job opportunities. Results - The data is analyzed using correlation and hierarchical regression. Results demonstrated that organizational justice has a direct positive impact on employee job satisfaction further, distributive justice explains more variance in job satisfaction, followed by procedural justice and interactive justice. Perceived alternative job opportunities moderate the relationship between organizational justice and job satisfaction. Conclusions - Generally, organizational justice increases bank employees' job satisfaction; however, when they perceived more job opportunities, their job dissatisfaction increased notwithstanding fairness. Therefore, perceived job opportunities moderate the relationship between organizational justice and job satisfaction. Retaining skilled employees has become difficult, especially when there is market demand for skilled workers. Human resource (HR) managers should consider market situations before formulating policies; otherwise, they may lose the competitive advantage of skilled employees and workers.

• 한국산업융합학회 논문집
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• 제27권2_2호
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• pp.445-456
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• 2024

This study aims to suggest service improvement opportunities by analyzing user review data of the top three OTT service apps(Netflix, Coupang Play, and TVING) on Google Play Store. To achieve this objective, we proposed a framework for uncovering service opportunities through the analysis of negative user reviews from OTT service providers. The framework involves automating the labeling of identified topics and generating service improvement opportunities using topic modeling and prompt engineering, leveraging GPT-4, a generative AI model. Consequently, we pinpointed five dissatisfaction topics for Netflix and TVING, and nine for Coupang Play. Common issues include "video playback errors", "app installation and update errors", "subscription and payment" problems, and concerns regarding "content quality". The commonly identified service enhancement opportunities include "enhancing and diversifying content quality". "optimizing video quality and data usage", "ensuring compatibility with external devices", and "streamlining payment and cancellation processes". In contrast to prior research, this study introduces a novel research framework leveraging generative AI to label topics and propose improvement strategies based on the derived topics. This is noteworthy as it identifies actionable service opportunities aimed at enhancing service competitiveness and satisfaction, instead of merely outlining topics.

• Asian Journal for Public Opinion Research
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• 제9권2호
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• pp.142-160
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• 2021

The Internet and digital devices have become an important part of life among the youth (age 17-24) of today. During the COVID-19 pandemic in Indonesia, Internet use in youth increased by 19.3%, with an average usage of 11.6 hours per day. Youths gain a lot of opportunities from the Internet, but, it also exposes them to various risks. Therefore, there is a need for measures to make the Internet a safe place for youth, in a balanced way that addresses opportunities alongside risks, through digital literacy. It is expected that through digital literacy, youths can take advantage of online opportunities, without being subjected to any dangers. This study aims to examine the relationship between the digital literacy, online opportunities, and online risks of young people, while at the same time examining the influence of digital literacy on those online risks and opportunities. This study employed the quantitative study approach (explanatory study). Cross-sectional surveys and structured questionnaires were used for data collection. The results showed that youth's (age 17-24) monthly expenses, age, and education levels were important factors for digital literacy and online opportunity; also, the digital literacy variable plays an important role and affects online risk and opportunity positively. Digital literacy has a greater influence on online opportunities than it has on online risks. As youths spend more time online, they become more digitally literate, which can enable them to benefit more from new technology. Unfortunately, those with greater digital literacy cannot find a way to avoid risks while seeking opportunities.

• Journal of Korea Trade
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• 제23권7호
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• pp.156-172
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• 2019

Purpose - Without question, globalization has presented different opportunities to entrepreneurs seeking to expand their companies in foreign markets. The aim of this study is to examine the relationship between entrepreneurial orientation, entrepreneurial activity, information internalization, and product differentiation in export oriented firms. As such, entrepreneurial activities are divided into exploitative and exploratory opportunities. These opportunities are crucial in improving firms' performance. Design/methodology - A structural questionnaire was developed using 21 factors/indicators from previous researches. The subjects of this study were recruited using convenience sampling in export SMEs in the Seoul Metropolitan Area. Data were collected through visits or e-mails from the export managers, executives, and CEOs of export SMEs in advance. 321 questionnaires were collected over a period of one month. 316 questionnaires were used in the final analysis. Findings - First, International Entrepreneurial-orientation (IE) has a positive effect on the exploration and exploitation of business opportunities. Second, the exploration and exploitation of business opportunities have a positive impact on information internalization. Third, information internalization has a significant effect on product differentiation and plays a mediating role in seeking opportunities, utilizing opportunities, and differentiating products. Originality/value - This study contributes to the development of academic discussions by explaining existing research gaps. First, there is currently a lack of research focusing precisely on the product differentiation capability of SMEs in manufacturing field in terms of IE. To bridge these gaps, we examined the entrepreneurial factors impact on product differentiation and tries to expand the discussion about the internationalization of SMEs, which were mainly focused on IT companies, and manufacturing companies. Second, there is no intuitive explanation regarding international entrepreneurial activity in terms of exploration and exploitation within existing. In this study, international entrepreneurship activities were classified in terms of exploration and exploitation.