• The Journal of Fisheries Business Administration
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• v.52 no.2
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• pp.1-31
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• 2021

This study is to evaluate the prior economic feasibility of the off-shore fisheries stock enhancement project. The main findings of this study can be summarized as follows: first, offshore fisheries stock enhancement project shall be implemented by dividing them into 1st·2nd·3rd projects for efficient promotion. The 1st·2nd·3rd projects will be conducted in a total of 50 locations (the eastern sea, the western sea, the southern sea, and the jeju sea areas), and the project period per unit will be five years, which will cost 1 trillion won. Second, according to the results of the survey on public awareness, the most consumed marine species in Korea over the past year were analyzed in the order of mackerel, hairtail, squid, yellow corvina, blue crab, and cod. The dominant response to the reason for consuming marine products in Korea was healthy well-being food and safe food. In addition, 67.9% of them have hesitated to purchase offshore fish species over the past year due to high prices, indicating that they are burdened by high prices. On the other hand, 79% of the respondents said that the government's policy was insufficient, according to a survey on whether the government's coastal marine resource creation policy was sufficient. Third, as a result of preliminary economic analysis of offshore fisheries stock enhancement project, the benefit-cost ratio is 4.01, net present price is 1,283.7 billion won, and internal rate of return is 91.7% per year, which means that the economic analysis ensures the feasibility of the projects. The results of this study provide useful information on securing or organizing budgets for offshore fisheries stock enhancement project by securing economic feasibility as a national infrastructure project that increases fishery income and public benefits such as consumption of marine products.

• Journal of Distribution Science
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• v.21 no.4
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• pp.91-101
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• 2023

Purpose: Research on the valuation of the e-commerce distribution companies is necessary because the traditional valuation methodology cannot be easily applied. Considering the valuation and initial public offering (IPO) of Coupang, Korea's leading e-commerce company, this study contributes to the literature by examining various valuation methods applicable to corporate valuation in the e-commerce industry and provides their implications. Research design, data and methodology: This case study investigates research, analyst reports, news articles, and magazines to review the valuation methods for companies in the e-commerce industry and analyzes the case of the Coupang IPO. Results: A valuation method that considers growth potential, which is important for companies in the e-commerce industry, is used for IPOs. This led to Coupang's successful IPO on the New York Stock Exchange despite its accumulated losses. However, the continued price decline since listing suggests that Coupang's valuation should have considered more factors. Conclusions: This study provides guidelines for the valuation of companies in the e-commerce industry, which eventually improves the overall industry. Moreover, this study provides directions for improving the valuation methods for e-commerce firms.

• Journal of Venture Innovation
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• v.2 no.2
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• pp.127-140
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• 2019

A stock valuation on the tax law is based on the valuation by market price. But, unlike the listed stocks, the unlisted stocks mostly have the unclear market price. Accordingly, it is necessary to calculate the fair value which corresponds to the market price. The purpose of this paper is to examine the appropriateness of the complementary valuation method in the Inheritance Tax and Gift Tax Act and to provide suggestions for improvement. This study is intended to provide the problems and solutions relating to the valuation of unlisted stocks through analysis of foreign legal systems and actual disputes. When the actual profit/loss data are used to calculate the net profit/loss value on the present regulations, it has the different weight on the latest 3 years' net profits and losses uniformly. Therefore, to extend the range of unlisted stocks valuation and to show the independent and high professionalism of appraisal council not the subsidy appraisal agency of the National Tax Service, it is necessary to change the current rule that the commissioner of the National Tax Service unilaterally appoints the private members into the method of public offering.

• Journal of Distribution Science
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• v.18 no.5
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• pp.5-13
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• 2020

Purpose: The aim of this article is to test the link between growth of loan distribution and Bank Valuation in Vietnam's banking sector. At the same time, the study also compared the differences in the effect of growth of loan to valuation bank in banks of different sizes, ownership rates and bank values. Research design, data and methodology: With panel data estimation techniques along with robust standard error for a sample of the banks listed on Vietnam stock exchange from 2012 to 2019. Results: Growth of loan has a positive impact on Bank Valuation (by Tobin's Q). A closer investigation provides evidence for the differential valuation effect of loan growth depending on different features of banks. Specifically, loan growth is found positively and significantly associated with Bank Valuation in small and non-state-owned banks only. Besides, bank size, deposit, and return on equity are found negatively associated with Tobin's Q, while loan loss provisions exhibit a positive relation with this measure of Bank Valuation. Conclusions: These findings provide contributions to the literature on the existence of the effect of loan growth on Bank Valuation. At the same time, the study also provides practical implications for policy makers in banks and investors.

• The Journal of Information Technology
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• v.4 no.3
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• pp.19-34
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• 2001

The purpose of this study is to examine the differential influences of cash dividends and stock dividends on the firm valuation. Cash dividends are firm's cash outflows but stock dividends are not. If individual investors recognize that dividend revenues are taxed. they will value paid-in capital and retained earnings differently. The results from testing the hypotheses indicate that individual investors value cash dividends after dividend taxes but do not value stock dividends after dividend taxes. This suggests that non-taxing of capital gains provides tax shelters to individual investors and investors prefer retained earnings to be converted as paid-in capital rather than 0 be paid as cash dividends.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.409-419
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• 2022

This paper examines the post-IPO price volatility in the first trading days after the IPO of SOEs that carry out equitization, on a sample of 76 IPOs on the Hanoi Stock Exchange (Vietnam) in the period 2013-2018. Oversubscription rate, firm size, issuance size, internal equity ownership, and listing delay are all factors that influence IPO price volatility in a primitive stock market. The results showed that the average initial market-adjusted return for the first three trading days was -11.95%; -9.58% and -7.29% and the level of price volatility is related to the rate of oversubscription and company size. Issuance price, issuance size, internal equity holdings, and listing delay do not seem to contribute significantly to post-IPO share prices. Individual investors based their valuation on information released during and after the IPO. In general, the number of IPOs that yield positive and negative returns in the first trading days is about the same, indicating that the two phenomena of undervaluation and overvaluation still occur in the process of valuing shares of Vietnamese SOEs for IPOs.

• The Journal of the Korea Contents Association
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• v.19 no.4
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• pp.1-11
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• 2019

Recently, the importance of not only financial factors from financial statements but also non-financial factors such as consumers' evaluation and loyalty to game content is more emphasized when assessing the value of game companies. In this study, we suggest the brand reputation index as an appropriate measure of a game company's valuation and examine the effect of the brand reputation on game companies' stock price using the observations of Korean major 30 game companies. From the empirical results, we find that there is a significantly positive association between the brand reputation index and the game companies' stock price. This explains that the brand reputation of game companies can directly affect their firm value. The findings are expected to contribute to capital markets and academia as they have presented empirical evidence of the importance of brand reputation as a non-financial measure for the valuation of game companies.

• Korean Journal of Organic Agriculture
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• v.20 no.4
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• pp.543-561
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• 2012

This work is for reasonable valuation method of environmental-friendly and organic company. Reasonable valuation method is principal for the sound development, the reasonable investment and the growth of stock market. This study proposes valid valuation and method for environmental-friendly and organic company. The author selected 4 companies from certificate list of environmental-friendly and organic food and LOHAS (Lifestyles Of Health And Sustainability) food of Korean standards association. Applying financial audit report of 5 years, the author output 5 variables from each companies by using Growth Option model of Real Option model. And the author valuated companies by adding option value calculated with these variables and residual value discounted with cash flow discounted method. Company values from ROV model were 1.71 time higher than DCF model. This results show that the value of environmental-friendly and organic food company may own high option premium, that is the growth factor.

• Asia Marketing Journal
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• v.16 no.1
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• pp.169-193
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• 2014

The earlier studies have verified that brand values have significant impact on financial values such as stock return and stock price to justify marketing costs for brand building. Except for Mizik and Jacobson (2008), however, little research has addressed what kinds of brand components composing brand values have a significant relationship with financial values. As a follow-up research of Mizik and Jacobson (2008), this research focuses on what kinds of relationships exist between the unanticipated change of each brand asset component and stock return, one of the financial values. The authors selected six brand asset components from the Korea-Brand Power Index(K-BPI) data in which 'Top of Mind,' 'Unaided Awareness,' and 'Aided Awareness' are brand awareness measures and 'Image,' 'Purchase Intention,' and 'Preference' are brand loyalty measures. Out of those six brand components, they found that unanticipated changes of 'Top of Mind,' 'Unaided Awareness,' 'Image,' and 'Preference' have significantly positive effect on unexpected stock return change. Therefore, they conclude that these four brand asset components provide incremental information in explaining unanticipated stock return.

• The Journal of Information Technology
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• v.5 no.1
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• pp.79-98
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• 2002

This study examines the association between valuation and accrual information. According to accounting based valuation model, firm's value consists of net book value and abnormal earnings. Net book value and abnormal earnings are determined as the manager's accounting policy. Discretionary accruals may signal the manager's value expectation or be noisy factor of accounting variables. The results of this study are as follows; First discretionary accruals are associated to stock prices negatively but non-discretionary accruals are not to stock prices. This result suggests that discretionary accruals and non-discretionary accruals are the differential factors of the firm value. Second, the product term of discretionary accrual and net book value are associated to the stock price negatively but the product term of non-discretionary accrual and net book value are not associated to the stock price. the results indicate that discretionary accruals are noisy factors of net book value information. Third, the product term of discretionary accrual and net income are associated to the stock price negatively and the product tenn of non-discretionary accrual and net income are also associated to the stock price negatively, the results suggest that discretionary accruals are noisy factors of earnings.