• Title, Summary, Keyword: Investment Effects

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Analyzing Investment Effects of Fisheries R&D Projects : A Case of NFRDI's R&D Projects (수산업 R&D 사업의 투자효과 분석 : 국립수산과학원 수산시험연구사업을 중심으로)

  • Park, Kyoung-Il;Kim, Do-Hoon
    • The Journal of Fisheries Business Administration
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    • v.44 no.2
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    • pp.101-109
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    • 2013
  • This study is aimed to analyze investment effects of fisheries R&D projects of the National Fisheries Research and Development Institute(NFRDI). In the analysis, Granger causal relations between R&D investment and fisheries production are tested. In addition, time-lag effects of fisheries R&D investment are estimated with an impulse response analysis and investment effects of R&D projects are estimated by changes of social surplus. Results indicate that there exists an Granger-causality between R&D investment and fisheries production and fisheries production responds to the fisheries R&D shock about three years after the initial shock. The magnitudes of the impacts increase until a peak is reached 5~7 years and the impacts decline to zero after 25 years. As investment effects, it is shown that the internal rate of returns of fisheries R&D investment is 55.2%.

The Study about Foreign Investment revitalization in Busan (부산지역 외국인투자 활성화 방안에 관한 연구)

  • Kim, Kyoung-Hee;Lee, Hak-Seung
    • International Commerce and Information Review
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    • v.10 no.3
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    • pp.163-195
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    • 2008
  • This paper want to do the feasibility analysis that it uses financial statements in order to attract foreign investment to enter in the Busan area. And this paper would be presented the plan about foreign investment revitalization. To that end, this paper would be deployed the following methods and scope. First, It defines to the concept of foreign investment, foreign investment region, and foreign-invested enterprises, I wish to loot at the economic effects of positive and negative effects through foreign investment. Second, this study's scope would be set up foreign investment area of Busan, and investigate the land development cost of invested enterprises, construction cost of enterprises burden, expected revenues, etc. Third, it classified three industry for the feasibility analysis of entered enterprises, so would be yield industry-specific analysis using financial statements to be pre-research. Forth, this paper is suggested a revitalization plan for efforts to attract foreign investment, for the future through economic effective analysis of foreign invested-enterprises.

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An Empirical Analysis on the Spillover Effects of R&D Investment in the ICT industry (ICT 산업의 R&D 투자가 타 산업에 미치는 파급효과 측정)

  • Jung, Woo-Jin;Kim, Hyunsuk;Cho, Shin
    • Knowledge Management Research
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    • v.20 no.1
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    • pp.27-43
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    • 2019
  • This paper examines spillover effects of R&D investment in the ICT industry to other industries by analyzing panel data composed of 6 manufacturing industries for the period of 1983~2011. Major findings are as follows; (1) The increase of R&D investment in ICT industry has a significantly positive relationship with the increase in the value-added of the remaining 5 industries with 3~10 year lags, depending on the source of R&D funds and R&D stage. (2) More specifically, public R&D shows the spillover effects during 3~7-year lag periods, whereas private R&D started to exert spillover effects from 9-year lag. The result implies that the public R&D appropriately targets projects with more spillover effects. (3) Basic research, applied research, and development showed the spillover effects for the period of 9~10, 7~10, and 10-year lag, respectively. (4) The R&D investment in 5 other industries such as machinery, chemicals, and materials does not have positive spillover effects to the remaining industries. Few studies have been done to analyze the R&D spillover effects to other industries, with certain limitations. This study contributes to the existing literature by analyzing the spillover effects of the different R&D funds and R&D stages, and by considering various time-lag effects.

The Roles and Characteristics of R&D Investment in the IT Firms: IT Hardware Firms vs. IT Software Firms

  • Lee, Myunggun;Park, Jongpil;Park, Woojin
    • Asia pacific journal of information systems
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    • v.25 no.1
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    • pp.61-81
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    • 2015
  • Investment in research and development (R&D) is critical in the information technology (IT) firms, where newer and better technology is a quintessential goal that directly affects innovation and competitive advantage. This study investigates how R&D investment influences firm performance and value, and how the effect of R&D investment differs between IT hardware and software firms. We also analyze the relationship between firm age and R&D investment in order to identify learning effects on continuous R&D investment. The empirical investigation in this study, based on longitudinal archival data from 2001 to 2010, found a significant effect of R&D investment on firm performance in IT firms. Further, this study demonstrates causal relationship between firm age, and verifies that learning effects are present in R&D investment. Moreover, the results are found to differ between IT hardware and IT software firms.

A Knowledge Management Assessment Framework Based on Impact of Investment (투자영향분석을 기반으로 한 지식경영 평가방법론 프레임워크)

  • Kim, Kwan-Young;Kwon, Ohbyung
    • Knowledge Management Research
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    • v.9 no.1
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    • pp.117-128
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    • 2008
  • It is very crucial to establishing an evaluation framework for anayzing the investment effects of IT asset such as knowledge managment systems. However, evaluation by quantitative measures, in spite of its usefulness and reliability, may have weakness in examining wide range of effects of the IT investment. Hence, the purpose of this paper is to propose a novel framework to evaluate the performance in terms of wider range of informatization effects. To do so, knowledge management concepts has been adopted in the evaluation method, and Impact Of Investment(IOI) has been suggested. IOI is used to derive Value Of Investment(VOI) and then ROI.

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The Effects of Non-synchronized Investment Behavior under Industrial Business Cycles (산업경기순환 하에서 투자행동 비동기화의 효과)

  • Kim, Chang-Uk
    • Korean System Dynamics Review
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    • v.12 no.1
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    • pp.5-37
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    • 2011
  • This article aims to clarify what is the best investment behavior in Capital Intensive Industries(hereinafter CIIs) which show repeated business cycles. In CIIs, investments is centered in the period of upturns and goes beyond the adequate level because of the time that takes to completion of facilities. This over-investment causes oversupply and downturn, and in period of downturn, investments shrinks under the adequate level. The repeated change of over-investment and under-investment is the reason for the business cycles. In this article, a simulation model replicating the business cycles in CIIs was constructed and the effects of various investment strategies was tested. The results are as follows. First, the investment behavior following market condition causes the ongoing fluctuation of profits. Second, strategic increase in flexibility such as adjustment of facility utilization and shortening of facility construction time contributes to the increase in profit and stabilization of income. Third, in relation to market condition, the constant investment is more profitable in stagnated market and the counter-market investment is more profitable in growing market. In sum, it is desirable not to synchronize their investment with those of competitors.

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The Effects of Internal Financing on R&D Investment of Innovative Kosdaq Enterprises (혁신형 코스닥기업의 내부자금조달이 R&D 투자에 미치는 영향)

  • Shin, Min-Shik;Shin, Chan-Shik;Kim, Byung-Soo;Kim, Ji-Young
    • Journal of Korea Technology Innovation Society
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    • v.12 no.2
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    • pp.360-387
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    • 2009
  • In this paper, we analyse empirically the effects of internal financing on investment of innovative small and medium sized enterprises listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Free cash flows by proxy variables of internal financing have the significant effects on R&D investment as well as fixed asset investment. Internal financing has much more effects on R&D investment of general enterprises listed on Kosdaq Market than that of venture enterprises listed on Kosdaq Market, and on R&D investment of innovative enterprises than that of non-innovative enterprises. Internal financing has more effects on asset-counted R&D investment than cost-counted R&D investment. Asset-counted R&D investment is counted in intangible assets on Balance Sheet, and cost-counted R&D investment is counted in cost on Income Statement. Internal financing has more effects on R&D investment of financial constrained enterprises than that of financial unconstrained enterprises. Financial constraints is measured by credit ratings. Faulkender and Smith (2007) emphasize that low credit ratings enterprises are more likely to face financial constraints, and they rely largely on internal financing.

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The Effect of Firm's Strategy in Investment Decision (기업의 조세전략이 투자의사결정에 미치는 영향)

  • Choi, Kyong-Soo;Choi, Jeongmi
    • Journal of Digital Convergence
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    • v.12 no.3
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    • pp.177-187
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    • 2014
  • We investigate the association between tax strategy and investment efficiency focusing on manager's investment decision. Specifically, we examine the effect of manager's tax avoidance on the firm's investment level. The result show that as the degree of tax avoidance becomes higher firm's over investment increases. This result implies that the available resources generated from firm's tax avoidance induces over investment. Prior researches have been interested in the effects of firm's tax strategy on firm value. However, there is little literatures regarding the effects of firm's tax strategy on management's real investment decisions which provides the important implications about the mechanisms between tax strategy and firm value. In this respect, our research provides a meaningful results which demonstrates the effects of firm's tax strategy on manager's real investment decisions. This will provide useful implications for the investors and government regarding manager's tax avoidance behavior.

The Effects of Private Education Patterns and Study Habits on Academic Achievement (사교육 패턴과 학습습관이 학업성취도에 미치는 영향)

  • Park, Eun Jung;Ko, Jung Won
    • Family and Environment Research
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    • v.52 no.5
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    • pp.443-456
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    • 2014
  • The purpose of this study was to explore the patterns of private education, investigate the characteristics of private education patterns, and analyze the differences in study habits and academic achievement of youth on the basis of private education patterns. In this study, we used the data from the 2012 Panel of the Korea Children and Youth Panel Study by the National Youth Policy Institute. The subjects of this study were ninth-grade students and their parents. The statistical methods used for the analysis were two-step clustering, Chi-squared test, analysis of variance, and multiple regression. The major findings were as follows: first, private education was classified into three patterns, namely financial investment, time investment, and reduction of investment; and four categories, namely; private education methodology, private education time, private education expenses, and number of youth with access to private education. Second, the statistically significant socio-demographic characteristics of private education patterns were parents' education, parents' job type, father's working hours, sex of children, housing form, and income. Third, the study found that financial investment and a reduce of investment led to better study habits and academic achievement than time investment and no investment. Fourth, private education and study habits showed statistically meaningful effects on academic achievement; in particular, study habits had strong effects on academic achievement. Based on the results, a variety of educational programs for the improvement of the study habits of the youth were suggested.

Market Reaction to IT Security Investment Announcements (기업의 정보보호 공시가 기업가치에 미치는 영향)

  • Park, Jaeyoung;Jung, Woo-Jin
    • Knowledge Management Research
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    • v.20 no.4
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    • pp.39-55
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    • 2019
  • Although Firms have been increasing their information security significantly to handle increased security risks, the effects of information security were not well understood. This study aims to investigate the market value of information security by employing the event study methodology. Our research also explores how market responses vary depending on the type of information security announcements. We collected 177 firm-level information security announcements between 2001 and 2017 in South Korea. For all samples, our results indicate that the stock market positively reacts to information security announcements. We also conducted subsample analysis and found that while information security certification announcement has a positive impact on the stock market, information security activities (e.g. award, information security system) announcement had no impact on the stock market. Our study adopted a novel approach (i.e. event study) for investigating the effects of information security and found that information security investment positively affects firm value. Our results allow managers to measure the effects of information security investment and help them make right decisions on information security investment.