A study of the evaluation of a library’s economic value based on the users’ and librarians’ perceptions
Authors: Noh Younghee 
Published: July 2020

Purpose
This study aims to develop an evaluation index to evaluate the economic value among the values of the library and also attempts to measure the economic value of the library by performing a survey of the librarians and users at public libraries. The results of this research would likely encourage the librarians to feel increasingly confident about the library, while students and users, in general, would also likely be able to realize the economic value and presence of the library in more perceptive ways, thereby contributing to the activation of the library.

Design/methodology/approach
This study pertains to the development of an evaluation index for assessing the economic value of the library and, to evaluate the economic value of the library, has derived a preliminary evaluation index by collectively gathering and analyzing the domestic and foreign papers on the value of the library in its first phase. The preliminary evaluation index derived was verified by conducting three phases of Delphi survey by selecting ten experts. The survey questionnaire was developed to measure the economic value based on the final evaluation index derived from this study, and the economic value was measured against the perceptions of librarians and users of the public library.

Findings
The economic value of the library was divided into the four categories of the local economy’s value enhancement, namely, connection with the local community, human resources development, job creation and investment value enhancement for the librarians and users surveyed for assessment purposes. Consequently, the area of connection with the local community turned out to be the highest at 4.15, followed by 4.02 of the investment value improvement, 3.58 for the local economy’s value improvement and 3.50 for the human resources development and job creation, respectively. Furthermore, the respondents demonstrated the highest level of consensus on average on how the resource sharing by libraries has helped to reduce the economic burden for the residents as a matter of social value for the public library while believing that the libraries deliver a high level of return on social investments.

Originality/value
There are not that many studies conducted on the economic influence or the value of public libraries in Korea, and they are merely referenced in part if and when referenced to the overall value of the library. Given that, the research that focuses only on the economic value of the library must be carried out. In this respect, this research has been quite meaningful. The evaluation index developed in this research is likely to become a basic tool that can be applied to public libraries, as well as other types of libraries. Furthermore, the evaluation index developed through this research could be applied to nonprofit organizations, such as libraries, and would likely have a social ripple effect as a research that evaluates and presents the economic value of libraries. Accordingly, in this research, we have analyzed the list presented by the American Library Association and domestic research results, and have also structured the core details and derived the preliminary economic value index. Finally, 4 evaluation areas, 7 evaluation items and 22 evaluation indicators have been developed through the Delphi survey through three phases.