• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.95-131
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• 2012

This study examines whether the executive turnover and the executive resignation during the term of office affect the performance of Korean state-owned enterprises. The executive turnover in the paper means the comprehensive change of the executives which includes the change after the term of office, the change after consecutive terms and the change during the term of office. The 'resignation' was named for the executive change during the term of office to distinguish from the executive turnover. The study scope of the paper is restrained to the comprehensive executive change itself irrespective of the term of office and the resignation during the term of office. Therefore the natural change of the executive after the term of office or the change after consecutive terms is not included in the study. Spontaneous resignation and forced resignation are not distinguished in the paper as the distinction between the two is not easy. The paper uses both the margin of return on asset and the margin of return on asset adjusted by industry as proxies of the performance of state-owned enterprises. The business nature of state-owned enterprise is considered in the study, the public nature not in it. The paper uses the five year (2004 to 2008) samples of 24 firms designated as public enterprises by Korean government. The analysis results are as follows. First, 45.1% of CEOs were changed a year during the sample period on the average. The average tenure period of CEOs was 2 years and 3 months and 49.9% among the changed CEOs resigned during the term of office. 41.6% of internal auditors were changed a year on the average. The average tenure period of internal auditors was 2 years and 2 months and 51.0% among the changed internal auditors resigned during the term of office. In case of outside directors, on average, 38.2% were changed a year. The average tenure period was 2 years and 7 months and 25.4% among the changed internal directors resigned during the term of office. These statistics show that numerous CEOs resigned before the finish of the three year term in office. Also, considering the tenure of an internal auditor and an outside director which diminished from 3 years to 2 years by an Act on the Management of Public Institutions (applied to the executives appointed since April 2007), it seems most internal auditors resigned during the term of office but most outside directors resigned after the end of the term. Secondly, There was no evidence that the executives were changed during the term of office because of the bad performance of prior year. On the other hand, contrary to the normal expectation, the performance of prior year of the state-owned enterprise where an outside director resigned during the term of office was significantly higher than that of other state-owned enterprises. It means that the clauses in related laws on the executive dismissal on grounds of bad performance did not work normally. Instead it can be said that the executive change was made by non-economic reasons such as a political motivation. Thirdly, the results from a fixed effect model show there were evidences that performance turned negatively when CEOs or outside directors resigned during the term of office. CEO's resignation during the term of office gave a significantly negative effect on the margin of return on asset. Outside director's resignation during the term of office lowered significantly the margin of return on asset adjusted by industry. These results suggest that the executive's change in Korean state-owned enterprises was not made by objective or economic standards such as management performance assessment and the negative effect on performance of the enterprises was had by the unfaithful obeyance of the legal executive term.

• Journal of Korea Technology Innovation Society
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• v.14 no.2
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• pp.373-404
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• 2011

The purpose of research is to reveal the effect of innovation to enterprises' economic performance. The kind of this study has begun since 1960s and lively progressed then. The fmal theoretical result of the effect of innovation to the performance came positive in compare to the mixed results came out in empirical analysis. There are several reason why empirical results are different to the theoretical results. However the major factor is that of using imperfect statistics and inappropriateness of analysis method. This study used a population (1990~2008) provided from Korean Intellectual Property Office, KIPO for patent and also used a population (1990~2008) provided from Korea Investors Service, KIS for research and development. The contribution of this study is enormous statistical analysis. This study used principal component analysis made innovativeness index for appropriate index sampling, and made effort to minimize the error by using appropriate quantile regression for both to panel analysis and rapidly developed company analysis. Dividing the final results into two parts, the growth and the profit, the effect of technological innovation to the firm's growth is not significant to the panel analysis but heavily significant to the upper 10% of high growth firm. By classifying large company and small and medium enterprise, it is significant to upper 10% of high growth firm for large company and generally significant to small and medium enterprise. But for both lower 10% of low growth firms and 25% of low ranking firms are negatively effected, and for high growth firms larger than the medians are positively effected. Especially for upper 10% of high growth firms are mostly effected. It is more effective to the profitability than the growth. The effect to the profit for every enterprises are not significant, but effected significant to the larger enterprises than 25% of low ranking enterprises especially most effective to the upper 10% of high-profit enterprises. The analysis for the large company, it was significant and positively effected to the upper 10% of high profit enterprises and 25% of low ranking enterprises, but the negatively effected for the low-profit enterprises. For the small and medium enterprises, it is negatively effected for both 10% of low ranking enterprises and 25% of low ranking enterprises. However it is positively effective and significant for the high ranking enterprises than median, especially for those high growth firms. It is meaningful to recognize significancy by quantile, but more implicative result is to finding more effectiveness to the small and medium enterprises than to the large company.

• KDI Journal of Economic Policy
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• v.16 no.3
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• pp.97-123
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• 1994

본(本) 연구(硏究)는 "경제성장(經濟成長)이 재벌(財閥)과 대기업(大企業)에 의한 집중현상(集中現象)을 심화시켰는가?" 및 "재벌(財閥)은 과연 비효율적(非效率的)인가?"라는 두가지 의문에 대하여 제조업을 대상으로 경험적(經驗的) 증거(證據)를 구하였다. 본 연구의 발견 중 가장 중요한 것은, 첫째 대사업체(大事業體) 혹은 재벌부문(財閥部門)이 차지하는 상대적(相對的) 비중(比重)의 하락추세는 고성장기(高成長期)에 더욱 가속되므로 고성장(高成長)을 지속시키는 것이 생산집중(生産集中)을 치유(治癒)하는 유효(有效)한 방안(方案)이라는 시사점과, 둘째 재벌사업체(財閥事業體)가 비재벌사업체(非財閥事業體)보다 평균적으로는 생산성(生産性)이 높지만 생산성격차(生産性隔差)의 세세분류산업별(細細分類産業別) 분포(分布)는 U자형(字型)을 나타내어 비재벌사업체의 생산성이 훨씬 높은 예외산업(例外産業)이 다수 존재하기 때문에, 비효율(非效率)을 근거로 재벌의 기업활동(企業活動)을 규제(規制)하는 정책은 오히려 효율(效率)에 역행(逆行)할 뿐만 아니라 효율성(效率性)을 이유로 재벌규제를 일반화(一般化)하려는 시도 자체가 매우 위험하다는 시사점을 제공하였다. 이러한 발견은 우리경제의 재벌구조(財閥構造)와 경제력집중(經濟力集中)등의 현상을 막연히 비효율(非效率) 차원(次元)에서 접근하려던 일부의 시각을 부정하는 것으로서, 향후 재벌정책(財閥政策)의 목표(目標)가 재정립(再定立)되어야 함을 시사한다.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.1
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• pp.1-22
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• 2022

The purpose of this study is to analyze key concepts of Entrepreneurial Ecosystems and to suggest implications for economic geographical studies. The definition and concept of entrepreneurship as well as changes of its research trends were examined. By combining entrepreneurship and geography, Entrepreneurial Ecosystems, which have recently emerged as important concepts and theories, were examined with the focus on the key concepts such as 'actors and factors', 'productive' and 'territory'. It is important that the individual, organizational and institutional components such as entrepreneurs, start-ups, existing companies, institutions and cultural elements are interconnected to build communities through 'entrepreneurial recycling'. Entrepreneurial Ecosystems support to create innovative high-growth start-ups based on entrepreneurial culture in the local region. Despite conceptual limitations, theoretical and empirical analyses should be conducted from economic geographical perspectives in order to reveal the geographical and spatial processes of productive entrepreneurship and to suggest policy implications for region-based start-up ecosystems.

• The Journal of Society for e-Business Studies
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• v.26 no.3
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• pp.1-20
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• 2021

As the Great Reset is discussed at the World Economic Forum due to the COVID-19 pandemic, artificial intelligence, the driving force of the 4th industrial revolution, is also in the spotlight. However, corporate research in the field of artificial intelligence is still scarce. Since 2000, related research has focused on how to create value by applying artificial intelligence to existing companies, and research on how startups seize opportunities and enter among existing businesses to create new value can hardly be found. Therefore, this study analyzed the cases of startups using the comprehensive framework of the multi-level perspective with the research question of how artificial intelligence based startups, a sub-industry of software, have different innovation patterns from the existing software industry. The target firms are gazelle firms that have been certified as venture firms in South Korea, as start-ups within 7 years of age, specializing in machine learning modeling purposively sampled in the medical, finance, marketing/advertising, e-commerce, and manufacturing fields. As a result of the analysis, existing software companies have achieved process innovation from an enterprise-wide integration perspective, in contrast machine learning technology based startups identified unit processes that were difficult to automate or create value by dismantling existing processes, and automate and optimize those processes based on data. The contribution of this study is to analyse the birth of artificial intelligence-based startups and their innovation patterns while validating the framework of an integrated multi-level perspective. In addition, since innovation is driven based on data, the ability to respond to data-related regulations is emphasized even for start-ups, and the government needs to eliminate the uncertainty in related systems to create a predictable and flexible business environment.

• 한국벤처창업학회:학술대회논문집
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• 2020.11a
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• pp.167-170
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• 2020

꾸준히 증가하고 있는 창업시장에 남성 못지않게 여성의 창업도 증가하고 있다. 여성 창업을 독려하기 위한 다양한 정책도 많지만 남성의 창업 성과에 비해 여성의 창업 성과는 미미하게 나타나고 있다. 중소기업청에서 조사된 창업 현황으로 본다면 남성은 다양한 산업 분야에 창업을 하고 있고 자금투자유치 및 고성장도 이루어지고 있는 반면에 여성은 한정된 산업 분야에 개인자금조달 및 소규모경영형태로 나타나고 있다. 본 연구는 남성과 여성의 창업 형태가 위와 같이 차이가 나는 근본적인 원인을 사회적으로 잠재되어있는 젠더레짐에 영향을 받아 나타나는 것으로 가정하고 실증적인 검증을 하려고 한다. 양성평등 및 차별금지에 관한 교육이 꾸준히 이루어지고 있음에도 뿌리 깊은 젠더편향적인 한국문화적 특성상 그 성-편향적 사고의 틀 안에서 여성 창업에 대하여 평가하고 있다. 여성 창업은 꾸준히 증가되고는 있지만 암묵적으로 방관하는 젠더편향적인 사회 문화를 인식을 개선하지 않는 이상 여성 창업 환경과 그 성과는 앞으로도 크게 나아지지 않을 것이라고 생각 된다. 이에 남성 주류의 창업생태계 안에서 여성 창업에 대한 편견 및 유리천장이 존재하여 그 성장에 한계가 있는 것으로 가정하고 본 연구는 젠더레짐이 여성창업의도에 어떠한 영향을 미치는지 검증해보려고 한다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.6
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• pp.379-389
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• 2019

The study empirically investigates financial factors that may influence on corporate R&D intensity during the post-era of the global financial turmoil (from 2010 to 2015) to mitigate possible spillover effect associated with the crisis. Concerning the empirical research settings of the study, chaebol firms listed in the KOSPI stock market are used as sample data with adopting various econometric estimation methods to enhance validity of the results. In the first hypothesis test, it is found that there exist inter-industry financial differences in terms of the ratio of R&D expenditure across all the sample years, but the statistical differences may arise from only a few domestic industries beloning to the high-growth sector. Moreover, it is also interesting to identify that, for the high-tech sector, 3 explanatory variables such as R&D intensity in a prior year, firm size and change in cash holdings are proved to be financial factors to discriminate between chaebol firms and their counterparts of non-chaebol firms, whereas a proportion of tangible assets over total assets as well as the former two variables are shown to be significant factors on the R&D intensity for the low-tech sector.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.77-88
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• 2023

The purpose of this study is to confirm whether the current technology appraisal model for investment, which is designed to identify high-growth SMEs in sales, which is one of the characteristics of gazelle companies, has the possibility of expanding employment effects. For SMEs classified as technology investment adequate firms(TI1-TI6) through technology appraisal for investment between 2016 and 2018 were targeted. At this time, the employment effect was analyzed by dividing the absolute employment effect and the relative employment effect. As a result of the analysis, it was confirmed that the technology appraisal items for investment defined as innovation characteristics did not have significant explanatory power for the absolute employment effect. However, for the relative employment effect, among innovation characteristics, technicality(TC) was found to have significant explanatory power, and this is because the item appraised based on future growth potential. In particular, the relative employment effect is meaningful in terms of the actual employment effect, and the conclusion is drawn that the current technology appraisal model for investment is an appraisal model with the possibility of expansion in terms of employment effect.

• Food Industry
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• s.180
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• pp.10-26
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• 2004

제과$\cdot$제빵분야는 대표적인 내수업종이고 보수적 업종성격이 강하다고 볼 수 있다. 연간 성장률이 $30\~40\%$대의 고성장을 구가하던 과거의 좋은 시기도 있었다. 현재 우리가 처한 $\$1$만 소득에서 $\$2$만 소득으로 가는 길목에서 이 분야는 기호식품으로 완전히 변해 있다고 볼 수 있다. 저성장 내지 마이너스 성장도 올 수 있는 시대에 이미 진입했다고 볼 수 있다. 소비자의 기호를 적극적으로 반영치 못한 제품은 시장에서 생존이 어려운 시대를 이미 맞고 있고, 이러한 현상은 차후 더 심하고 세차게 진행되어 질 것이다. 엄밀히 말해 기존의 제품운영계획 그대로 진행하면 그런 기업은 퇴보하게 되어있다고 생각된다. 또 다른 말로 표현하면 이제는 제과$\cdot$제빵 산업은 과감한 변신이 없다면 이미 사양산업화 되어지고 있다고도 볼 수 있다. 과감한 변신은 무엇일까? 소비자 욕구를 정확히 파악하고 이에 부응한 제품운영계획을 충실하게 세워 시행하는 것이다. 세부적으로는, (1) 제품내용물에 좋은 기능성을 도입시키는 것이다. 소위 건강에 좋다는 각종 원료성분들을 사용한 제품을 개발하여서 생산, 판매하는 전략이다. (2) 제품의 포장의 질을 좋게 하고 고급화 시킬 필요가 있다고 본다. BT를 응용한 첨단 포장기술 도입실행이 필요하다. 소비자에게 좋은 이미지를 줄 수 있고, 포장본래의 기능 제품보호가 완벽해야 하고 사용하기에 편리하여야 한다는 것이다. (3) 외국 제품들과의 경쟁은 필수적이다. 가공식품 분야는 이제 거의 $100\%$ 시장이 개방된 상태를 맞고 있다. 외국의 고기능성 내지 고급화제품들과의 경쟁은 피할수 없는 현실을 맞고 있다. 외국시장의 정보를 면밀히 분석하고 이에 대한 대응전략은 물론 더 나아가서 외국제품을 능가 할 경쟁력있는 제품개발이 필요하다고 판단된다. R&D 분야에 투자를 필연적으로 늘여야만 한다. 국내 식품사들의 Ramp;D 투자금액이 구미선진국이 1/10이하 수준에 머물고 있는 것이 오늘날 우리들의 실정이기 때문이다. 일본 등과 FTA 협정쳬결 논의가 국가적과제로 추진되고 있는 현재의 상황에서 이에 대한 우리업계의 대응전략을 지금부터 착수하여야 할 때라고 판단된다. 기본부터 철저히 우리의 장점을 살린 실질적 대응책 마련에 많은 지혜를 발휘할 때 우리 식품산업이 대내외적으로 경쟁력을 가질수 있다고 예상된다. 이러한 상황을 미루어 볼때에 고부가가치 제품을 창출 할 수 있는 여러가지 방안을 기업과 학계 그리고 정부가 종합적으로 강구하여야 할 때인 것이다. 필자는 이에 관한 몇 가지 방안들을 제안하였다.

• Journal of Digital Convergence
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• v.10 no.10
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• pp.19-29
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• 2012

We made a regression analysis on the early IPO of venture capital investments in Korean IPO market. First, we found that it was likely to shorten the period to IPO in companies which were fast growing with a good operating cash flow, but these companies had a higher possibility of the earning management. Second, companies with more assets and larger size of the board of directors did not take companies public any earlier. Third, a better corporate governance also had no impact on the time period to IPO in the newly public firms. The findings above clearly show that venture-backed companies in Korea pursue the tendency of an early IPO. This phenomenon was much clearer when the companies were invested in by multiple venture capital firms than by a single investor. In general, venture capital firms invest in companies which are fast growing and which have a good operating cash flow. On the other side, venture capitals make investee companies go public earlier by manipulating operating earnings, so that they themselves may exit early. In conclusion, this research has shown that venture capitals in Korea do not play a positive role in the corporate transparency. This is the paradox of venture capital investment and this also shows the current status of Korean venture capital firms.