• Journal of Digital Convergence
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• v.20 no.4
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• pp.119-126
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• 2022

With the rise and rapid development of the "Internet+" economic model, the internet is deeply integrated with the social economy and penetrates every corner of life. Compared with expanding the scale of business operations through internal investment and capital accumulation, e-commerce companies are more inclined to directly gain control of other companies through efficient merger and acquisition (M&A). The purpose of this study is to analyze changes in financial performance before and after M&A of Alibaba, China's largest e-commerce company in the Internet era. To present the impact of M&A events on Alibaba's stock price and shareholder wealth more intuitively, this study selected the market model in the event study method to measure abnormal returns. The results show that an M&A event led to a reduction in Alibaba's shareholder wealth in the short term. This study presents the theoretical basis for the M&A performance of e-commerce companies.

• Journal of Digital Convergence
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• v.12 no.10
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• pp.179-189
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• 2014

Unlisted stocks, each country applies a systematic evaluation of the proposed regulations and how the objectivity and reliability of the valuation is trying to improve. In the case of Korea, the law relating to the assessment of unlisted stocks of a representative and 'Inheritance and Gift Tax Law' and the majority of the information in accordance with this law is. IFRS to the valuation of securities at fair value, such as unlisted stocks, but with the exception that non-marketable securities, the acquisition cost can be replaced by a well-known professional organizations calculation of the amount of stocks that the rules are followed. Therefore, in this study, together with the other examples given statutory valuation theory or technique has been referred to various valuation models in practice. It is significant to provide data that can be used to present a variety of methods for the valuation of unlisted shares and enable rationalization study. But the limitations of this study, the implication is obtained through a single enterprise, the research will continue to be applied to the case study and plan the future by the various sectors of the corporate scale.

• Information Systems Review
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• v.23 no.3
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• pp.1-23
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• 2021

The national economic policy paradigm is constantly changing according to the global business environment. Among them, fostering SMEs is a core policy of many developed countries. The growth of SMEs contributes to the creation of jobs and the development of local communities in the era of employment-free growth. In particular, the growth of SMEs is the foundation for growth into mid-sized and large enterprises. Therefore, the growth of SMEs plays an important role in the national economy. Information and communication technology (ICT) became important much more with the emergence of the 4th industrial revolution. Among them, the growth of ICT SMEs is the nation's future asset. Therefore, this study examines and verifies the main factors affecting the performance of ICT SMEs from the view of their R&D resources. On the basis of 1,999 SMEs dataset, empirical analysis was performed to investigate the influence of R&D resources on their corporate performance. Its results are as follows. First, based on theresource-based theory, ICT SMEs' R&D investment, R&D manpower, and government support policies were found to have a positive effect on securing a company's competitive advantage. Second, it was found that the level of product has a positive effect on the company's performance. Finally, it was found that M&A and technology acquisition method strategies differ according to the growth stage of the company. Therefore, in order to achieve technological innovation and corporate performance of ICT SMEs, the government support policy and investment into internal R&D personnel play as main factors. In addition, it was found that technology acquisition strategies differ depending on the growth stage of the company.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.22 no.2
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• pp.143-149
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• 2022

The diffusion of OTT service has brought the fundamental changes in the value chain of the existing media industry. OTT service based on the public Internet has increased the number of subscribers by using dominant marketing capability, making the pay TV platform player's ability to connecting users powerless. This study examined the changes in the media market and pay TV industry in the USA due to the diffusion of OTT service and analyzed the changing strategies of media firms. The number subscribers of the expensive pay TV service in the USA has diminished, experiencing cord cutting and cord shaving due the diffusion of OTT. OTT players are changing the media market, showing the dramatic excellence in making original contents and distributing the newly released movies. Examination of the recent merger and acquisition cases of media firms tells that the investment in making original contents has increased in order to have the competitiveness in OTT business. The future media industry will be rapidly reshaped mainly based OTT service and strategic judgement is important to maintain the competitiveness of all media firms in the existing value chain of media industry.

• KDI Journal of Economic Policy
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• v.20 no.1_2
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• pp.3-77
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• 1998

경제위기 극복의 핵심과제는 '시장기구의 원활한 작동에 의존하는 경제의 틀'을 마련하는 것이며, 이를 위해서는 경제적 시장경제체제를 구축해야 한다. 이러한 견지에서 공정거래법 정책의 위상, 역할, 과제, 방향 등을 새로이 정립할 필요가 있다. 공정거래법 정책의 기초개념이 되어온 경제력(집중)과 경쟁의(불)공정성은 지나치게 포괄적이고 주관적이며 이에 대한 분석의 틀이 되는 이론체계도 없어 정책의 개념적 기반이 되기 어렵다. 공정거래법 정책은 독점력과 효율성의 개념 위에서 경제효율 증진이라는 목적을 추구해야만 정책의 일관성과 실효성을 높일 수 있다. 이는 대기업들의 독점력이 경제력집중 및 재벌구조와 형태상 제 문제의 근원(根源)이며, 독점력은 경제이론에 의해 정책방향과 기준이 제시되는 개념이기 때문이다. 공정거래법 정책은 시장구조와 형태를 실질적으로 경쟁화함으로써 경제효율을 극대화하는 데 주력해야 한다. 무엇보다도 경쟁 제한적 법령 제도 관행을 철폐하기 위한 규제개혁을 주도하고 경제구조조정과 재벌개혁의 기본원칙과 방법이 시장기능과 경쟁을 강화하는 방향으로 설정 시행되도록 하는 것이 긴요하다. 특히 대기업간 사업교환이나 인수 합병에 대하여 엄격한 경쟁정책적 검토와 규율을 적용해야 하며, 시장의 독과점화를 방지하면서 구조조정을 촉진하는 방향으로 기업결합 규제기준을 개선해나가야 할 것이다. 가격담합 등에 대한 당연위법 원칙의 확립, 입찰조작의 감시 적발체제 구축 등 카르텔 규제를 강화하고, 유통조직 활동의 효율화를 도모하면서 독점유지 강화행위를 엄격히 금지하여 다양한 유통경로와 업태가 출현 발전하도록 해야 한다. 산업조직적 조사 분석능력을 확충하여 경쟁정책적 시각에서 주요 사건을 선별 조사하고 법집행에 있어 사소(私訴)의 역할을 확대하기 위한 노력도 필요하다.

• Journal of Korea Port Economic Association
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• v.25 no.2
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• pp.25-56
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• 2009

The purpose of this study is to analyze the components and to verify the relationship between service orientation, employee satisfaction, customer orientation and business performance of liner shipping company. In order to achieve the purpose of this study, literature survey related to service orientation, employee satisfaction, customer orientation and business performance was carried out and took a empirical analysis by the use of questionnaire method for employees in liner shipping company. The final results and conclusions are as follows; Service orientation of liner shipping company is a major element which has an effect on employee satisfaction. It has also effect on employee's dedicational attitude to achieve company's goal with pride on their duty and organization. In addition to, the relationship between service orientation, employee satisfaction, customer orientation and business performance finally reach to valuable attitude related in customer's satisfaction, and then it will read up high business performance and successful attainment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.1-11
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• 2020

Increasing the number of unicorn startups has recently received much attention. In this study, we attempt to investigate that startups achieving an extremely high valuation could postpone their exit to raise more investment and receive more benefits. This study tested the hypotheses using data from Crunchbase, World Bank, Global Competitiveness Report, and Global Entrepreneurship Monitor. Using 140 unicorn startups that have already exited through an initial public offering (IPO) or mergers and acquisitions (M&A), we find out that unicorn startups tend to acquire higher valuation as their investment duration increases. Furthermore, we also examined the moderating effects of governmental policy and institutional distance from foreign investors in order to consider the institutional aspects of startups. The results of the moderating variables show significant supports. We expect to provide a better understanding with respect to making an exit decision of unicorn startups. Furthermore, managers and investors need to acknowledge the institutional factors of startups when they decide to fund.

• The Journal of the Korea Contents Association
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• v.14 no.6
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• pp.44-53
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• 2014

This study seeks to analyze vertical integration structure of Korean popular music market focused on corporation concentration and production system by applying production of culture perspective of Peterson, Subject of analysis is Melon weekly music chart(2000-2013), which is No.1 digital music distributor. The result showed vertical integration structure of Korean popular music industry was different from America. Vertical integration of American major was based on open system to be responsible for promotion and distribution by M&A of independent label but entrusted them-with total production to cope-with uncertainty of music market. On the other hand, Korean system was in charge of pure distribution only as digital service provider and it showed modified vertical structure because traditional value chain was destroyed by changing digital music environment. Especially found seriousness of oligopoly by distribution company of conglomerate affiliation. and this is harm against building healthy industry ecosystem in creative economy era and it needs improvement through study of advanced case, open system.

• Journal of Climate Change Research
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• v.8 no.2
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• pp.91-97
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• 2017

Korean solar energy companies are currently suffering bankruptcy, receivership, liquidation of operation, lay-off or other similar event and most of the conglomerate are also downsized or discontinued operations in the industry. This study aims to assist Korean solar energy companies in making decision to overcome the current industrial crisis through looking into the Korean companies' growth, encounter with the crisis and strategies to survive. The main research topic in this study is a comparison between respective effect of M&A and restructuring on corporate value to understand such effects on solar energy companies. In this study, we utilized a variety of research methodologies, including dummy regression analysis, binary analysis of variance, analysis of cross addition to T-test was carried out empirical analysis. As a result, it seems that the companies who chose an M&A are facing a better situation in terms of survival and market share despite the ongoing crisis. Through this study, it could be found that, for a technology company, an M&A would be a better option than restructuring to grow and overcome a crisis.

• Journal of Convergence for Information Technology
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• v.9 no.8
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• pp.110-122
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• 2019

IT innovation, cultural revolution based on smart and social networks diversified sharing economy services. Due to the rising of business utilizing the sharing economy concept, it is important to better understand the motivational factors that drive and deterrent sharing economy services in the marketplace. Based on responses from 809 adult users, 3 drivers and 2 deterrents affecting intention to use of sharing economy services were identified. Then this study categorized sharing economy services as three types of segments based on consumer perceptions and subjectivity, and analyzed differencies of perceptions on motivational factors between groups. As a result, redistribution market group has shown meaningful different average scores on economic benefit, sustainability and social risk with other groups. Based on the empirical evidence, this study suggests several propositions for future studies and implications for sharing economy businesses on how to formulate optical strategies and manage users.