• Information Systems Review
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• v.22 no.1
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• pp.125-146
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• 2020

With the penetration of the Internet and e-commerce, a 'crowdfunding' has emerged as a new way of financing. Crowdfunding has the advantage for a person to able to a simple way to finance her/his an innovative product or service from crowd. However, the success rate for crowdfunding projects is less than half. In this study, we introduce social exchange theory to explore the impact of trust and perceived psychological risk on the intention to participate in a crowdfunding website. Different from previous studies that have focused on a crowdfunding creator, we consider two different perspectives of a project creator and a project supporter. In addition, we compare perceptions of crowdfunding in different cultural contexts by conducting survey in two different countries Korea and Austria. Result shows that trust in recommendation and trust in website have different impacts on the intention to participate from two different perspectives. It also shows that perception of the quality and transparency of information provided by crowdfunding website has greater impact on trust in Korea than that in Austria. In case of perception of psychological risk, it has a negative impact on Austria's intention to create or support a project. On the other hand, it has relatively small impact on the intention to support and does not affect the intention to create a project in Korea.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.8
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• pp.86-93
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• 2018

This study examines the differences in the determinants of dividend payout across advance disclosure firms and ordinary disclosure firms using firm-level data from firms listed on the Korea Exchange. Results are as follows: First, firm characteristics of advance disclosure firms significantly differ from those of ordinary disclosure firms in all variables except sales growth and operating risk variables. Second, regression results show that the determinants of dividend payout from ordinary disclosure firms are generally similar to results of previous studies. However, determinants of advance disclosure firms contain only few variables such as Tobin's Q, corporate bond yield, and operating cash flows from conventional factors. Third, logistic regression results show that factors affecting the probability of dividend payment substantially differ across advance disclosure firms and ordinary disclosure firms. These results suggest that the motivation and incentive of dividend payout from firms choosing advance disclosure are substantially and systematically different from those of ordinary disclosure firms.

• Economic Analysis
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• v.26 no.4
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• pp.98-136
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• 2020

We empirically investigate the determinants of a firm's exit from exporting, using Korean manufacturing firm-level data for the period from 2006 to 2014. Specifically, we estimate the effects of not only firm-level and industry-level characteristics, but also macroeconomic variables on the probability that a firm stops exporting by applying a Complementary Log-Log Model analysis. The results of our estimation suggest that firm-level heterogeneity, such as workforce size, capital intensity, intangible assets and foreign ownership, industry-level variation, such as the labor displacement rate, and macroeconomic variables, such as domestic demand and world demand, significantly affect the possibility of a firm ceasing exports. Also, we show that market interest rates increase the possibility of an export cessation and that the effects of market interest rates are more pronounced on firms with a higher debt ratio. In the primary exporting industries, the probability of a firm ceasing exports decreases as productivity at the firm rises.

• Management & Information Systems Review
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• v.32 no.2
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• pp.21-46
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• 2013

The purpose of this paper is to find impacts of financial activities-financing and investment of Venture Firms during pre-listing periods on the firms' Venture Firm's listing(delisting). The several ratios financial variables relevant to the financing and investment were examined whether there are difference or not between two venture firms groups. The results of study can be summarized as follows. First, the firms of successful group have fewer numbers of equity financing and higher times of premium in issuing stocks than those of failed firms but there is no significant difference in the required time from startup to listing the KOSDAQ. Second, there is no significant difference in the ratio of capital increase in IPO between two groups but additional survey reveals that the successful firms financed equity in IPO by higher numbers of premium than failed firms, which can makes the major shareholder of the successful firms maintain high rayios share of stock. Third, the ratio of working capital investment of the successful firms is significantly higher than that of failed firms, on the other hand the failed firms' ratios of equipment and repayment investment are higher than those of successful firms. Finally, the ratio of R&D investment has no difference between two groups, this result is against the expectation, which is to be further analyzed.

• Electronics and Telecommunications Trends
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• v.23 no.5
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• pp.143-152
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• 2008

국내 PC 산업은 노동비용의 비중이 높은 조립산업의 특성에 따른 수익성 악화와 대기업의 생산시설 중국이전, 해외 브랜드에 의한 국내시장 재편 등으로 인해 어려움을 겪고 있다. 삼성전자와 LG전자는 PC 생산시설이 중국으로 이전한 상태이며, 세계 PC 산업 역시 중국의 저임금으로 인한 경쟁이 가속화되고 있다. 본 연구에서는 먼저 차세대 PC 산업의 정의 및 분류체계를 정립하고, 실태조사를 통한 국내 시장 현황을 분석하였다. 또한, 국내 차세대 PC 제조업체의 선진기업 대비 기술 이외의 요인까지 고려한 종합적 경쟁력 수준을 제품역량과 운영역량을 중심으로 분석하였다. 제품역량은 가격경쟁력, 기능경쟁력, 디자인 등을 중심으로 분석하였고, 운영경쟁력은 마케팅경쟁력, 자금조달능력 등을 중심으로 분석하였다.

• 한국벤처창업학회:학술대회논문집
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• 2021.04a
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• pp.131-136
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• 2021

산업 패러다임과 트랜드의 변화 속에서도 저성장, 고령화는 뉴 노말 시대의 가장 큰 문제점으로 대두되고 있다. 이에 따라 각자도생이 필요하며, 결국 창업이 대세인 시대가 되었다. 성공적인 창업을 위해서는 많은 준비와 실패 노하우의 축적이 필요하나 실패를 용납하지 않는 우리 사회분위기상 이는 쉽지 않다. 조사에 따르면 창업 장애요인으로 '창업실패 및 재기에 대한 두려움', '창업 준비부터 성공까지의 생계유지'가 많은 부분을 차지하고 있다. 이러한 장애요인을 줄이는 방법으로 Hybrid창업을 제시할 수 있으나 국내 많은 기업이 직장인의 겸직을 제한하는 탓에 Hybrid창업이 활성화되지 못하고 있고 관련 연구도 거의 없는 수준이다. 그러나 52시간 근무제로 직장인이 투잡(two-job)을 통한 수익창출 기회는 증가하였고, 고용불안과 은퇴이후를 고민하는 직장인들이 우회 창업하는 경우도 적지 않다. 이러한 Hybrid창업 현상은 조기은퇴, 고령화의 영향으로 계속 증가할 것으로 예상됨에 따라 관련 연구를 축적할 필요가 있다. 본 연구의 목적은 직장인의 Hybrid 창업의도에 미치는 영향요인을 탐색하는데 있다. 본 연구에서는 직장인의 창업가 특성, 창업역량, 경력지향성과 Hybrid창업의도간의 관계와, 직장인의 조직불안 인식의 조절효과를 검증하고자 한다.

• Journal of Technology Innovation
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• v.28 no.1
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• pp.31-52
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• 2020

This study was started to verify the preliminary(Ex-ante) discrimination power of the firm's high-activity using the 'Forward-looking' oriented technology appraisal model used in technology financing. The analytical firms are classified into the industry (manufacturing / non-manufacturing) and the age of company (initial / non-initial). High-activity SMEs are defined as those that achieve at least twice the average asset turnover ratio of the cluster. As a result of the discriminant model by applying C5.0 method, which is one of decision tree models, classification accuracy is more than 99% in all industries and the age of company, and it is confirmed that the discriminant power of the model is stable. As a result, the management expertise, capital involvement and funding capacity items were identified as a critical variable for the high-activity SMEs. In addition, the technology management capability and technology life cycle were also confirmed to be the items to determine high-activity SMEs in the manufacturing industry. Through this, it was possible to confirm some possibility of prior discrimination and policy utilization of high-activity SMEs by using technology appraisal items.

• International Area Studies Review
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• v.22 no.3
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• pp.201-219
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• 2018

This paper suggested a theoretical model, in which a security-based(secured loan, non-secured loan) credit agreement determines the form of corporate cost function through a loaning company's cost minimization in the light of a company which behaves monopolistically in product markets. Also, this paper analyzed the influence of a corporate credit agreement on market equilibrium, and economic welfare in product markets. As a result, it was found that in case a company, whose equity capital is small, implements borrowing based on a secured loan from a financial institution, the company comes to face borrowing restraints, in which the company has no choice but to get a loan within the scope of securities. When a company offers its capital goods, i.e. a production factor, as a security, there occurs a distortion to the production factor input ratio. Meanwhile, when a company comes to get a loan based on an unsecured loan, for which the interest rate is high, marginal cost rises; accordingly, the company comes to choose a credit agreement aiming at maximizing its profits. However, a company's choice of a credit agreement is not quite desirable from a consumer's viewpoint, and from the whole economic point of view; overall, such a choice is likely to aggravate economic welfare.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.191-198
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• 2019

The purpose of this study is to explain the bootstrapping method to understand the process of overcoming the difficulties experienced by the limited resources of the initial start-up, through the example of Black Ruby Studio. Most nascent start-ups have constrained resources. This problem is a subject that is constantly being repeated in entrepreneurship research. Despite these problems, there are relatively few studies detailing the process of overcoming the initial difficulties of start-up. Bootstrapping is described as a way to reduce external inflows, reduce risk, and resolve funding issues internally. Many start-ups initially rely on bootstrapping as a way to solving scarce funds and limited resources. Therefore, this study reviewed the prior literatures in bootstrapping, and used 32 detailed item bootstrapping methods suggested in Winborg & Landstrom(2001) on bootstrapping in order to understand bootstrapping concept of start-up. This study gives insightful implication to prospective founders by using the bootstrapping method for survival of start-up and the process of overcoming the difficulties in the start-up.

• The Journal of Small Business Innovation
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• v.20 no.2
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• pp.35-50
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• 2017

The aims of this study is to analyze the effectiveness of firms financial status quo and the scale of financial support on SMEs overall performance. We have gathered the financial guarantee data from 1998 to 2013, provided by Korea Credit Guarantee Fund (KODIT), to analyze the effectiveness of Financial policy. To classify both financial status quo and scale of financial support, we utilized the following variables; Interest Coverage Ratio (ICR) and newly guaranteed amount ratio. To take the measurement of the overall performance, we employed profitability, growth ratio and activity index. To minimize the effect of repeated financial support (redundancy benefits), firms were selected based on the following criteria: firms that receive no financial support prior to implementing such policy over the last 3 years and no new financial support over the last 2 years. Results suggest that firms with higher ICR and large newly guaranteed amount influence on financial performance in terms of profitability index. Firms with lower ICR and large scale financial support showed a better performance compare to firms with small-scale financial support. Firms with large-scale financial support, irrespective of ICR inclined to have better performance to those of small-scale financial support in terms of growth index. For activity index, however, firms with large scale support led to higher performance in the short term. In turn, our analysis presents objective perspective with respect to the effectiveness of financial policy through credit guarantee on overall performance of SMEs. This study, therefore, implies that well-balanced SMEs supporting policy may lead to better directions.