• International Area Studies Review
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• v.16 no.3
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• pp.323-341
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• 2012

In the recent year, the urbanization is emerging as important issue for sustainable development in China. Like the most of the world, urbanization of China is closely related with the domestic market development, the innovation of industrial structure, and the reduction of income cap among regions, urban-rural region and so on. This paper analyzes the impact of urbanization on economic growth using cross section data and time series data of the eastern coastal regions in China. Based on the existing literature, we establish a hypothesis, which is basically the same as Williamson(1965)'s hypothesis, that urbanization promotes the economic growth at the early stages of development but has adverse effects in economies that have reached a certain income level. The results of study are as follows: Using 10-provinces data of the eastern coastal region in China, this paper examines the impact of urbanization on economic growth. Regression results suggest that Williamson's hypothesis is not verified, regardless of estimation methods in two models. Hence, the results show that the impact of urbanization on economic growth has not the inverse U-type function in the eastern coastal region of China.

• Journal of Korea Technology Innovation Society
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• v.20 no.1
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• pp.239-270
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• 2017

This paper examines the relationship between ownership structure and the intensity of R&D expenditures of a firm by analyzing the panel data composed of 553 manufacturing firms in KSE(Korea Stock Exchange) and KOSDAQ listed firms for the period of 2007-2014. The major findings are as follows; (1) Regarding the relationship between CEO stockholding and R&D intensity, we find the inverted-U shape relationship in KOSDAQ firms, consistent with the theoretical discussion and empirical studies on U.S. firms. The result suggests that management stockholding reduces agency problem at the R&D margin. On the contrary, the insignificant result in KSE firms seems to be due to the scant stockholding of most 'non-owner' CEOs. (2) Regarding the relationship between the largest shareholder's portion and R&D intensity, KSE firms exhibit negatively significant relationship, suggesting the existence of serious agency problem between the largest shareholder and the minor shareholders. This agency problem seems to be alleviated in KOSDAQ firms mainly because the founders with technology expertise are still in charge of the business. (3) Foreign investors seem to fail in effectively encouraging R&D expenditures in either KSE or KOSDAQ listed firms. This study contributes to the existing literature by showing for the first time that ownership structure affects R&D activities in different ways between KSE and KOSDAQ firms.

• Korea Trade Review
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• v.48 no.4
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• pp.23-45
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• 2023

This study aims to investigate the relationship between institutional distance and FDI and focuses on China's outward FDI. The institutional distance between China and the host country is measured using the institutional quality published by the World Bank. This study collects panel data from 50 countries in which China invested from 2008 to 2019 and use the panel GLS methodology to examine the factors affecting outward FDI through three models. First, this study examines the impact of the absolute value of institutional distance on China's OFDI across all countries in which China invests. Second, this study divides countries with positive and negative institutional distance to China into two groups and examine the relationship between institutional distance and OFDI in each group. Finally, this study examines the non-linear relationship between institutional distance and OFDI from China. To test this, this study adds the squared term of institutional distance to the model. The results of the analysis are as follows Institutional distance is positively related to China's OFDI. The relationship between institutional distance and OFDI is inverted U-shaped in the group of host countries with relatively higher institutional quality than China, but positive in the group of low-quality host countries. In addition, China's OFDI is affected by a combination of institutional and economic factors. The results of this study have implications not only for FDI host countries but also for MNCs' choice of FDI destinations.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.5
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• pp.1-11
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• 2019

Financing plays an important role in the survival and growth of startups. This study investigates key factors that improve startup financing performance. To this end, we analyze the relationship between the proportion of intellectual property and the financing performance. In addition, this study also examine the impact of the founder's education level on the financing of startups, and the moderating effect of the founder's education level on the relationship between intellectual property proportion and financing. Based on the survey data of 331 startups, this study found that the proportion of intellectual property and the financing performance have an inverted U-shaped nonlinear relationship. While the founder's education level has a positive impact on the financing performance, it negatively moderate the relationship between the intellectual property proportion and the financing performance. Through these findings, this study suggests that it is necessary to maintain an adequate proportion of intellectual property in order to maximize startup financing performance. The higher education level of founder enhances the startup financing. Since the founder's education level weaken the effect of intellectual proporty's effect on startup financing, however, startups need to control the proportion of intellectual property to improving financing according to the founder's education level. Based on signal theory, this study proposes a new strategy of intellectual property to enhance startup financing performance.

• Environmental and Resource Economics Review
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• v.33 no.2
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• pp.159-178
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• 2024

This study aims to assess the direct and indirect impacts of local fiscal expenditures on water quality. Panel data spanning from 2010 to 2018 for 173 cities and districts in Korea are assembled, and a two-stage dynamic panel model is utilized for our estimation. The empirical findings reveal several key insights. Firstly, local fiscal expenditures on water quality are effective in ameliorating both Biological Oxygen Demand (BOD) and Total Phosphorus (T-P). Notably, the direct impact on T-P surpasses that on BOD in the short and long run. Secondly, expenditures dedicated to water quality improvement demonstrate a positive effect on local economic growth, and an inverted U-shaped relationship is observed between BOD and local economic growth. Due to the positive linkage, the indirect effect on BOD suggests, on average, a deterioration in water quality during local economic growth. Thirdly, concerning BOD, the direct effect of government expenditure on water quality improvement outweighs the indirect effect, but in the case of T-P, the indirect effect is not significant, and the total effect is solely determined by the direct impact. Despite local fiscal expenditures potentially exacerbating water quality through regional economic growth, the study finds that the direct enhancement of water quality remains a more substantial factor in the short and long run.

• The Journal of Small Business Innovation
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• v.19 no.4
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• pp.1-17
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• 2016

The purpose of this study is to suggest an efficient way for ventures to achieve innovation performance through R&D cooperative arrangements. Achieving innovation is one of the critical factors for the survival of ventures. Unlike established firms, ventures often do not have the specialized assets necessary to take technological developments to the product and market stages. Young and resource-constrained firms can achieve innovation by finding and accessing to the complementary resources from R&D cooperation. In the current business environment, many firms are likely to engage in multiple simultaneous R&D cooperations with different partners. Recent research stream addresses the importance of efficient cooperation management from the holistic portfolio perspective. Since maintaining the multiple cooperative relations require substantial amount of time and effort, managing cooperative relationships play a more important role to resource-constrained firms. In order to find an efficient composition of R&D cooperative partners, we mainly focus on the diversity of partner type and dependence level in partnership. We analyze the data on Korean manufacturing ventures collected in the Korean Innovation Survey (KIS) which was conducted by the Science and Technology Policy Institute (STEPI). The KIS questionnaire assesses the existence of cooperative relationships with different types of partners respectively. The types of cooperating partners are affiliated companies, suppliers, clients & customers, competitors or other firms in the same industry, consulting firms, universities, and research institutes. We confirm that ventures obtain relatively higher benefits from R&D cooperation compared with established firms in terms of innovation performance. The results show that a moderate level of diversity in cooperative partner type composition increases innovation. Moreover, diversity of cooperation dependency among the partners enhances innovation performance. Likewise, concentrating on the quality aspects of cooperative composition, such as diversity of partners and degree of dependencies, this study offers some implications for ventures in managing partners from an integrative perspective.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.17 no.5
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• pp.423-435
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• 1984

The reproductive cycle of the small filefish, Rudarius ercodes was investigated based on the annual variations of gonadosomatic index(GSI) and hepatosomatic index(HSI) by electronic and photic microscophy. The specimens used were collected at the coastal area of Benden island, Sizuokagen, Japan, from September 1982 to August 1983. GSI began to increase from March, starting season of longer daylength and higher water temperature, and reached the maximum value between June and August. It began to decrease from September with the lowest value appearing between November and February without any evident variation. The annual variations of HSI were not distinct in male filefish and were negatively related to GSI in female : HSI decreased in the summer season when the ovary was getting mature and reached the maximum in the winter season when the ovary was getting retrogressive. The ovary consisted of a pair of saccular structure with numerous ovarian sacs branched toward the median cavity. Oogonia divided and proliferated along the germinal epithelium of the ovarian sac. Young oocytes with basophile cytoplasm showed several scattering nucleoli along the nuclear membrane. when the oocytes growing to about 300 ${\mu}m$, nuclear membrane to disappear with nucleus migrating toward the animal pole. The regions of protoplasm were extremely confined within the animal hemisphere in which most of cytoplasms were filled with yolk materials and oil drops. After ovulation, residual follicles and growing oocytes remaining in the ovarian sacs degenerated. But perinucleatic young oocytes without follicles formed were not degenerated, and growing continuously still in the next year. Mitochondria and endoplasmic reticula in the cytoplasm remarkably increased with oocytes maturing and yolk accumulating. Those were considered to be functionally related to the yolk accumulation. Five or six layers of possible vitellogenin, oval-shaped disc structures with high electron density, appeared in the apex of follicular processes stretching to the microvilli pits of mature oocytes. Testis consisting of a pair of lobular structures in the right and left were united in the posterior seminal vesicle, Cortex of testis was composed of several seminiferous tubules, and medulla consisting of many sperm ducts connected with tubules. Steroid hormone-secreting cells with numerous endoplasmic reticula and large mitochondria of well developed cristae were recognized in the interstitial cells of the growing testis. Axial filament of spermatozoon invaginated deeply in the central cavity of the nucleus and the head formed U-shape with acrosome severely lacking, mitochondria formed large globular paranuclei at the posterior head, and microtubular axoneme of the tail represented 9+9+2 type. The annual reproductive cycles could be divided into five successive stages : growth(March to July), maturation(May to September), Spawning(mid May to early October) and resting stages(October to February). The spawning peak occurred from June to August.