• Industry Promotion Research
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• v.4 no.2
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• pp.9-18
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• 2019

This study investigated the relationship between ICT environment and business performance. In the case of Korea's major industries, large corporations have already established and operate a considerable level of smart factories, leading the global market. However, SMEs, which account for 95% of the total companies, are not able to build smart factories themselves. Smart factory construction The total number of government-supported enterprises is 4.891 companies (3,984 companies, 907 companies in construction) 2.9% of factories and 97.1% (166,344 companies) There is a big problem to be improved. The result of this study is that the first research objective of this study, which suggests the theoretical system that the will of the manager is most important for the successful establishment of the smart factory, which is part of the corporate innovation to meet the rapidly changing environment. Second, it can be seen that financing for building a smart factory is a key factor in building a smart factory, as well as funding itself. Third, it was found that besides its own technology, technology support for government and external technology consulting support are very important for smart construction. Fourth, organizational participation of internal organizers showed that cooperative and positive positive participation is also a factor of success. As a follow-up study, we analyzed the cause of the company's operation, analyzed the cause of the problem with the 4M1E technique, developed the countermeasures, and compared it before and after the improvement, standardized the improvement and needed further study. It is meaningful that the study provided basic data for building a smart factory through the analysis of the relationship between the ICT environment and business performance of the company.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.44 no.3
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• pp.361-373
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• 2024

Advertising on the exterior of buses was initiated in 1985 with the aim of generating operational funds for the 1988 Seoul Olympics. However, despite numerous technological advancements, the regulations governing the method (sheet attachment), area, and placement of exterior advertising on buses have remained unchanged to date. This has constrained the potential for profitability and efficiency in bus exterior advertising. According to Seoul Metropolitan Government, metro usage increased by 23 % in 2019 (prior to the COVID-19) compared to 2006, while bus usage decreased by 10 %. Consequently, financial subsidy for buses surged significantly over the past five years (2018-2022), averaging around KRW 450 billion, which is approximately 1.27 times the average for the preceding decade (2013-2022). The majority of revenue for bus transportation agencies is derived from passenger fares (81.1 %) and subsidies from Seoul City (17.5 %). Hence, it is imperative to enhance the share of revenue from sources other than fares. This study proposes an expansion of the role of bus exterior advertising by increasing the advertising area as a means to increase non-fare revenue. Two alternatives were proposed to expand the advertising area by 17 % and 94 %, respectively, compared to the current level, and their potential impacts were analyzed. The findings indicate that advertising revenue could increase from a minimum of KRW 3.2 billion to a maximum of KRW 53.9 billion, and public subsidies could be reduced by as much as 11.9 %. The bus exterior advertising can serve as an effective approach to diversify transportation revenue and decrease public subsidies.

• Journal of the Korean Regional Science Association
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• v.31 no.4
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• pp.91-105
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• 2015

Mortgage-Backed Securities (MBS) was introduced in 1999 in order to stabilize housing market and prevent potential speculation. However, research on MBS is limited, so this paper try to narrow the gap by focusing on the factors relating the pre-payment risk of MBS. We used Granger Causality Validation, Vector Auto Regressive, and HP-filtering with time-series data from 2004 to 2014. This paper shows that the prepayment rate of MBS increases as Mortgage rate decreases because borrowers tend to refinance existing MBS with new lower-rate MBS. In addition, it reveals that the rate increases as housing price increases. This outcome support the hypothesis that introduction of low-rate MBS invites more investment or speculation, and hence the housing price rises. The relationship between the MBS pre-payment rate and housing price is yet a peculiar characteristic of the MBS in Korea.

• Journal of Digital Convergence
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• v.12 no.3
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• pp.149-160
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• 2014

This paper analyses whether change in corporate dividend policy affects the new issue announcement effects. By conducting an event study using 683 new equity announcements data from year 2000 to year 2009, we find firms paying more dividends experience relatively negative announcement effects of seasoned equity offerings comparing with firms paying less dividend. The cross sectional regression analysis results confirm our findings. These results indicate that corporate dividend policy change may interact with forthcoming new equity announcement decision, which may result in a negative signal to the capital markets.

• Journal of Korea Technology Innovation Society
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• v.11 no.2
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• pp.194-218
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• 2008

The public-private partnership concept can encompass a broad range of cooperative relations and a broad variety of programmes in terns of size, objectives and design. This paper aims to analyze the components of public-private partnership mechanisms in the context of science and technology innovation policy. The research methodologies are based on semi-structured interviews with policy makers in four countries with six PPP programme : the France, the Netherlands, the Australia and Austria. It also attempts to understanding of the components that explain the increase of collaboration between national innovation system and PPPs. The taxonomy and essential components of PPPs were identified : mission-oriented PP/Ps, market-Oriented PP/Ps, cluster-oriented PP/Ps, and ISRs-Oriented PP/Ps. The taxonomy of regulatory regime can be a reference point for identifying the relative status of Korea's PPPs.

• Journal of Industrial Convergence
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• v.20 no.12
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• pp.145-153
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• 2022

This study is an empirical analysis of the major factors influencing the globalization level of Chinese public enterprises. Based on previous research, we conducted a regression analysis using the transnational index as a dependent variable and export tax refund, exchange rate, human resources, innovation ability, asset management ability, loan ability, corporate development stage, global deployment ability, etc. as independent variables. As a result of the empirical analysis of this study, it was found that export refund (E_tax) and exchange rate (E_rate) have a statistically significant effect on the external influencing factors of globalization. Human resource capabilities (Edu, O_hunan), innovation capability (R&D), and financing capability (Finance) were found to be important internal influencing factors for the globalization of public enterprises. The role of the government in establishing the strategy of SOEs should be maintained at the level of guidance and it should provide guidance so that the autonomy of SOEs is not restricted as the role of the government is separated from the government's compulsory management and supervisory functions, leading to excessively compulsory management.

• Management & Information Systems Review
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• v.32 no.5
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• pp.135-155
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• 2013

Corporate primary goal has shifted from profit-orientation toward broader socially motivated perspectives, over the recent year. According to this phenomena, extensive research have been conducted to assess the empirical association between CSR and firm value. However, the results of previous studies are largely indeterminate which are attributed to the ignoring various indeterminate variables between CSR and firm value. Specifically, the purpose of this paper verifies the empirical association between CSR and firm value with considering capital constraint as core moderator variable by using structural equation modeling(SEM). Main results of this paper are as follows. We find that firms with better CSR performance face lower capital constraint and capital constraint is significantly related to firm value in negative direction, also. The result suggest that better CSR performance is associated with superior stakeholder engagement, in turn, CSR initiatives leads to firm value creation. Also, the capital constraint still remain positive to firm value even if capital constraint is considered moderator variables. Our findings implicated that CSR literatures should consider moderator variables, such as capital constraint, which could be affected firm value.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.3
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• pp.1531-1540
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• 2014

Since railway industry is becoming important globally, Korea government and private enterprises invest huge amount of R&D expenditure to develop railway technologies. However, ratio of successful commercialization of technology is very limited. establishment strategy of specialized institution for commercializing railway technologies is very important research issue. For example, France and Japan support railway commercialization through the specialized organization in leading the global railway industry. This study propose the critical success factors of the establishment of railway commercialization and suggest relative importance of CSF's through the hierarchical analysis. As a result, the financial resource plan(0.505) and the commercialization strategy(0.193) are important factors at the first level, and the government funding plan(0.220) and the legal/institutional support(0.150) are important factors for the commercialization organization at the second level.

• Journal of Korea Technology Innovation Society
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• v.20 no.4
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• pp.1212-1242
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• 2017

In this study, the effectiveness of the innovative company certification system, which is one of the important means of the SME innovation promotion policies, was examined in terms of technological innovation activity and performance. To this end, we used the results of 'SME Technology Statistical Survey' conducted by the Small and Medium Business Administration and the Korea Federation of Small and Medium Business in 2013~2015 to compare the innovative SMEs that have received the certifications such as Venture Certification, Innobiz Certification, and Mainbiz Certification with the general SMEs that did not. As a result, it was found that the innovative SMEs have comparative advantage in many detailed indicators related to the technological innovation activity and performance. However, the ratio of external use of R&D expenditure, the number of technology development attempts and the number of successes were not different according to the survey year, so it is necessary to strengthen the follow-up management of the system. On the other hand, the proportion of self-procurement R&D expenditure of the general SMEs was significantly higher than that of the innovative SMEs in all three-year surveys. Therefore, it is necessary to regulate the government funding for the innovative SMEs to be used as a complementary material, not as a substitute for their own R&D investment. In addition, the technological innovation activity and performance of a company were more influenced by the size of the company and the participating industry rather than by the certification, so it is necessary to consider it when establishing the technology innovation promotion policies.

• Journal of Korea Technology Innovation Society
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• v.12 no.4
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• pp.687-714
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• 2009

In this paper, we study empirically the relations between financial constraints and dividend adjustment speed of innovative small and medium sized enterprises (SMEs) listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Determinants suggested by the major theories of dividends, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend payout policy of Kosdaq SMEs. Lintner's dividend adjustment model indicates that Kosdaq SMEs have long run target payout ratio, and that Kosdaq SMEs adjust partially the gap between actual and target payout ratio each year. In the core variables of Lintner (1956) dividend adjustment model, past DPS has more effect than current EPS. These results suggest that Kosdaq SMEs maintain stable dividend policy which maintain past DPS level without corporate special reasons. Dividend adjustment speed of innovative Kosdaq SMEs is more fast than that of uninnovative Kosdaq SMEs, and dividend adjustment speed of financial unconstrained innovative Kosdaq SMEs is faster than that of financial constrained innovative Kosdaq SMEs. Futhermore, dividend adjustment speed of innovative Kosdaq SMEs classified by Small and Medium Business Administration is faster than that of unclassified innovative Kosdaq SMEs. The former is linked with financial policies and services like credit guaranteed service, venture investment fund, insurance program, and so on. In conclusion, past DPS and current EPS suggested by the Lintner's dividend adjustment model explain mainly dividend adjustment speed, and financial constraints explain also partially. Therefore, if managers of innovative Kosdaq SMEs can properly understand of the effects of financial constraints on dividend smoothing, they can maintain constantly dividend policy. This is encouraging result for Korea government as it has implemented many policies to commit to innovative Kosdaq SMEs.