• 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 Korean Journal of Air & Space Law and Policy
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• v.26 no.1
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• pp.93-125
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• 2011

The International Civil Aviation Convention (Chicago Convention) has been a backbone of international air transport system whereby air transport between States should be based on bilateral agreements, and in particular, international airfares, which are set up through IATA(International Air Transport Association) rate-fixing machinery could be approved by the governments concerned. International airfares are fares for transporting passenger and freight and their conditions between two or more countries. However, since U.S. pursued th deregulation policy in 1978 whereby routes, capacity and fares could be freely determined by airlines, many States have been following so called open-skies agreements. In many cases, aeronautical and competent authorities have been reviewing whether airlines' commercial activities including air fares could possibly conflict with free competition rules envisaged in relevant laws and regulations. As competition among airlines gets intense, airlines often resort to cooperation with other airlines in the forms such as equity exchange, M&A, code-sharing, fares consultation and resource pooling, mainly with a view to effectively use resources available and to avoid monopoly situation resulting from excessive and destructive competition among players. Whereas bearing in mind that application of competition laws is important to secure consumers' interests by preventing airlines's malpractices such as bargaining exorbitant fares, it is also important to comprehensively consider as many factors as possible, from that unilateral measure by governments may bring about retaliatory measures by the governments affected, to that airlines' cooperative practices may rather increase consumers' benefits by lowering air fares.

• Journal of Korea Port Economic Association
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• v.34 no.3
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• pp.133-158
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• 2018

The role and ratio of national vessels in the global container shipping market have reduced significantly due to the bankruptcy of Hanjin Shipping in early 2017. All import-export companies, as well as container ports in Korea, are facing a crisis. The Trump's tariff and trade battles have had a negative impact on the increase in the North American cargo. However, Chinese and Japanese container shipping companies, which merged with domestic container shipping companies, and mega carriers such as Maersk and CMA CGM have benefited from the decline in shipping supplies due to the collapse of Hanjin Shipping, the world's 10th largest container carrier in Korea. The import/export freight trade in Korea is witnessing the increasing stronghold of foreign carriers. This scenario is expected to weaken Korea's negotiation powers with overseas shipping companies in domestic ports, such as Busan and Kwangyang, thereby making it more challenging to attract shipping carriers. This study compares the global container-shipping network in 2007 and 2017 by combining the network topology of the social network analysis and the economics of the liner shipping connectivity index (LSCI) and the container port connectivity index (CPCI) analysis. The findings of this study are that the role of the ports across the world can be identified, and CPCI has a high correlation with the centrality index and freight volume data. These findings can contribute toward the utilization of the meaning of the necessary centrality index without an additional centrality analysis. This study can be applied not only to the call strategy of container carriers but also to the alliance and development strategy of Korean ports.

• Korea Trade Review
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• v.43 no.2
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• pp.87-105
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• 2018

We investigate the effects of inward foreign direct investment on innovation in Korean industries from 1998 to 2015 by first dividing FDI into greenfield and M&A (mergers and acquisitions). Furthermore, we use the number of patent applications as the proxy of innovation. Our empirical results are as follows: First, inward foreign direct investment has a significantly positive effect on the number of patent applications. This result suggests that the transfer of technology or knowledge through the inward foreign direct investment has a positive impact on innovation in Korean industries. Second, the greenfield investment has a positive impact on patent applications. This result is consistent with Liu and Zou (2008)'s assertion that greenfield investment has a positive impact on innovation by increasing facilities or plants. The M&A investment, however, has no significant effect on patent applications. This result is consistent with Stiebale and Reize (2011) who argue that the host countries do not benefit from technology transfer through M&A investments. In addition, this supports Liu and Zou (2008) and Garcia et al. (2013)'s hypothesis that foreign parent firms do not influence the innovation of host countries by employing strategies to increase market power rather than R&D activities through M&A investments. It is meaningful that this study first analyzes the impact of foreign direct investment on innovation in Korean industries and uses the number of patent applications as a proxy of innovation. Our empirical evidence provides policy implications for innovation and attraction of inward foreign direct investments.

• Korean Business Review
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• v.17
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• pp.153-183
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• 2004

The Gaisong Merchants can be regarded to playa pioneering role to activate the Korea's trade with foreign countries. In the early period of Yi-Dynasty, the Gaisong Merchants focused on personal trade, but in the middle period of Yi-Dynasty, they entered to the realm of governmental trade. Furthermore, their business activities widened to various forms of trades, for example, smuggling. Utilizing accumulated capital, Gaisong merchants expanded their trading activities to their neighboring countries such as Japan and China. In recent times, it is necessary for modem Korean companies to diversify risks through the establishment of corporations for production, marketing and R&D abroad or through joint venture, M&A and strategic alliance with foreign companies in order to reduce the risks originated from volatile economic and political situations. In this study, we utilize tools of comparative study to compare Gaisong Merchants' foreign trade strategies with those of modem companies such as AMOREPACIFIC, HANILCEMENT and SHINDORICO. The purpose of the paper is to test the hypothesis that modem Korean companies grew up by following the cases of Gaisong Merchants' business activities. We summarize our main findings as follows. First, both Gaisong Merchants and modem Korean companies have common functional core capability in the field of marketing, manufacturing technology, R&D, and human resources development. Second, both Gaisong Merchants and modem Korean companies have common organizational core capability. Third, both Gaisong Merchants and modem Korean companies have common infrastructures such as planning, finance, accounting and MIS. It constitutes the infrastructure of Korea's foreign trade sector. Fourth, both Gaisong Merchants and modem companies have common organizational culture in the field of management policy and philosophy. Actually, those factors are evaluated to be driving forces of Koera's success in foreign trade. In conclusion, the business activities of Gaisong Merchants who represented the peculiarity of Korean business spirit are partially inherited to current Korean business management. The value system and behavior pattern of modern Korean companies is succeeded from the spirit of Gaisong Merchants and it playa major role to specify the identity of Korean business administration.