• 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.

• The Journal of the Korea Contents Association
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• v.20 no.6
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• pp.38-50
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• 2020

The purpose of this study is to identify the risks to financial institutions in terms of expanding potential risks due to the deferral of exposure, by identifying the structures in which real estate finance and financial institutions affect real estate prices at low interest rates. To this end, real estate financing is categorized according to the method of financing and the type of value measurement from a risk management perspective and analyzed for each case. As a result of analysis, in the case of profitable real estate, the rate of real estate is increased by directly decreasing the cap rate and directly affecting the fair value calculation method. In the case of non-profitable real estate, the real estate price is increased by expanding the leverage width of investors or financial institutions. Through the analysis of this case, the continuous increase in real estate prices over the past 10 years has the potential to prevent financial institutions from losing under the circumstances such as the growth of real estate finance due to the advancement of the financial market and the continued low interest rate trend that has continued for 10 years. It is judged that the deferred delay is part of the cause, which leads to an increase in the risk to financial institutions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.2
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• pp.167-175
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• 2012

This paper study about how government start-up promotion policies have strongly impacts on business startup pattern and its performance. In Korea, the economic crisis of the late 1990s, the recession continues to stumble, and corporate restructuring occurs, let a small mass of unemployed, the Soho establishment 'Sojabon' started brewing two booms. Small business owners and their economic contribution to this portion of the axis with respect to support economic growth theory, on the basis that you need to install the Support Center for more small business owners and small business owners and social atmosphere, changing the term action to promote the establishment and growth of employment opportunities through by creating regional, has been promoting the balanced development of between business. This scheme focus on examining the types and characteristics of the government support schemes with respect to start-process business plan completion, financing capability, utilizing level of experts, location advantage, level of industry differentiation. Results of this study shows how significantly entrepreneurship influence on business startup pattern determining successful performance of business startup and let potential entrepreneur utilize it as to proceed business planning and establishing strategies.

• The Journal of Society for e-Business Studies
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• v.25 no.1
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• pp.65-82
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• 2020

Start-ups often use crowdfunding platforms such as Wadiz to get financing from corporate investors and general public. These platforms include functions to increase participant activity through the number of comments, interest and online word-of-mouth. This study aims to elucidate how these functions related to a participant activity exhibit mediating effects on a success of crowdfunding and an achievement rate of targeted investment amount. To this end, the individual variables such as progress period, target amount, venture company, experience of attracting investment, possession of intellectual property rights, a career of the representative and an award experience of the representative were classified into the project characteristics, the company characteristics and the representative characteristics through not only previous studies but also interviews with investment professionals and platform operators. Afterwards, this study went through an empirical verification process using a structural equation model that has both crowdfunding performance and participant activity, which is the independent and mediating factors of three perspectives, as well as the dependent variables. In other words, this study analyzes how the characteristics of three perspectives affect the participant activity and how the participant activity had the mediating effects on the crowdfunding performance. In addition, it derives how the analysis results mentioned above vary according to business types (internet services, culture/art, manufacturing/distribution) and investment styles (stock type and bond type). It is expected that this study will help not only in deriving the factors affecting the performance of an investment type crowdfunding but also in preparing the measures to increase a participant activity.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.113-127
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• 2020

Based on the social exchange theory and innovation diffusion theory, this study is to identify the correlation between factors influencing investor's funding intention in crowdfunding and to analyze moderating effect of trust in the relationship of shared value, communication and individual innovation. The purpose of this study is to consider the funding trends of crowdfunding investors from a personal point of view through the results of the study and to help fundraiser of crowdfunding establish specifically strategies for financing. In order to conduct empirical analysis, an online survey was conducted on people who had participated in crowdfunding, and a total of 228 questionnaires were collected and a total of 186 responses were finally analyzed, excluding outliers. For data analysis, structural equation model analysis was conducted using SPSS 26.0 and Smart PLS 3.0. The results of this study showed that shared value in the relationship between fundraiser and investors has a significant effect on the perceived risk. High level of communication between fundraiser and investors showed positive effects on the level of commitment of the crowdfunding project and the innovation of the individual investor. And commitment had a positive effect on the funding intention. According to the results of this research, trust has moderating effect only in relationship between shared value and perceived risk. It is significant that investors share the value of fundraiser together is a motivation factor to fund in crowdfunding and an opportunity to recognize the risk. Through this study, it is expected to utilize them in establishing strategies for start-ups and marketing plans to raise funds through crowdfunding and to empirically identify factors influencing the funding intention through individual levels of crowdfunding investors.

• KDI Journal of Economic Policy
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• v.28 no.1
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• pp.117-144
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• 2006

This study is to analyze the existence of the real buffer effect that reflects the effect of beginning-of-period inventory stocks effect on the demand for fixed investment, and the financial buffer effect indicates the substitution effect between end-of-period inventory stock and the source of financing for fixed investment. I use panel data of 361 Korean listed non-financial firms during 1990-2003. After the crisis, it also observed whether the relationship between inventory stocks and fixed investment has altered or not. I review the theoretical connection between inventory stock and fixed investment through the paper by Bo(2004) and estimate the investment model by the method of GMM-SYS. The results show negative relation between end-of-period inventory stock and fixed investment in the whole period and each period classified, also it confirms that the relation between fixed investment and end-of-period investment is significantly negative. It can be interpreted through two aspects that firms not only use inventory stock as a buffer in response to unexpectedly high demand, but also utilize inventory stock as a source of financing for fixed investment. The results imply that firm's decision-making is much correlated with production-and-inventory stock adjustment, decision-making about fixed investment, and decision-making about financial affairs.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.22 no.4
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• pp.851-868
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• 2012

After the financial crisis in 2008, the financial market still seems to be unstable with expanding the insolvency of the financial companies' real estate project financing loan in the aftermath of the lasted real estate recession. Especially after the illegal actions of people's financial institutions disclosed, while increased the anxiety of economic subjects about financial markets and weighted in the confusion of financial markets, the potential risk for the overall national economy is increasing. Thus as economic recession prolongs, the people's financial institutions having a weak profit structure and financing ability commit illegal acts in a variety of ways in order to conceal insolvent assets. Especially it is hard to find the loans of shareholder and the same borrower sharing credit risk in advance because most of them usually use a third-party's name bank account. Therefore, in order to effectively detect the fraud under other's name, it is necessary to analyze by clustering the borrowers high-related to a particular borrower through an analysis of association between the whole borrowers. In this paper, we introduce Analysis Techniques for detecting financial loan frauds in advance through an analysis of association between the whole borrowers by extending SNA(social network analysis) which is being studied by focused on sociology recently to the forensic accounting field of the financial frauds. Also this technique introduced in this pager will be very useful to regulatory authorities or law enforcement agencies at the field inspection or investigation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.89-104
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• 2022

Entrepreneurship by seniors who have accumulated skills and expertise in the industrial field is very important from a social point of view. This study aimed at seniors to find out the major start-up capabilities of seniors in an economic situation where instability factors and uncertainties are amplified due to the social structure of jobs that has changed due to COVID-19 during the 4th industrial revolution and the rapidly progressing high interest rates and global supply chain problems. The purpose of this study was to empirically verify how variables affect entrepreneurial intention. In addition, from the perspective of mindset, which is the individual psychological characteristic of pre-entrepreneurs, we tried to empirically verify whether growth mindset and fixed mindset have a significant effect on senior entrepreneurship intention. The psychological characteristics of founders were approached from the perspective of mindset, and an attempt was made to apply them to the field of entrepreneurship and to obtain practical implications. This study empirically analyzed the effects of growth mindset, fixed mindset, technical competency, network competency, and funding competency, which are components of mindset, on senior entrepreneurial intention, and verified the mediating effect of entrepreneurial efficacy. As a result of the empirical analysis, it was verified that growth mindset and technological competency had a positive (+) effect on entrepreneurial intention. In addition, it was verified that the mediating effect of entrepreneurial efficacy was significant in the influence of growth mindset and technological competency on entrepreneurial intention, and it was verified that growth mindset and technological competency are important variables in senior entrepreneurship. The study results provide the following policy implications. In order to activate senior entrepreneurship, first, to maximize the effect of founder education, programs such as customized entrepreneurship education that match the growth mindset characteristics, which are the psychological characteristics of founders, are needed. Second, it is required to expand the base of technology startups by expanding government support, such as expanding low-interest policy financing, for senior startups with technological capabilities and expertise. Third, it is necessary to provide institutional support for starting a business, such as providing a start-up program even before retirement, so that the expertise and technology accumulated by seniors can be linked to start-ups even after retirement.