• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.106-121
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• 2016

While economic crises are happening internationally due to the global financial crisis and the long-term recession of the domestic economy, South Korea is also experiencing an aging society with the retirement of the baby-boomers and a low birth-rate. The rapid retirement of baby-boomers, which is one of the essential parts of the Korean economy, is ongoing. Consequently, the number of seniors showing interest in entrepreneurship, as a way to avoid the economic threat, is increasing. Therefore, this study examined the correlation between two factors and its success, which can be stated as the influence of decision making in entrepreneurship and the influence of promotion policies to entrepreneurship. A survey was taken from 393 people, who received academic and managerial assistance from the Senior-Founded Support Center of Small Business Market Corporation and Adults Incubators of Seoul-Business Agency. and 'Hypothesis 1-1' and 'Hypothesis 2-2' were selected, because a positive effect was derived at each verification process. As a result, under the decision making types of entrepreneurship, only a reasonable type showed a positive effect at both the financial outcome and non-financial outcome of success, and the intuitive type was affected positively by the non-financial outcome. In addition, under the entrepreneur supporting business, among financial support, managerial support and educational support only managerial support had a positive effect.

• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.3 no.4
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• pp.1-41
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• 2008

The Korean semiconductor industry has made a great contribution to growth of Korean economy for the last decades by maintaining a top position in terms of Korean total annual export volume. However, the advanced semiconductor equipment and materials that are used for the production of semiconductor devices still depend on the suppliers from Europe, Japan, and America who have an influential position in the Korean semiconductor industry. The objective of this study is to empirically investigate the attributes determining the extent of autonomy in decision making for the Korean subsidiaries of multinational corporations in the semiconductor industry. This study found there were differences in the extent of autonomy in decision making in terms of the global strategies the multinational corporations pursue. This study surveyed employees at the Korean subsidiaries and joint venture companies of semiconductor multinational corporations and collected 726 survey questionnaires. Several statistical analyses including frequency analysis, reliability analysis, factor analysis, multiple regression analysis and ANOVA were performed using the collected sample data. Based on the analyses, this study found as follows: Firstly, from the factor analysis, this study found Korean subsidiaries faced three sources of uncertainties stemmed from political conditions, competent conditions, demand and supply conditions. The internal resources were characterized by the independencies of production capability, financial capability, marketing capability and human resource management capability. The operational performance was determined by total revenue, net profit and market share growth. Secondly, it was found the uncertainties from political condition and competent condition and the independencies of financial capability and marketing capability partially influenced the extent of autonomy in decision making. The independencies of production capability and human resource management capability significantly influenced the autonomy of decision making in the most areas. It was also found an increase of total revenue, net profit and market share growth partially affected the extent of autonomy in decision making of the Korean subsidiaries. Finally, it was found that the polycentrism of global management by multinational corporations seemed to bring a higher extent of autonomy in decision making than ethnocentrism or geocentrism of global management. Based on the results, this study provided managerial implications regarding the extent of autonomy in decision making for Korean subsidiaries of multinational corporations in order to help management to enhance their business capabilities.

• 한국벤처창업학회:학술대회논문집
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• 2008.11a
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• pp.135-168
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• 2008

The Korean semiconductor industry has made a great contribution to growth of Korean economy for the last decades by maintaining a top position in terms of Korean total annual export volume. However, the advanced semiconductor equipment and materials that are used for the production of semiconductor devices still depend on the suppliers from Europe, Japan, and America who have an influential position in the Korean semiconductor industry. The objective of this study is to empirically investigate the attributes determining the extent of autonomy in decision making for the Korean subsidiaries of multinational corporations in the semiconductor industry. This study found there were differences in the extent of autonomy in decision making in terms of the global strategies the multinational corporations pursue. This study surveyed employees at the Korean subsidiaries and joint venture companies of semiconductor multinational corporations and collected 726 survey questionnaires. Several statistical analyses including frequency analysis, reliability analysis, factor analysis, multiple regression analysis and ANOVA were performed using the collected sample data. Based on the analyses, this study found as follow: Firstly, from the factor analysis, this study found Korean subsidiaries faced three sources of uncertainties stemmed from political conditions, competent conditions, demand and supply conditions. The internal resources were characterized by the independencies of production capability, financial capability, marketing capability and human resource management capability. The operational performance was determined by total revenue, net profit and market share growth. Secondly, it was found the uncertainties from political condition and competent condition and the independencies of financial capability and marketing capability partially influenced the extent of autonomy in decision making. The independencies of production capability and human resource management capability significantly influenced the autonomy of decision making in the most areas. It was also found an increase of total revenue, net profit and market share growth partially affected the extent of autonomy in decision making of the Korean subsidiaries. Finally, it was found that the polycentrism of global management by multinational corporations seemed to bring a higher extent of autonomy in decision making than ethnocentrism or geocentrism of global management. Based on the results, this study provided managerial implications regarding the extent of autonomy in decision making for Korean subsidiaries of multinational corporations in order to help management to enhance their business capabilities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.175-183
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• 2023

This study examined the effect of college students' financial literacy and financial management behavior on entrepreneurial awareness and the mediating effect of entrepreneurship. To this end, a survey was conducted targeting university students in Busan and Gyeongnam area, A total of 207 responses were verified using SPSS 28.0 as a sample. As a result of the study, it was confirmed that financial literacy and financial management behavior had a positive effect on entrepreneurship and entrepreneurial awareness. Entrepreneurship was found to have a positive mediating effect between financial literacy and entrepreneurial awareness, financial management behavior and entrepreneurial awareness. As financial literacy improves, it leads to desirable financial management behavior, increases the potential to make more financially knowledgeable and responsible economic decisions, and increases the will to achieve future financial goals. The results of this study suggest that financial literacy and entrepreneurship education are very important during college education in order for potential entrepreneurs to recognize and promote entrepreneurship.

• The Korean Journal of Financial Studies
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• v.5 no.1
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• pp.75-103
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• 1999

미국의 지방자치제 발전의 재정적인 견인차 역할을 하고 있는 지방채 시장의 활성화로부터 우리가 얻을 수 있는 시사점은 다음과 같이 요약될 수 있다. 첫째, 주 헌법에 명시된 법률상의 통제 외에는 지방채의 기채제한이 없으므로, 지방자치단체의 자율적인 의사결정에 따라 지방채 발행이 활성화되어 있다. 둘째, 대부분의 지방채가 이자소득에 대하여 연방소득세가 면제되는 면세채권의 형태로 발행되고 있는데, 이는 지방자치단체의 재정부담을 경감시켜 줄 뿐 아니라, 투자자들에게 세금우위라는 투자유인을 제공하고 있다. 셋째, 지방채 발행이 활성화됨에 따라 필연적으로 나타나게 되는 채무불이행 상태에 대비하기 위한 제도적 장치로서 신용평가제도와 지방채 보험 및 보증제도가 확립되어 있다. 넷째, 발행된 지방채의 인수단에 의한 인수제도가 확립되어 있으며, 인수자들간의 역할 분담이 잘 이루어지고 있다.

• The Korean Journal of Financial Studies
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• v.4 no.1
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• pp.151-176
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• 1998

우리 나라 기업의 지배구조의 문제점은 대체로 이사회와 감사의 경영감시기능 부족, 기업인수시장의 활성화 미흡, 채권자로서의 은행의 경영감시역할 미흡 등이 지적되고 있다. 그러나 우리 나라의 기업지배체제는 오너체제로 대표되며, 여러 가지 폐해에도 불구하고 신속한 의사결정과 과감한 투자가 가능하다는 장점도 갖고 있다. 따라서 본 고에서는 우리 나라에서 바람직한 지배구조를 모색해 보기 위해 미국과 일본의 지배구조를 참고하여 다음과 같은 몇 가지를 제시하고자 한다. 첫째, 이사회와 감사의 기능을 활성화하는 것이다. 둘째, 기업인수시장의 활성화가 필요하다. 한편 차입경영이라는 특징을 가진 우리 나라 기업의 현실에서 은행이 적극 개입함으로서 경영감시의 효율성이 높아질 수 있다고도 한다. 그러나 금융기관의 소유구조와 자율성 및 독립성이 선결과제로 해결되어야 할 것이다. 기업의 지배구조에 대한 논의는 기업의 효율성을 높일 수 있고, 기업의 경쟁력을 높일 수 있는 방향으로 이루어져야 한다. 기업지배의 개념은 소유와 경영의 분리를 전제로 정의된 것이기 때문에 소유자경영이 보편화되어 있는 우리 나라의 기업 현실에 외국의 기업지배제도를 그대로 적용하는 것은 바람직하지 않다. 따라서 지배구조의 개선 노력은 점진적으로 그리고 전반적으로 추진되어야겠지만 선택은 기업의 자율에 맡기는 것이 바람직하다.

• The Korean Journal of Financial Studies
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• v.9 no.1
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• pp.1-35
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• 2003

본 연구의 목적은 우리나라에서 사외이사 제도가 효과를 충분히 거두기 위한 어떠한 개선방안과 정책이 필요한가를 주로 사례연구를 통해 분석하는 것이다. 사례분석의 대상으로 POSCO, 주택은행 그리고 SK텔레콤을 선정하였다. 사례분석 대상기업들은 사외이사 제도 도입을 통해 이사회의 본래 역할을 회복되고, 이사회에서 주주이익을 위한 의사결정이 내려지고, 전반적으로 경영투명성이 향상되는 효과를 거두고 있는 것으로 분석되었다. 본 논문의 사례연구는 사외이사 제도의 발전을 위해 다음과 같은 시사점을 제공한다. 첫째, 사외이사의 독립성과 전문성 제고가 시급하며 이를 위해서는 최고경영자에 대해 유인을 제공하고 사외이사에 대한 주식연계 보상을 실시하고 사외이사 선임에서 독립성보다 전문성을 우선시 하는 것이 필요하다. 둘째, 이사회 규모를 축소해야 한다. 셋째, 이사회와 전문위원회의 역할을 분리해야한다. 넷째, 이사회와 사외이사 평가가 이루어져야 한다.

• The Korean Journal of Financial Management
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• v.15 no.2
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• pp.23-53
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• 1998

본 연구의 목적은 우리나라 상장기업들의 기업규모 및 시장지배력이 연구개발투자활동에 미치는 영향을 분석하는데 있다. 가설검증을 위하여 1997년 3월말 현재 한국증권거래소에 상장된 72개 제조기업을 대상으로 상관분석과 회귀분석을 실시하였다. 실증분석결과 연구개발투자 활동은 기업규모와 관련성이 크며, 기업규모가 일정 크기에 이를 때까지는 연구개발 활동이 증가하지만, 일단 그 선을 넘어서면 기업 규모에 비례해서 증가하지는 않는 것으로 나타났다. 또한, 시장지배력을 나타내는 시장집중률 및 시장점유율과 연구개발 활동간에는 유의한 부(-)의 효과가 존재하는 것으로 나타났다. 그리고, 매출액성장률과 연구개발투자 활동간에는 분명한 관계를 확인할 수가 없었으나, 기술기회는 연구개발 활동과 예상대로 정(+)의 관계가 있는 것으로 나타나 성장기회가 높은 산업일수록 연구개발 활동이 많은 것으로 나타났다. 이 연구는 기업의 규모 및 시장지배력이 연구개발투자 활동에 미치는 영향을 우리나라 기업을 중심으로 실증적으로 검증함으로서 기술혁신을 위한 산업조직 및 개별기업의 연구개발 투자를 위한 의사결정과 관련한 시사점을 제공한 점에 의의를 찾을 수 있다.

• 한국IT서비스학회:학술대회논문집
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• 2006.05a
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• pp.575-582
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• 2006

정보화 필요성을 느끼고 있는 중소기업을 중심으로 ASP에 대한 수요가 증가하고 있는 반면에, ASP도입을 고려하고 있는 기업들은 이러한 정보시스템을 도입한다고 해서 기업의 성과가 좋아질 것인가라는 의문을 가지고 있다. 이러한 의문은 기존 기업들의 투자 효과를 확인함으로써 신규 도입 의사결정에 있어서 중요한 판단 기준이 될 수 있다. 이에 본 연구에서는 IT 투자와 성과 측정의 타당성을 검토하기 위해 재무지표와 비 재무지표 간의 다중 접근을 통해 IT 투자 성과를 평가할 수 있는 ROI분석을 위한 체계를 개발 제안한다. 제안한 ASP 투자성과 평가 방법을 50인 미만의 제조업을 대상으로 적용하여 결과를 도출하고 도입 시 고려해야 할 점을 도출하였다.