• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.35-46
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• 2017

The purpose of this study is to identify the characteristics of entrepreneurs and organizations related to the initial investment stage of IT-based entrepreneurs. Specifically, we examine the effects of founder-related characteristics such as background and experience of founders on the initial investment stage and explore how the organizational characteristics such as finance, human, and technology resources affect initial investment of start-up enterprise. To accomplish this study purpose, a questionnaire survey was conducted on entrepreneurs who were actually invested by government, angel, and VC. A total of 295 data were used for hypothesis testing, and the hypothesis was tested by hierarchical regression analysis. As a result of the study, it was found that founders who had experience of investment before or experienced in technology development had a significant influence on initial investment stage. In addition, it was confirmed that factors such as financial, human, and technology resources had significant positive effects on the initial investment stage. The results of this study make it possible to identify the competencies and characteristics required to attract investment to potential founders preparing for start-up in the future. It also provides information on how to formulate an effective human resource composition plan. Also, these results can be used as a basis for investment decision-making by providing investors with guidelines on investment selection criteria.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.1-18
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• 2019

Venture capitalists (VCs) play an important role in finding and growing innovative venture companies with high growth potential but high risk. Venture capital investment does not depend on the system, unlike the investment for listed companies. Korea's venture capital industry has entered a period of growth, but lack of data has led to a lack of research on venture capital. Based on this background, this study attempts to analyze various factors affecting investment decision criteria of Korea VCs. In this study, I examined the major factors that VCs consider in decision making of investment through literature review, and I have drawn the research question accordingly. I will focus on the characteristics of founders, products / services, markets, financials, and networks that scholars share common investment decision criteria in Korean VCs. For the purpose of this study, the data were collected through the questionnaire surveyed by investment vetters working in current venture capital and analyzed using AHP analysis. Through this study, I tried to understand the Korean venture capital which has been poorly studied and what criteria and priorities Korean VCs make investment decisions in the Korean venture investment environment. The results of this research will contribute to the vitalization of venture investment, which is important for the upbringing of companies, by providing guidelines for establishing investment attraction strategies of venture companies.

• Journal of Digital Convergence
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• v.19 no.1
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• pp.125-139
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• 2021

This study identifies the trend of Korean accounting researches on profit adjustment. We analyzed the abstract of accounting research articles published in Korean Citation Index (KCI) by using text mining technique. Among papers whose themes were profit adjustment, topics were divided into 4 parts: (i) Auditing and audit reports, (ii) corporate taxes and debt ratios, (iii) general management strategy of companies, and (iv) financial statements and accounting principles. Unlike the prediction that financial statements and accounting principles would be the main topic, auditing was analyzed as the most studied area. We analyzed topic trends based on the number of papers by topic, and could figure out the impact of K-IFRS introduction on profit adjustment research. By using Big Data method, this study enabled the division of research themes that have not been available in the past studies. This study enables the policy makers and business managers to learn about additional considerations in addition to accounting principles related to profit adjustment.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.12
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• pp.552-560
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• 2018

Since 1960's, the large conglomerates of South Korea have grown due to the corporate-centered, fast-paced growth drive, while the small and medium-sized businesses supported the country's economy as the subordinate structure of these conglomerates. Due to the globalization of the business environments, the focus of competition shifted from competitions between individual companies to one between networks of companies. Therefore, more emphasis is now put on the capabilities of the cooperation networks between companies rather than the capabilities of individual companies. Therefore, in this study, the author examined the influence of the win-win growth strategy elements through cooperation with small and medium-sized businesses upon corporate performance. This study was conducted with the workers of small and medium-sized businesses that have previous cooperation experiences with South Korean conglomerates over the period from March 2 to May 17, 2018. For this, a total of 515 questionnaires were retrieves to obtain the data for analysis. The analysis was conducted using SPSS 22.0 and AMOS 18.0. The analytical processes that were taken included exploratory factor analysis, confirmatory factor analysis, confidence analysis, correlation analysis, and structural equation analysis model. The results of the analysis showed that, first of all, the win-win growth strategy factors that affected the strategic performance, which is a part of cooperate performance were, respectively, harmonization with the goals, production technical support, and quality system. Second, the win-win growth strategy factors that affected the financial performance, which is a part of corporate performance, turned out to be harmonization with the goals, quality system, and incentive. With the results of this study, it was shown that the elements such as harmonization with the goals, production technical support, quality systems, and incentives were key infrastructural factors that affected the corporate performance directly. On the other hand, its implication is that informative or knowledge-related factors, such as joint knowledge creation, do not have their own added values, while they are not too much likely to affect corporate performances for the moment.

• Korea Trade Review
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• v.48 no.1
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• pp.331-355
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• 2023

As competition between companies intensifies in the global management environment, ESG management is emerging as a tool for companies to have competitive advantages, and it is becoming increasingly important for companies to form strategic partnerships using SCM. Through the investigation of the previous research, the main factors such as ESG management, SCM partnership, corporate image, performance and so on were analyzed. As a result, the stronger ESG management factors such as the environment and society are, the higher the corporate image. Second, ESG management, such as the environment and society, has a significant impact on corporate performance. Third, ESG management activities such as environment and society have enhanced SCM partnerships. Fourth, it was confirmed that the stronger the SCM partnership, the better the corporate image. Fifth, the improvement of the corporate image of non-financial performance will have a more significant impact on corporate performance. In terms of academic and practical implications, it leads to important factors to be considered in the introduction of ESG management by companies, and empirically explores the relationship between each factor. The ESG management of Korean start-ups needs to be promoted according to environmental and social factors, and the ESG management needs to be implemented from a long-term perspective.

• The Korean Society of Law and Medicine
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• v.15 no.1
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• pp.335-373
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• 2014

According to one Medicare report, in the US, total federal spending on health care expends almost 18 percent of the nation's GDP, about double what most industrialized nations spend on health care. And in 2011, Medicare spending reached close to $554 billion, which amounted to 21 percent of the total spent on U.S. health care in that year. Of that $554 billion, Medicare spent 28 percent, or about $170 billion, on patients' last six months of life. So what are the reasons of this high cost in EOL care and its possible solutions? Much spendings of Medicare on End-of-Life care for the terminally ill/chronically ill in the US has led health economics experts to assess the characteristics of the care. Decades of study shows that EOL care is usually supply-sensitive and poor in cost-effectiveness. The volume of care is sensitively depending on the supply of resources, rather than the severity of illness or preferences of patients. This means at the End-of-Life care, the medical resources are being overused. On the other hand, opposed to the common assumption, "The more care the better utility", the study shows that the outcome is very poor. Actually the patient preference and concerns are quite the opposite from what intense EOL care would bring about. This study analyzes the reasons for the supply-sensitiveness of EOL care. It can be resulted from the common misconception about the intense care and the outcome, physicians' mission for patients, lack of End-of-Life Care Decision which helps the patients choose their own preferred treatment intensity. It also could be resulted from physicians' fear of legal liabilities, and the management strategy since the hospitals are also seeking for financial benefits. This study suggests the possible solutions for over-treatment at the End-of-Life resulting from supply-sensitiveness. Solutions can be sought in two aspects, legal implementation and management strategy. In order to implement advance directive properly, active ethics education for physicians to change their attitude toward EOL care and more conversations about end-of-life care between physicians and patients is crucial, and incentive system for the physicians who actively have the conversations with patients will also help. Also, the general education towards the public is also important in the long run, and easy and official advance directive registry system-such as online registry-has to be built and utilized more widely. Alternative strategies in management are also needed. For example, the new strategic cost management and management education, such as cutting unnecessary costs and resetting values as medical providers have to be considered. In order to effectively resolve the problem in EOL care for the terminally ill/chronically ill and provide better experience to the patients, first of all, the misconception and the wrong conventional wisdom among doctors, patients, and the government have to be overcome. And then there should be improvements in systems and cultures of the EOL care.

• Management & Information Systems Review
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• v.36 no.5
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• pp.1-26
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• 2017

In the meantime, research on corporate informatization focuses on the completeness of information technology itself and its financial effects, so there is insufficient research on whether information technology can support business strategy. It is necessary to verify whether the management strategy implementation of the company can be led through the informatization of the enterprise and the relation between the main mechanism factors and the informatization performance. In this study, what a mechanism factor is applied in the process of result creation of informatization from three mechanism perspectives such as selecting mechanism, learning mechanism and coordinating mechanism with cases of representative domestic IT company and what an importance mechanism factors have been ascertained. This study results in 8 propositions. For a main agent of companies, securement of information capability of organizations has been selected to realize informatization results and investment of informatization has been selected to solve organizational decentralization problems as the most important factor. Additionally, as competition in the industry gets fierce, investment on informatization has been changed to a utility way of implementation of strategies and decision on investment has been made through the official process and information technology. Differentiated company capability has been made based on acquisition of technical knowledge and company information has been expanded to its whole employees through the information system. Also, informatization change management and outside subcontractor management have been acknowledged as an important adjustment factor of company. The first implication of this study is that since case studies on mechanism factors that preceding studies on informatization results did not empirically cover have directly been dealt with based on experiences of executives in charge of business and in charge of informatization, this study can provide practical views about factors that should be mainly managed for informatization results of IT companies. Secondly, since ser-M framework has been applied for IT companies for the first time, this study can academically contribute to companies in other fields about main mechanism factors for result creation of informatization based on deeper understanding and empirical cases.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.87-104
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• 2023

Recently, concerns are growing over small and medium-sized companies holding out on debt as domestic loan interest rates have risen sharply due to the prolonged impact of COVID-19 and soaring raw material prices. In addition, loans from small and medium-sized enterprises, which are difficult in the business environment, are increasingly being rejected due to high loan interest rates and excessive submission documents and financial statements-oriented screening of loans by the financial sector. Therefore, since it is necessary to discuss ways to promote financing and investment by SMEs, this study intends to suggest ways to promote investment through the use of SMEs' ESG systems. The purpose of this study is to suggest that the use of ESG evaluation indicators used as non-financial indicators helps predict the corporate value of SMEs and the importance of SMEs actively participating in ESG information disclosure. This study suggests the necessity of introducing and practicing ESG by SMEs where financing is important, and aims to analyze as an empirical result that the use of non-financial indicators helps predict corporate value. As a result of the study, the ESG performance and corporate value of SMEs showed a positive (+) relationship. It can be seen that both the grades and corporate value of SMEs by ESG sector have a positive (+) influence relationship. The total ESG rating was confirmed to have a positive effect on corporate value, and it was confirmed that SMEs with higher ESG environment, social, and governance ratings were evaluated higher. According to the research results, it is suggested that SMEs also need to use ESG evaluation indicators, and in order to promote the growth of SMEs, it is suggested that research on ways to re-examine the corporate value of SMEs is necessary. Therefore, this study suggests that the use of ESG should be actively recommended and implemented as a way to establish a management strategy for SMEs, and that efforts to disclose ESG information can soon help SMEs solve information asymmetry. In addition, SMEs want to understand the investment mechanism that the introduction and practice of ESG can lead to the improvement of the value of SMEs and suggest the necessity of SME-type ESG policies in the future.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.1-13
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• 2019

As a way to find new and innovative technologies, many companies have invested in and acquired skilled startups. Because startups are usually small in size and have a small history of past business experience, there are many risks involved in acquiring them as they have limited technical skills and business feasibility verification methods. Thus, venture capital plays an important role in discovering and investing competitive startups. While Independent Venture Capital generally values financial returns, Corporate Venture Capital, which plays investment roles in the firm, values business synergies with the parent company from a strategic perspective. In an industry sector where development of technology is rapid and whether new technology is held determines a company's competitiveness, existing companies incorporate startups with innovative technologies into their investment portfolios, collaborate together, and take over for comprehensive cooperation. In addition, new investments and acquisitions are carried out through the management of portfolio companies to obtain and utilize industry information. In this paper, major U.S. companies listed in the U.S. verified their investment activities through corporate venture capital and their impact on parent companies and startups through regression, while the parent company's acquisition performance was analyzed through an event study based on a stock price analysis. The criteria for startup were defined as companies with less than 12 years of experience, and the analysis showed that the parent companies with corporate venture capital with a larger number of investments actively take over startups. In addition, increasing corporate venture capital's financial investment activities shows a negative impact on the parent companies' acquisition activities, and the acquisition performance increased when the parent companies took over startups in its portfolio.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.4
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• pp.1923-1931
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• 2014

A value creation is understood as important business strategy these days in both academics and industry. But this phenomenon is not fully understood based on systematized framework. In this paper, we summarized value research trend based on exploratory research and inductive reasoning by exploring both international and domestic journals. And we built a research framework that can analyze value creation between supplier and customer. Value research prior to 2004 is primarily divided into values of goods or services and relationship values. After 2004, service-dominant (SD) logic has been outlined. There are other research trends to see the relationship value in terms of relationship benefits and relationship in the network or supply chain. 4 critical resource types (financial resource, knowledge resource, efficiency resource, and intellectual resource) and 5 competence types (relational capability, collaboration capability, innovation capability, managing capability) are constructed as principal factors for value creation from inductive reasoning based upon a resource-based view (RBV) and a competence-based view (CBV). The research framework was built based on 4 resources and 4 competences.