• Proceedings of the Korea Contents Association Conference
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• 2008.05a
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• pp.343-347
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• 2008

There are two kind of system in hotel for evaluating management. the first is infra system, for example Front management system - reservation system, C/I, C/O system, POS system , web system, call center management -, Back office system, interface system, and so on which manage direct control for hotel, and next is strategic system, for example BSC , CS . which is supporting hotel management. The purpose of this study was to find using the Balanced Scorecard to evaluate hotel management perfomance. Management performance is based on productivity, quality, time, effect, and responsiveness. Hotel economic value is not equal visual asset which is measured financial value. It is include hotel brand, image, customers who have good loyalty, employees who give customers special service, and systems which was affected by internal process. In conclusion, innovation, growth, internal system process, empioyee and customer have effect hotel performance. Therefore hotel has to know non-financial performance which has positively relate to financial performance.

• Journal of Korea Technology Innovation Society
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• v.9 no.4
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• pp.842-864
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• 2006

This paper deals with an empirical study to statistically analyse various financial performances of the selected IPO firms using their investments on research and development(R&D) as an independent variables. The major results of statistical analyses have come up with the followings: 1) The regression analyses for change in average annual total market stock value/total assets over that of R&D expenditures showed the positive relationship, However, those of sales volume and net assets per share showed negative without statistical significances. 2) The statistical analyses in effect of the 3-year average total market stock value/total assets over the 3-year average R&D expenditures resulted in the positive coefficients what are statistically significant at 95% level. 3) Another statistical analysis showed that the financial performances of the IPO finns with deferred assets were better than those of the firms without them. In sum, the degree of investment on R&D by the IPO firms are expected to positively affect their financial performances except the Finns without having proper original technologies.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.9
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• pp.112-119
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• 2016

This study aims to examine propping by the controlling shareholders and the corporate value of Korean firms with agency problems and propping perspectives. Propping refers to a transfer of resources from a higher ownership firm to a lower ownership firm, in order to prevent the latter from going bankrupt. This study used a sample of 4,077 companies listed on the KRX data exchange from 2004 to 2014. We used proxy variables such as long-term supply contracts, asset and business sales, credit facilities, loans, and equity investments to affiliates as wealth transfer instruments of the controlling shareholders. We found that propping occurred by the equity investment of affiliates in Korean firms. Also, we found that the Korean firm's value was decreased by the affiliate equity investment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.179-190
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• 2019

To alleviate financing difficulties of small and medium sized enterprises (SMEs), the government and municipal governments are providing a variety of SME policy funding programs. This study introduced the policy funding program of Gangwon-do and quantitatively analyzed the financial performance of companies supported by the Gangwon-do SME policy fund in the year 2014. Specifically, we compared the financial ratios for three years, from 2013 to 2015, between funded firms and non-funded firms. In addition, we applied a regression analysis to see if the policy funding program contributed to profitability (the operating profit growth and return on equity), stability (the interest coverage ratio and debt-to-equity ratio), and growth (the asset growth and sales growth) of the funded firms. The empirical results show that the firms that received the policy funds did not show any improvement compared to non-funded firms in terms of profitability, stability, and growth. This suggests that Gangwon-do should improve the policy funding program, that currently provides only an interest amount of 2-4% of the corporate loan principal, without any strategic selection criteria for the target funded firms, and without any follow-up management system, after support.

• Journal of Korea Society of Industrial Information Systems
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• v.28 no.1
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• pp.57-69
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• 2023

In a situation where digital transformation using artificial intelligence is active around the world, the growth of domestic AI companies or AI industrial ecosystems is slow. Where a large amount of government funds related to AI are being invested to overcome the difficult economic situation, systematic research on the effect is insufficient. So, this study aimed to examine the policy effectiveness of the government artificial intelligence solution voucher support project for small and medium-sized enterprises (SMEs) using Propensity Score Matching (PSM) and Difference-in-Differences (DID) on the financial performance of beneficiary companies. For empirical analysis, PSM-DID analysis was performed using sales performance since 2019 for 461 companies with a history of voucher support among the AI SMEs data released by the National IT Industry Promotion Agency. As a result of the analysis, the beneficiary companies' asset growth, salary, and R&D expenses increased overall after government support, and no significant contribution could be confirmed in terms of profits. This study suggests that the voucher policy business directly contributed to the company's growth in the short term, but it requires a certain period of time to generate profits.

• Korea Trade Review
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• v.41 no.1
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• pp.67-90
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• 2016

This study examines whether there is any significant relation between executive compensation and future firm performance for the Korean export manufacturing small and medium-sized firms. We sorted the whole sample firms into the sub-groups of 10 deciles by firm size and the KSIC standard. We found the following empirical results. First, Korean export manufacturing small and medium-sized firms typically showed lower or even negative profitability in terms of return on equity and operating profit ratio to sales. Foreign equity ownership is very low with an average of 3.77%. Second, for the firms with higher ratio of excess executive compensation to asset had lower future firm performance. It implies that the typical owner-manager in Korean export manufacturing SMEs earns excess pay, but do not contribute much to firm performance. Third, as for future cumulative abnormal returns for future one- and three-year periods, firms with higher owner-executive pay had lower returns compared with firms with lower pay. So the stock market investors set a lower value on them. Fourth, there is a positive relation between excess executive pay and executive overconfidence, and it implies that owner-CEOs with higher pay may become overconfident, thereby lowering future firm performance somehow.

• Journal of Industrial Convergence
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• v.21 no.11
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• pp.13-27
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• 2023

This study aims to contribute to the reduction of the failure rate and social costs resulting from business failures by analyzing factors that affect the insolvency of social enterprises, as the role of social enterprises is increasing in our economy. The data used in this study were classified as normal and insolvent companies among social enterprises (including prospective social enterprises) that were established between 2009 and 2018 and received credit guarantees from credit guarantee institutions as of the end of June 2022. Among the collected data, 439 social enterprises with available financial information were targeted; 406 (92.5%) were normal enterprises, and 33 (7.5%) were insolvent enterprises. Through a literature review, eight non-financial factors commonly used for insolvency prediction were selected. The cross-analysis results showed that four of these factors were significant. Logistic regression analysis revealed that two variables, including corporate credit rating and the personal credit rating of the representative, were significant. Financial factors such as debt ratio, sales operating profit rate, and total asset turnover were used as control variables. The empirical analysis confirmed that the two independent variables maintained their influence even after controlling for financial factors. Given that government-led support and development policies have limitations, there is a need to shift policy direction so that various companies aspiring to create social value can enter the social enterprise sector through private and regional initiatives. This would enable the social economy to create an environment where local residents can collaborate to realize social value, and the government should actively support this.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.19-31
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• 2022

Currently, the role of public accelerators in the domestic accelerator market is gradually expanding. Accordingly, in order to establish relevant policies properly, it is necessary to check the effect and validity of public accelerators' investment. However, there is no quantitative research conducted on domestic accelerators, using their financial data, as domestic accelerators have a short history and quantitative data on them are not disclosed. Therefore, this study conducted an empirical analysis with financial data of the startups that received equity investments from public accelerators to confirm the effect of public accelerators'investment in startups. A regression analysis was conducted with financial data from 112 startups that acquired investments from public accelerators in the period of 2016~2020. And the findings are as follows: First, it was found that the initial investment of public accelerators had an effect on the growth and profitability of startups. Specifically, it was confirmed that the initial investment of public accelerators had a positive (+) effect on sales growth rates and total asset growth rates, which are growth indicators. Second, it was found that the joint investment of public accelerators had a significant positive (+) effect on profit margin, an indicator of profitability, rather than on growth. Therefore, it is deemed that it will be a great force for growth if investment in the early-stage startups that showed significant investment results in this study is continuously expanded in combination with support projects, which are a strength of public accelerators. Since this study has confirmed the investment effect of public accelerators, it is deemed necessary to actively promote policies that direct public accelerators' projects toward improving the performance of startups through joint investment with the private sector and supplementing private accelerators' deficiencies.

• Journal of Korea Technology Innovation Society
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• v.19 no.3
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• pp.465-482
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• 2016

Previous researches have introduced various ways to analyze the impact of standardization on innovation while the works are not only small in number but based on interview or case study. This paper addresses the impact of standardization activities within South Korean industries on technological innovation applying an empirical analysis of standardization activities and technological innovation. Drawing on Korean Industrial Standards Classification from panel data of 2003 to 2012, we employed corresponding data of each industrial classification: Number of standards, Accumulated number of standards, Number of patents applied in Korea, Sales, Operational profit, Intangible asset, and R&D invest. In the first model, we run panel data models employing the number of patents applied in Korea as an independent variable, and the number of standards, accumulated number of standards, sales, and operational profit as dependent variables to observe industrial impacts upon the relationship between standards and patents, along with time lagged consideration. The result shows that number of standards are revealed to have a negative influence on patent applications in the year of research, and no significant effect appears for the next two years while positive effect shows up on the third year. Meanwhie, accumulated number of standards turned out to have positive effects on patent applications in Korea. This implies it takes time for innovation subjects to embrace newly established standards while having a significant amount of positive effect on technological innovation in the long term. In the second model, we use canonical correlation analysis to find industrial-wide characteristics. The result of this model is equivalent to the result of panel data analysis except in a few industries, where some industry specific characteristics appear. The implications of our results present that Korean policy makers have to take account of industrial effects on standardization to promote technological innovation.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.1-40
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• 2007

We test a model of investment-cashflow-growth opportunities relationship in order to estimate the sensitivities to investments. In this study, we use a new proxy variable for the value of growth opportunities(hereafter "VGO"), which is based on the seminal papers of M&M(1958:1961:1963) and Lee(2006;2007). The empirical findings on the sensitivities of cashflow and growth opportunities are as follows. First, when the traditional proxy variables for the growth opportunities such as Tobin's Q, MBR and sales growth are included with the new proxy VGO in the estimation, their coefficients are turned out to be insignificant. Second, only the new proxy variable VGO shows a statistically significant positive sensitibity to investment, which can be regarded that the growth opportunities hold the positive influences to investments. Third, the Tobin's Q can be decomposed into three factors such as the value of growth opportunities(VGO), the value of asset-in-place and valuation errors. It turns out that only the VGO shows a statistically significant positive relationship with investment among others. This means that the new variable VGO is a good proxy variable for the growth opportunities in the investment-cashflow sensitivity analysis. In sum, thanks to the above findings in this study, we can say that it will not be proper to choose a proxy variable for the growth opportunities from the traditional set of proxies such as Tobin's Q, MBR, or sales growth rate.