• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.22 no.1
• /
• pp.275-284
• /
• 2021

Survival analysis was used to analyze whether there is a difference in the effect of leverage on corporate failure according to the firm size. A total of 25,250 (year-company) companies listed on the Korea Stock Exchange and KOSDAQ market from 1999 to 2019 were analyzed. First, the increase in leverage generally acts as a factor that increases the possibility of corporate failure. On the other hand, the increase in the trade payable ratio lowered the possibility of failure of the company. The increase in corporate trade payable was perceived as a factor in reducing the possibility of corporate failure because it was considered the active development of business activities or active use of interest-free debt rather than leading to an increase in corporate risk. Second, a higher leverage ratio and trade payable ratio in large firms lowered the possibility of corporate failure. In the SMEs, all types of leverage increases are a factor that increases corporate failure. Overall, the effect of leverage on corporate failure differs according to the size of the company.

• Journal of Distribution Science
• /
• v.12 no.6
• /
• pp.81-88
• /
• 2014

Purpose - Entrepreneurship promotion is emerging as an important economic growth agenda. However, in Korea, entrepreneurship has weakened because of the collapse of the venture bubbles of the 2000s and the global economic recession in 2008, which have induced the business community to choose stability over risk. The Korean government has been implementing several support projects to inspire and promote youth entrepreneurship through various means including financial assistance; however, the perpetuation rate of young entrepreneurship is still low as compared to advanced economies such as the US and EU. This case study focuses on the Youth Start-Up Business Support Program of the Small & Medium Business Corporation, and explores practical alternatives. Further, it aims to suggest managerial factors and a conceptual model for change management factors affecting the business performance creation of a startup company, based on the Small and medium Business Corporation's young venture startup fund. Research design, data, and methodology - Many studies examine the current progress and issues of startup firms, for example, a lack of systematic cultivation of entrepreneurship and startup business training, lack of commercialization funding for youth startup businesses, lack of mentoring, and inadequate infrastructure. From prior research, we address four factors, namely, personal managerial capabilities, innovative business model, sufficient cash flow, and social network, affecting startup companies' business performance. This study involved a sample survey of 200 young entrepreneurs to investigate casual relations between the four factors and business performance. A regression analysis was used to verify the hypotheses. Results - First, in relation to differences in the founder's personal characteristics, age, sales amount, and number of employees significantly impact business performance. Second, regarding the causal relation between the four factors for creating business performance, an innovative business model and social networking have supported the hypotheses, revealing that the more that a start-up founder has an innovative business model and social networking, the more the start-up firms are likely to have better performance (e.g., sales volume, employment, ROE, ROI, etc.). Although the founder's competency and sufficient cash flow have no significant relationship with business performance, the mean value was higher performance for high founder's competency and sufficient cash flow. Conclusions - This study provides basic data on policy support strategies of the Small and Medium Business Corporation, to help young entrepreneurs achieve their start-up business goals. It shows that young entrepreneurship startup firms should strive to explore ideas to satisfy customers' needs, and that changes in customer value and the continuous innovation of business model differentiation are required to actively respond to change management. Moreover, at the infant startup stage, they should activate social network programs to share information, thereby offsetting resource scarcity and managing business risk. Further, the establishment of a long-term vision and the implementation of training programs in related specific fields should be supported to strengthen founders' personal capabilities.

• Development and Reproduction
• /
• v.20 no.2
• /
• pp.81-90
• /
• 2016

The effect of sudden changes of water temperature (WT) on the survival rate and physiological responses of the red spotted grouper (Epinephelus akaara) were examined by manipulating WT control system for 9 days. Experimental condition was divided in two different regimes at low (from $10^{\circ}C$ to $4^{\circ}C$, decreased $1^{\circ}C/d$) and high (from $28^{\circ}C$ to $34^{\circ}C$, increased $1^{\circ}C/d$) WT. Survival rate of experimental fishes were observed, and determined the changes of hematological characteristics by analyzing plasma levels of cortisol, glucose, total protein, and electrolytes ($Na^+$, $Cl^-$, $K^+$). No mortality was observed until low WT $6^{\circ}C$ (144 h) and high WT $32^{\circ}C$ (96 h), and 100% mortality was observed at low WT $4^{\circ}C$ (216 h) and high WT $35^{\circ}C$ (171 h). Plasma levels of cortisol and glucose increased rapidly as decreasing WT, and the loss of swimming ability and respiration response was observed at low WT $7^{\circ}C$ and high WT $34^{\circ}C$ conditions.

• Journal of agriculture & life science
• /
• v.45 no.4
• /
• pp.47-58
• /
• 2011

The forest of Korea had been severely degraded since early 1900s until 1950s. Korean Government has successfully accomplished the reforestation works since 1960s. However, some plantations showed poor survival and growth caused by ignoring site characteristics in selecting plantation species and lack of tending works such as thinning. The natural regeneration of indigenous species, such as Quercus species and Pinus densiflora Siebold & Zucc., were examined in the plantations of Pinus koraiensis Siebold & Zucc. and Larix kaempferi Fortune ex Gordon. Quercus species regenerated mainly by sprouting while P. densiflora regenerated naturally from a few mother trees that remained in the plantations. P. koraiensis showed poor survival ($IVI{\leq}25%$) and suppressed growth (height ${\leq}3m$ and $DBH{\leq}3cm$ at 20 year-old) by Quercus species or P. densiflora in the plantation areas, however had high survival ($IVI{\geq}70%$) and growth (8 m height and 14.1 cm DBH at 20 year-old) in areas where silvicultural practices were conducted. L. kaempferi showed good survival ($IVI{\geq}40%$) and growth (17.2 m height and 16.3 cm DBH at 30 year-old) mostly in valley areas, while it was nearly dead ($IVI{\leq}10%$) in ridge or ridge-slope areas and was replaced by indigenous species such as Quercus species ($IVI{\geq}25{\sim}55%$) or P. densiflora ($IVI{\geq}18{\sim}50%$).

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.5
• /
• pp.61-74
• /
• 2021

This study investigated the relationship between the social legitimacy and financial performance perceived for venture company. In particular, social legitimacy was classified into prior experiences, organizational competency, market-related, and government-related legitimacy according to the characteristics of venture businesses, and its effect on the financial and non-financial performance of venture businesses was verified. Data were collected by conducting a survey among 300 domestic venture businesses. According to the results it can be understood that social legitimacy affects the financial and non-financial performance of venture businesses. In other words, it was found that the acquisition of resources from external investors and governments which is justified by stakeholder and investors, venture business executives and employees' prior experience such as start-up experience, and retention of outstanding talent, etc., developing trust from the market and consumers through high organizational competency and differentiated product provision, have a positive effect on the financial and non-financial performance of venture companies. It can be interpreted that higher survival is possible through running the venture businesses with social legitimacy. In addition, this study is meaningful in that it presents a new standard for survival through measuring the relationship of the influence on substantial performance of venture businesses by expanding the existing sociological research to business management research.

• The Journal of Information Systems
• /
• v.23 no.2
• /
• pp.67-90
• /
• 2014

Today, the company is trying to improve for business performance through the optimization of corporate resources. Most companies set up new strategy for obtaining competitive advantage for survival in rapid changes of the global business environment. IT has an important role to reduce cost and to increases business performance such as increasing sales, improving business skills and corporate image, etc. in the corporate environment. The development and use of IT resource is recognized as essential in connection with the business strategy. Most companies tried to establish the strategic use of information systems to gain competitive advantage. IT resource management is not clear in a tangible result of the business. The purpose of this study is to find out the relationship between IT competency and organizational performance through the mediating effect of strategic use of IS. IT competency consists of IT human resource, IT infrastructure, and IT vendor management. In direct relationship between three IT competence factors and organizational performance, the results of multiple regression analysis showed that IT human resource and IT vendor management are important determinants to influence organizational performance. The additional analysis for mediating effect of strategic use of IS showed that it has mediated the relationship between IT competency factors and organizational performance. This results give us an implication, not only the importance of IT competency development, but also the importance of strategic alignment of strategic use of IS with business strategy.

• Journal of Korea Society of Industrial Information Systems
• /
• v.14 no.4
• /
• pp.153-162
• /
• 2009

Innovation, especially business process innovation, has evolved into a core focus area for all successful organizations. To ensure long-tenn survival, an enterprise must place innovation at the top of daily business operations to drive desired revenue stability and growth. Business Process Innovation is a key success factor for the next generation enterprise. Companies need to nurture an environment that encourages and enables process innovation. Business Process Management (BPM) must become the focal point of innovation initiatives. But the most BPM solutions are for large company. The cost is too high to build for small and medium sized company. We need the light and easy BPM solution for small and medium sized company. In this paper, we introduce the SESS which is BPM solution for small and medium sized company.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.46 no.4
• /
• pp.1-14
• /
• 2023

As markets and industries continue to evolve rapidly, technology opportunity discovery (TOD) has become critical to a firm's survival. From a common consensus that TOD based on a firm's capabilities is a valuable method for small and medium-sized enterprises (SMEs) and reduces the risk of failure in technology development, studies for TOD based on a firm's capabilities have been actively conducted. However, previous studies mainly focused on a firm's technological capabilities and rarely on business capabilities. Since discovered technologies can create market value when utilized in a firm's business, a firm's current business capabilities should be considered in discovering technology opportunities. In this context, this study proposes a TOD method that considers both a firm's business and technological capabilities. To this end, this study uses patent data, which represents the firm's technological capabilities, and trademark data, which represents the firm's business capabilities. The proposed method comprises four steps: 1) Constructing firm technology and business capability matrices using patent classification codes and trademark similarity group codes; 2) Transforming the capability matrices to preference matrices using the fuzzy function; 3) Identifying a target firm's candidate technology opportunities using the collaborative filtering algorithm; 4) Recommending technology opportunities using a portfolio map constructed based on technology similarity and applicability indices. A case study is conducted on a security firm to determine the validity of the proposed method. The proposed method can assist SMEs that face resource constraints in identifying technology opportunities. Further, it can be used by firms that do not possess patents since the proposed method uncovers technology opportunities based on business capabilities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.6 no.1
• /
• pp.109-132
• /
• 2011

While the resource-based view suggests that a firm's competitive advantage rests on a set of valuable, rare and inimitable resources more generally (Barney, 1991), research in new firms has more specially indicated a link between initial resources and early performance and survival (Bruderl and Schussler, 1990; Fichman and Levinthal, 1991; Carroll et al., 1996). The RBV primarily focuses on the particular resources, and their characteristics, that provide the potential for advantage (Conner, 1991). Yet in order to realize this advantage, organizations must not only develop their resources, but also effectively deploy them (Admit and Shoemaker, 1993). This suggests that advantage from resources may reside in both the input (resource development) side and the output (resource deployment) side. This research looks at venture survival as a function of both the resources a firm owns, and the resources it can access from others. We focus more specifically on technology resources, which are among a technology-based firm's most critical resources (Itami, 1987). In addition, technological knowledge can contribute a large portion of the value of a firm's products (Goodman and Lawless, 1994). We look at both the input and output side: the pool of technology resources that serve as an input to a firm's activities, and the market that values and purchases the output of this activity. We take an international perspective, examining whether resources explain internationalization on the input and output side, and in turn, whether this internationalization can explain survival. We explore three sets of questions. First, can survival in entrepreneurial firms be explained as a function of the resources a firm owns, and beyond that, to those the firm can access, and still further, to those the firm can access internationally? Second, do resources explain internationalization on both the input and output side? And finally, does internationalization explain survival? Implications for theory include extending the RBV to not only include a firm's resources, but its access to the resources of other entities. In addition, examining internationalization on both the input and output side enables us to understand not just the potential advantage of resources, but the manner in which they are deployed as a source of advantage. This research also contributes to the literature on international entrepreneurship by examining whether internationalization can explain survival for early stage firms. For practitioners, this research will provide insights on the importance of building alliances and, in so doing, broadening an organization's perspective about the technology resources available to the firm on the input side. The study will also inform practitioners about the value of maximizing the market for a firm's valuable resources. In addition, this research provides an extraordinary opportunity to access a large, comprehensive, and longitudinal dataset on technology-based ventures in Korea.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 2004.10a
• /
• pp.587-590
• /
• 2004

The present business environment has been incurred much competition by oversupply so that customers have been to have more opportunities in selection of firms to produce required product. Under this circumstance, companies have to provide attractive proposal (for example, low price and on time delivery) to customers as considering their capacity and risk for their survival. Therefore this paper proposes a method to select customer and to propose price and due date for maximum profit in the restricted situation.