• Journal of Intelligence and Information Systems
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• v.23 no.4
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• pp.169-196
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• 2017

The fourth industrial revolution represents a revolutionary change in the business environment and its ecosystem, which is a fusion of Information Technology (IT) and other industries. In line with these recent changes, the Ministry of Employment and Labor of South Korea announced 'the Fourth Industrial Revolution Leader Training Program,' which includes five key support areas such as (1) smart manufacturing, (2) Internet of Things (IoT), (3) big data including Artificial Intelligence (AI), (4) information security, and (5) bio innovation. Based on this program, we can get a glimpse of the South Korean government's efforts and willingness to emit leading human resource with advanced IT knowledge in various fusion technology-related and newly emerging industries. On the other hand, in order to nurture excellent IT manpower in preparation for the fourth industrial revolution, the role of educational institutions capable of providing high quality IT education services is most of importance. However, these days, most IT educational institutions have had difficulties in providing customized IT education services that meet the needs of consumers (i.e., learners), without breaking away from the traditional framework of providing supplier-oriented education services. From previous studies, it has been found that the provision of customized education services centered on learners leads to high satisfaction of learners, and that higher satisfaction increases not only task performance and the possibility of business application but also learners' recommendation intention. However, since research has not yet been conducted in a comprehensive way that consider both antecedent and consequent factors of the learner's satisfaction, more empirical research on this is highly desirable. With the advent of the fourth industrial revolution, a rising interest in various convergence technologies utilizing information technology (IT) has brought with the growing realization of the important role played by IT-related education services. However, research on the role of IT education service quality in the context of IT education is relatively scarce in spite of the fact that research on general education service quality and satisfaction has been actively conducted in various contexts. In this study, therefore, the five dimensions of IT education service quality (i.e., tangibles, reliability, responsiveness, assurance, and empathy) are derived from the context of IT education, based on the SERVPERF model and related previous studies. In addition, the effects of these detailed IT education service quality factors on learners' educational satisfaction and their work application/recommendation intentions are examined. Furthermore, the moderating roles of learner position (i.e., practitioner group vs. manager group) and participation motivation (i.e., voluntary participation vs. involuntary participation) in relationships between IT education service quality factors and learners' educational satisfaction, work application intention, and recommendation intention are also investigated. In an analysis using the structural equation model (SEM) technique based on a questionnaire given to 203 participants of IT education programs in an 'M' IT educational institution in Seoul, South Korea, tangibles, reliability, and assurance were found to have a significant effect on educational satisfaction. This educational satisfaction was found to have a significant effect on both work application intention and recommendation intention. Moreover, it was discovered that learner position and participation motivation have a partial moderating impact on the relationship between IT education service quality factors and educational satisfaction. This study holds academic implications in that it is one of the first studies to apply the SERVPERF model (rather than the SERVQUAL model, which has been widely adopted by prior studies) is to demonstrate the influence of IT education service quality on learners' educational satisfaction, work application intention, and recommendation intention in an IT education environment. The results of this study are expected to provide practical guidance for IT education service providers who wish to enhance learners' educational satisfaction and service management efficiency.

• Journal of Ginseng Culture
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• v.3
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• pp.90-118
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• 2021

Gaeseong fostered the conditions necessary for modern capitalism, as huge capital was accumulated through the cultivation and trade of ginseng, which were activities that flourished in the 18th century. During the Japanese colonial era, ginseng merchants were not simply limited to acquiring landowner capital from ginseng trade but actively converted such resource to productive and financial capital, thereby becoming modern entrepreneurs. Ginseng merchants led the joint management and investment of Gaeseong Electric Co., Ltd., Daehan Cheonil Bank, Gaeseong Brewing Co., Ltd., and Songgo Textile Company, founded in the early 20th century. They pursued corporate profits and, as leading individuals of society, spearheaded regional development by supporting educational and cultural projects in Gaeseong. These projects included the establishment of the Gaeseong Commercial School, the publication of Goryeo Times, and the operation of the Gaeseong Jwa Theater. Although liberal economics prioritized shareholder interest, the 21st century witnessed an emphasis on social responsibility among stakeholders asthe major purpose of enterprises. A trend that emerged was ESG (environment, social, governance) management, in which non-financial factors are valued more highly than financial performance. A successful business, which was denoted only by high profits in the past, is now defined by whether a company fulfills its social responsibility. In the early 20th century, the corporate activities of ginseng merchants in Gaeseong reflected entrepreneurship and stakeholder-centered ESG management, which later emerged as essential elements of modern business management. The modern management philosophy ahead of its times stemmed from the regionality of Gaeseong. The political discrimination against Gaeseong residents in the Joseon Dynasty precluded them from becoming government officers, and under a strict social hierarchy, yangban ("noblemen"), the intellectuals of the Joseon Dynasty, were forced to serve as merchants. Son Bong-sang and Kong Seong-hak, aside from being representative ginseng merchants, were both Confucian scholars and writers. The second and third generations of ginseng merchant families who had received higher education abroad returned to Gaeseong to carry on with their family businesses, then established modern companies with capital accrued from the ginseng industry. An analysis of the commercial activities of ginseng merchants in the early 20th century confirmed that these individuals were pioneering entrepreneurs who adopted the ESG management philosophy. In ginseng merchants, one sees a dimension of capitalism with a human face, as with ginseng thatsaves human life.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.

• Journal of Technology Innovation
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• v.20 no.2
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• pp.75-107
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• 2012

Previous researches on technological innovation have several limitations such as lack of general mechanism for technological innovation(inputs, throughputs and outputs of technological innovation), large company oriented studies, and ignoring importance of technology management capabilities. So, this study suggested a new model using resource-based theory and system theory, and empirically applied that to SMEs. Structural equation model analysis by using 223 SMEs in Daegu region provided a support for most of hypotheses. Research results showed that all of factors on technological innovation were significantly and positively related with each other: inputs(R&D leadership, innovation strategy, R&D investment, R&D human resource management, external network), throughputs(portfolio management, project management, technology commercialization) and output(technological innovation). In case of technological innovation inputs, R&D leadership influenced on innovation strategy positively and significantly. And R&D leadership and innovation strategy had positive and significant effects on R&D investment, R&D human resource management and external network. R&D human resource management and external network exerted positive and significant influences on technological innovation throughputs such as portfolio management and project management. But R&D investment did not significant impacts on technological innovation throughputs. Among technological innovation throughputs, both portfolio management and project management had positive and significant effect on technology commercialization. In addition, technology commercialization acted positively and significantly technological innovation output. This study suggests necessary of efforts to implement innovation strategy and manage R&D human resource effectively based on CEO's innovativeness and entrepreneurship. Also, if SMEs want to develop technology and commercialize it, they have to cooperate with external technology resources and informations. Research results revealed that proper level of R&D investment, internal and external communication, information sharing, and learning and cooperative culture were very important for improvement of technological innovation performance in SMEs. Especially, this research suggested that if SMEs manage technological innovation process effectively based on resource-based and system approaches, then they can overcome their resource limitations and gain high technological innovation performance. Also, useful policy support for technological innovation of central or regional government by this research model is important factor for SMEs' technological innovation performance.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.39 no.3
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• pp.33-41
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• 2021

This study identified the scale that traditional landscape design has taken up by analyzing a total of 1037 services for design of cultural heritage that had been ordered by the government agencies from 2018 to 2020, and has drawn characteristics of traditional landscape design focusing on major cases. The results are as follows. First, the number of order cases for traditional landscape design has shown differences annually in the services of design of cultural heritage, but the design amount has been found to have the similar average annually, which confirmed that the same level has been maintained each year. It was found that the number of cases of traditional landscape design requiring responsibilities or participations of landscape engineers for 3 years in the entire design had a high proportion of approximately 26%. Second, the traditional landscape design has required professional knowledge and experiences of landscape engineers that could not be replaced by the business operator for design of cultural heritage consisting of architects. The expertise has been shown differently depending on types of construction. First, the topographical design for the work to build a foundation has required understanding of ground shapes and its elevations and professional knowledge on calculation of the amount of the earth work and the remains maintenance technique etc. The plantation design has required basic knowledge on growth characteristics of trees and the environment for growth and understanding of the vegetation landscape of the past. Meanwhile, the design for traditional pavement and traditional landscape structures and facilities has required the expertise on traditional materials that are different from the modern ones and their processing and construction methods. The understanding of changes to water paths and ecosystem, the principles of fluids, and characteristics of each type of fluid was essential for the design for the ecological landscape work including the maintenance of a water system such as rivers etc. As such, the traditional landscape design has a scale accounting for approximately one fourth of the entire cultural heritage design and requires the expertise differentiated from other fields. This improves the provisions of the current law on limiting the actual design, suggesting the need for the establishment of a traditional landscape design company so that all traditional landscape designs can be carried out by landscape engineers.

• The Korean Journal of Franchise Management
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• v.2 no.1
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• pp.173-199
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• 2011

A franchisee has to depend on the overall system, such as knowhow and management support, from a franchisor in the franchise system and the two parties do not start with the same position in economic or information power because the franchisor controls or supports through selling or management styles. For this, unfair trades the franchisor's over controlling and limiting the franchisee might occur and other side effects by the people who give the franchisee scam trades has negatively influenced on the development of franchise industry and national economy. So, the purpose of this study is preventing unfair trade for the franchisee from understanding the causes and problems of dispute between the franchisor and the franchisee focused on the dispute cases submitted the Korea Fair Trade Mediation Agency and seeking ways to secure the transparency of recruitment process and justice of franchise management process. The results of the case analysis are followed; first, affiliation contracts should run on the franchisor's exact public information statement and the surely understanding of the franchisee. Secondly, the franchisor needs to use their past experiences and investigated data for recruiting franchisees. Thirdly, in the case of making a contract with the franchisee, the franchisor has to make sure the business area by checking it with franchisee in person. Fourthly, the contracts are important in affiliation contracts, so enacting the possibility of disputes makes the disputes decreased. Fifthly, lots of investigation and interests are needed for protecting rights and interests between the franchisor and franchisee and preventing the disputes by catching the cause and more practical solutions of the disputes from the government.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.3
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• pp.1270-1277
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• 2011

Since the pharmaceutical industry is a research oriented sector, the research and development capability based on the qualified R&D manpower is one of the key success factors to strengthen the national competitiveness. Securing the appropriate number of researcher needed for the research activities in these fields is an important precondition for a government policy that aims for a strongly knowledge-intensive the pharmaceutical industry growth. In this study, we conducted and analyzed a delphi survey of the experts(the principal investigators) with expertise in these pharmaceutical research areas. The current and future requirements for the pharmaceutical science research personnel including medical doctors have been evaluated, extending the year 2017. The results of this study can be summarized as follows; First, in 2007 the field of pharmaceutical R&D personnel is currently under-supplied as many as about 5,600 people. The rate of under-supplied is about 18.1%. Second, in 2017 the evaluation shows that the R&D personnel in this field will be more severely under-supplied as many as 13,500 people. The rate of under-supplied will be about 28.6%. As a result, the confrontation of demand and supply evaluation shows that, in general, severe shortages of R&D manpower in the field of pharmaceutical will result if there are not adequate manpower policy adjustment.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.11
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• pp.728-739
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• 2020

Using webometric big data, this study examines the diversity of online information sources about the novel coronavirus causing the COVID-19 pandemic. Specifically, it focuses on some 28 countries where confirmed coronavirus cases occurred in February 2020. In the results, the online visibility of Australia, Canada, and Italy was the highest, based on their producing the most relevant information. There was a statistically significant correlation between the hit counts per country and the frequency of visiting the domains that act as information channels. Interestingly, Japan, China, and Singapore, which had a large number of confirmed cases at that time, were providing web data related to the novel coronavirus. Online sources were classified using an N-tuple helix model. The results showed that government agencies were the largest supplier of coronavirus information in cyberspace. Furthermore, the two-mode network technique revealed that media companies, university hospitals, and public healthcare centers had taken a positive attitude towards online circulation of coronavirus research and epidemic prevention information. However, semantic network analysis showed that health, school, home, and public had high centrality values. This means that people were concerned not only about personal prevention rules caused by the coronavirus outbreak, but also about response plans caused by life inconveniences and operational obstacles.

• Journal of Convergence for Information Technology
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• v.8 no.1
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• pp.253-263
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• 2018

Textile fashion industry is a core foundation industry, having the majority of companies with 10 or more workers, in Northern Gyeonggi Province. however the industry is mostly comprised of small unit-stream enterprises, orders are greatly reduced due to lately accelerated overseas expansion of medium/large-sized vendors and the growth-inhibiting vicious circle has being set in, as this situation causes the reduction of investment. For resolving the problems, this study proposes required political factors and concrete policy proposals by designing AHP research model(4 layers and 36 elements), based on grasp of the transitional aspect of industrial scale and business environment through analysis of various industrial statistics, preceding research such as related literature search and (industrial/academic/R&D/government) specialist opinion investigation, and then calculating relative importance and priority of each factor(element) within each layer. And for raising usefulness and availability of the research result by concretely suggesting the vision, strategies, core tasks and detailed projects in which the research model and deduced result are reflected.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.12
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• pp.268-277
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• 2020

This study emphasizes that the survival strategy of universities should be a co-evolution strategy based on ecological thinking. Therefore, the purpose of the research is to present a theoretical framework for dividing the university innovation ecosystem into four stages and building a co-evolution strategy for each step, as universities play a prominent role in regional innovation ecosystems. Thus, our research method focused on literature research, and the theoretical framework for the university innovation ecosystem used Moore's Enterprise Ecosystem Model (1996). The university's ecological innovation strategy is divided into four stages of development, and a step-by-step co-evolution strategy is presented. Findings are summarized as follows. The pioneering stage involves the creation of values of the university-led innovation ecosystem. The expansion stage focuses on the establishment of critical mass. The authority stage covers maintaining authority and bargaining power. The renewal stage features continuous performance improvement. In particular, this theoretical model of the university-regional innovation ecosystem is meaningful in that it provides a theoretical basis for enhancing the effectiveness of government financial support projects, and for individual universities, it provides a framework for strategies suitable for their ecosystem building process.