• 수산경영론집
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• 제43권1호
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• pp.75-85
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• 2012

In this paper, we study the extent to which the pecking order theory of capital structure provides a satisfactory account of the financing behavior of Korean fisheries firms using financing deficit. The major results of this study are as follows. Firstly, we find that the financing deficit is a important factor that explains the pecking order theory of fisheries firms'capital structure. However, the financing deficit does not wipe out the effects of conventional variables. The information in the financing deficit appears to be factored in along with many other things that fisheries firms take into account. Such result is consistent with the result of Frank and Goyal(2003). Secondly, we find that profitability is only one factor explaining the capital structure of fisheries firms among conventional variables when we test the regression of leverage with financing deficit during post IMF period. This result is different from the previous researches of Korean fisheries firms. (Kang and Jeong; 1997, Nam, Lee, and Hong; 2011) Finally, we examine the dynamics of capital structure of Korean fisheries firms firstly. It will allow a more detailed analysis for capital structure determinants for Korean fisheries firms.

• 디지털산업정보학회논문지
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• 제7권1호
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• pp.159-171
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• 2011

This paper discuss the role of venture capital as a critical financing sources for Venture Business particularly technology oriented firms. Thus this study is to analyse what makes the difference in financial performance among the companies. In particular, this paper focuses on their financing channels, which would have greater influence on their financial performance according to having venture capitals or not. As a result, taking into consideration of financial performance of the companies, there were significant differences in financial performance between venture companies with the capital and one without it. Therefore, it is necessary to reconsider capital policies for venture business and also those policies will be well alliance with nurturing the ventures not only support financing aids but also build up the institutional improvement plan.

• 한국항해항만학회:학술대회논문집
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• 한국항해항만학회 2000년도 춘계학술대회논문집
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• pp.16-32
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• 2000

This paper aims at exploring financing methods for port development in response to unification of South and North Korea. In so doing, methods of port financing employed by major countries have been enumerated. Major financing sources for the two Korea, among others, taxes, public bond, public administration fund, establishment of harbour maintenance tax, port development tax, port development fund, Civil Economic Cooperation Fund of South and North Korea, and Fund for Port Development of North Korea and, fund for cooperation of South and North Korea, Economic Development Cooperation Fund, borrowing of foreign capital, project financing, domestic civil capital investment, foreign capital investment, application of cross-subsidization principle, etc. were suggested.

• STI Policy Review
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• 제5권1호
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• pp.75-97
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• 2014

Entrepreneurial financing, such as publicly initiated venture capital or grant schemes, serves as an important policy instrument that aims to bridge the financing gap facing young, innovative businesses, a gap that is mainly due to higher risk and growing uncertainty, and to strategically promote the creation of new ventures through the revitalization of their venture capital industries. This study examines public venture capital initiatives in Australia, Canada, and Sweden, and discovered that all three countries actively foster their venture capital industry through the formation of funds or the provision of tax incentives. It is notable that the majority of financing initiatives heavily depend on supply-side measures rather than demand-driven policies that focus on stimulating private investment in technological innovations and discoveries. This paper discusses in-depth the policy impact of public financing initiatives and their subsequent side-effects raised in the process such as overlapping in funding structure across the country, lack of monitoring and evaluation for feedback, fragmentation across the government ministries and agencies, and competition with the private sector, which may cause inefficiency as a result of public intervention. Financial constraints may arise for many reasons, partly resulting from the lack of investment readiness of young entrepreneurs. This signals a policy shift towards the creation of market-driven demand away from the traditional supply-push approach, and is a grand challenge to policymakers in entrepreneurial financing. Attention is leaning towards the efficiency and effectiveness of these public-financing initiatives in terms of their policy roles. It is worth noting that policy should focus on generating synergy so available resources can be channeled into the early, risky stage of new ventures, working as facilitator to the achievement of an intended policy goal.

• 아태비즈니스연구
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• 제14권1호
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• pp.215-229
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• 2023

Purpose - Based on the funding-horizon theory, this study aims to test the effects of cash needs and the persistence of external funding needs on firms' external financing. Design/methodology/approach - Financial data of Korean listed companies were collected from DataGuide. Immediate and near-term cash shortfalls are defined using the methodology of Haung and Ritter (2021). We estimate multinomial logit regressions for the financing choice. Findings - First, all three cash depletion variables used in our study increase the likelihood of external financing. Second, firms prefer to issue debt to meet immediate spending and equity to meet long-lived cash needs. Third, this effect is more pronounced for high R&D firms. Fourth, chaebol firms with internal capital markets defer raising external capital for immediate and near-term cash needs. Research implications or Originality - This paper provide empirical evidence that immediate and near-term cash needs induce external financing, and the persistence of cash needs affects the choice between debt and equity, the finding which is consistent with the funding-horizon theory of financing decisions. Being the first paper to test the funding-horizon theory using Korean data, this paper contributes to the literature on the capital structure of Korean firms.

• 중소기업연구
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• 제39권2호
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• pp.19-35
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• 2017

중소기업의 성장을 위해서는 자원의 획득과 활용이 매우 중요하다. 본 연구에서는 자원기반관점(RBV)을 기반으로 하여 중소기업에 대한 투자, 특히 벤처캐피탈을 중심으로 한 투자와 기업의 성과 간의 관계를 규명하고자 한다. 본 연구를 통해 벤처캐피탈이 투자한 기업과 그렇지 않은 기업이 성과의 차이를 나타낸다는 것을 확인하였다. 특히 투자한 벤처캐피탈의 수가 기업의 성과에 유의한 영향을 미친다는 것을 나타낸다. 흥미로운 것은, 벤처캐피탈이 아닌 상대에게서 받은 투자자수는 기업의 성과에 유의한 영향을 미치지 못하는 것으로 나타났다는 점이다. 본 연구는 중소기업이 제한된 자원 하에서 성장을 이루기 위해서는 다양한 벤처캐피탈로부터 투자를 받는 것이 바람직하다는 점을 시사한다.

• 무역상무연구
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• 제48권
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• pp.127-155
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• 2010

The international transactions of capital goods such as industrial plant exports, overseas constructions, and shipbuilding exports, are so huge that tremendous amount of funds are required, and that most of the loans are long-term credits of over five years. In the export of huge capital goods, financing is more crucial than technology itself. Some of the importing countries are developing ones that are politically and economically unstable. Therefore the financing mechanism for these transactions is conclusive in winning these projects. Global financial market instability caused by US sub-prime mortgage financial crisis expanded all over the world, and the international transactions have been decreased due to global credit crisis. This indicates how much influential the financing market is in international transactions. The financing schemes are classified into supplier credit and buyer credit by who provides the financing. A supplier credit is a credit extended by an exporter(seller) to an importer(buyer) as part of an export contract. Cover for this transaction may be extended by an export credit agency('ECA') to the exporter. In a sales contract a seller shall provide fund required to manufacture goods, and in a construction contract a contractor shall provide fund required to complete a construction. A buyer credit is an arrangement in which an exporter enters into a contract with an importer, which is financed by means of a loan agreement A Comparative Study on a Supplier Credit and a Buyer Credit in International Transactions of Capital Goods 155 where the borrower is the importer. In a sales contract a buyer shall provide fund required to manufacture and procure the goods, and in a construction contract an owner shall provide fund required to complete a construction. Therefore an exporter is paid on progressive payment method. A supplier credit and a buyer credit have their own advantages and disadvantages in the respect of the parties respectively. These two financing methods are selectively used considering financing conditions such as funding cost, importer's and/or exporter's financial conditions, importing country's political risk.

• The Journal of Asian Finance, Economics and Business
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• 제9권7호
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• pp.249-260
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• 2022

The objective of this study was to investigate the impacts of working capital policy and strategy on a firm's performance including profitability and market value. By applying One-Sample T-Test, working capital investment and financing policies were classified into the three sub-policies and strategies: aggressive, moderate, and conservative, unlike previous studies using two sub- policies and strategies. The results showed that the SET-listed companies in all seven industry sectors primarily adopted an aggressive working capital investment policy and a conservative working capital financing policy, so-called as moderate working capital management strategy (MWS), at 49.40%. While the firms adopted and conservative working capital management strategy (CWS), 45.70%, followed by the aggressive working capital management strategy (AWS), at 4.90%. When examining the impacts among three-sub policies and strategies on a firm's performance, it was found that the conservative working capital financing policy led to the highest profitability and market value in all industry sectors. The findings also revealed that the aggressive strategy has no impact on a firm's performance in terms of profitability and market value.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.861-872
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• 2021

This study examines the relationship between board characteristics and capital structure. Data was collected from the annual reports of listed companies in the Stock Exchange of Thailand, from 2015 to 2017, which totaled 1,264 firm-year observations. The study uses multiple regression analysis to analyses the data by using independent variables, including board size, outside directors, managerial ownership, CEO duality, frequency of board meetings, board experience, and gender to measure board characteristics and the total debt ratio for capital structure. Research findings show that the more independent the directors are, the lower the cost of debt financing is, as they control the management team more strictly about debt financing than directors with less independence do. Additionally, the results reveal that the higher the percentage of managerial ownership, the higher the level of leverage and debt financing, whereas board size and board meetings have a negative relationship to capital structure. Further research showed that firm size, growth opportunities and corporate governance rating all had a positive significant impact on capital structure. The findings of this study suggest that the presence of proper corporate governance leads to better funding mechanisms as it ensures that the company is in a better position to obtain external funding.

• 자원ㆍ환경경제연구
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• 제11권2호
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• pp.279-290
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• 2002

This paper explores the impact of public financing for recycling firms on output, using a specific case study of Korea. To this end, we employ a production function approach and apply generalized method of moment estimation technique. The results show that the impact appears to be not only positive but also statistically significant, and more interestingly the estimate for financed capital is numerically larger than that for non-financed capital.