• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.85-105
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• 2021

In this study, a case study was conducted on Advanced Nano Products Co.,Ltd, a company that was established in 2000 and has the core technology to produce and commercialize nano materials and ultrafine nano powders based on nano technology. Deviating from the general case study, a case study analysis frame was set based on the theory of technology management and industry-university cooperation theory, and cases were analyzed. In this case study, Advanced Nano Products Co.,Ltd. was analyzed from two analytical perspectives: the establishment of a Management Of Technology system within the company and the Industry-Academic Cooperation activity. Based on this theoretical-based analysis framework, company visit interviews and related data research and analysis were conducted. As a result of the study of the case company, it was possible to derive how the technology management and industry-university cooperation affect the growth stage of the company as follows. First, the strategic use of technology management is an important factor in strengthening the competitive advantage and core competencies of venture companies, and for survival and growth of startups in the early stages. Second, strategic use of technology management and patents and establishment of a patent management system are a part of business strategy and play a pivotal role in corporate performance. Third, the human and material infrastructure of universities affects the growth of companies in the early stage of start-up, and the high utilization of industry-university cooperation promotes the growth of companies. Fourth, continuous industry-academic cooperation activities in the growth and maturity stages of a company's growth stage are the basis for activating external exchanges and building networks. Lastly, technology management and industry-university cooperation were found to be growth factors for each growth stage of a company. In order for a company to develop continuously from the start-up to the growth and maturity stages, it is necessary to establish a technology management system from the beginning and promote strategic technology management activities. In addition, it can be said that it is important to carry out various industry-academic cooperation activities outside the company. As a result of the case analysis, it was found that Advanced Nano Products Co.,Ltd, which performed these two major activities well, overcame the crisis step by step and continued to grow until now. This study shows how the use of technology management and industry-academic cooperation creates value in each growth stage of technology-based venture companies. In addition, its active use will play a big role in the growth of other venture companies. The results of this case study can be a valid reference for growth research of technology start-up venture companies and related field application and utilization.

• Journal of Intelligence and Information Systems
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• v.24 no.3
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• pp.157-176
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• 2018

The purpose of this research is to develop a detection model for companies designated as administrative issue in KOSDAQ market using financial data. Administration issue designates the companies with high potential for delisting, which gives them time to overcome the reasons for the delisting under certain restrictions of the Korean stock market. It acts as an alarm to inform investors and market participants of which companies are likely to be delisted and warns them to make safe investments. Despite this importance, there are relatively few studies on administration issues prediction model in comparison with the lots of studies on bankruptcy prediction model. Therefore, this study develops and verifies the detection model of the companies designated as administrative issue using financial data of KOSDAQ companies. In this study, logistic regression and decision tree are proposed as the data mining models for detecting administrative issues. According to the results of the analysis, the logistic regression model predicted the companies designated as administrative issue using three variables - ROE(Earnings before tax), Cash flows/Shareholder's equity, and Asset turnover ratio, and its overall accuracy was 86% for the validation dataset. The decision tree (Classification and Regression Trees, CART) model applied the classification rules using Cash flows/Total assets and ROA(Net income), and the overall accuracy reached 87%. Implications of the financial indictors selected in our logistic regression and decision tree models are as follows. First, ROE(Earnings before tax) in the logistic detection model shows the profit and loss of the business segment that will continue without including the revenue and expenses of the discontinued business. Therefore, the weakening of the variable means that the competitiveness of the core business is weakened. If a large part of the profits is generated from one-off profit, it is very likely that the deterioration of business management is further intensified. As the ROE of a KOSDAQ company decreases significantly, it is highly likely that the company can be delisted. Second, cash flows to shareholder's equity represents that the firm's ability to generate cash flow under the condition that the financial condition of the subsidiary company is excluded. In other words, the weakening of the management capacity of the parent company, excluding the subsidiary's competence, can be a main reason for the increase of the possibility of administrative issue designation. Third, low asset turnover ratio means that current assets and non-current assets are ineffectively used by corporation, or that asset investment by corporation is excessive. If the asset turnover ratio of a KOSDAQ-listed company decreases, it is necessary to examine in detail corporate activities from various perspectives such as weakening sales or increasing or decreasing inventories of company. Cash flow / total assets, a variable selected by the decision tree detection model, is a key indicator of the company's cash condition and its ability to generate cash from operating activities. Cash flow indicates whether a firm can perform its main activities(maintaining its operating ability, repaying debts, paying dividends and making new investments) without relying on external financial resources. Therefore, if the index of the variable is negative(-), it indicates the possibility that a company has serious problems in business activities. If the cash flow from operating activities of a specific company is smaller than the net profit, it means that the net profit has not been cashed, indicating that there is a serious problem in managing the trade receivables and inventory assets of the company. Therefore, it can be understood that as the cash flows / total assets decrease, the probability of administrative issue designation and the probability of delisting are increased. In summary, the logistic regression-based detection model in this study was found to be affected by the company's financial activities including ROE(Earnings before tax). However, decision tree-based detection model predicts the designation based on the cash flows of the company.

• Korean small business review
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• v.41 no.4
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• pp.1-36
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• 2019

The purpose of this study is to identify the relationships among purposes and contents of smart factory building and continuous utilization of smart factory. Specifically, this study identifies two types of purposes of smart factory building as follows: (1) improving productivity, (2) increasing flexibility. In this study, three aspects of smart factory building contents were suggested like this: (1) automation area (facility automation vs. work automation), (2) big data system focus (radical transformation vs. incremental improvement), and (3) value chain integration area (internal value chain integration vs. external value chain integration). In addition, we looked at how firm size moderates the purposes - contents - continuous utilization of smart factory relationship. A questionnaire survey was conducted on 151 manufacturing companies. More specifically, out of 151 companies, 100 are small-and-medium-sized enterprises and 51 large-sized enterprises. All questionnaires were targeted at companies with Smart Factory level above level 2. The analysis results of this study using Smart PLS statistical programs are as follows. First, the purposes of smart factory building including increasing productivity and flexibility had positive impacts on all of the contents of smart factory building. Second, all of smart factory building contents had positive impacts on the continuous use of smart factory except big data system for incremental improvement of manufacturing process. Third, the impacts of smart factory building purposes implementation on smart factory building contents varied depending on whether the purpose is productivity improvement or flexibility. Fourth, it was founded that firm size moderated the relationships of purposes - contents - continuous utilization of smart factory in such a way that large-sized firms tend to empathize the link between flexibility and smart factory building contents for continuous use of smart factory, while small-and-medium-sized-firms emphasizing the link between productivity and smart factory building contents. Most of the previous studies have focused on presenting current smart factory deployment cases. However, it is believed that this research has made a theoretical contribution in this field in that it established and verified a research model for the smart factory building strategy. Based on the findings from a working-level perspective, corporate practitioners also need to have a different approach to smart factory building, which should be emphasized depending on whether their purpose of building smart factory is to increase productivity or flexibility. In particular, since the results of this study identify the moderating effect of firm size, it is deemed necessary for firms to implement a smart factory building strategy suitable for their firm size.

• Journal of Environmental Policy
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• v.13 no.4
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• pp.3-49
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• 2014

Growing interest of stakeholders on corporate responsibilities for environment and tightening environmental regulations are highlighting the importance of environmental management more than ever. However, companies' awareness of the importance of environment is still falling behind, and related academic works have not shown consistent conclusions on the relationship between environmental performance and economic performance. One of the reasons is different ways of measuring these two performances. The evaluation scope of economic performance is relatively narrow and the performance can be measured by a unified unit such as price, while the scope of environmental performance is diverse and a wide range of units are used for measuring environmental performances instead of using a single unified unit. Therefore, the results of works can be different depending on the performance indicators selected. In order to resolve this problem, generalized and standardized performance indicators should be developed. In particular, the performance indicators should be able to cover the concepts of both environmental and economic performances because the recent idea of environmental management has expanded to encompass the concept of sustainability. Another reason is that most of the current researches tend to focus on the motive of environmental investments and environmental performance, and do not offer a guideline for an effective implementation strategy for environmental management. For example, a process improvement strategy or a market discrimination strategy can be deployed through comparing the environment competitiveness among the companies in the same or similar industries, so that a virtuous cyclical relationship between environmental and economic performances can be secured. A novel method for measuring eco-efficiency by utilizing Data Envelopment Analysis (DEA), which is able to combine multiple environmental and economic performances, is proposed in this report. Based on the eco-efficiencies, the environmental competitiveness is analyzed and the optimal combination of inputs and outputs are recommended for improving the eco-efficiencies of inefficient firms. Furthermore, the panel analysis is applied to the causal relationship between eco-efficiency and economic performance, and the pooled regression model is used to investigate the relationship between eco-efficiency and economic performance. The four-year eco-efficiencies between 2010 and 2013 of 23 companies are obtained from the DEA analysis; a comparison of efficiencies among 23 companies is carried out in terms of technical efficiency(TE), pure technical efficiency(PTE) and scale efficiency(SE), and then a set of recommendations for optimal combination of inputs and outputs are suggested for the inefficient companies. Furthermore, the experimental results with the panel analysis have demonstrated the causality from eco-efficiency to economic performance. The results of the pooled regression have shown that eco-efficiency positively affect financial perform ances(ROA and ROS) of the companies, as well as firm values(Tobin Q, stock price, and stock returns). This report proposes a novel approach for generating standardized performance indicators obtained from multiple environmental and economic performances, so that it is able to enhance the generality of relevant researches and provide a deep insight into the sustainability of environmental management. Furthermore, using efficiency indicators obtained from the DEA model, the cause of change in eco-efficiency can be investigated and an effective strategy for environmental management can be suggested. Finally, this report can be a motive for environmental management by providing empirical evidence that environmental investments can improve economic performance.

• The Journal of Small Business Innovation
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• v.19 no.2
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• pp.53-68
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• 2016

Motivation and activities for technological learning, entrepreneurship, innovation, and creativity are driving forces of economic development in Asian countries. In the early stages of technological development, technological learning and entrepreneurship are efficient ways in which to catch up with advanced countries because firms can accumulate skills and knowledge quickly at relatively low risk. In the later stages of technological development, however, innovation and creativity become more important. This study aims to identify a) the factors (learning capabilities) that influence technological learning performance and b) barriers to enhancing innovation capabilities for the creative economy and organizations. The major part of this study is related to learning capabilities in the post-catch-up era. Based on a literature review and observations from Korean experiences, this study proposes a technological learning model composed of various influencing factors on technological learning. Three hypotheses are derived, and data are collected from Korean machine tool manufacturers. Intense interviews with CEOs and R&D directors are conducted using structured questionnaires. Statistical analysis, such as correlation and ANOVA are then carried out. Furthermore, this study addresses how to enhance innovation capabilities to move forward. Innovation enablers and barriers are identified by case studies and policy analysis. The results of the empirical study identify several levels of firms' learning capabilities and activities such as a) stock of technology, b) potential of technical labor, c) explicit technological efforts, d) readiness to learn, e) top management support, f) a formal technological learning system, g) high learning motivation, h) appropriate technology choice, and i) specific goal setting. These learning capabilities determine firms' learning performance, especially in the early stages of development. Furthermore, it is found that the critical factors for successful technological learning vary along the stages of technology development. Throughout the statistical and policy analyses, this study confirms that technological learning can be understood as an intrinsic principle of the technology development process. Firms perform proactive and creative learning in the late stages, while reactive and imitative learning prevails in the early stages. In addition, this study identifies the driving forces or facilitating factors enhancing innovation performance in the post catch-up era. The results of the preliminary case studies and policy analysis show some facilitating factors such as a) the strategic intent of the CEO and corporate culture, b) leadership and change agents, c) design principles and routines, d) ecosystem and collaboration with partners, and e) intensive R&D investment.

• Management & Information Systems Review
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• v.37 no.1
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• pp.103-122
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• 2018

This paper expands the results of previous studies indicating that manager's ability positively affects business performance to analyze whether the degree to which the role of manager's ability improves business performance appears differently according to the characteristics of enterprises. As for the characteristics of enterprises, whether enterprises correspond to enterprises with high levels of funding constraints or late movers in the market is considered. Enterprises with high levels of funding constraints greatly require managers' roles not only for efficient use of funds but also for smooth financing. Late movers require more judgments of professional managers to overcome insufficient resources held and low profitability. In the case of enterprises with corporate characteristics with high dependency on the manager, the business performance is expected to greatly vary with the ability of the manager. The empirical analysis was conducted with listed companies from 2010 to 2014, manager's ability was measured by first measuring the efficiency of the entire enterprise through data envelopment analysis (DEA) using the methodology of Demerjian et al.(2012) and removing enterprise characteristics factors thereafter. Business performance was measured by the return on industrial fixed assets. The results of the empirical analysis indicated that the degree to which manager's ability improves business performance was higher in managerial competence enhances managerial performance in enterprises with high levels of funding constraints and late movers. Business performance is considered to have been improved further in cases where manager's ability is high because investments were made more efficiently through smooth funding. In addition, in the case of late movers in relatively poor environments, business performance was improved further because high manager's ability induced efficient decision making. In this paper, we extend the precedent study that the manager's ability improves the management performance, and confirm that the manager's ability to improve the managerial performance can be different according to the situation of the company. In addition, it is meaningful to analyze empirically whether a company's managerial ability is more important. This paper expanded the results of previous studies indicating that manager's ability improves performance to identify that the degree to which manager's ability improves business performance may appear differently according to situations in which enterprises are placed. In addition, this paper is meaningful in that it empirically analyzed what enterprises require manager's ability more importantly.

• Korean Journal of Social Welfare
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• v.68 no.2
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• pp.107-130
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• 2016

This study is aimed at the exploratory research on the influence of the obligation of extension of the retirement age on the baby boom generation. The basic question of this study is about which of the baby boom generation can get how much benefit according as the extension of the retirement age becomes compulsory. The extension of the retirement age is the system that can be applied to regular full-time workers. Accordingly, this study is intending to analyze the characteristics of the workers having a high likelihood for benefits from extension of the retirement age by tracing the economic activity state and labor history of the baby boomers. For this purpose, this study looked into the change of the economic activity state by age cohort of the male baby boomers based on the data for the Korea Labor Panel's 4th(2001) & 17th(2014)year. Using Survival analysis, this study also analyzed who will continue to remain as a regular full-time wage earner. As the result of the analysis, it was found that the more the cohort ages of baby boomers increased, the smaller the probability of remaining as a regular full-time wage earner, and the group who can get benefits from extension of the retirement age was predicted to account for only 11.4% level among the baby boomers. In addition, the result showed that there was a high likelihood of getting more benefits from extension of the retirement age when the baby boomers worked for the government-invested institution, corporate bodies, and government organizations rather than working for private enterprises. Thus, it can be safely said that there might appear a generational conflict due to extension of the retirement age in that such jobs coincide with the ones favored by the rising generation.

• Korea Science and Art Forum
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• v.21
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• pp.31-43
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• 2015

Information and Communications Technology (ICT) is one of the technologies which represent the core value of the creative economy. It has served as a vehicle connecting the existing industry and corporate infrastructure, developing existing products and services and creating new products and services. In addition to the ICT, new devices including big data, mobile gadgets and wearable products are gaining a great attention sending an expectation for a new market-pioneering. Further, Internet of Things (IoT) is helping solidify the ICT-based social development connecting human-to-human, human-to-things and things-to-things. This means that the manufacturing-based hardware development needs to be achieved simultaneously with software development through convergence. The essential element the convergence between hardware and software is OS, for which world's leading companies such as Google and Apple have launched an intense development recognizing the importance of software. Against this backdrop, the status-quo of the software market has been examined for the study of the present report (Korea Evaluation Institute of Industrial Technology: Professional Design Technology Development Project). As a result, the software platform-based Google's android and Apple's iOS are dominant in the global market and late comers are trying to enter the market through various pathways by releasing web-based OS and similar OS to provide a new paradigm to the market. The present study is aimed at finding the way to utilize a smart content by which anyone can be a developer based on OS responding to such as social change, newly defining a smart content to be universally utilized and analyzing the market to deal with a rapid market change. The study method, scope and details are as follows: Literature investigation, Analysis on the app market according to a smart classification system, Trend analysis on the current content market, Identification of five common trends through comparison among the universal definition of smart content, the status-quo of application represented in the app market and content market situation. In conclusion, the smart content market is independent but is expected to develop in the form of a single organic body being connected each other. Therefore, the further classification system and development focus should be made in a way to see the area from multiple perspectives including a social point of view in terms of the existing technology, culture, business and consumers.

• Journal of Intelligence and Information Systems
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• v.25 no.1
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• pp.63-83
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• 2019

Investors prefer to look for trading points based on the graph shown in the chart rather than complex analysis, such as corporate intrinsic value analysis and technical auxiliary index analysis. However, the pattern analysis technique is difficult and computerized less than the needs of users. In recent years, there have been many cases of studying stock price patterns using various machine learning techniques including neural networks in the field of artificial intelligence(AI). In particular, the development of IT technology has made it easier to analyze a huge number of chart data to find patterns that can predict stock prices. Although short-term forecasting power of prices has increased in terms of performance so far, long-term forecasting power is limited and is used in short-term trading rather than long-term investment. Other studies have focused on mechanically and accurately identifying patterns that were not recognized by past technology, but it can be vulnerable in practical areas because it is a separate matter whether the patterns found are suitable for trading. When they find a meaningful pattern, they find a point that matches the pattern. They then measure their performance after n days, assuming that they have bought at that point in time. Since this approach is to calculate virtual revenues, there can be many disparities with reality. The existing research method tries to find a pattern with stock price prediction power, but this study proposes to define the patterns first and to trade when the pattern with high success probability appears. The M & W wave pattern published by Merrill(1980) is simple because we can distinguish it by five turning points. Despite the report that some patterns have price predictability, there were no performance reports used in the actual market. The simplicity of a pattern consisting of five turning points has the advantage of reducing the cost of increasing pattern recognition accuracy. In this study, 16 patterns of up conversion and 16 patterns of down conversion are reclassified into ten groups so that they can be easily implemented by the system. Only one pattern with high success rate per group is selected for trading. Patterns that had a high probability of success in the past are likely to succeed in the future. So we trade when such a pattern occurs. It is a real situation because it is measured assuming that both the buy and sell have been executed. We tested three ways to calculate the turning point. The first method, the minimum change rate zig-zag method, removes price movements below a certain percentage and calculates the vertex. In the second method, high-low line zig-zag, the high price that meets the n-day high price line is calculated at the peak price, and the low price that meets the n-day low price line is calculated at the valley price. In the third method, the swing wave method, the high price in the center higher than n high prices on the left and right is calculated as the peak price. If the central low price is lower than the n low price on the left and right, it is calculated as valley price. The swing wave method was superior to the other methods in the test results. It is interpreted that the transaction after checking the completion of the pattern is more effective than the transaction in the unfinished state of the pattern. Genetic algorithms(GA) were the most suitable solution, although it was virtually impossible to find patterns with high success rates because the number of cases was too large in this simulation. We also performed the simulation using the Walk-forward Analysis(WFA) method, which tests the test section and the application section separately. So we were able to respond appropriately to market changes. In this study, we optimize the stock portfolio because there is a risk of over-optimized if we implement the variable optimality for each individual stock. Therefore, we selected the number of constituent stocks as 20 to increase the effect of diversified investment while avoiding optimization. We tested the KOSPI market by dividing it into six categories. In the results, the portfolio of small cap stock was the most successful and the high vol stock portfolio was the second best. This shows that patterns need to have some price volatility in order for patterns to be shaped, but volatility is not the best.

• Journal of Global Scholars of Marketing Science
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• v.19 no.3
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• pp.37-48
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• 2009

The standardization of marketing has been one of the most focused research topics in international marketing. The term "global marketing" was often used to mean an internationally standardized marketing strategy based on similarities between foreign markets. Marketing standardization was discussed only within the context of traditional physical marketplaces. Since then, the digital "marketspace" of the Internet had emerged in the 90's, and it became one of the most important drivers of the globalization process opening new opportunities for the standardization of global marketing activities. On the other hand, the opinion that a greater adoption of the Internet by customers may lead to a higher degree of customization and differentiation of products rather than standardization is also quite popular. Considering this disagreement, it is notable that comprehensive studies which focus upon the marketing standardization especially in the context of global e-commerce are missing to a high degree. On this background, the two basic research questions being addressed in this study are: (1) To what extent do companies standardize their marketing in international e-commerce? (2) Is there an impact of marketing standardization on the performance (or success) of these companies? Following research hypotheses were generated based upon literature review: H 1: Internationally engaged e-commerce firms show a growing readiness for marketing standardization. H 2: Marketing standardization exerts positive effects on the success of companies in international e-commerce. H 3: In international e-commerce, marketing mix standardization exerts a stronger positive effect on the economic as well as the non-economic success of companies than marketing process standardization. H 4: The higher the non-economic success in international e-commerce firms, the higher the economic success. The data for this research were obtained from a questionnaire survey conducted from February to April 2005. The international e-commerce companies of various industries in Germany and all subsidiaries or headquarters of foreign e-commerce companies based in Germany were included in the survey. 118 out of 801 companies responded to the questionnaire. For structural equation modelling (SEM), the Partial-Least. Squares (PLS) approach in the version PLS-Graph 3.0 was applied (Chin 1998a; 2001). All of four research hypotheses were supported by result of data analysis. The results show that companies engaged in international e-commerce standardize in particular brand name, web page design, product positioning, and the product program to a high degree. The companies intend to intensify their efforts for marketing mix standardization in the future. In addition they want to standardize their marketing processes also to a higher degree, especially within the range of information systems, corporate language and online marketing control procedures. In this study, marketing standardization exerts a positive overall impact on company performance in international e-commerce. Standardization of marketing mix exerts a stronger positive impact on the non-economic success than standardization of marketing processes, which in turn contributes slightly stronger to the economic success. Furthermore, our findings give clear support to the assumption that the non-economic success is highly relevant to the economic success of the firm in international e-commerce. The empirical findings indicate that marketing standardization is relevant to the companies' success in international e-commerce. But marketing mix and marketing process standardization contribute to the firms' economic and non-economic success in different ways. The findings indicate that companies do standardize numerous elements of their marketing mix on the Internet. This practice is in part contrary to the popular concept of a "differentiated standardization" which argues that some elements of the marketing mix should be adapted locally and others should be standardized internationally. Furthermore, the findings suggest that the overall standardization of marketing -rather than the standardization of one particular marketing mix element - is what brings about a positive overall impact on success.