• International Journal of Advanced Culture Technology
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• 제12권2호
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• pp.51-61
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• 2024

This study analyzes and compares the roles and significance of large firms in economic growth by differentiating developmental stages. The focus is on both the role of big businesses on the road from middle- to high-income countries and the performance in their economies. By classifying the top 30 nonfinancial firms into their origin countries, we have constructed a country-level data basis covering 33 countries ranging from middle- to high-income economies for the 2001 to 2017 period. We conduct fixed effect estimation. Empirical results show that capital-intensive big businesses would be more predominant in developed economies. In terms of policy implications, the results suggest that if policymakers want to optimize the role of big businesses in economic growth, policymakers need to distinguish the income level. Policymakers also need to adjust the size distribution of firms moderately ahead of time to create the size distribution of firms needed to take the economy to the next level.

• 지적과 국토정보
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• 제45권1호
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• pp.241-256
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• 2015

본 연구의 목적은 창업기업의 생성과 소멸이라는 생애주기 변화와 관련하여 나타나는 공간분포 패턴의 차이를 확인하는 것이다. 이를 위하여, 본 연구에서는 전국기업체총람과 폐업기업정보를 활용하여, 2007년부터 2009년까지 수도권에서 창업한 기업의 위치정보와 생성시점, 그리고 소멸시점을 파악하였다. 창업기업의 생멸분포 패턴에 대한 분석은 공간상의 분석단위에 대한 분포패턴을 정량적으로 분석하는 방법론인 평균점, 표준거리, 타원형 표준편차, 그리고 공간자기상관도 분석기법이 적용되었다. 분석 대상 창업기업 5,810개 중, 1,322개 기업이 5년 내에 소멸함으로써 77.25%의 5년 생존율이 산정되었다. 지역별 생멸분포 패턴의 분석 결과, 수도권 전체, 서울, 그리고 인천 경기 모두에서 기업의 생성분포에 비해 소멸분포가 분산의 정도가 큰 것으로 나타났다. 또한, 기업속성별 생멸분포 패턴 분석결과, 기업의 규모와 업종에 따라 창업기업의 생성과 소멸분포에 차이가 있는 것으로 확인되었다.

• 유통과학연구
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• 제15권11호
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• pp.41-48
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• 2017

Purpose - Capital structure adjustment costs influence the test of the standard trade-off theory of capital structure. We investigate whether there exist economically significant capital adjustment costs in the Korean retail industry. Research design, data, and methodology - This paper adopts the model of Leary and Roberts(2005) to obtain the hazard rate of capital structure variations. The retail firms traded in the KOSPI and KOSDAQ markets are analyzed from 2000 to 2016. Results - The empirical analysis shows infrequent capital structure adjustments in the Korean retail firms. The duration analysis emphasizes that the fixed adjustment cost plays an important role in the determination of capital structure adjustments for the Korean retail firms. Yet, even after taking account of infrequent capital structure adjustments, the trade off theory only weakly explains the capital structure variations of the Korean retail firms. Conclusions - This paper confirms the existence of capital structure adjustment costs for the Korean retail firms. Our results argue for the significance of fixed adjustment costs in capital structure adjustments. Such emphasis on the fixed cost is inconsistent with the existing studies. The trade off theory does not successfully explain capital structure policy in the Korean retail firms even after considering adjustment costs.

• 유통과학연구
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• 제13권10호
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• pp.15-21
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• 2015

Purpose - This study examines a bundling effect on production and distribution in a patent-protected industry. Despite the heavy use of bundling strategies in the information and technology industry, literature has paid scant attention to bundling of intellectual property rights. This study examines a theoretical exploration of the bundling effect on licensing behavior. Research design, data, and methodology - To address this behavior, we build a simplified model consisting of three stages: 1) bundling decision, 2) licensing agreement, and 3) competition. The subgame perfect Nash equilibrium is applied to the model. Results - A single-patent holder with superior technology grants its own license to the multiple-patent firm, thereby leaving the market. Anticipating the single right holder's licensing strategy, the multiple-patent firm offers a bundle, making the single-right holder's bargaining position weaker. Conclusions - Bundling is an effective business strategy, resulting in multiple products for a firm as it faces other firms with single-product lines in each market. Taking advantage of the multi-patent or multi-product lines, the firm utilizes the bundling strategy obtaining better technology from the standalone single-patent firms.

• 산경연구논집
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• 제5권3호
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• pp.25-34
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• 2014

Purpose - This study aims to investigate Korean distribution enterprises' entry into the Chinese market. By studying Korean companies' strategy and current situation in the Chinese retail market and analyzing Lotte Mart's strategy, this study was aimed at identifying comprehensive strategies for Korean companies striving to expand in China's retail market. Research design, data, and methodology - A case study approach is used, focusing on the three northeastern provinces in China, and examining global firms' entry into the Chinese market. The study employed a direct survey and a literature review. Results - Korean distribution firms' entry into the overseas market is in the inception stage and it should be developed, considering its effects on the national economy and other industries. Conclusion - The cases of E-mart and Lotte Mart, representing Korean distribution firms, showed that they should not rely on scale to succeed in China. Both preliminary analysis and careful strategies are required to ensure success. Considering the high growth potential of the Chinese market, a management strategy that takes account of Chinese people's emotions was needed.

• 유통과학연구
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• 제20권12호
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• pp.99-108
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• 2022

Purpose: This study attempted to identify determinants affecting research collaboration and R&D distribution activities, especially regarding facility and equipment leasing of small and medium enterprises (SMEs) in South Korea. The objective of this study was to find the most significant firm characteristics that affect firms participating in an R&D collaboration and distribution program and investing in R&D in terms of leasing payment for equipment. Research design, data, and methodology: This study analyzes which SMEs' characteristics influence external research cooperation activities by examining the SMEs that received government support for equipment leasing using multiple regression analysis and residual plots. The survey combined two databases: 1) a fact-finding survey of participating firms by the Ministry of SMEs and Startups, and 2) leasing information by the Korea Association of University, Research Institute and Industry. Results: The study found that firm size positively impacts R&D investment, R&D collaboration and distribution. Conclusions: The study provided evidence to policymakers and government officials that firms with more employees will more likely participate in government support programs. The study results also prove that government officials believe firm location does not impact R&D investment, R&D collaboration and distribution.

• 통상정보연구
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• 제14권2호
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• pp.3-27
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• 2012

중국의 정치적, 경제적 위상이 급등함에 따라 더욱 더 많은 다국적기업들이 중국 시장을 공략하기 위해 진줄 기회를 엿보고 있다. 특히 한국은 중국과 지리적으로 인접해 있으나 중국시장에 안착하지 못하는 안타까운 사례가 많다. 이에 본 연구는 중국에 진출해 있는 한국 제조 기업들을 대상으로 유통현지적응 정도를 조사하고, 이러한 현지적응에 미치는 영향요인을 문헌 연구를 통해 도출하였다. 146부의 설문지를 분석한 결과 기존의 연구들과는 달리 중국의 유통 환경적인 요인 중에서 유통경로의 길이가 유통 현지적응 정도에 긍정적인 영향을 미치는 것으로 나타났다. 게다가 기업의 전략적 자산 중에서도 유통 관계자산이 유통 현지적응 정도와 정(+)의 관계가 있음이 밝혀졌다. 이러한 결과를 통해 최근 중국 유통시장이 후진국의 수준을 벗어나 세계적인 수준으로 발돋움하고 있음을 알고 중국 시장 진출 기업은 과소평가 하지 않도록 유의해야 할 것이다.

• East Asian Economic Review
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• 제26권4호
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• pp.257-277
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• 2022

Does servitization improve manufacturing firms' performance, and in what condition? Following the seminal work of Crozet and Milet (2017), this study analyzes disaggregated firm-level data that covers 40,000 South Korean manufacturing firms surveyed by the Survey of Business Activities of Korea. We compute firm-level servitization intensity with available sales data of each firm by two-digit SIC sub-sectors. We find two novel empirical regularities: Korean servitization intensity distribution shows a very different shape from the French benchmark; Servitized firms tend to perform higher profitability and higher productivity than non-servitized firms.

• 산경연구논집
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• 제10권6호
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• pp.51-58
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• 2019

Purpose - Prior studies reported that the opacity of information caused stock price crash. If managers fail to disclose unfavorable information about the firm over a long period of time, the stock price is overvalued compared to its original value. If the accumulated information reaches a critical point and spreads quickly to the market, the stock price plunges. Information management by management's disclosure policy can cause information uncertainty, which will lead to a plunge in stock prices in the future. Thus, this study aims at examining the impact of disclosure quality on crash risk by focusing on the unfaithful disclosure firms. Research design, data, and methodology - This study covers firms listed on KOSPI and KOSDAQ from 2004 to 2013. Firms excluded from the sample are non-December firms, capital-eroding firms, and financial firms. The financial data used in the research was extracted from the KIS-Value and TS2000 database. Unfaithful disclosure firm designation data was collected from the Korea Exchange's electronic disclosure system (kind.krx.co.kr). Stock crash is measured as a dummy variable that equals one if a firm experiences at least one crash week over the fiscal year, and zero otherwise. Results - Empirical results as to the relation between unfaithful disclosure corporation designation and stock price crashes are as follows: There was a significant positive association between unfaithful disclosure corporation designation and stock price crash. This result supports the hypothesis that firms that have previously exhibited unfaithful disclosure behavior are more likely to suffer stock price plunges due to information asymmetry. Second, stock price crashes due to unfaithful disclosures are more likely to occur in Chaebol firms. Conclusions - While previous studies used estimates as a proxy for information opacity, this study used an objective measure such as unfaithful disclosure corporation designation. The designation by Korea Exchange is an objective evidence that the firm attempted to conceal and distort information in the previous year. The results of this study suggest that capital market investors need to investigate firms' disclosure behaviors.

• 유통과학연구
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• 제14권2호
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• pp.13-22
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• 2016

Purpose - We examine the marginal value of cash in Korean retail firms, largely unexamined in literature. The marginal value of cash plays pivotal role in cash management policy; especially, a significantly low marginal cash value indicates substantial manager-shareholder conflicts. Research design, data, and methodology - We estimate marginal cash values by adopting the approach of Faulkender & Wang (2006). The sample of retail firms traded in Korean Stock Exchange from 1991 to 2013 is analyzed. Results - We estimate the marginal value of cash for the retail firms as 0.75, implying significant manager-shareholder conflicts. We find a lower marginal value of cash for financially constrained retail firms, contradicting existing theories. The marginal value of cash increases substantially after 2000s, suggesting severe agency conflicts in 1990s as a key reason behind our findings. Conclusions - Our findings support the substantial resource diversion problem in Korean firms and the agency theory of cash management policy. Our results argue against the widely accepted view focusing on implications of financial constraints, which highlights a need of new cash management theory.