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

• 보건의료산업학회지
• /
• 제4권1호
• /
• pp.87-97
• /
• 2010

The study analyzed the cash flow and external funding in focusing on the relationship of the two factors in Korean hospitals and some changes in the relationship. The results analyzing this study were summarized as follows: First, the discriminant function of new external funds was generally the ratio of cash flow from operating activities to sales, the ratio of cash flow from investment activities to sales, the ratio of cash flow from financing activities to sales in order. The prediction rate of total discriminant function was more than 92%. Second, in case of Korean hospitals, it was known that the ratio of cash flow from operating activities to sales, particularly the net income to sales was the biggest influencing factor on the decision to external funding.

• 기술혁신연구
• /
• 제11권1호
• /
• pp.177-193
• /
• 2003

This paper examines empirically if the increase of funding uncertainty in government supported R&D institutes(GSRIs) in Korean cause managers to use more effective management control practices. Recently government introduced a new government R&D budget management system, based on competition, named PBS(Project Base System). Government requires GSRIs to be self-supporting and compete for funding from government. The introduction of new budget management system named PBS, has resulted in the increase of funding uncertainty in GSRIs. According to institutional theory, government organizations gain legitimacy by conforming to external expectations regarding management control practices, In contrast, contingency theory proposes that management control practices are driven by the fit between the technical features of the environment and the management control practices. The contingency literature provides that one external factor expected to motivate government managers to use more efficient control practices is the presence of competition and funding uncertainty. This paper use both theoretical perspective to develop hypotheses and examine the influence of funding environment on management control practices. Results show that the more institutionalized environment, the more managers in GSRIs rely on bureaucratic mode of control for conforming to external requirements, and the greater the funding uncertainty, the more managers use results and personal modes of control to improve research team performance.

• 아태비즈니스연구
• /
• 제15권1호
• /
• pp.179-192
• /
• 2024

Purpose - The purpose of this study is to examine the effect of entrepreneurial experience, business model innovation and financing on new venture performance. Design/methodology/approach - This study analyzes survey data on new ventures in Korea and investigated research hypothesis by multiple regression analysis. Findings - Founders' prior startup experience have different impacts on performance depending on whether they had a successful or failed startup. Successful experience has a positive impact on early performance, while failure experience has a negative impact. Business model innovation shows a positive and significant relationship with early performance. External financing has different effects depending on the type of funding source and performance variables. VC funding is positively related to employment creation, while government R&D funding is negatively related to sales volume. Research implications or Originality - This study confirms that the impact of entrepreneurial experience on early performance varies depending on the characteristics of successful and unsuccessful entrepreneurs. It also empirically confirms that business model innovation has a significant impact on early performance. We empirically examine the relationship between various external financing sources of venture firms and early performance. Since the effects of entrepreneurial experience, business model innovation, and external financing on early stage performance may be different, entrepreneurs should consider these relationships when pursuing early stage business opportunities.

• 대한교통학회:학술대회논문집
• /
• 대한교통학회 1998년도 Proceedings The 4th International Transport Symposium
• /
• pp.185-191
• /
• 1998

Metro, as a kind of city rail transit, is a modem city passenger transit system with mass transportation and independent special rails. It has become a backbone of the traffic in the metropolis and an important modern symbol of a city. A modem traffic system is indispensable for Shanghai to be an international metropolis of finance, trade and economy. At present, Shanghai metro line No. 1 and its extension have been put into operation, metro line NO. 2 will be put into trial operation by the end of 1999, the Pearl Line, an elevated rail transit system is under construction and other lines will be constructed later according to the plan. But the funding of the city rail transit construction (both metro and light rail) is a big difficult problem to the infrastructure construction of the metropolises either at home or abroad, which is also a problem to restrict the development of the city rail transit of Shanghai. We have learned from the internal and external experiences of the rail transit construction that it is an important means to deal with the funds of the city rail transit construction to actively utilize foreign funds. It makes up the shortage of the internal funds on the one hand, the external advanced science and technology and the management experiences can be introduced on the other hand. In order to discuss and study conveniently with you together the new problems appearing in the metro construction and to open up a new train of thought, this article will give out a certain analysis and description to the funding method in the metro construction of Shanghai and the characteristics of utilizing foreign funds in the rail transit construction as well as the problems which we are faced with.

• 디지털융복합연구
• /
• 제13권8호
• /
• pp.101-112
• /
• 2015

기업이 융복합을 보유한 기술력에 따라 다양한 사업화 능력을 접목하여 사업화 성과를 높이고, 잠재 기술의 사업화를 확충시키는 방안의 선택이 되도록 하는 것이다. 이에 기업의 융복합 보유기술을 내부기술과 외부기술이 사업화 능력에 따라 기업의 성과인 기술 사업화와 재무성과에 미치는 영향을 분석하고자 한다. 연구의 분석방법은 기술 사업화 기업 240명을 대상으로 수집된 자료를 바탕으로 SPSS 2.0으로 빈도분석, 신뢰도분석, 요인분석, 상관관계 분석, 선형회귀분석을 시행하여 결론을 도출한 결과는 다음과 같다. 외부기술은 자금조달, 내부와 외부기술은 마케팅, 내부외부기술은 생산, 외부는 기술 사업화에 외부기술은 재무성과에 영향을 주는 것으로 조사되었다. 자금조달, 마케팅 능력, 생산기반은 내부기술에서 기술사업 달성도에 완전매개 효과작용을 하고 있으며, 자금조달은 외부기술에서 재무성과에 조절적인 완전매개 효과작용을 하고 있으나 마케팅 능력과 생산능력은 외부기술에서 재무성과에 부분매개 효과작용을 하는 것으로 조사되었다. 시사점으로는 기술 사업화 기술의 용이한 확보방안과 사업화 추진 가능성을 판단한 타당성 검증 과정이 필요하고, 기술 사업화를 지원하면서 다양한 확보 능력별 사업화 성과의 검증이 필요하다. 즉, 사업화함에 따른 제 기법과 자금조달 등 종합적인 지원이 필요하다는 것으로 요약할 수 있을 것이다.

• STI Policy Review
• /
• 제5권2호
• /
• pp.65-95
• /
• 2014

The recent decades have seen a growing rate of international cooperation in science, technology, and innovation (STI) including in the field of green technologies. However, current approaches to national systems of innovation (NSI) have not kept up with this development. International aspects are rather treated as external conditions within which policymakers operate and respond but not influence. This paper tackles this problem by applying a refined NSI concept that includes an international dimension and complements past frameworks by focusing on those Korean government policies, actors, and activities relevant for the internationalization of STI. Austria and Korea have both formulated differing strategies to acquire international leading positions in the field of innovation and the development of green technologies. In the first step, the paper assesses Korea's international activities within the field of green technologies that transcend national boundaries and establish international connections. The government has still a strong influence on selecting technology areas for strategic funding but our findings show that international STI actors have difficulties in identifying the appropriate point of contact to initiate cooperation or apply for related funding. Second, an external perspective on Korea's international collaborations in the field of green technologies is offered. Austria has tentatively identified the East Asian country as a second-priority cooperation partner for its future STI internationalization activities. Interviews with Austrian stakeholders in the field of green technologies indicate a high interest in cooperation with Korea that is facilitated by a similar business culture based on personal networks. Moreover, researchers and policymakers referred to a shared need of small countries for intelligent decision-making processes regarding potential cooperation partners abroad. However, in order to enhance awareness, visibility and demand for Korean STI cooperation in European countries, more long-term funding programs featuring a more permanent point of contact should be introduced.

• 한국문헌정보학회지
• /
• 제44권3호
• /
• pp.137-154
• /
• 2010

본 연구는 오픈액세스 출판을 위한 수입원들이 국내의 무료 오픈액세스 학술지와 유료 원문 학술지에서 어떻게 도입되고 있는지를 분석하고자 하였다. 그 결과 무료 오픈액세스 학술지와 유료 원문 학술지 간에 분명한 차이는 없었으며, 오히려 유료 원문서비스 학술지에서 오픈액세스 학술지 모델의 특성이 많이 나타나고 있음을 알 수 있었다. 즉, 논문처리비용을 저자측에 요구하고 있었으며, 연구비 수혜논문에 대한 추가 게재료를 부과하고, 외부기관으로부터 지원금을 받는 경우도 무료 오픈액세스 학술지보다 더 많았다. 이것은 국내의 유료 원문 학술지가 무료 오픈액세스로 전환될 가능성이 상당히 높다는 것을 의미한다.

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

• 한국시스템다이내믹스연구
• /
• 제10권1호
• /
• pp.77-95
• /
• 2009

The ever-increasing government budget constraints have led to a continued decline in the increase rate for defense spending, and the government's 5-year National Fiscal Management Plan has served to reinforce the verification and validation procedures for the Force Improvement Programs (FIP) budget requirements and performance. Additionally, as large programs are controlled in accordance with the Total Program Cost Management Guidelines, timely and credible feasibility study and performance measurement need to be conducted. Due to these internal and external circumstances, needs have surged for feasibility and economic effectiveness study for big ticket projects in the FIP sector, with an increasing number of studies conducted by external research institutes. However, questions have been raised regarding the credibility and thoroughness of the program analyses performed by these research institutes due to various restrictions. This paper analyzes and identifies the structural limitations and problems using a systems thinking approach, and examines the systemic characteristics of the program analysis system. It also presents policy intervention recommendations based on the theory of systems thinking, a method to regularize and reinforce the program analysis system. Policy interventions recommended to ensure alignment of the external studies to the clear analysis objectives and resolve the bottlenecks in the external analysis include training those in charge of external study commissioning for a short term intervention, and increasing the number of research institutes and consulting agencies utilizing analysis and evaluation experts who transition to the private sector from the military for a long term intervention. additionally presented are strategies and policy alternatives to best utilize these policy interventions. They will contribute to the stable funding of Force Improvement Programs and efficient utilization of defense budget.