• Journal of Technology Innovation
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• v.21 no.2
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• pp.255-283
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• 2013

Despite its theoretically and practically important value, the concept of technological innovation orientation has not been theoretically well established and thus has not been operationalized appropriately in previous studies. Given such a gap in prior research regarding technological innovation orientation, this study proposed a refined conceptualization of technological innovation orientation and a new measurement instrument for capturing the refined concept of technological innovation orientation. More specifically, this study conceptualized technological innovation orientation as having two components of proclivity to technological leadership and openness to technological innovation and developed a measurement instrument for operationalizing the two-dimensional concept of technological innovation orientation. Based on the proposed conceptualization and operationalization of technological innovation orientation, this study also investigated the relationship between technological innovation orientation and firm performance. Based on a sample of 97 Korean IT SMEs, the results demonstrated a high reliability and validity for the measurement instrument developed to operationalize the two-dimensional technological innovation orientation. The results further revealed that technological innovation orientation is positively related to technological innovation performance and that technological innovation performance positively mediates the relationship between technological innovation orientation and financial performance.

• Journal of Digital Convergence
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• v.18 no.10
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• pp.207-217
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• 2020

The purpose of this study is to examine the structural relationship between the digital platform capabilities of financial institutions and the impact of customer orientation on service innovation behavior through exploitation/exploration. A survey was conducted on employees of financial institutions to verify the research model, and the final 280 copies of the questionnaire were analyzed using SPSS 25 and SmartPLS 2.0. As a major research result, First, digital platform competency has a positive effect on exploitation and exploration. Second, customer orientation has a positive effect on exploitation, but not on exploration. Third, both exploitation and exploration have a positive impact on service innovation behavior. Through this research, this study shed new light on the relationship between digital platform capability and customer orientation that affects service innovation behavior of financial institutions, and expanded the scope of research through empirical research. Future research will require research attempts on various variables and research samples.

• Knowledge Management Research
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• v.23 no.4
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• pp.177-205
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• 2022

Small- and medium-sized enterprises (SMEs) have strong incentives to engage in open innovation to enhance innovation efficiency and effectiveness due to their 'liability of smallness.' Previous research examined the performance effects of various open innovation practices, but whether coupled open innovation practices positively affect SMEs' firm performance is somewhat controversial. To resolve the issue, this study examined the effects of coupled open innovation activities on SMEs' firm performance using Heckman's two stage model to control endogeneity of the firms' self-selection bias in open innovation engagement. This study used the Korean Innovation Survey (KIS) 2020 collected by the Science and Technology Policy Institute (STEPI), and tested the effects of SMEs' coupled open innovation activities, R&D and non-R&D cooperation, on their innovative and financial performance indicators. The results showed that SMEs' R&D cooperation positively affects the new-to-market (NTM) product innovation only. Moreover, SMEs' non-R&D cooperation has positive effects on the product innovation, business process innovation, new-to-the-market product innovation, and new-to-firm (NTF) product innovation. However, the results showed that both R&D and non-R&D innovation cooperation activities have no significant effects on SMEs' financial performance indicators. This study contributes to research on SMEs' open innovation and provides insights for SMEs' managers and policymakers.

• International Journal of Advanced Culture Technology
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• v.8 no.1
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• pp.26-37
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• 2020

The purpose of this study is to verify the relationship between the entrepreneurship and management strategy perceived by the members of SMEs and their organizational performance. First, as a result of the hypothesis that the entrepreneurship of one hypothesis had a significant influence on organizational performance, risk sensibility, progressiveness, and innovation, which are entrepreneurship, had a positive influence on both financial and non-financial performance. Second, as a result of verifying the influence relationship of the hypothesis two entrepreneurship on the management strategy, risk sensibility, progressiveness, and innovation, which are entrepreneurship, were statistically significant for the management strategy, cost advantage strategy, differentiation strategy, and centralization strategy. Therefore, in order to practice management strategy based on entrepreneurship, it was analyzed to influence mutual cohesion. Third, the management strategy showed a positive influence on organizational performance. In particular, only the centralization strategy, a type of SMEs' management strategy, confirmed the positive impact on the financial and non-financial performance. Therefore, the importance of entrepreneurship and management strategy has been emphasized in order for SMEs to create organizational performance through the advancement of sustainability management system.

• Journal of Technology Innovation
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• v.21 no.2
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• pp.169-197
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• 2013

Despite many theoretical and empirical studies, general causality between IPRs system, firm technological innovation and financial performance is not clear. This study notices that the core factor to create financial performance is different by each industry. The study analyzed the effect of IPRs system on innovation and economic growth targeting 3 industries; pharmaceutical industry to which the basic track of creating performance is applied (strengthening IPRs${\rightarrow}$increasing R&D input/output${\rightarrow}$increasing sales); semiconductor industry where the relationship between stronger IPRs and R&D input/output is weak; and shipbuilding industry which has weak correlation between R&D and sales. It used panel data for 15 years since TRIPs when the patent institution in Korea reached up to the level of advanced countries, and applied the dynamic regression model which estimates the fixed effect model with difference-GMM. As a result, stronger IPRs increased R&D input/output, and financial performance in pharmaceutical industry, but has no influence on semiconductor and shipbuilding industries. That is, it is necessary to customize the construction of system and policy for strengthening IPRs by each industry, and unitary strengthening or weakening may have no significant impact on financial performance improvement in specific sectors.

• Journal of Korea Society of Industrial Information Systems
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• v.20 no.5
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• pp.95-105
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• 2015

Prior studies have reported equivocal patterns of the results about the relationships between family involvement and firm performance, particularly financial performance. In line with this research trend, this study focuses on non-financial performance that agency costs may marginally influence. tries to identify the relationship between nepotism and the three types of innovation performance, namely corporate entrepreneurship, radical innovation performance, and incremental innovation performance. The results has shown that family involvement is positively correlated with the three types of innovation performance.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.485-494
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• 2020

The paper proposes a conceptual model which provides direction for researchers to empirically establish the connections between dynamic capabilities, innovation capabilities, entrepreneurial capabilities and financial and strategic performance. The author uses systematic literature review process to select the articles used in this study. First, the present paper review and discuss some major contributions to the theories of dynamic capabilities, innovation capabilities, entrepreneurial capabilities and their consequences. The author seeks to highlight different understandings of the concepts to clarify the distinctions between them. Second, the conceptual model and propositions for future studies were developed. The proposed model highlights the different measures of dynamic capabilities, innovation capabilities, entrepreneurial capabilities and their consequences. The model with its associated propositions was developed base on limitations and gaps observed from past studies. It is focused on empirically testing the direct impact of dynamic capabilities, innovation capabilities, and entrepreneurial capabilities on the performance of SMEs in Vietnam. Nevertheless, the proposed model can be applied to similar situations in different contexts and countries. Further empirical testing of proposed model would contribute to enriching existing knowledge of dynamic capabilities, innovation capabilities and entrepreneurial capabilities within SMEs and how these capabilities foster superior performance.

• Asian Journal of Innovation and Policy
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• v.7 no.3
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• pp.625-645
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• 2018

This paper's objective is to draw a decision guideline to continue research and development (R&D) investments in biotech start-ups facing the "Valley of Death" syndrome - a long negative profit period during a financial crisis. The data include financial indices as Net income, Revenues, Total stockholders' equity, Cash & equivalents, and R&D expenses of 18 major biotech companies (nine in negative profit and nine positive, in FY2008) and 15 major pharmaceutical corporations as benchmarks both in FY2008 and in FY2016 derived from the US SEC Database, EDGAR. A first methodology dealing with real options analysis assumes Total stockholders' equity as a growth option. And a second methodology, Bayesian Markov chain Monte Carlo (MCMC) analysis, is applied to test the probability relationship between the Total stockholders' equity and the R&D expenses in these three groups. This study confirms that Total stockholders' equity can play the role of a call option to support continuing R&D investments even in negative profits.

• Journal of information and communication convergence engineering
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• v.9 no.2
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• pp.135-140
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• 2011

The purpose of this study is to examine the factors influencing performance of software companies. This model tests various theoretical research hypotheses related to innovation, standardization and technology marketing strategy and software type. Smart PLS (Partial Least Square) 2.0 and SPSS 15.0 have been utilized for deriving the study results. The result of hypothesis testing is as follows. First, standardization and technology marketing strategy positively influence financial performance. Second, innovation, standardization and technology marketing strategy positively influence technical performance. Finally, mobile and non-mobile software companies was shown that innovation, standardization, and technology marketing strategy has different effects to financial and technical performance.

• STI Policy Review
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• v.7 no.2
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• pp.1-15
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• 2016

This study provides empirical evidences for the relationship between income inequality and economic growth, and relationship of income inequality with some of explanatory variables such as technological innovation, trade globalization, financial globalization and fiscal policy. We find out that income inequality has an adverse effect on economic growth, showing its dynamic features, for which we employed the polynomial distributed lags (PDL) model. The effect of income inequality on economic growth lasts over 9 years, and its dynamic effect peaks after 4 years. In addition, we also attempted to find out empirical evidences of sources of income inequality. The results show that income inequality is positively related to technological innovation, financial globalization, and fiscal policy; negatively related to the trade globalization. Many studies employ cross-country data, but it could have serious problems in collecting statistical data. Korean data is used over the time period of 1990-2015 in this study.