• Journal of Service Research and Studies
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• v.13 no.1
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• pp.1-26
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• 2023

We analyze the effects and related factors of Smart Factory adoption. 110 and 325 samples were collected by median-size-industry matching method, respectively, of adopting and non-adopting companies. We use financial statement data (ROA, etc.) from the year before adoption to the fourth year after adoption. Abnormal operating performance and annual abnormal changes are obtained according to event study method, and analyzed by Wilcoxon signed-rank test and t-test. ROA and sales growth rate demonstrate short-term effects after adoption, but not long-term effects. As a result of regression analysis to examine if the three factors of labor intensity, R&D intensity, and prior financial performance have moderating effect, the moderating effect of R&D intensity and prior financial performance is confirmed. In addition, we perform regression analysis to confirm performance effects of early and late adoptions and whether prior financial performance and organization size have moderating effect. It is confirmed that the later the time of adoption, the greater the effect of adoption in the long term and the moderating effect of prior financial performance and organization size is confirmed.

• Journal of Distribution Science
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• v.14 no.2
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• pp.93-101
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• 2016

Purpose - This study aims to advance our knowledge about factors influencing technical startup performance through analysing technical startup process empirically. This study was conducted to focus on industry structure(industry growth rate, competitive intensity, and enter barriers), technology characteristics(technical excellence and wide range of technical application), and the performance in the technology-based start-ups. Specifically, analyzing moderating effect of technology-marketing strategy, this studied how moderating variables affect technical startup performance under industry structure. Research design, data, and methodology - The subject of this study was technology-based start-ups company that received technology transfer from public organization. The development of the paper model is based on the literature of the preceding research analysis in technology commercialization, performance of technology-based start-ups, and marketing strategy. This study has a construct that was defined in the previous studies, such that technology marketing strategy was defined into the two ways of being broad or narrow in strategic application. From November 3. 2015 to December 22, 220 questionnaires were distributed with targeting to start-up companies in technology-based. 188 responses were collected for empirical analysis except the missing and wrong value responses. This data were used for structural equation modeling and regression analysis. Results - The results of this study are as follows. First, as industry structure variables influencing on performance(technical, financial) of technology-based start-ups, industry growth rate, competitive intensity and enter barriers of variables were verified; high growth rate has more positive effect on performance than low growth rate, competitive low intensity has more positive effect on performance than competitive high intensity, low enter barriers have more positive effect on performance than high enter barriers. Second, as technology characteristics variables influences on the performance(technical, financial) of technology-based start-ups, technical excellence and wide range of technical application of variables were verified ; technical high-excellence has more positive effect on performance than technology low-excellence, wide range of technical application has more positive effect on performance than narrow range of technical application. We also find that technology marketing strategy(broad/narrow) in moderating factors on performance (technical, financial) is as follows. Analyzing the moderating effect depending on technology marketing strategy(broad/narrow), application of technology, and the types of technology strategy(broad/narrow) were revealed that broad marketing strategy had a more significant effect on performance of technology-based start-ups. With AMOS, the relevancy of the study model revealed higher for broad technology-marketing strategy than narrow technology marketing strategy, and the explanatory power revealed to be 6.4% higher in broad marketing strategy than narrow marketing strategy. Conclusions - This study confirmed that industry structure and technology characteristics are important factors influencing the performance of technology-based start-ups. Technology-marketing strategy affects the performance of technology-based start-ups between industry structure and technology characteristics. According to additional analysis, moderating variables and technology-marketing strategy are important factors influencing the performance of technology-based start-ups under industry structure and technology characteristics. Broad type of technology-marketing strategy has more attractive industry structure and excellent technology characteristics than narrow types of technology-marketing.

• Korean Management Science Review
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• v.34 no.3
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• pp.15-41
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• 2017

The purpose of this study is to analyze the effects of the BSCs of 642 firms excluding the financial and insurance companies listed on KOSPI. The analysis of financial performance through analysis of major financial ratios between BSC and non-BSC firms is compared with the input of human and material resources for business growth. We will promote the spread of BSC and examine the areas differentiated performance improvement. The analytical categories are manufacturing, service, wholesale and retail, and information and communications, which are 2,136 business years out of 2,378 final analytical samples. The results of the analysis are as follows. As a result of the analysis, among the four industries analyzed, the industries that showed the best performance were manufacturing. In the case of service industry, growth and activity were lower than those of non-adoption (NA) companies, but the operating margin was significantly different from manufacturing. However, market value was higher than that of NA companies, and R&D expenditures and advertising expenses were significantly higher than NA firms. On the other hand, there was no significant difference in profitability between the BSC and NA firms, but the market value was very significant. EPS is 5.22 times, BPS is 5.64 times, PBR is 1.3 times, and EVA is 35 times higher. In addition, R&D expenditure and advertising expenditure are more than twice as high as those of NA. In the case of the service industry, there is no significant difference in the growth performance from the NA firms. Activity indicators, BSC introduced companies are three times lower than both the total assets turnover and the capital turnover rate. The operating profit margin was high at 45.8% for introduced companies and 37.2% for non-introduced companies. In market value analysis, only BPS was 1.68 times higher. On the other hand, investment in welfare expenses is 0.2% of total assets, which is relatively low compared to NA firms. However, research and development expenses and advertising expenses are 2.1% and 1.02% of total assets, respectively, but they are relatively lower than those of NA firms. Unlike the manufacturing and service industries, wholesale and retail trade was significantly higher than the NA firms in terms of sales growth and total assets growth rate. In terms of market value, EPS and BPS were significantly higher, but the benefits, R&D expenditures, and advertising expenses were lower than those of NA firms. The information and communication industry showed lower level of performance than the NA firms in all indicators except cash liquidity, BPS, and EVA.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.39 no.1
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• pp.1-8
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• 2016

Patent management activities are considered to play a key role for technology-based firms under the recent knowledge-based economies. This is because intellectual property, including patents, can act as a system for continuous profit generation by protecting firms' products, processes and services. In Korea, healthcare industry is now regarded as one of the promising next generation industries. Despite the promise of healthcare industry, Korean healthcare product manufacturers are faced with turbulent business changes, such as market opening. Even though there are various industrial studies on the effect of patent management activities on firm outcome, previous studies have hardly paid attention to Korean healthcare product manufacturing firms. For this reason, this study identifies the effect of patent management activities, such as patenting activeness, technical excellence and cooperation degree, on firm outcomes, including financial profitability and firm growth, with respect to the Korean healthcare product manufacturers. In this study, we located 86 Korean healthcare manufacturing firms from KORCHAMBIZ and DART, and then collected the data of their patenting activities and outcomes between 2001 and 2013. By applying factor analysis and regression analysis, our empirical study found that firms' patenting activeness has the significant positive relationship on firms' financial profitability, and firms' patenting activeness and technical excellence have the significant positive relationship on firms' financial growth. Our study is an initial attempt to identify the effect of patent management activities on firm outcome within Korean healthcare product manufacturing industry, and thus its results can be used as the basis to formulate national policies for Korean healthcare product industry.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.30 no.4
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• pp.118-126
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• 2007

This study presents the intellectual capital (IC) indicator selection criteria based on the review of qualitative characteristics of financial accounting information and data quality of information systems. The AHP survey has been performed to verify the weight difference of the criteria to select effective IC indicators among industry. The results shows that there exists the weight differences in relevance and comparability factor by industry. To management IC effectively, different method considering industry environment should be required.

• Journal of Industrial Convergence
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• v.21 no.11
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• pp.13-27
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• 2023

This study aims to contribute to the reduction of the failure rate and social costs resulting from business failures by analyzing factors that affect the insolvency of social enterprises, as the role of social enterprises is increasing in our economy. The data used in this study were classified as normal and insolvent companies among social enterprises (including prospective social enterprises) that were established between 2009 and 2018 and received credit guarantees from credit guarantee institutions as of the end of June 2022. Among the collected data, 439 social enterprises with available financial information were targeted; 406 (92.5%) were normal enterprises, and 33 (7.5%) were insolvent enterprises. Through a literature review, eight non-financial factors commonly used for insolvency prediction were selected. The cross-analysis results showed that four of these factors were significant. Logistic regression analysis revealed that two variables, including corporate credit rating and the personal credit rating of the representative, were significant. Financial factors such as debt ratio, sales operating profit rate, and total asset turnover were used as control variables. The empirical analysis confirmed that the two independent variables maintained their influence even after controlling for financial factors. Given that government-led support and development policies have limitations, there is a need to shift policy direction so that various companies aspiring to create social value can enter the social enterprise sector through private and regional initiatives. This would enable the social economy to create an environment where local residents can collaborate to realize social value, and the government should actively support this.

• The Journal of the Korea Contents Association
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• v.9 no.6
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• pp.153-164
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• 2009

The export on visual and game industry has grown very rapidly and is expanding its role in economic growth. In contrast, researches on these firms' financial performances in strategic and policy point of view are difficult to be found regarding the export of cultural industry. In this study, we analysis the effects of firms export in cultural industry on their financial performances focusing on game and visual industry. We find that the recent activities of export in game industry have positive effect on firm's growth in game industry. However, we find that the export deteriorate the net profit. On the other hand, we find no significant results in the case of visual game industry. Our results suggest that we need more strategic approaches in exporting goods in contents industry.

• Journal of Korea Port Economic Association
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• v.23 no.4
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• pp.49-69
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• 2007

The purpose of this study is to analyze contribution factors of economic growth through growth accounting analysis in Korean port-logistics industry. Comparing with the average level of entire industry for 1990-2003, the contributions of total factor productivity and labor in port-logistics industry were high, but that of capital stock was very low. The pattern of growth in Korean port-logistics industry has greatly changed before and after Korean financial crisis. Before the 1997 financial crisis, the economic growth rate of port-logistics industry was 14.1%, which is higher than that of the whole industries, 7.7% for 1990-1998. Main contribution factors of the economic growth rate were the growth of capital stock and productivity, but ratios of their contributions were relatively low and did not come up to that for the whole industry. After the financial crisis, annualized growth rate of GDP in port-logistics industry had rapidly declined at 5.4% for 1998-2003, which did not get to that of the entire industry (10.1%). The main contribution factors of the economic growth rate over the 1998-2003 period were capital stock 13.1%, labor 57.0 %, and total factor productivity 29.9 %, Such growth pattern as excess dependence on growth of labor brought reduction of the rate of economic growth with degradation of productivity growth in the Korean port-logistics industry.

• Journal of the Korea Institute of Building Construction
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• v.3 no.1
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• pp.155-160
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• 2003

The Korean economic crisis hit badly the local construction industry, especially during the year of the 1998 when the country took the IMF bailout proframme. Under the poor business environment, such as reduction of construction investment, financial difficulty from high interest rate, and increasing bankruptcies, restructuring measures were repuired for survival of the industry. It is obvious the restructuring process is essential for the future business success. regardless of the financial crisis. With this background, this research aims the contribute to improved construction management structure and strengthened international competitiveness of the industry through the cost reduction and productivity enhancement, by analysising and proposing and optimal level of the manpower structure of construction management organization With the subject of 24 construction fields of apartment houses in the capital region as of January 1, 1999, constructed by OO company having leaded the construction industry of the country so far now, the researcher performed the on the spot survey regarding the organization/manpower structure and construction contract amount.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.2
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• pp.15-24
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• 2018

The study examines the magnitude of economic spillover and the impact of foreign direct investment (FDI) inflows on the efficiency of the bank industry in China. This study employs unit root tests, cointegration tests and cointegrating regression analysis, including fully modified ordinary least squares (FMOLS), canonical cointegrating regression (CCR) and dynamic OLS (DOLS) to test the proposed hypotheses. The sample is restricted to the period of time in which monthly data is available and comparable among variables for the period from January 2002 to October 2013 (142 observations). All of the time series data was collected and retrieved from the People's Bank of China, China Monthly Statistics from the National Bureau of Statistics of China, and International Financial Statistics database from International Monetary Fund. The results of the Johansen cointegration test suggest that there is a long-run equilibrium relationship between FDI inflows, foreign exchange rate and banks performance in China. The results of cointegrating regression analysis using FMOLS, CCR and DOLS suggest that M2 supply and FDI inflows are significant at the 0.01 level. The results confirm that FDI inflows in the banking sector are positively related to the increase of banks productivity and performance and short-term loans in China. However, the results suggest that Chinese Yuan currency exchange rate to U.S. dollar is not significant in the banking and financial industry of China.