• STI Policy Review
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• v.4 no.2
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• pp.55-73
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• 2013

Since the 1990s, the Japanese government has made considerable attempts at stimulating innovation with an aim to pull the country out of a possibly permanent economic decline. Several laws and policy initiatives were introduced to encourage better interaction between universities (and research institutions) and industry. The results of these efforts have been mixed. While the number of university-industry joint and commissioned research has increased, revenues from the licensing of university-owned patents have fluctuated year by year. Although the number of startups and spin-offs from universities rose, their long-term survival and contribution to the economy remain uncertain. The Japanese experience features both strengths and weaknesses. Strengths include the long-term commitment of policy makers, the ability to set specific targets, and the active engagement of several key economic ministries. Nevertheless, the effectiveness of these policy initiatives was hampered by limitations within the policies concerning the roles of universities and their mode of interaction with industry based on intellectual property rights, the inadequacy of demand-side innovation policies, the fragmentation of bureaucracy, and a lack of a credible evaluation system.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.329-340
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• 2020

This study investigates the effect of capital structure on the financial performance of pharmaceutical enterprises which are listing on Vietnam's stock market. The study builds the regression using ROE as dependent variable and four independent variables, including self-financing, financial leverage, long-term asset and debt to assets ratios. In addition, we use other variables as controlling ones, such as firm size, fixed asset rate and growth. We collect data for the period from 2015 to 2019 of all 30 pharmaceutical enterprises which are currently listing on Vietnam's stock market. The least square regression (OLS) is used to test the effect of capital structure to the firms' financial performance. The analysis results show that the financial leverage ratio (LR), long-term asset ratio (LAR) and debt-to-assets ratio (DR) have positive relationship with firm performance, meanwhile the self-financing (E/C) affects negatively to the return on equity (ROE). Upon the findings we suggest that the Vietnamese government should focus on stabilizing macro environment to create favorable environment for enterprises. And the pharmaceutical enterprises should build more reasonable capital structure with higher debt proportion than equity, diversifying loan mobilization channels such as issuing long-term bonds. Additionally, the firms should expand the scale appropriately to maintain development and ability to pay debts.

• The Journal of the Convergence on Culture Technology
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• v.8 no.1
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• pp.361-370
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• 2022

This paper suggested a plan to increase the start-up survival rate by identifying independent variables that significantly affect start-up success through analysis of the founder's internal and external factors. As a result of this study, it was found that internal factors (financial ability, risk sensitivity) and external factors (start-up environment, start-up support policy) had a direct positive (+) effect on start-up success. Meanwhile, self-efficacy for business models partially mediated the relationship between factors(financing ability, risk sensitivity, start-up environment and start-up support policies) and start-up success. Self-efficacy for business models fully mediated the relationship between factors(start-up expertise and challenge spirit) and start-up success. Finally, trust in business models partially mediated the relationship between factors(start-up expertise, risk sensitivity, and start-up support policies) and start-up success. And the trust in business models fully mediated the factors(the spirit of challenge, start-up environment) and start-up success.

• Journal of Industrial Convergence
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• v.20 no.12
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• pp.145-153
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• 2022

This study is an empirical analysis of the major factors influencing the globalization level of Chinese public enterprises. Based on previous research, we conducted a regression analysis using the transnational index as a dependent variable and export tax refund, exchange rate, human resources, innovation ability, asset management ability, loan ability, corporate development stage, global deployment ability, etc. as independent variables. As a result of the empirical analysis of this study, it was found that export refund (E_tax) and exchange rate (E_rate) have a statistically significant effect on the external influencing factors of globalization. Human resource capabilities (Edu, O_hunan), innovation capability (R&D), and financing capability (Finance) were found to be important internal influencing factors for the globalization of public enterprises. The role of the government in establishing the strategy of SOEs should be maintained at the level of guidance and it should provide guidance so that the autonomy of SOEs is not restricted as the role of the government is separated from the government's compulsory management and supervisory functions, leading to excessively compulsory management.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.1
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• pp.33-50
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• 2014

Though South Korea has world-class volume of Venture Capital Investment, as a share of GDP, early stage venture investments are still short, and investments are concentrated in high technology area and Capital area. Because of the high barriers to entry of the new IPO and M&A market, the venture capital companies undergo difficulties in profit. High-tech ventures face difficulties in raising money from outside investors due to information asymmetry between venture investors and venture companies. To resolve these problems, developed countries's government make a co-funding investment scheme with private sectors and design incentive mechanism such as receiving knowledge of the reputable investors' joint venture. Korean central and local government can benchmark those of things. For example, the expansion of the investment volume with private sector, region-specific matching fund and venture capital's exit path diversification such as M&A through the establishment of a business venture eco-system. At the same time, venture companies are to make an efforts to enhance the ability of screening for venture companies and the value for investment activities through a joint venture investments.

• Journal of Digital Convergence
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• v.9 no.6
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• pp.295-311
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• 2011

The government is working out the development of a venture enterprise through a venture certification system. The broad effects of its policies are anticipated by the government and revealed in the 'The Survey on Actual Condition of Venture Enterprises 2010'. These benefits include the revitalization of start-up, promotion of technological innovation, progress in marketing ability, improvement in corporate image, financing and investment, and benefit from tax reduction & exemption. However, with the estimation of production function and sales function, which both uses capital and labor as a basic elements, it was found that only 'financing and ease of investment' produces a statistically significant effect on production and sales. An addition, this study looks into whether venture-supporting system are helpful to the eradication of technical inefficiency. The policies brought about positive changes in reduction of technical inefficiencies except with regard to the ease of start-up where it was found that an increase in inefficiencies was the result.

• Korean Journal of Construction Engineering and Management
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• v.23 no.4
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• pp.36-46
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• 2022

It takes a relatively long time for construction companies that lack the ability to finance to adapt to construction policy in the construction industry. However, financial institutions rarely provide financial products to construction companies, particularly small and medium-sized construction companies, because their security capacity and credit rating are low. This study investigates the financial products needed for small and medium construction companies to adapt to policy changes. The demand of small and medium construction companies for financial products is analyzed by experts' advise and survey. And, when the investigated financial products for the construction industry are introduced, the legal systems in need of revision are analyzed. Based on the analyzed demand and the number of legal systems needing revision, the priority for the introduction of financial products to the construction industry is analyzed. Among the financial products investigated, the priority of "Expert consultation, such as accountant, tax accountant, lawyer, etc." is the highest. In future studies, the criteria and method of financial product development for high-priority financial products could be researched.

• KIEAE Journal
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• v.13 no.3
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• pp.121-128
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• 2013

There is a rental housing policy in Korea to support low income citizen. However, the living condition of tenants through this rental program is not work for improving, unlike the initial purpose of providing rental housings. Rental housings, which were planned to improve the residential welfare and enhance self-reliance ability of low income groups and the elderly. It's not effective any more in terms of policy purpose. To solve this problem, plans are needed to support for the construction by Farm-Housing(FH) so that the residents of can support their self-reliance by promoting creating jobs and cooperation. This paper analyze and propose some solution in terms of legal system, financing and streamlining of planing process and permission to support FH program. The paper focus purpose to help identify a new area through such proposals and retain a power of leading technology by bridging the gap between the realistic aspect and ideal aspect.

• Land and Housing Review
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• v.2 no.4
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• pp.345-353
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• 2011

This paper is focused on the sustainability of public rental housing policy. We have analyzed the general fiscal conditions of central government, the public welfare fiscal conditions, the public expenditure on rental housing, and the Korea Land & Housing Corporation (LH) financial structure. Central government fiscal conditions is controlled by the midium-term fiscal operation plan(2010~2014) and fiscal rules. And the fiscal mandatory expenditures on welfare is increased rapidly by the expansion of beneficiaries, but the fiscal discretionary expenditures particularly on public rental housing can be gradually cut down. LH, the dominant agency responsible for affordable housing, is now confronted with financial distress accruing to excessive burden for public rental housing construction. As a result this paper, we find the discrepancy between the fiscal conditons and public rental housing policies. We suggest the fiscally sustainable rental housing policy. Firstly, the construction plan should be realized reflecting the market and fiscal conditions. Secondly, the provsion and financing system of rental housing should be rebuild within the government fiscal condtions and financial ability of LH.

• Asia Marketing Journal
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• v.25 no.1
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• pp.37-44
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• 2023

Firm innovativeness and financing capacity are critical signals to stakeholders as they are key drivers of firm performance and competitiveness and indicate the firm's ability to fund its operations and growth initiatives. Based on signaling theory, this study investigates the signaling effect of a firm's innovativeness and creditworthiness and examines its signaling effectiveness. Using Korean innovation data and Korea Investors Service financial data for nine years, the findings indicate that a firm's technological innovation has a negative impact on its credit ratings, while non-technological innovation has a positive impact. Furthermore, a firm's credit ratings positively impact its performance. The current study contributes to the literature on signaling theory by exploring the signaling effect of a firm's innovativeness and creditworthiness. The findings provide insights for managers on how to send and monitor signals to stakeholders.