• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.20 no.3
• /
• pp.338-352
• /
• 2019

This study was empirically intended to determine obstacle factors of the global start-up promotion for the international inroad of global start-up companies. The statistical analysis of reliability and validity was conducted through the AMOS structural equation model after surveying 300 companies over 5 years old into start-up in metropolitan cities across the country. The findings are as follows. The global start-up growth had a very close relationship with capital, product development period, quality and human resources. And capital as a start-up obstacle factor was insignificant, but development period, quality and human resources had a close relationship with industrial competitiveness. Even in the mediating effect of start-up obstacle factors on industrial competitiveness, capital was rejected, while quality, development period and human resources were adopted, having a positive mediating effect. These results demonstrate that capital is not a big obstacle to the management because of the continuous support of the government due to the nature of start-up companies, but growth is in a remote future as long as there is no independent product competitiveness to maintain the quality of products at a certain level and support of professional workforce to develop and commercialize them.

• The Journal of the Institute of Internet, Broadcasting and Communication
• /
• v.19 no.5
• /
• pp.25-32
• /
• 2019

The purpose of this study is to investigate how to make a proper investment in ICO in the market. Previously, companies used to borrow money from banks or to obtain investments from venture capital (VC) and angel investors, but now ICOs are used as a new type of funding and financing model. The ICO sells the tokens or coins created on the blockchain openly online to raise the necessary funds, and provides the market value by paying the tokens or coins as much as the investment amount. According to this study, the limitations of the ICO market are (1) difficulties in evaluating the company, (2) uncertainties in investments, (3) lack of legal safeguards, and (4) measures to secure corporate stability after recruitment. At present, there is no way to cope with this systematically since the ICO is not protected in the legal framework. Nevertheless, we investigated the ways to make proper investment in the existing ICO market. In investing in ICO, investors should (1) consider investment methods and profitability, and (2) verify and judge investment fraud through various channels (ex. Homepage, composition team profile, etc.) and make investments based on this. This study will contribute to the formation of a healthy ICO market by understanding the newly emerged ICO market and studying the considerations when investing in it, thereby contributing to the right investor training and reducing the mass production of consumer damages caused by fraud. The limitation of this study is that the domestic ICO has not yet been examined in the legal framework, so further research is needed when policy changes occur in the future.

• Journal of Korea Society of Industrial Information Systems
• /
• v.28 no.2
• /
• pp.95-107
• /
• 2023

The purpose of this study is to investigate the impact of export promotion programs (EPPs) on the export performance of small- and medium-sized enterprises (SMEs), with a specific focus on the influence of EPPs for promising SMEs in the export market. Using data on SMEs provided by the Industrial Bank of Korea (IBK), we conducted a fixed-effects model analysis from 2016 to 2019. Our study shows that EPPs have a positive and significant relationship with export intensity. Further analysis reveals that SMEs utilizing the financing support system provided by EPPs tend to improve their export growth and financial performance relative to their counterparts. While EPPs can assist SMEs with their internationalization efforts, their similarity and redundancy are recognized as potential limitations. This study complements the existing literature that has mainly focused on surveys and cross-sectional analysis by specifying the research subject to promising SMEs in export, and analyzing the effects of the export promotion program supported by IBK Industrial Bank. The results of this study are expected to provide implications for improving SMEs' export capabilities.

• KDI Journal of Economic Policy
• /
• v.30 no.2
• /
• pp.99-128
• /
• 2008

Nearly all Koreans are insured through National Health Insurance(NHI). While NHI coverage is nearly universal, it is not complete. Coverage is largely limited to minimal level of hospital and physician expenses, and copayments are required in each case. As a result, Korea's public insurance system covers roughly 50% of overall individual health expenditures, and the remaining 50% consists of copayments for basic services, spending on services that are either not covered or poorly covered by the public system. In response to these gaps in the public system, 64% of the Korean population has supplemental private health insurance. Expansion of private health insurance raises negative externality issue. Like public financing schemes in other countries, the Korean system imposes cost-sharing on patients as a strategy for controlling utilization. Because most insurance policies reimburse patients for their out-of-pocket payments, supplemental insurance is likely to negate the impact of the policy, raising both total and public sector health spending. So far, most empirical analysis of supplemental health insurance to date has focused on the US Medigap programme. It is found that those with supplements apparently consume more health care. Two reasons for higher health care consumption by those with supplements suggest themselves. One is the moral hazard effect: by eliminating copayments and deductibles, supplements reduce the marginal price of care and induce additional consumption. The other explanation is that supplements are purchased by those who anticipate high health expenditures - adverse effect. The main issue addressed has been the separation of the moral hazard effect from the adverse selection one. The general conclusion is that the evidence on adverse selection based on observable variables is mixed. This article investigates the extent to which private supplementary insurance affect use of health care services by public health insurance enrollees, using Korean administrative data and private supplements related data collected through all relevant private insurance companies. I applied a multivariate two-part model to analyze the effects of various types of supplements on the likelihood and level of public health insurance spending and estimated marginal effects of supplements. Separate models were estimated for inpatients and outpatients in public insurance spending. The first part of the model estimated the likelihood of positive spending using probit regression, and the second part estimated the log of spending for those with positive spending. Use of a detailed information of individuals' public health insurance from administration data and of private insurance status from insurance companies made it possible to control for health status, the types of supplemental insurance owned by theses individuals, and other factors that explain spending variations across supplemental insurance categories in isolating the effects of supplemental insurance. Data from 2004 to 2006 were used, and this study found that private insurance increased the probability of a physician visit by less than 1 percent and a hospital admission by about 1 percent. However, supplemental insurance was not found to be associated with a bigger health care service utilization. Two-part models of health care utilization and expenditures showed that those without supplemental insurance had higher inpatient and outpatient expenditures than those with supplements, even after controlling for observable differences.

• 한국벤처창업학회:학술대회논문집
• /
• 2006.04a
• /
• pp.45-75
• /
• 2006

How much influence does a business plan have on a corporate performance? Whilst previous studies and literatures all assert a strong correlation between the two, very few have actually conducted practical analyses to support that. This study takes an empirical approach in its analysis of Korea' s small and medium-sized enterprises (SME) with the view to finding an answer to the question. A business plan' s components, which have to date been suggested only in theory and in concept, have been selected through the study of literatures and preliminary examination. The selected components were then narrowed down into five factors of productivity, implementation, operational direction, product/service and customer accessibility by applying factor analysis. With which items to measure corporate performance is also an important question as results differ depending on which measurement items were used. For the purpose of this study, corporate performance was classified into effectiveness, adaptability and efficiency to measure how greatly each is influenced by the components of a business plan. Results show that effectiveness and adaptability have a positive (+) influence on corporate performance. The regression model seems to explain effectiveness particularly well. However, different directions of influences were showed in explain power of the research model were not high. And it can be interpreted that implementation of the plan is as important as the establishment of it. Thus a good corporate performance is to be had only under an excellent plan and following an excellent implementation. In most of the companies surveyed, business plans were established regularly led by the intense involvement of the CEO. Such plans were then used in internal operations, such as guiding operational direction and measuring corporate performance. Unlike general expectations, relatively few companies used them in financing from external sources such as banks or venture capitals. These findings are different from previous studies conducted in this field. Also, as market uncertainty was pointed out as the biggest obstacle to business planning. a manager must pay more attention to acquiring external information and knowledge so as to minimize it.

• Journal of Korean Home Economics Education Association
• /
• v.18 no.3 s.41
• /
• pp.41-60
• /
• 2006

The system of teaching culinary practice needs drastic modification to catch up with dietary life and education curriculum changes. To reflect such changes, it is necessary to instill a strong will and interest as well as educational environment improvement in teachers. In this sense, this study researched the teachers' stages of concerns, levels of use, innovation configuration, and intervention demands, based on the CBAM(Concerns Based Adoption Method) developed by Hord et. al. For the survey, 500 questionnaires sent by mail and 187 were analyzed by SPSS/win 10.0 program. The results are summarized as follows. 1) The teachers stages of concerns on culinary practice is assessed to be in the lowest level of perceptual stage, which indicates a state of indifference. 2) In terms of the levels of use, routine use was the highest, followed by refinement use, integrated use, research use, and reinvent use in descending order. Mechanical use posted the lowest level. Even though the stages of concern showed the beginning stage, the Level of use was relatively high. 3) About the innovation configuration, approximately 30% of the teachers were not accomodate the culinary practice referred to the 7th National Education Curriculum. 4) According to the intervention demands on culinary practice education, it was found that teachers generally wanted more interventions in every component. Among the intervention components, the highest demand was on the support for facility. Demand on the financing is the second highest. Teachers in the level of routine use demanded more information and materials supply and individual encouragement, but teachers in the level of preparation needed study opportunity for training on operation skills more.

• The Korean Journal of Financial Management
• /
• v.21 no.2
• /
• pp.99-123
• /
• 2004

We focus in this study on incremental financing decisions and estimate a logit model for the probability a firm will choose a private placement over a public bond issue. We hypothesize that information asymmetry, financial risk, agent cost, and proprietary information may affect a firm's choice between public debt and private placements. We find that as the size of firm increases, the probability of choosing a private placement declines significantly. The age of the firm, however, is not a significant factor affecting the firm's choice between public and privately-placed bond. The coefficients on the firm's leverage and non-investment grade dummy are significantly positive, meaning firms with high financial risk and credit risk select private placements. The findings regarding agency-related variables, PER and Tobin's Q, are somewhat complex. We find significant evidence that firms with high PER prefer private placements to public bonds, suggesting that borrowers with options to engage in asset substitution or underinvestment are more likely to choose private placements. The coefficient of Tobin's Q is negative, but not significant, which weakly support the hold-up hypothesis. When we construct an interaction term on the Tobin's Q with a non-investment rating dummy, however, the Tobin's Q interaction term becomes positive and significant. Thus, high Tobin's Q firms with a speculative rating are significantly more likely to choose a private placement, regardless of the potential hold-up problems. The ratio of R&D to sales, proxy for proprietary information, is positively significant. This result can be interpreted as evidence in favor of a role for proprietary information in the debt sourcing decision process for these firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.3
• /
• pp.17-32
• /
• 2023

In recent years, the need for social ventures that aim to grow while solving social problems through the efficiency and effectiveness of commercial organizations in the market has increased, while there is a limit to how much the government and the public can do to solve social problems. Against this background, the number of social venture startups is increasing in the domestic startup ecosystem, and interest in impact investors, which are investors in social ventures, is also increasing. Therefore, this research utilized judgment analysis technology to objectively analyze the validity and weight of judgment information based on the cognitive process and decision-making environment in the investment decision-making of impact investors. We proceeded with the research by constructing three classifications; first, investment priorities at the initial investment stage for financial benefit and return on investment as an investor, second, the political skills of the entrepreneurs (teams) for the social impact and ripple power, and social venture coexistence and solidarity, third, the social mission of a social venture that meets the purpose of an impact investment fund. As a result of this research, first of all, the investment decision-making priorities of impact investors are the expertise of the entrepreneur (team), the potential rate of return when the entrepreneur (team) succeeds, and the social mission of the entrepreneur (team). Second, impact investors do not have a uniform understanding of the investment decision-making factors, and the factors that determine investment decisions are different, and there are differences in the degree of the weighting. Third, among the various investment decision-making factors of impact investment, "entrepreneur's (team's) networking ability", "entrepreneur's (team's) social insight", "entrepreneur's (team's) interpersonal influence" was relatively lower than the other four factors. The practical contribution through this research is to help social ventures understand the investment determinant factors of impact investors in the process of financing, and impact investors can be expected to improve the quality of investment decision-making by referring to the judgment cases and analysis of impact investors. The academic contribution is that it empirically investigated the investment priorities and weighting differences of impact investors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.5
• /
• pp.169-185
• /
• 2022

This study analyzed the effect of entrepreneurial competency on entrepreneurial intentions by using the entrepreneurial opportunity recognition as a mediator for middle and middle-aged office workers. The sub-variables of entrepreneurial competency are classified into management competency, technology competency, business competency and funding competency. 222 copies of questionnaires collected from middle-aged and elderly office workers residing across the country centered on the metropolitan area were used for empirical analysis. Based on a simple mediating model with singular mediator using SPSS v22.0 and PROCESS macro v4.0. was analyzed. As a result of the analysis, first, among entrepreneurial competencies, business competency and funding capacity were found to have a positive (+) significant effect on the entrepreneurial intentions, but management and technical competency did not have a significant effect. The higher the business competency and funding competency. Second, it was found that all of the sub-variables of entrepreneurial competency had a significant effect in the positive (+) direction on the recognition of entrepreneurial opportunities. It was confirmed that management competency has the greatest influence on the entrepreneurial opportunity recognition and technology competence has the smallest effect. Third, it was found that the entrepreneurial opportunity recognition had a significant effect on entrepreneurial intentions. The discovery of an opportunity recognizing opportunities for start-up is a prerequisite for entrepreneur. Fourth, it was found that the entrepreneurial opportunity recognition mediates between the management competency, technological competency, business competency, funding competency, and entrepreneurial intention. It suggests that opportunity discovery by recognizing opportunities for entrepreneurship is a prerequisite for start-up. As implications of this study, it suggests that in order to inspire middle-aged and elderly office workers to start their own business, it is necessary to have indirect experience with education and to establish and promote a government support system for financing.. Second, It suggests that education on leadership and organizational management is particularly necessary to strengthen the opportunity recognition. Third, it suggests that the discovery of opportunities to recognize opportunities for start-up is a prerequisite for entrepreneur. Therefore, it is necessary to prepare a manual and conduct training on opportunity search, recognition, evaluation, and utilization according to the stage of opportunity development. Fourth, it suggests that in order to strengthen the intention to start a business, ALso, it is necessary to manage both the entrepreneurial competency and entrepreneurial opportunities recognition at the same time. By presenting the practical directions that can be given differentially, we intend to contribute to the provision of practical directions and policy establishment for the promotion of entrepreneurial activities of office workers who can give vitality to the ecosystem.