• Korea Trade Review
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• v.47 no.4
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• pp.103-124
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• 2022

For venturing into international markets, small and medium enterprises (SMEs) have not only emphasized internal resources but entrepreneurial orientation has also become the need of the day due to its significant role in increasing firm's competitive capabilities. Although research indicates that the competitive strategies can significantly impact export performance, minor attention is given to the relationship between entrepreneurial orientation, business competitive strategy and export performance of small and medium enterprises (SMEs). This study scrutinizes the effect of each dimension of entrepreneurial orientation (i.e., innovativeness, risk-taking, and proactiveness) and each of generic competitive strategies (i.e., cost leadership and differentiation) on the export performance of Chinese SMEs. And we investigated the moderating effect of entrepreneurial orientation on the relationship between the competitive strategies and export performance. We surveyed 217 Chinese SMEs through a structured questionnaire. For the data analysis and hypotheses testing, we used AMOS. 27. The findings display that differentiation and cost leadership strategies significantly improve export performance. The innovativeness, risk-taking and proactiveness also spur Chinese SME's export performance. Further we find that adding entrepreneurial orientation significantly improves our model of the relationship between the competitive strategies and export performance. Thus, our study extends the entrepreneurial orientation literature and provides interesting new insights into how entrepreneurial orientation helps firms create more successful export operations.

• Journal of Technology Innovation
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• v.27 no.1
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• pp.45-77
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• 2019

The balance between exploration for new possibility and exploitation for existing certainty is an important issue in strategy, innovation, R&D as well as organization learning. Among the convergence trends of technologies, many firms seek to have the wider technological knowledge assets and the deeper technology capabilities for the sustainable competitive advantage at the same time. While firms plan technology portfolio strategies, they should consider the attribute of the technology. Nanotechnology, a cutting-edge technology, is a general purpose technology, unlike conventional product-oriented technologies. This empirical study was focused on how multi-national firms' exploration and exploitation strategies for nanotechnology affect their innovative and financial performance. It uses multiple regression analysis on panel data. This result shows that the more diversified and specialized nanotechnology as platform technology is positively related to their innovative and financial performance, unlike the research results for product-oriented technologies. In addition, exploratory innovation is more effective to firm performance than exploitation. This implies how global firms can manage effectively platform technology strategies under the constraints of resources.

• (The) Korean Journal of Advertising
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• v.27 no.4
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• pp.71-90
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• 2016

Managers of firms often wonder whether advertising expenditure is a mere expense or an investment with foreseeable future returns. When top management makes a decision on the level of advertising expense, it must consider whether an increase in advertising spending will positively affect brand loyalty and the increased brand loyalty will positively affect profitability and firm value. We investigate the industry-specific effects of advertising spending on marketing and the effect of loyalty on financial performances using top companies in Korea, specifically, 184 firms' data from year 1998 to 2014. The empirical results of a fixed effect model indicate that the effects of advertising on customer satisfaction index and loyalty on the firms' financial performance are positive. In service industry, unlike manufacturing industry, advertising has a significantly positive effect Brand Loyalty. In addition, Brand Loyalty had positive impacts on ROA and ROE as profitability index, and Tobin's q, a market-value index. The research results suggest that advertising in service industry should be considered as customer satisfaction investment and the increased Brand Loyalty as a profit for present and a business investment for the future respectively.

• KDI Journal of Economic Policy
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• v.27 no.2
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• pp.45-87
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• 2005

This study attempts to provide a basis of selecting policy directions by empirically analyzing the effect of policy lending programs for SMEs in Korea using micro firm-level data and examining whether the programs contribute to improving the performance of SMEs and thus effectively carry out their missions. From the estimations using Ashenfelter(1978)'s approach, the evidence of differences in profitability enhancement between the benefited group and the never-benefited group could not be found in most cases. In addition, the estimations show that the policy lending program had stronger profit enhancing effects on the young SME group for the year that the program was applied, and indicate that the policy lending program might be the factor that makes the 'older' benefited SMEs to become addicted to the government policy and thus hinder them in their development to become more competitive and innovative. These results suggest that, when the programs are needed to support SMEs' financing, it is more effective to target the start-up companies or SMEs in their early stages rather than old SMEs.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.27-63
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• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

• The Journal of the Korean life insurance medical association
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• v.4 no.1
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• pp.110-132
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• 1987

A study on hepatomegaly detected by abdominal palpation, and facial telangiectasia in a total of 3,418 insured persons medically examined at the Honam Medical Room of Dong Bang Life Insurance Company Ltd. from February, 1984 to August, 1985 was undertaken. The results were as follows: 1) Hepatomegaly was found in 383 cases(27.5%) among the 1,395 insureds of male and in 163 cases(8.1%) among the 2,023 insureds of female. The difference of incidence of hepatomegaly between all males and females showed statistical significance(p<0.001). In each age group, the incidence of hepatomegaly in :nale was higher than that in female. The incidence of hepatomegaly in each age group in male increased cnosiderably with age; it showed 11.6%,16.2%, 42.6% and 52.9% from second to sixth decade in order, thereafter in seventh decade it decreased to 26.7%, While the incidence of hepatomegaly in female increased slightly in each age group. 2) Facial telangiectasia was found in 318 cases(22.8%) among all males and in 157 cases(7.8%) among all females. The difference of incidence of telangiectasia between all males and females showed statistical significance(p<0.001). In each age group, the incidence of telangiectasia in male was higher than that in female, except of second decade. The incidence of facial telangiectasia in each age group in male increased considerably with age; while it increased slightly in female. 3) Facial telangiectasia accompanied by hepatomegaly was found in 235 cases(61.4%) among 383 cases of hepatomegaly in male and in 69 cases(42.3%) among 163 cases of hepatomegaly in female. The difference of incidence of telangiectasia between males and females show ed statistical significance(p<0.001). 4) Facial telangiectasia without spider angiomata accompanied by hepatomegaly was found in 201 cases(52.5%) among 383 cases of hepatomegaly in all males and in 67 casgs(41.4%) among 163 cases of hepatomegaly in all females; facial spider angiomata accompanied by hepatomegaly was found in 34 cases(8.9%) among 383 cases of hepatomegaly in all males and in 2 cases(1.2%) among 163 cases of hepatomegaly in all females. 5) Abnormal SGOT activity was found in 19 cases(7.9%) among 242 cases of hepatomegaly in all males and in one case(1.5%) among 67 cases of hepatomegaly in all females. The difference of incidence of abnormal SGOT activity showed statistical significance(p<0.001). The incidence of abnormal SGOT activity by the size of hepatomegaly, that is, palpated <1 finger's breadth, <2 fingers' breadth and ${\geqq}2$ fingers' breadth, revealed 2.2%, 6.0% and 60.0% respectively in all males, while abnormal SGOT activity was found only one case in fifth decade among 67 cases of hepatomegaly in all females. 6) In ordinary medical examination(the insured amount is low) abnormal SGOT activity was found in 7 cases(4.8%) among 146 cases of hepatomegaly palpated $1\frac{1}{2}$ fingers' breadth and under, while it was not found in 37 cases of the same sized hepatomegaly in all females. Above mentioned 7 cases are thought to be very significant because 7 cases occupy 35% in 20 cases of abnormal SGOT activity with hepatomegaly. 7) Abnormal SGOT activity was found in 12 cases(4.4%) among 273 cases of hepatomegaly of "not firm" consistency, while it was found in 8 cases(22.2%) among 36 cases of hepatomegaly of "firm" consistency. The difference of incidence of abnormal SGOT activity showed statistical significance(p<0.05). 8) Abnormal SGOT activity was found in 5 cases(17.9%) among 28 cases of spider angiomata with hepatomegaly, while it was found in 10 cases(7.3%) among 166 cases of telangiectasia without spider angiomata with hepatomegaly. Owing to a small number of cases, statistical significance was not recognized, but the incidence of abnormal SGOT activity in spider angiomata cases with hepatomegaly is apt to be higher than that in telangiectasia cases without spider angiomata with hepatomegaly. 9) The incidence of abnormal SGOT activity is apt to be higher with age in male group; abnormal SGOT activity was not found among 4 cases of hepatomegaly in second decade and it was 3.8% in third decade, 4.5% in fourth decade, 9.3% in fifth decade, 17.5% in sixth decade and 33.3% in seventh decade, while the incidence of it was only one case among 67 cases in all females. 10) It is believed that the performance of liver function test to the subjects with hepatomegaly even in ordinary medical examination(the insured amount is low) will give considerable contribution for medical selection of hepatomegaly risk. 11) Age of the insured(young or old), presence of facial telangiectasia or spider angiomata especially and their severity, and consistency of enlarged liver(firm or not) should be considered to increase accuracy in evaluating hepatomegaly risk.