• Journal of Korea Trade
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• 제26권7호
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• pp.19-42
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• 2022

Purpose - This study investigates the effects of foreign investor ownership on firm innovation and the different stages of the firm innovation process for business group affiliation (affiliated firms) and nonaffiliated firms. Design/methodology - Research and development (R&D) intensity is used as a proxy for firm innovation. We use a sample of 7,655 firm-year observations of Korean listed firms from 2001 to 2015. To identify the distinct features of business group affiliation and how foreign investor ownership affects firm innovation, we divide the sample into affiliated and non-affiliated firms. Moreover, we classify total R&D expenditures as research and development expenditures. Findings - This study finds a positive relationship between foreign investor ownership and innovation in non-affiliated firms. However, the foreign investor ownership's role in facilitating firm innovation does not influence business group affiliation. Moreover, the results show that foreign investor ownership encourages firms to increase research expenditures, which is the amount spent in the early stages of a firm's R&D process. Originality/value - Existing studies have overlooked the distinct features of business group affiliation and the different characteristics of research and development expenditures. Thus, this study considers the distinct features of business group affiliation and investigates how foreign investor ownership affects different stages of R&D activities.

• The Journal of Asian Finance, Economics and Business
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• 제10권1호
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• pp.31-40
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• 2023

This paper investigates the effect of independent directorship on the firm performance of Chinese listed companies under the impact of the global COVID-19 epidemic. The study starts by assessing the relationship between independent director-related characteristics and firm performance, then mines independent director characteristics variables, collects variable data, proposes reasonable hypotheses, and constructs a data model. 1597 companies listed on Shanghai and Shenzhen stock index, China, from 2020 to 2021 has been selected as the research sample. An empirical study on the relationship between independent directors' characteristics and firm performance was conducted using SPSS25. The results show that under the impact of the global COVID-19 epidemic, the proportion of independent directors on the board of directors, the age of independent directors, the remuneration of independent directors, and the overseas background of independent directors in Chinese listed companies have a negative relationship with the current firm performance, while the proportion of female independent directors and the part-time rate of independent directors do not have a positive effect on firm performance. The findings of this study strongly imply that independent directors' characteristics play a significant role in corporate governance and firm performance in Chinese listed companies and that the external environment has an impact on how well independent directors can carry out their duties.

• 무역학회지
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• 제46권2호
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• pp.75-92
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• 2021

There is increasing awareness in the international alliance literature that the firm performance effects of the alliance portfolio go beyond the effects of the individual alliances. I enrich this nascent perspective by developing a alliance portfolio composition framework based on the alliance portfolio dimensions - underpinned by the simultaneity of quantitative and qualitative factors in international portfolio - that enhances firms' financial performance. This paper assesses the impact on firm performance of composing the alliance dimension within a firm's international alliance portfolio. In an unbalanced panel data analysis with fixed effects of the performance of 502 firms operating in the Korean manufacturing industry during 2011-2017, I test whether firm's three dimension of international alliance portfolio affect on firm financial performance. I find that the intensity of international alliance have significantly positive effect on the firm performance. And following the moderating analysis of three portfolio dimension-functional, relational, and attribute, all of each three international alliance portfolio has positive moderating effects on the relationship between the alliance intensity and firm performance. These results indicate that firms should consider and form simultaneous approaches to exploit the international alliance based on the alliance portfolio dimensions with intensity of alliance portfolio.

• 노동경제논집
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• 제24권3호
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• pp.83-117
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• 2001

최근 인적자원개발에 있어서 기업의 역할이 크게 강조되고 있는 것과는 달리 이에 대한 한국에서의 연구는 상대적으로 부족하다. 이러한 현실에 기초하여 본 논문은 한국 기업의 교육훈련투자 실태와 효율화 방안을 연구하는 데 그 목적을 두었다. 그리고 본 논문의 주된 분석방법은 한국 기업 중 교육훈련 측면에서 선도적 위치에 있다고 판단되는 기업을 대상으로 이루어지는 구체적 사래분석 방법이다. 사례분석에 앞서 먼저 기업 교육훈련의 개념과 투자규모에 관한 외국의 이론적 실증적 연구를 정리하고 기업 교육훈련의 효율화 요인에 관한 분석틀을 설정한 후 이 분석틀에 입각하여 사례기업의 교육훈련투자 실태와 효율화 수준 및 향후 방안에 관한 분석을 시도하였다. 효율화에 초점을 맞춰 보면 사례기업의 경우 교육훈련투자의 효율성을 제고하는 데 필요한 요인들 중에서 이미 거의 충족하고 있거나 적어도 충족가능성을 보이는 요인들도 있지만 전체적으로 볼 때 지금까지의 노력보다 훨씬 더 많은 해결 과제를 가지고 있었다. 이것이 한국 기업들 중에서 선도적인 위치에 있는 기업 상황이라고 한다면 한국 전체 기업들의 교육훈련투자 효율성의 실정(저효율성)은 매우 심각하다고 하지 않을 수 없다.

• 경영과정보연구
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• 제33권5호
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• pp.249-260
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• 2014

본 연구는 우리나라의 코스닥시장을 대상으로 기업고유변동성과 주식수익률에 영향을 미치는 것으로 알려진 기업규모, 장부가/시장가, 주가순이익비율, 주가순자산비율, 주가현금흐름비율, 주가매출액비율, 거래회전율 등과 같은 기업특성변수들과 어떤 특징을 보이는 지를 우선적으로 알아보았다. 또한 실현범위변동성 및 기업고유변동성을 이용하여 주식에 투자할 경우 이들 변동성의 크기 따라 분류된 포트폴리오 간에 투자성과에 있어서 어떠한 차이를 보이는 지에 대해서도 살펴보았다. 분석결과에 따르면 기업고유변동성과 주가순이익비율, 주가순자산비율, 주가현금흐름비율, 주가매출액비율 거래회전율 등은 CAPM, FF-3요인 모형 둘 다 기업고유변동성이 높은 포트폴리오 일수록 기업특성변수들은 통계적으로 유의하게 높아지는 경향을 보였다. 즉, 기업고유변동성은 이들 기업특성변수들과 양(+)의 관계를 가지는 것으로 나타났다. 또한, 거래전략을 1/1/1, 즉, 포트폴리오 구성기간 1개월, 구성한 후 기다리는 기간을 1개월, 성과측정 기간 1개월로 정해서 실현범위변동성과 기업고유변동성이 주식의 기대수익률과 어떤 관계를 가지는 지에 대해 분석을 수행하였는데, 실현범위변동성과 기업고유변동성은 주식수익률과 체계적으로 양(+)의 관계를 가진다는 흥미로운 사실을 발견하였다.

• 지식경영연구
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• 제21권1호
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• pp.41-59
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• 2020

This explorative study examines the difference in firm performance according to the adoption of the core technology of the Fourth industrial revolution, including artificial intelligence(AI), internet of things (IoT), cloud computing, and big data technology. Additionally, we investigate the importance of internal organizational structure exclusively responsible for information security. We analyze unique microdata offered by the Korea Information Society Development Institute to examine the impact of the adoption of the new technologies and the existence of organizational structure for information protection on firm performance, i.e., firm sales. By considering the core information technology as powerful knowledge assets, we argue that the adoption of such technology leads firms to have comparative advantage comparing to the competitors. Also, we emphasize the need to consider the organizational structure suitable for information security, which can become a structural asset of a firm.

• 기술혁신연구
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• 제16권1호
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• pp.191-213
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• 2008

This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes that an adequate allocation of fim's capital between R&D investment and technology import is needed for firm's optimal technology strategy.

• 한국경영과학회지
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• 제31권4호
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• pp.49-68
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• 2006

E-business strategy has interests in Issues of strategic positioning and its impact on firm performance. These studies address the environmental factors as antecedents to strategic decision makings and its consequences such like firm performance. However most studies has not considered the role of business models In explaining e-business firm performance. We adopt Porter's generic strategies to the e-business context. We Identify business models and e-business environmental factors as antecedents and then examine these factors Influence on firm performance. We find that uncertainty of environment has a negatively related to the strategic choices of e-Business firms; in contrast, market turbulence positively affects the level of adoption of all the strategies. Among the strategies, marketing differentiation only makes an Impact on firm performance.

• 무역상무연구
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• 제69권
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• pp.389-406
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• 2016

The Purpose of this study is to analyze the financial statements of ocean-going shipping companies that have experienced financial difficulties since the global financial crisis. Specifically, the study conducts comparing major firm with small and medium-sized firm from fianancial point of view, analyzes the different trends of two groups. As a result, this paper finds the different characteristics between two groups. There were known many financial difficulties in ocean-going shipping companies, but this is not applied to small and medium-sized firm group. Small and medium-sized firm group grew soundly and slowly during research period. But major firm group experienced the deficit and their management condition has deteriorated considerably during that period. To cope with this difficulties, major firm group should take self-effort to improve fianacial structure and establish the risk management system.

• 한국정보시스템학회지:정보시스템연구
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• 제15권2호
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• pp.195-226
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• 2006

The purpose of this study is (1) to develop a conceptually integrated model of IT capability comprising hierarchically structured lower capabilities, and (2) to investigate the impacts of IT capability on firm performance. To do this, the study defined IT capability as a third-order factor model and identified three conceptual dimensions of IT capability IT resource integrating capability, IT infrastructure flexibility, and IT personnel expertise. The relationships between IT capability and firm performance are assessed with 243 firm level data using LISREL. The results of confirmatory factor analysis (CFA) demonstrated that the constructs is highly reliable and valid. Further, we found that IT capability not directly but indirectly affects firm performance through the impacts on business processes.