• Title/Summary/Keyword: Firm Innovation

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Family Involvement and The Entry Mode into Entrepreneurship: The Contingent Role of National Culture (가족관여와 창업방식간의 관계에 대한 연구: 국가문화의 조절효과를 중심으로)

  • Lee, Sang-Youn;Sahaym, Arvin;Cullen, John;Juasrikul, Sakdipon
    • The Journal of Small Business Innovation
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    • v.20 no.2
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    • pp.17-34
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    • 2017
  • This study examines the role of family involvement and national culture in entrepreneurs' choice of mode of entry into entrepreneurship. Mode of entry consists of two choices: starting a new venture or taking over an existing firm. Specifically, we investigate how cultural values moderate the relationship between family involvement and their choice of business takeover. Using a cross-national sample of 3,831 respondents from 33 countries in Flash Eurobarometer data, we develop key variables and test our hypotheses employing hierarchical linear modelling. Our results show that the relationship between family involvement of entrepreneurs and their choice of business takeover is moderated by individualism, short term orientation, and power distance. This research contributes to understanding comparative international entrepreneurship based on national culture. Implications for policy makers and educators are discussed.

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The Relationship between Inventories and Fixed Investment (재고스톡과 고정투자 간의 관계 분석: 상장 제조기업 분석을 통한 외환위기 전·후 비교)

  • Shin, Sunwoo
    • KDI Journal of Economic Policy
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    • v.28 no.1
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    • pp.117-144
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    • 2006
  • This study is to analyze the existence of the real buffer effect that reflects the effect of beginning-of-period inventory stocks effect on the demand for fixed investment, and the financial buffer effect indicates the substitution effect between end-of-period inventory stock and the source of financing for fixed investment. I use panel data of 361 Korean listed non-financial firms during 1990-2003. After the crisis, it also observed whether the relationship between inventory stocks and fixed investment has altered or not. I review the theoretical connection between inventory stock and fixed investment through the paper by Bo(2004) and estimate the investment model by the method of GMM-SYS. The results show negative relation between end-of-period inventory stock and fixed investment in the whole period and each period classified, also it confirms that the relation between fixed investment and end-of-period investment is significantly negative. It can be interpreted through two aspects that firms not only use inventory stock as a buffer in response to unexpectedly high demand, but also utilize inventory stock as a source of financing for fixed investment. The results imply that firm's decision-making is much correlated with production-and-inventory stock adjustment, decision-making about fixed investment, and decision-making about financial affairs.

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Network Effects and Dynamic Capabilities (네트워크 효과와 동태적 경쟁역량)

  • Lee, Jong-Seok
    • Korean Business Review
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    • v.19 no.2
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    • pp.183-206
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    • 2006
  • Recently, the notion of "increasing returns" has been popular not only in academia but also in industries. This notion has been drawn from prior research on network effects, which showed that the market evolution would lock in to a dominant technology. However, the long history of technological change has rarely shown the possibility of lock-in to an inferior technology. How could the market with network effects make transition between incompatible technologies regimes by escaping the lock-in? This paper analyzes the effectiveness of R&D and technological choice to investigate the sources of the dynamic capabilities in the presence of network effects and uncertain technological progress. Why does the market sometimes work against a radical technology, and why, at other times, does the market operate in favor of it? This study is to address this question by modeling the situation of two competing technologies in the presence of network effects. The numerical analysis indicates that the evolution strategy of compatibility is more likely to increase the chance of firm growth when a majority of customers are not power users or when demand for an old technology has been escalated. But when there are a substantial number of power users or when a new technology emerges before such an escalation of demand, the revolution strategy of compelling performance is more likely to be effective. The result suggests a potential mechanism for overcoming the lock-in problem. When the market exhibits some inertia to an obsolete technology, which is reinforced by the increasing customer value with respect to backward compatibility, the survival of a new technology depends on power users. When many power users are cultivated by firms' technological efforts regarding the new technology, the market is less likely to lock into an obsolete technology. Indeed, in the workstation market, where power users characterize much of the demand, innovators like Sun successfully switched to the RISC architecture.

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The incremental information content of accruals components of earnings for stock return: Discretionary accruals and non-discretionary accruals (회계이익 구성요소의 추가적 정보가치가 주식수익률에 미치는 영향)

  • Shin, Hyun-Dai
    • The Journal of Information Technology
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    • v.7 no.3
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    • pp.19-36
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    • 2004
  • This study examines the relation between accruals components of earnings and stock return. Earnings are decomposed into four components: discretionary accruals, nondiscretionary accruals, nondiscretionary income and cash flow from operations. Because reported earnings in financial statement consist of cash flow from operations plus total accruals. We decompose total accruals into a discretionary accruals and a nondiscretionary accruals separately. This paper examines the incremental informational content of discretionary accruals and nondiscretionary accruals components of net income by regressing return on earnings' components in multivariate models. The empirical analysis is conducted on a sample of 1,580 firm-years comprising 158 firms during 1991-2003. discretionary accruals are obtained by decomposing total accruals into discretionary and nondiscretionary accruals conponents, using a pooled variation of the Jones model(1991). These findings suggest that the discretionary accruals(measured using a variation the Jones model) is priced by the stock market. Specifically, the discretionary accruals and cash flow from operations are positively associated with the stock return, and also nondiscretionary income, discretionary accruals are positively associated with the stock return. While this result is consistent with the market prices the discretionary accruals because it captures value-relevant information. Additional test report evidence consistent with nondiscretionary accruals conveying information about the stock return.

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Effects of Innovativeness on Customer Satisfaction in Long-Term Care Hospitals: The Effect of Internal Capacity and Location Strategy in Hospital (요양병원의 혁신성이 고객만족도에 미치는 영향 : 내부역량과 입지전략의 매개효과)

  • KIM, Duck-Ki;KIM, Woo-Jong;KIM, Mi-Ran
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.20 no.3
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    • pp.110-124
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    • 2019
  • In recent years, over-supply of hospitals has made hospital management more difficult and hospitals have introduced innovative hospital management to enhance customer satisfaction. The purpose of this study is to investigate the effect of innovativeness of hospitals on customer satisfaction by using mediating effects of hospital capacity and location strategy. The subjects of this study were selected from 120 patients and caregivers who were hospitalized in Seoul and Metropolitan area hospitals and conducted questionnaire and statistical analysis. The results of this study are as follows: Firstly, this paper shows hospital Innovativeness does not significantly affect customer satisfaction. Unlike private companies, it is urgent to develop innovativeness measuring tools that are unique to hospitals differentiated from those of general companies. Secondly, although the impact of Innovativeness on hospital internal competency and location strategy was similar, location strategy(${\beta}=0.357$) had a greater impact on customer satisfaction than internal competency(${\beta}=0.283$). This suggests that the medical institution should take precedence over the detailed preparations based on its location marketability, traffic infrastructure, building sales and medical concentration from the time of its opening. Thirdly, this paper confirms through empirical analysis that the relationship between hospital Innovativeness and customer satisfaction is completely mediated by internal capacity and location strategy. The hospital's Innovativeness is affecting customer satisfaction by enhancing the hospital's internal competencies and inducing an active attitude toward establishing a location strategy.

An Exploratory Study on the Characteristics of the 'Global Unicorn Club' and the Factors Influencing its Valuation: Focusing on the 'Unicorn Club' in 2019 ('글로벌 유니콘 클럽' 기업의 특성 및 기업가치 영향 요인에 대한 탐색적 연구: 2019년 '유니콘 클럽' 기업을 중심으로)

  • Lee, Young-Dall;Oh, Soyoung;Yoon, Yoni
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.6
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    • pp.1-26
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    • 2020
  • The term 'Unicorns' in the corporate ecosystem was firstly introduced by Aileen Lee in 2013. It has been actively discussed in South Korea particularly to compare the level of the 'start-up ecosystem' from a global perspective. Accordingly, the Korean government has recently set a policy goal 'to nurture 20 Korean unicorn companies by 2022'. While the phenomenon of 'Unicorn Club Company' has been brought to the level of policy objectives and spread more widely to the public, existing academic research to understand its substantial and underlying implications has been insufficient. First, in this study, the characteristics of 479 'Unicorn Club' companies in 2019 were analyzed in-depth. Previous research has focused on the general status and trend by analyzing the number of unicorn companies by country and industry classifications. However, this study conducted a qualitative exploratory analysis by investigating descriptive statistics about unicorn companies, including their investors, while providing case studies. Also, cluster analysis, ANOVA, and multi-level regression were employed for quantitative exploration. The characteristics of individual companies were examined based on the "ERIS Model (Entrepreneur - Industry(Market) - Resource - Strategy Model)". Secondly, factors influencing its valuations were examined in connection with the previously analyzed characteristic variables and investor characteristics. Finally, based on these, the future direction of the "Unicorn Phenomenon" from the perspective of "Enterprise Ecosystem" and productively using it from the perspective of the public policy is suggested.

Development of Sample Survey Design for the Industrial Research and Development Statistics (표본조사에 의한 기업 연구개발활동 통계 작성방안)

  • Cho, Seong-Pyo;Park, Sun-Young;Han, Ki-In;Noh, Min-Sun
    • Journal of Technology Innovation
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    • v.17 no.2
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    • pp.1-23
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    • 2009
  • The Survey on the Industrial Research and Development(R&D) is the primary source of information on R&D performed by Korea industrial sector. The results of the survey are used to assess trends in R&D expenditures. Government agencies, corporations, and research organizations use the data to investigate productivity determinants, formulate tax policy, and compare individual company performance with industry averages. Recently, Korea Industrial Technology Association(KOITA) has collected the data by complete enumeration. Koita has, currently, considered sample survey because the number of R&D institutions in industry has been dramatically increased. This study develops survey design for the industrial research and development(R&D) statistics by introducing a sample survey. Companies are divided into 8 groups according to the amount of R&D expenditures and firm size or type. We collect the sample from 24 or 8 sampling strata and compare the results with those of complete enumeration survey. The estimates from 24 sampling strata are not significantly different to the results of complete enumeration survey. We propose the survey design as follows: Companies are divided into 11 groups including the companies of which R&D expenditures are unknown. All large companies are included in the survey and medium and small companies are sampled from 70% and 3%. Simple random sampling (SRS) is applied to the small company partition since they show uniform distribution in R&D expenditures. The independent probability proportionate to size (PPS) sampling procedure may be applied to those companies identified as 'not R&D performers'. When respondents do not provide the requested information, estimates for the missing data are made using imputation algorithms. In the future study, new key variables should be developed in survey questionnaires.

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Using Platforms as Market Creation Strategies for Small and Medium-Sized Service Robotics Companies in South Korea: The ROBOPRINT Case Study (국내 중소 서비스용 로봇 기업의 플랫폼을 이용한 시장 창출 전략: 로보프린트 사례연구)

  • Oh, Soo Jung
    • Korean small business review
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    • v.43 no.2
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    • pp.59-86
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    • 2021
  • The platform concept has been used for business operations in various forms: product platforms, transaction platforms and industry platforms. All these platforms have common characteristics of having 'core' that is reused frequently and 'peripherals' that are less reusable and changed often. Companies use platforms to enable efficient development and creation of product family, transactions and innovation. These platforms provide new opportunities for many small and medium-sized companies (SMEs) by bringing changes to traditional industrial structures focused on the products rather than platforms. The service robotics industry in South Korea is mainly composed of technology-intensive SMEs due to its small market size. Although these SMEs succeed in developing technologies, they have difficulties creating and expanding markets to sell products. Thus, this study addresses the characteristics and problems of the South Korean service robotics industry and analyses how ROBOPRINT, one of the SMEs in the service robotics industry, successfully creates and continuously expands the service robot market by adopting platform concept. The results indicate that ROBOPRINT has been applying two types of platforms: product and transaction platforms. First, ROBOPRINT created art robots that were apartment mural service robots. Rather than selling art robots, the company developed various robots such as painting robots, building exterior wall-cleaning robots by reusing the core technology of the robots. The company also developed various robots according to the buyers request. In addition, the company used the robots to directly provide apartment mural services for customers. This mural service has been extended into various areas, not only in apartments but also in soundproof walls, underground passages, and retaining walls. Besides, ROBOPRINT added new services continuously by developing technologies such as virtual reality. Second, ROBOPRINT mediated mural service buyers and mural designers. This platform reduced buyers' workload, which necessitates requesting mural services to ROBOPRINT and searching for mural designers. For designers, this opened up new opportunities to participate in the mural business. The platform attracted both mural buyers and designers who were scattered before. Finally, ROBOPRINT seeks to expand the platform's scope to outside company. To share internally reused ROBOPRINT's technology with other companies, the company participated in Daegu city's 'New Technology Platform Industry'. Furthermore, ROBOPRINT is trying to share the service platform by leasing robots to other companies. This allows external agents to develop technologies and provide services by reusing resources from ROBOPRINT. This study contributes to existing theories by showing that SMEs continuously create and expand markets by building various platforms. Moreover, it provides useful implications for practitioners by describing the firm's specific platform-building strategy.

Confucian View of Self-realization and Context of Life: With a focus on Viewpoint of Confucius and Mencius (유교의 자아실현과 삶의 맥락 - 공자와 맹자의 시선을 중심으로 -)

  • Shin, Chang Ho
    • The Journal of Korean Philosophical History
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    • no.29
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    • pp.153-178
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    • 2010
  • The aim of this research was to examine the traditional Confucian view of self-realization in East Asia and the meaning of life implied therein. The researcher closely reviewed the phase of self-realization of both Confucius and Mencius who are central in Confucianism, especially in the primordial Confucianism, and after investigating maturity of personality as well as educational characteristics thereof, the researcher tried to elicit its modern significance. In Analects, Confucius who is the founder of Confucianism mentioned about 'the pleasure of studying and practicing what he has learned'(學而時習 "Hagisiseup" in Korean), since after, his past was then just the process of self-realization that lasted throughout life. That is, the six phases of self-realization, to wit, 'bending on learning(志學, "Jihak")-'standing firm'(而立, "Irip")-'having no doubts'(不惑, "Bulhok")-'knowing the decrees of Heaven'(知天命, "Jicheonmyeong")-'ear being obedient organ for the reception of truth' (耳順, "Isun")-'able to follow what my heart desires without transgressing what is right'(從心, "Jongsim"), are lying hidden and undeveloped during lifetime, and, at the same time, these phases illustrate the state of enlightenment of life in an in-depth manner. By showing the process of living which is being sublimated in respect of quality, and by going through important process of self-innovation up to six times during lifetime, Confucius edifies us the activity of complete self-realization as well as the importance of education and learning. Meanwhile, these are connected to Mencius in a similar pattern, and strong influence of the characteristics of the learning of the mind and heart( 心學, "Simhak") based on his philosophy permeates the self-actualization phase of Mencius. Mencius' self-actualization phase is expressed in terms of six stages, viz., Person of Goodness(善人, "Seonin")-Trustworthy Person(信人, "Sinin")-Person of Beauty(美人, "Miin")-Great Person(大人, "Daein")-Sage(聖人, "Seongin")-Divine Person(神人, "Sinin"), and these six phases of self-actualization process are educational and learning model for people who dream actualization of perfect personality during their lifetime. Confucian and Mencian view of self-realization congruent with self-discipline internally, and it also reveals a stereotype of human externally. These are a process of performing organic ideals in order for cultivating oneself and regulating others(修己治人, pronounced 'sugichiin' in Korean) which has been pursued by Confucianism. Briefly, these self-realization phases are the arts of living that will lay foundation for "Being Born Human, pronounced Saramim' in Korean" and for becoming "Fully Human, 'Sarmadoem'" and finally for "Human Feelingness, 'Saramdaum'

An Empirical Study on the Determinants of Supply Chain Management Systems Success from Vendor's Perspective (참여자관점에서 공급사슬관리 시스템의 성공에 영향을 미치는 요인에 관한 실증연구)

  • Kang, Sung-Bae;Moon, Tae-Soo;Chung, Yoon
    • Asia pacific journal of information systems
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    • v.20 no.3
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    • pp.139-166
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    • 2010
  • The supply chain management (SCM) systems have emerged as strong managerial tools for manufacturing firms in enhancing competitive strength. Despite of large investments in the SCM systems, many companies are not fully realizing the promised benefits from the systems. A review of literature on adoption, implementation and success factor of IOS (inter-organization systems), EDI (electronic data interchange) systems, shows that this issue has been examined from multiple theoretic perspectives. And many researchers have attempted to identify the factors which influence the success of system implementation. However, the existing studies have two drawbacks in revealing the determinants of systems implementation success. First, previous researches raise questions as to the appropriateness of research subjects selected. Most SCM systems are operating in the form of private industrial networks, where the participants of the systems consist of two distinct groups: focus companies and vendors. The focus companies are the primary actors in developing and operating the systems, while vendors are passive participants which are connected to the system in order to supply raw materials and parts to the focus companies. Under the circumstance, there are three ways in selecting the research subjects; focus companies only, vendors only, or two parties grouped together. It is hard to find researches that use the focus companies exclusively as the subjects probably due to the insufficient sample size for statistic analysis. Most researches have been conducted using the data collected from both groups. We argue that the SCM success factors cannot be correctly indentified in this case. The focus companies and the vendors are in different positions in many areas regarding the system implementation: firm size, managerial resources, bargaining power, organizational maturity, and etc. There are no obvious reasons to believe that the success factors of the two groups are identical. Grouping the two groups also raises questions on measuring the system success. The benefits from utilizing the systems may not be commonly distributed to the two groups. One group's benefits might be realized at the expenses of the other group considering the situation where vendors participating in SCM systems are under continuous pressures from the focus companies with respect to prices, quality, and delivery time. Therefore, by combining the system outcomes of both groups we cannot measure the system benefits obtained by each group correctly. Second, the measures of system success adopted in the previous researches have shortcoming in measuring the SCM success. User satisfaction, system utilization, and user attitudes toward the systems are most commonly used success measures in the existing studies. These measures have been developed as proxy variables in the studies of decision support systems (DSS) where the contribution of the systems to the organization performance is very difficult to measure. Unlike the DSS, the SCM systems have more specific goals, such as cost saving, inventory reduction, quality improvement, rapid time, and higher customer service. We maintain that more specific measures can be developed instead of proxy variables in order to measure the system benefits correctly. The purpose of this study is to find the determinants of SCM systems success in the perspective of vendor companies. In developing the research model, we have focused on selecting the success factors appropriate for the vendors through reviewing past researches and on developing more accurate success measures. The variables can be classified into following: technological, organizational, and environmental factors on the basis of TOE (Technology-Organization-Environment) framework. The model consists of three independent variables (competition intensity, top management support, and information system maturity), one mediating variable (collaboration), one moderating variable (government support), and a dependent variable (system success). The systems success measures have been developed to reflect the operational benefits of the SCM systems; improvement in planning and analysis capabilities, faster throughput, cost reduction, task integration, and improved product and customer service. The model has been validated using the survey data collected from 122 vendors participating in the SCM systems in Korea. To test for mediation, one should estimate the hierarchical regression analysis on the collaboration. And moderating effect analysis should estimate the moderated multiple regression, examines the effect of the government support. The result shows that information system maturity and top management support are the most important determinants of SCM system success. Supply chain technologies that standardize data formats and enhance information sharing may be adopted by supply chain leader organization because of the influence of focal company in the private industrial networks in order to streamline transactions and improve inter-organization communication. Specially, the need to develop and sustain an information system maturity will provide the focus and purpose to successfully overcome information system obstacles and resistance to innovation diffusion within the supply chain network organization. The support of top management will help focus efforts toward the realization of inter-organizational benefits and lend credibility to functional managers responsible for its implementation. The active involvement, vision, and direction of high level executives provide the impetus needed to sustain the implementation of SCM. The quality of collaboration relationships also is positively related to outcome variable. Collaboration variable is found to have a mediation effect between on influencing factors and implementation success. Higher levels of inter-organizational collaboration behaviors such as shared planning and flexibility in coordinating activities were found to be strongly linked to the vendors trust in the supply chain network. Government support moderates the effect of the IS maturity, competitive intensity, top management support on collaboration and implementation success of SCM. In general, the vendor companies face substantially greater risks in SCM implementation than the larger companies do because of severe constraints on financial and human resources and limited education on SCM systems. Besides resources, Vendors generally lack computer experience and do not have sufficient internal SCM expertise. For these reasons, government supports may establish requirements for firms doing business with the government or provide incentives to adopt, implementation SCM or practices. Government support provides significant improvements in implementation success of SCM when IS maturity, competitive intensity, top management support and collaboration are low. The environmental characteristic of competition intensity has no direct effect on vendor perspective of SCM system success. But, vendors facing above average competition intensity will have a greater need for changing technology. This suggests that companies trying to implement SCM systems should set up compatible supply chain networks and a high-quality collaboration relationship for implementation and performance.