• 4차산업연구
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• 제1권1호
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• pp.1-10
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• 2021

Purpose - This case study analyzes the internationalization strategy and innovation strategy as key factors contributing to the business success of CAP, a small and medium-sized manufacturing company in Korea producing auto parts such as wipers. This study describes the diversification strategies conducted by CAP Corporation and highlights the company's core competencies that have largely contributed to their global competitive success. Research design, data, and methodology - This paper provides in-depth case study on how CAP was able to grow into a hidden champion company, focusing on their strategies since its establishment. In particular, by analyzing the success factors centering on CAP's aggressive innovation strategy and internationalization strategy, it presents guidelines for small and medium-sized enterprises in Asian countries to become a Hidden Champion company. Result - CAP's product technology has successfully established innovative system on their product called 'vertebra spring' to distribute uniform pressure to the rubber to ensure performance as well as durability of their products. In order to continue benefiting from utilizing core competence and to continue pursuing technological advancement in the wiper industry, CAP has launched a wide range of products (flat blade, conventional blade, hybrid blade) applicable to 95% of the vehicle in the market. Conclusion - Taken together, CAP has many aspects of a hidden champion company by investing in R&D up to 8% of its annual sales to R&D investment even during the crises situation. This number is about 3.36 times higher than the average ratio of listed companies in Korea. Furthermore, the leadership of the management team as well as their vision toward the global market and strong commitment to innovation enabled CAP to become the world's fifth-largest wiper and Asia's No. 1 wiper manufacturer.

• Asian Journal of Innovation and Policy
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• 제1권1호
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• pp.92-115
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• 2012

The problem Japanese universities face is exactly the same as that of German universities: no international recognition in world rankings of universities despite their high levels of postwar economic and technological developments. This was indeed one reason why world-class Japanese firms, such as Toyota and Sony, have avoided working closely with Japanese universities for R&D partnership and new technology commercialization. To resolve this problem, the Japanese government has continuously implemented aggressive policies of the internationalization, privatization, liberalization, and privatization of universities since the onset of the economic recession in 1989 in order to revitalize the Japanese economy through radical innovation projects between universities and firms. National projects of developing medical robots for Japan's ageing society are some of the ambitious examples that emphasize feed-forward learning in innovation. However, this paper argues that none of these programs of fostering university-firm alliances toward feed-forward learning has been successful in promoting the world ranking of Japanese universities, although they showed potentials of reinforcing their conventional strength of introducing $kaizen$ through feedback learning of tacit knowledge. It is therefore argued in this paper that Japanese universities and firms should focus on feedback learning as a way to motivate firm-university R&D alliances.

• 벤처창업연구
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• 제7권1호
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• pp.73-86
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• 2012

본 사례에서는 국내 IT 벤처기업인 유니데이타커뮤니케이션(주)의 단계적인 국제화 경험이 학습역량 강화를 통해 경영성과에 기여하는 일련의 국제화 과정을 조직학습이론으로 설명하였다. 이는 조직의 국제화 경험이 국제화 성과의 중요한 결정요인이며 조직학습을 통해 배양된 학습역량은 경영성과에 기여한다는 기존 연구결과를 기반으로 하고 있다. 더불어, 창업기부터 꾸준히 국제화를 추진한 IT 벤처기업의 국제화학습 특성을 기존지식 활용(Exploitation)과 새로운 지식 탐색(Exploration)으로 구분하여 분석하였다. 분석결과, 대기업에 비해 내부자원이 취약한 벤처기업은 파트너 네트워크를 활용한 탐색과 활용을 통해 새로운 국제화 경험을 축적하였다. 축적된 국제화 경험은 학습 역량 강화를 통해 기업의 내부역량으로 배태(embedded)되어 궁극적으로 경영성과에 유의미하게 작용함을 사례를 통해 확인 할 수 있었다.

• 동아시아경상학회지
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• 제6권3호
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• pp.1-15
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• 2018

Purpose - This study investigates the effect of MNEs' characteristics on the use of foreign currency denominated debt in the context of Korean firms. This study examines the relationship between MNEs and the use of foreign debt focusing on the accessibility to the capital market in addition to the motive of hedging against foreign exchange exposure. Research design and methodology - Probit estimation is employed for estimating significant factors in determination of the use of foreign debt by firms. The dependent variable is a dummy variable to indicate whether a firm uses foreign debt or not at the end of 2004. Independent variables include foreign subsidiaries ratio, export to sale, R&D expenditure to sale, and credit rating. Results - The results show that the interaction between the level of internationalization represented by intra-regional diversification and the strategic characteristics embedded in the region of entry affects the use of foreign debt. In case of a high level of diversification within the developing region with a strong pursuit of asset exploitation, MNEs are more likely to use foreign debt, whereas a high level of diversification within the developed region with a strong pursuit of asset seeking, MNEs are less likely to use foreign debt. Conclusions - The differences between MNEs in terms of intra-regional diversification, strategic orientation, and the accessibility to capital markets as well as the hedging motive affect the use of foreign debt.

• 유통과학연구
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• 제7권3호
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• pp.101-122
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• 2009

본 연구는 국제화의 결정 요인, 동기 및 국제화의 목표, 시장 진입 방법, 시기, 지역, 국제화 전략 및 접근 방법, 국제화 성과 및 성공요인, 국제화의 문제점과 장애요인을 검토하고, 궁극적으로 국내 벤처 기업에 대한 국제화 전략을 제시한다. 연구결과 국제화 결정 요인 중 외적 요인에는 좁은 국내 시장, 산업화 정도, 경쟁 수준, 제품의 라이프 사이클, 경제 규모와 국제적 네트워크가 포함되는 반면에, 내적 결정 요인에는 새로운 기업의 특성과 기술적 능력이 있음이 밝혀졌으며. 시장 확보와 선점, 생산 기반의 이동을 통한 원가 절감과 효율적 생산, 네트워크 형성의 필요성을 포함해야 할 동기 또한 밝혀졌다. 시장 진입에 대해서는 기업이 먼저 수출에 초점을 두었으며, 외국시장을 선택함에 있어서는 심리적 거리보다도 표적 시장의 존재와 그들의 기술능력에 더 큰 영향을 받은 것으로 나타났다. 또한, 국제화 성과에 대해서는, 비재무적 성과보다는 재무적 성과가 더 높은 것으로 밝혀졌다. 일반적으로 벤처기업은 사업 파트너를 찾는데 어려움이 있었으며, 자금 부족, 전문가 부족, 정보부족 등을 경험하였던 것으로 알려졌다.

• 통상정보연구
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• 제11권2호
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• pp.149-172
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• 2009

Service industries nowadays have become the subject of a scientific research. However, unlike research on manufacturing, there has not yet been a broader presentation of important aspects theoretically and methodologically. The importance of service sector in both national and global economies has grown significantly. An active participation of service industries in the internationalization process, notably by licensing and FDI, has occurred over time. But a few sub-sectors still dominate on this process, for example, financial institutions such as banks, securities, and insurance as well as producer services in advertising and accounting. On the other hand, personal services that are owned by small- and medium- sized firm have limited capabilities in their transnational transfer. This paper attempts to examine various factors influencing decisions for these small- and medium- sized Korean beauty firms in entering to the foreign markets. Determining factors for these firms in the engagement of internationalization depends largely on competitive advantages in both domestic and host countries, and they may be different from those in the sub-sectors mentioned above. Based on previous researches, i identified three categories of independent variables(characteristics of firms, managers, and competition) that can influence decisions to enter to the foreign markets. Seven hypotheses have been tested by using a sample of beauty firms in Daegu city and Kyungbuk province. The results show that the intention of these firms to enter to the foreign markets is significantly influenced by the factors of the innovative character of CEO's, the competitiveness of firms, and size of firms.

• 무역학회지
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• 제43권1호
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• pp.199-221
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• 2018

본 연구에서는 국제벤처기업의 국제화에 영향을 미치는 요인들을 체계화하고, 각 요인의 상대적 중요성을 분석하고자 하였다. 또한, 점진적으로 국제화 과정을 거치는 전통적 기업들과 태생적 국제 벤처기업의 장애요인에 대한 우선순위 차이를 파악하고자 하였으며, 이를 통해 태생적 국제 벤처기업에게 경쟁력을 확보할 수 있는 기초정보를 제공하고자 하였다. 연구방법은 우선순위를 분석하기 위하여 AHP(의사결정 계층 분석 방법)으로 실시하였다. 분석 대상은 각 기업의 국제진출 관련 의사결정권자인 임원들을 대상으로 실시하였으며, 태생적 국제벤처기업 15부, 점진적 수출기업 15부로 각각 조사 하였다. 연구 결과, 1차 장애요인으로 환경 관련 장애요인이 국제화의 가장 큰 장애요소로 인식하고 있었으며, 그 다음으로 기업 관련 장애요인, 경영자 관련 장애요인 순으로 중요성을 인식하고 있다는 점을 확인하였다. 2차 장애요인을 살펴본 결과, 기업관련 장애요인 중 전반적으로 마케팅 역량부족이 가장 큰 장애요인으로 인식하였으며, 이는 점진적 국제 벤처기업 및 태생적 국제 벤처기업 모두 동일하게 나타나고 있다. 그러나 점진적 국제 벤처기업의 경우, 사업실행의 지나친 위험성을 장애요인으로 인식하고 있지만, 태생적 벤처기업의 경우 기술정보 및 R&D 역량의 부족을 장애요인으로 인식하고 있다. 본 연구의 결과는 장애요인을 극복함에 있어서 환경적요인과 기업요인의 결합성이 매우 중요하다는 시사점을 제공하고 있으며, 단순히 내부의 마케팅역량을 강화하는 것만이 국제 벤처기업의 장애요소를 해결하는 것은 아니라는 점이다.

• 한국의류학회지
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• 제32권3호
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• pp.474-485
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• 2008

The purpose of this study is to examine the determinants and elements to enhance Korean international competitiveness, employing Porter's(1998) Diamond Model. Half of the 500 leading apparel exporters that were members of the Korea Apparel Industry Association in 2003 were selected as the target of this research. From May to June of 2003, survey questionnaires were sent to executives of these 250 companies in person or by telephone, e-mail, or fax. Seventy questionnaires were used for the final data anlysis. The items used were Reliability, Categorical Regression, and Frequency, using SPSS 11.5. The results were as follows: First, as a result of analyzing the influence of international competitiveness in Korean apparel industry, the firm's strategy, structure, and rivalry was the most influential factor. Others were related and supporting industries, government, chance, demand conditions, and factor conditions. Also, the elements that affect Korean international competitiveness were listed as the level of price competition in foreign markets, the level of labor cost, export marketing capacity, and exchange fluctuation. The most important element to improve the international competitiveness of the Korean apparel industry was a demand growth rate of the overseas markets(Demand Conditions), followed by the level of the labor costs(Factor Conditions), the capability of internationalization(Firm Strategy, Structure, and Rivalry), the change of currency(Chance), the quality and management of products(Demand Conditions), the capability of planning products(Firm Strategy, Structure, and Rivalry), free trade from 2005(Chance), and global sourcing strategy(Firm Strategy, Structure, and Rivalry). Korea's main rival country in apparel related and supporting industry factors is China. However, Korea has a higher level of technology development, quality, and price level than China.

• 아태비즈니스연구
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• 제9권1호
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• pp.91-106
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• 2018

An appreciable number of Chinese firms have successfully expanded their businesses into foreign economics although they have limited resources. Advocating that home country government supports can mitigate firms' resource-disadvantages in international expansions, we attempted to investigate whether and how the Chinese government's support enables Chinese firms to compete in foreign markets. Based heavily on the knowledge-based theory of the firm and the resource-based theory of the firm, we developed a model that explain and predicts the effects of home-country government-supports on superior financial performance. The model was empirically tested using a accounting dataset regarding Chinese firms' 323 international expansion events from 2008 to 2015. Empirical evidence presents that the Chinese government's support has a positive effect on Chinese firms' international success and that these firms' marketing, technological, and managerial resources positively moderate the effect of the government support on the firms' international success. Nonetheless, because we employed an event-study method, the limitations of the method can be applied to the current research. In addition, because of the empirical context, the results of the research might lack generalizability. We, however, provided an understanding how firms from emerging countries can succeed in international expansions specifically when they have lack of resources for international competition.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.267-275
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• 2021

This study investigates the relationship between cultural distance and entry mode choice, where the foreign investor firm and the host country are both from emergent economies. Within this framework, research is limited and the issue is whether companies, regardless of their specific situations, have the same strategy when they meet a high degree of uncertainty in the host environment. In this study, we focused on the influence of informal institutional factors: cultural distance, that has been extensively analyzed in international business, measured by Kogut and Singh index and defined according to Hofstede, Globe Project and Schwartz approaches. The general trend derived from prior research proves that when a company from a developed country is involved; overall more enthusiasm is shown for wholly-owned subsidiaries rather than joint venture. This result still stands validated for corporations from this emergent economy area. Our analysis of a sample of 163 FDI in the Kingdom of Saudi Arabia (KSA) using logistic binary regression model reveals that the foreign firms prefer to establish wholly-owned subsidiaries in the host country over entering into a joint venture with a local firm, taking into consideration the large cultural distance.