• 유통과학연구
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• 제15권1호
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• pp.123-130
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• 2017

Purpose - This research aims to examine the effect of e-business adoption on firm's growth and profitability in the distribution industry. The value added from the distribution industry acts as the cost of other industries. As the distribution industry develops, its stage becomes shorter and the distribution margin becomes smaller. Therefore, e-business is expected to have a different effect on the distribution industry than other industries. Research design, data and methodology - The previous research generally used e-business adoption as an independent variable and firm's performance as a dependent variable. This study elaborated the model using a dynamic panel model that includes the performance variable of the previous year as an independent variable. By employing system GMM (Generalized Method of Moments), the endogeneity problem in the dynamic panel model can be solved. For the analysis, I extracted the distribution companies as the raw data in the National Statistical Office's Business Activity Survey over the period 2006 to 2012. Results - The growth rate of firms adopting e-business was 0.299%p higher than that of the non-adopter. However, only ERP (Enterprise Resource Planning), KMS (Knowledge Management System) and SCM (Supply Chain Management) contributed positively to the growth rate. In the case of profitability, it was 0.04%p higher than the distribution companies that did not adopt e-business. ERP and LMS (Learning Management System) improve profitability, while SCM reduces profitability. Consequently, while ERP improves both growth and profitability, SCM improves growth but reduces profitability. In addition, KMS improves firm's growth only, and LMS does only profitability, showing that each e-business has a differentiated effect. Conclusions - Since the distribution industry has different characteristics from manufacturing and other service industries, the introduction of e-business may not guarantee the growth and profitability of distribution companies. Careful introduction considering the characteristics of the distribution industry is required. In particular, it is necessary to select an e-business meeting the characteristics and needs of a distribution company, and thereafter, it is required for the company's own efforts to internalize it within the system.

• 유통과학연구
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• 제15권4호
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• pp.5-13
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• 2017

Purpose - This research analyzes the effects of Korean family ownership characteristics on firm value. The positive and negative effects of family ownership on Korean firm value were analyzed. If negative effects are evident, this research explores the factors that cause a decrease in firm value. Research design, data, and methodology - The study examined a total of 5,743 companies listed on the Korea Exchange from the period 2002 to 2012 using a panel data regression analysis. Result - An empirical analysis suggests that Korean family ownership diminishes firm value. Korean family firm value has been reduced when controlling shareholders are participated in management and pursue excessive wages, or make the management entrenchment effects associated with ownership-control disparity. When the controlling shareholders of family firms have increasing control rights over the shareholders' general meeting and the directors' board, the agency costs associated with seeking increasing executive wages or private benefits reduce firm value. Conclusions - This study has significance because it reveals the negative effect of family ownership in Korea on firm value. These negative effects can be the result of agency problems from controlling family shareholders seeking excessive wages or ownership-control disparity.

• 유통과학연구
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• 제16권8호
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• pp.15-27
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• 2018

Purpose - The purpose of the study is to examine the relationships among the following retail operations variables: retail store operations (i.e., store management, sales personnel, promotion of merchandise), success of assortment planning, firm performance (i.e., market share, overall competitive position, profitability, product quality, consumer satisfaction), and retail buyer's demographics and firm's characteristics. Research design, data, and methodology - After conducting a pilot test, the survey was conducted in Seoul, South Korea. With using the listwise deletion method, 378 usable data sets were analyzed. For data analysis, descriptive statistics, factor analysis, and Structural Equation Modeling (SEM) methods were employed. Results - As evidenced from the path diagram, the relationship between retail store operations and the success of assortment planning is strong and significant. Retail store operations affect firm performance, though at a weaker significance than it affects the success of assortment planning. The relationship between the success of assortment planning and firm performance, is the strongest relationship observed by this research. Conclusions - The findings of this empirical study contribute to the retail/fashion buying/management field by confirming (a) the importance of assortment planning for retail firm performance and (b) the role of store operations for successful assortment planning and firm performance for fashion retailers.

• 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.

• 기술혁신학회지
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• 제1권2호
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• pp.153-164
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• 1998

This study attempts to provide policy makers and other interested parties with policy implications throughout an economic analysis of software sector. Chapter 2 is designed to provide an overview of market characteristics in the software sector. Chapter 3 reviews an overview of the evolution stage of the software industry and the effects these trends have on firm strategies. Chapter 4 reviews the relationships between software economic characteristics and intellectual property rights. Some suggestions are offered in the conclusion, with special attention given to an examination of market characteristics, firm strategies, government policies, and some economic factors.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.159-167
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• 2021

The objective of this study is to examine the effect of family ownership and family CEO on the dividend policy of family firms by using the demographic characteristics of the CEO as a moderator. Dividend policy is a decision taken by the firm in determining whether the profits earned by the firm will be distributed to shareholders in the form of dividends or will be reinvested in the company as retained earnings for future internal resources. Using samples from non-financial family firms listed on the Indonesian Stock Exchange in 2013-2017, 93 firms were selected based on adequate data. We also used logit regressions to provide robustness. The results show that family ownership and family CEO have a positive effect on the dividend payout ratio. This finding supports the family income hypothesis. Among CEO demographic characters, CEO age significantly strengthens the positive effect of family CEO on dividend payout ratio. While CEO tenure does not significantly strengthen the positive effect of family CEOs on dividend payout ratios. Meanwhile, leverage, ROA, and firm size significantly affect the dividend payout ratio, but firm age does not significantly affect the dividend payout ratio.

• 한국항만경제학회지
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• 제29권2호
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• pp.19-38
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• 2013

해운기업의 경우 선박과 같은 설비자산에 대한 타인자본의존도가 높아 자본구조를 포함한 재무건전성에 대한 관리가 여타 산업에 비해 높은 특징을 가지고 있다. 아울러 선박과 같은 자산의 확보에 거대 자본이 소요되는 만큼 조달비용을 포함한 자본비용과 장기지불능력을 동시에 고려해야 하는 특징도 가지고 있다. 즉, 투자에 따라 창출될 미래현금흐름이 자본비용뿐만 아니라 장기부채비용까지 보존되어야하는 것이다. 이를 바탕으로 본 연구는 타인자본조달이 중요한 해운기업들을 대상으로 부채 및 기업특성변수와 기업의 투자활동과의 관련성을 알아보고자 하였으며, 자산대비 부채비율, 부채만기, 금융비용 부담률이 해운기업의 투자활동 현금흐름과 관련성이 있는 것으로 나타났다. 아울러 부채가 증가할수록 투자활동현금흐름이 위축되는 결과를 보여주었으며, 기업규모가 작고 경기가 불황일수록 자본의 조달비용측면에 더욱 민감한 것으로 분석되었다. 반면 기업규모가 크고 상대적으로 호황일수록 자본조달비용측면보다는 자본구조에 더 민감한 나타났다. 결국 해운기업의 경우 부채관련 요인이 주요한 투자활동 변수임과 동시에 기업규모와 경기변화에 따라 투자의사결정요인이 다른 양상을 가짐을 시사해주고 있다.

• 분석과 대안
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• 제5권2호
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• pp.39-76
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• 2021

本研究通过高层梯队理论和人力资本理论探究中国民营企业首席执行官的政治关系为企业所带来的影响。首席执行官的个人特征对企业的战略决策产生直接或间接的影响,同时可作为企业特有的优势,为企业的可持续发展发挥着人力资本的作用。对此,本研究通过实证探究中国民营企业的首席执行官所拥有的政治关系是否对企业的人力资本企业绩效产生积极影响。另外,本研究将政治关系的直接对象-- 中国地方政府分为不同阶层,考察政治关系的人力资本价值和影响力的差异,而且预测政府补贴可以在这一关系中起到中介的作用。为了验证这一论点,以2008年至2016年间在中国上海和深圳证券交易所上市的1,451个企业的共9,849个观测值为对象进行分析,结果确认首席执行官的政治关系对企业绩效产生正向(+)的影响。另外,从各阶层的地方政府来看,只有与作为最高层地方政府的省级地方政府有政治关系时,才能对企业绩效产生积极影响；同时,只有在首席执行官拥有的人力资本的价值和影响力与省级地方政府有关联时才能发挥上述的积极影响。另外,政府补贴的中介效应在与地级地方政府有政治关系时,会具备完全中介的属性,进而对企业经营成果产生积极影响。可以说,地方政府在政府补贴支付中起到核心作用,因此经营者的政治关系常被运用为企业的非市场战略。

• KSII Transactions on Internet and Information Systems (TIIS)
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• 제8권6호
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• pp.2043-2055
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• 2014

This paper empirically investigates the effects of technology licensing on the licensee firm's performance with the help of a unique data set of observed licensing transactions in Information and Communication Technology (ICT) industry. We examine how intensity of licensing participation as a licensee affects the firm's performance. This study also analyzes how relationship between the licensor and the licensee in a deal along with characteristics of participants and their industry influences the performance of the licensee firm. The findings suggest that frequent participation in technology licensing increase licensee firm's sales growth. Also, transaction cost considerations and technology spillovers are important explanatory factors that influence licensee firms' performance in licensing.

• International Journal of Advanced Culture Technology
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• 제6권4호
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• pp.292-302
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• 2018

This study proposes a Bayesian stochastic frontier model that is well-suited to productivity/efficiency analysis particularly using panel data. A unique feature of our proposal is that both production frontier and efficiency are estimable for each individual firm and their linkage to various firm characteristics enriches our understanding of the source of productivity/efficiency. Empirical application of the proposed analysis to Human Capital Corporate Panel data enables identification and quantification of the effects of Human Resource factors on firm efficiency in tandem with those of firm types on production frontier. A comprehensive description of the Markov Chain Monte Carlo estimation procedure is forwarded to facilitate the use of our proposed stochastic frontier analysis.