• 한국경영과학회:학술대회논문집
• /
• 한국경영과학회 2001년도 추계학술대회 논문집
• /
• pp.157-160
• /
• 2001

Firms pursue new business opportunities for growth. Market development strategy is one of the growth strategies, which develops new market segments with current products. However, new market generally has high uncertainty, or high risk. Firms should consider the risk in making and implementing the market development strategy. In this paper, an optimal marketing resource allocation model is developed, taking into account the risk attitude of a firm in market development. Under the assumption of exponential utility function, the global optimal solution is derived, and the implications are provided.

• Asian Journal of Innovation and Policy
• /
• 제4권2호
• /
• pp.217-241
• /
• 2015

This paper, based on two engineering industry SME case studies, traces the origin and process of technological innovations enabling the development and introduction of new products leading to market expansion and enterprise growth. The study throws light on how entrepreneurs played a decisive role in recognizing market opportunities, building up crucial in-house technological capability, supplementing it with appropriate external assistance, to carry out technological innovations. A constant interaction with its customers is in-built into the system. As a result, the SMEs could achieve successful product innovations leading to their gradual growth, over time. Finally, based on the observations and inferences derived out of the two cases, a theoretical construct of the growth of innovation in SMEs is postulated. This is done linking the three stages of their development: (i) start-up and stabilizing, (ii) building up technological capability and implementing innovations; and (iii) opening up of new markets resulting in firm growth.

• Asia pacific journal of information systems
• /
• 제26권4호
• /
• pp.542-560
• /
• 2016

This study determines whether or not firms can achieve high productivity growth through external technology acquisition. It also identifies the key factors affecting adopting firms' productivity growth by employing the Malmquist productivity index (MPI) methodology, which features computational ease, low data dependency, and decomposition of productivity growth into technical efficiency change and technical change. Results showed that the effects of productivity growth arising from technology transfer became stronger over time. Moreover, patent transfer guaranteed firms' productivity growth, but no evidence was found that factors such as age and size could increase productivity. Finally, cultural similarity could be another factor conditioning the effectiveness of technology transfer in the productivity of adopting firms.

• 건축사
• /
• 통권602호
• /
• pp.20-27
• /
• 2019

• 한국항해항만학회지
• /
• 제40권6호
• /
• pp.451-458
• /
• 2016

글로벌금융위기 이후 우리나라 해운산업은 기업퇴출, 자본잠식, 법정관리 등 다양한 형태로 불황을 맞고 있다. 경기변화에 민감하고, 선박확보에 거대자본이 요구된다는 점을 감안할 때 자본구조의 최적화는 기업가치를 극대화할 수 있는 기초가 되고, 기업부실화를 극복할 수 있는 수단이 될 것이다. 이에 본 연구는 선행연구들을 바탕으로 10년 이상 적격 감사보고서를 제출한 국내 46개 해운기업을 대상으로 자본구조와 기업특성 간 관계를 해운경기변화를 고려하여 규명해보고자 하였다. 실증결과, 국내 해운기업의 자본구조는 기업규모, 자산유형화정도, 수익성, 비부채성세금효과 등과는 부(-)의 관계가, 성장성은 정(+)의 관계가 있음 실증되었다. 해운경기반영 모형별 진단에서는 상대적으로 불황기모형은 전체기간 분석결과와 큰 차이를 보이지 않은 반면, 상대적 호황기모형에서는 유동성이 추가적으로 유의하였으며, 비부채성세금효과와 성장성은 유의하지 않음을 확인할 수 있었다. 또한, 글로벌 상장해운기업을 대상으로 한 기존연구들과 연구결과에서 큰 차이는 없었으나, 비부채성세금효과, 선박유형화정도, 성장성이 국내 해운기업에 추가적으로 유의함을 확인할 수 있었다. 하지만, 국내 해운기업의 자본구조관련 연구를 보다 강화하기 위해서는 목표부채비율, 조정속도 등의 연구가 추가적으로 진행될 필요성은 있을 것이다.

• 수산경영론집
• /
• 제28권2호
• /
• pp.1-18
• /
• 1997

The purpose of this study is to investigate empirically the characteristics of financial structure by using 76 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. For the empirical test, we choose the following factors as the explanatory variables of cross-sectional regression analysis:firm-size(SIZE), collateral value of assets(TFATA), business risk(BRISK), growth(GROWTH), effective tax(ET), profitability(PROFIT). Two different debt ratios are used as dependent variables. One is defined as the ratio of total debt to total assets and the other is as that of long-term debt to total asset in terms of book value. The sample consists of 76 fisheries firms and sample period is 14 years from 1982 till 1995. From the results of cross-sectional regression analysis, the adjusted R$^2$values were high, 16∼79% and the overall F values indicated to be statistically significant. The results of cross sectional regression analysis show that the characteristics of financial structure fur fisheries corporations are as follows ; (1) Firm-size and collateral value of assets are the major factors of financial structure for fisheries corporations. That is, the larger firm-size the higher is debt ratio. This means that financial institutions conventionally lend more collateral loans with fixed assets like land, building rather than management capacities or credits. (2) To be consistent with a pecking-order theory, the higher is profitability the lower is debt ratio in fisheries corporations. (3) Corporations with high effective tax rate have lower financial leverage. Although the empirical results are inconsistent with traditional static trade-off theory, we think it would be attributed to government's various tax shelterings for fisheries which are likely to reduce tax shield effect of interests.

• Journal of Korea Trade
• /
• 제25권1호
• /
• pp.65-88
• /
• 2021

Purpose - This paper aims to examine the determinants of SWFs' investment in Asian countries and to identify consistent investment patterns of SWFs in specific target firms from Asia, particularly China and South Korea. Design/methodology - This study extends the Tobin's Q model to examine the relationship between SWF investments in target firms and their returns with other firm-level control variables. We collect consistent data on SWF investments and the matched firm-level data on target firms, which of observation is 1,512 firms (333 in South Korea and 1,179 in China) targeted by 20 SWF sources during 1997-2017. The panel random effect model is used to estimate the extended Tobin's Q model. The robustness of the estimations is tested by the simultaneous equation models and the panel GEE model. Findings - The evidence shows that sovereign wealth funds are more inclined to invest in the financial sector with a monopoly position and in large firms with higher growth opportunity and superior cash asset ratios in China. In contrast to their investments in China, sovereign wealth funds in South Korea prefer to invest in strategic sectors, such as energy and information technology, and in large firms with high performance and low leverage. Sovereign wealth funds' investments tend to significantly improve the target firm's performance measured by sales growth and returns in both Korea and China. Originality/value - The existing literature focuses on examining the determination of SWFs investment in the developed countries, such as Europe and the United States. Our paper contributes to the literature in three ways; first, we analyzes case studies of SWF investments in Asian markets, which are less developed and riskier. Second, we examine whether the determination of SWF investment in Asian target firms depends on the different time periods, on types of sources of SWFs, and on acquiring countries. Third, our research uses vast sample data on target firms in longer time periods (1997-2017) than other previous studies on the SWFs for Asian markets.

• 무역학회지
• /
• 제45권2호
• /
• pp.229-262
• /
• 2020

The price-to-earnings ratio (PER) is an important indicator to measure the stock price and profitability of a firm; it is also the most used valuation indicator among investors. When using the PER to compare the investment values of different stocks, these stocks must come from the same sector. This study mainly focuses on the China's listed manufacturing firms. By learning from previous research results and analyzing the current situation, we studied the correlation between the manufacturing sector's PER and its influencing factors from both macro and micro perspectives, the combination of which eventually sheds light on such correlation. Analyzing GDP growth rate data, Manufacturing Purchasing Managers' Index, and other macroeconomic variables from 2008 to 2018, we conclude that these variables jointly have a certain impact on the average PER of the manufacturing sector. We then form panel data based on relevant (2014-2018) data gathered from 317 of China's A-listed manufacturing firms to study the impact of micro-variables on PER. By using Stata and other software to analyze the panel data, we reach the conclusion that the Debt to Asset Ratio, Return on Equity, EPS growth rate, Operating Profit Ratio, Dividend Payout Ratio, and firm size have a significant impact on PER. The Current Ratio, Treasury Stock ratio and Ownership Concentration have no distinct effect on PER. Based on our empirical findings, we design a theoretical model that affects the PER.

• 기술혁신학회지
• /
• 제14권2호
• /
• pp.373-404
• /
• 2011

본 연구의 목적은 혁신활동이 기업의 경영성과에 미치는 영향을 밝히는 데 있다. 이러한 연구는 1960년대 이후 활발하게 진행되어 왔는데, 이론과 달리, 실증분석에서는 혼재된 결과가 나타났다. 실증분석 결과가 이론과 다론 이유는 많이 있지만, 사용되는 통계와 분석 방법의 차이에 기인하는 바가 크다. 본 연구는 이러한 문제의식의 연장선상에서 통계문제를 최소화하기 위해 노력하였다. 특히, 이용 가능한 통계를 최대한 활용하기 위해, 특허청에서 제공되는 특허 출원건수의 전수통계(1990~2008)를, 연구개발은 한국신용평가기관에서 제공되는 연구개발비용 통계(1990~2008)를 사용하였다. 본 연구의 가장 큰 의의는 바로 방대한 통계작업이라 할 수 있다. 적절한 지표 산정을 위해, 주성분 분석을 활용하여 혁신성 지수를 산출하였고, 기업 패널분석과 고성장 기업의 분석에 적절한 분위수 추정을 함께 사용하여 다양한 유형의 기업들에게 미치는 효과를 측정하였다. 분석결과를 보면, 패널 분석에서는 혁신활동이 기업의 경영성과에 미치는 영향이 유의적이지 않지만, 분위수 추정에서는 이와 다른 결론을 도출하였다. 특히, 하위 10%에 해당하는 저성장기업에게는 혁신이 유의하지 않지만, 상위 10%의 고성장 기업에게는 혁신활동이 매우 중요한 영향을 끼치는 것으로 나타난다. 혁신활동이 대기업보다 중소기업에 보다 큰 영향을 미치는 것으로 나타난 점 역시 커다란 시사점이라 할 수 있다.

• 지식경영연구
• /
• 제13권3호
• /
• pp.17-36
• /
• 2012

With wide recognition of significant roles of venture companies in economic and industrial developments, substantial academic attention has been paid to understanding venture success and numerous policy measures have been made to help them. A serious problem, however, is that only a few limited number of venture could successfully grow to be large firm. The goal of this paper is to identify critical factors to drive 'leapfrogging' growth of venture companies by analyzing the success cases in Daejeon area. The theoretical analysis and case study suggest 1) founders' entrepreneurship continuity as a significant internal organization factor for growth and highlight importance of 2) exploring foreign markets and globalization of business operation in the early stage of growth. Furthermore, the research results identify two critical innovation strategies, 3) ambidextrous R&D strategy and 4) open innovation strategy, for entrepreneurial founders to effectively catch the business chances brought by environment change.