• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.287-292
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• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• 경영과학
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• 제32권2호
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• pp.91-109
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• 2015

The M&A of firms has been emerged as the effective means of fast diversification and growth in dynamic environment. However, the empirical research about M&A in Korea has not been implemented rich due to the difficulty of obtaining M&A data. In this research, we empirically investigate the relationships among M&A, environment and firms' performance focused on Korean manufacturing firms, understanding the current practice of M&A in Korea. We use the Manufacturing Productivity Panel Survey Data, which are collected by Korea Productivity Center in 2013. The sample size is 575 and the sample is divided into M&A group and non-M&A group. We conduct logit analysis with the independent variables of environment factors (munificence, dynamic, uncertainty), and firms' performance (sales growth, ROS, labor productivity and Inventory turnover), and dependent variable of M&A group or non M&A group. The results show that M&A is closely related to environment feature and firm performance: M&A firms are likely to be the higher munificence and dynamic and the lower sales growth and higher profitability than non-M&A group. In addition, we also examine the characteristics of firms by M&A types (competitors, customer/supplier and firms from unrelated industry). These results imply that if firms confront the pressure of uncertainty (dynamic) and the lower growth, they tend to choose M&A. Futhermore, to profoundly understand the behavior of firms about M&A, it is required to classify the M&A firms by merge types.

• 디지털융복합연구
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• 제19권9호
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• pp.145-156
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• 2021

기존 경영학 문헌에서 기업집단은 개발도상국, 재무시장이 발달하지 못한 국가에서 일시적으로 존재하는 기업의 형태라고 여겨졌다. 그러나 기업집단의 한국적 형태인 재벌은, 대한민국이 선진국으로 거듭나고 국내 재무시장이 발달하였음에도 불구하고, 여전히 주요한 기업의 형태로 존속하고 있다. 본 이론 연구에서는 이러한 기존 이론과 현상의 불일치를 규명하기 위해, 재벌가 출신 창업가에 대한 이론적 연구 모형을 제시한다. 첫째, 본 연구에서는 사회적, 기업지배 구조적, 재벌가 구성원 본인들의 심리적 요인들은 재벌가 구성원들이 창업가로 거듭나는 긍정적 동기로 작용함을 제안한다. 둘째, 이들이 운영하는 기업은 더 나은 기회 포착, 재무적 지원, 원활한 채용, 활발한 마케팅 및 기업간 협력 관계 구축을 통해 여타의 창업가들보다 더 빠른 성장을 달성할 것임을 주장한다. 본 이론 논문은 대한민국 재벌가 출신의 창업을 통한 재벌 집단의 새로운 확장 가능성을 제시함으로써 기업집단 및 창업 연구의 발전에 기여하고자 한다.

• 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.

• Asia pacific journal of information systems
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• 제31권3호
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• pp.415-432
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• 2021

The growth of social media has enabled firms to create virtual organizations (online communities) in which value can be co-created with members. Yet, current typologies of firm-sponsored online communities focus either on the firm or participants, and not the interaction between them. This paper provides a systematic review of the online community literature from 2000 to 2018 to develop an understanding of the types of firm-sponsored online communities and the co-creation of value within them. Four types of sponsored online communities are found. These can be differentiated based on the output for the sponsoring firm and the level of self-organization of the communities. This study contributes to the discussion of value co-creation by (i) shedding light on differences among firm-sponsored online community types based on the level and nature of interaction within an online community; and (ii) examining the perceived value co-created through community interactive experiences.

• 통상정보연구
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• 제12권4호
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• pp.67-109
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• 2010

The theory of creative class has shown that the creative people are the key factor of success in regional economic growth. The creative people strengthen the economic competitiveness which is crucial to attract, cultivate and mobilize the resources of that region. In order to examine the theory of creative class for regional economic growth and firm productivity in Korea, this study uses the panel data of 492 Korean firms of the industrial complex producing electic and electronic manufactured goods. They are grouped into 10 industrial complexes among 16 metropolitan areas. Our findings demonstrate that creative class and 3Ts are related to the ratio of creative population density and the regional economic growth. Specifically the creative core class is of more significance to the regional economic growth than the creative professional class or the creative artist class. In our findings the panel analysis of random effects model shows that the talent index of 3Ts as well as the regional climates arc related to the individual firm's total factor productivity. This also reflects a conglomeration of the other regional climates statistically. On the other hand, the research and development expenditure of individual firms shows positive influence for each second consecutive year for the total factor productivity. Sales volume also contributes to the total factor productivity. In conclusion, we recommend that it is important to upgrade the level of creative climates by attracting the creative minds and R&D investment of the enterprises for regional economic growth and firm's total factor productivity.

• KDI Journal of Economic Policy
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• 제45권1호
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• pp.1-32
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• 2023

Growth of the Korean economy has been sluggish, and this situation is more pronounced in the service sector. We argue that capital misallocation, especially in the service sector, could contribute to this slowdown. Utilizing firm and sectoral level data, first we assess the rising dispersion of the marginal revenue product of capital (MRPK) driven by the service sector. This could represent a widening misallocation of capital. Furthermore, a panel regression shows that within-sector misallocations at the sectoral level are closely correlated with the lower growth rate of sectoral real value added. Again, this is mainly observed in the service sector, but not in the manufacturing sector. Misallocations of other resources, labor and the intermediate inputs do not stand out.

• 기술혁신연구
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• 제14권1호
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• pp.67-99
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• 2006

Utilizing the patent application data between 1997 and 2002, this study focuses on analysing the impact of patents on firm value. Especially we attempt to examine the difference of patents between venture firms and general firms. This paper first shows that the number of the patent applications of general firms listed on the securities market is more than that of venture firms listed on KOSDAQ. It is thought that this result is originated from the facts that the size of firms of the securities market is usually bigger than that of the firms of KOSDAQ and that these large firms could manage R&D more efficiently. Second, this paper reports that there is no difference in the ratio of patent maintenance between venture firms and general firms. Both venture firms and non-venture firms would do their best to keep their patents after patent regisration. Third, in the regression of patent index and firm growth, we find that the excellence of patent and the number of patents per employee would have an impact on the growth of firms. Fourth, the regression of patent index and profitability shows that the excellence and the number of patents per employee might have an effect on the profitability of firms.

• 노동경제논집
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• 제29권1호
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• pp.99-127
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• 2006

이 연구는 1982~2002년까지 통계청의 "광공업통계조사" 원자료를 이용하여 사업체의 상품시장 지배력 수준이 일자리 창출과 소멸, 일자리 순증가율에 미치는 효과를 분석하였다. 사업체의 상품시장 지배력의 대리변수로는 사업체의 시장점유율 수준을 사용하였다. 사업체의 규모와 업업력(業力), 임금수준 등의 속성을 통제한 이후 사업체의 시장점유율은 일자리 창출에 부의 효과를 미치고, 일자리 소멸에 정의 효과를 미치며, 일자리 순증가율에 부의 효과를 미치고 있다. 또한 한국 광공업의 일자리 창출은 시장 지배적 사업체와 경쟁 사업체 모두 1998년을 기점으로 지속적 감소추세로 돌아섰다.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.479-486
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• 2021

This study aims to explore the relationships between strategic planning, strategic maneuverability, and firm performance in the current dynamic business environment. It employs a quantitative research method and reports on a survey, using a questionnaire, of service companies in Indonesia's oil and gas industry. Of the 337 companies selected by simple random sampling from a vendor database, responses were received from 70 companies. The analysis was performed using Partial Least Square Structural Equation Modeling and SmartPLS software. The analysis consisted of descriptive statistics, evaluation of the measurement model, evaluation of the structural model, and hypotheses testing. The results show that both strategic planning and strategic maneuverability have a positive relationship with firm performance. In addition, there is a positive relationship between strategic planning and firm performance through the mediating role of strategic maneuverability. The findings suggest that the organizational agility, organizational flexibility, and organizational responsiveness that constitute strategic maneuverability have a positive direct and indirect effect on firm performance, namely financial performance, customer performance, internal process performance, and learning and growth. This study contributes to the strategic management literature and the theory of maneuvers by providing empirical evidence on the relationship between strategic planning, strategic maneuverability, and firm performance.