• Asia-Pacific Journal of Business
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• v.9 no.4
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• pp.157-180
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• 2018

This paper empirically analyzes how working conditions of employees and executives affect Korean companies' survival. To this end, a survival analysis based on the accelerated failure time model is conducted from the end of December 2012 to the end of September 2018 on the 2012 year-end financial data for corporations whose common stocks have ever been listed either in the KOSPI market or in the KOSDAQ market with fiscal year ending at the end of December. The analysis shows that the average wage level per employee and the number of executives relative to the number of employees threaten while the average duration of service for female employees prolongs firm survival. Here, the average wage level per employee has turned out to worsen firm survivability regardless of the gender of employees in question while the average duration of service improves firm survivability only in case the employees are female: the average duration of service for male employees or the entire employees has turned out not to have any statistically significant influence on firm survival. The average compensation per executive and the percentage of temporary employees have turned out not to have any statistically significant influence on firm survival while the percentage of female employees has shown statistically significant positive influence on firm survival in some, although not all, models employed in our study. These results are expected to be a good reference in the course of our reaching agreements regarding the improvement of working conditions either between firms and employees or among the members of the entire society.

• Journal of Distribution Science
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• v.21 no.8
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• pp.11-21
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• 2023

Purpose: This study examined the effect of situational, transformational, and transactional leadership on the firm survival of restaurants distribution in Thailand during the COVID-19 pandemic. Following the existing literature, situational, transformational, and transactional leadership are the origin of firm performance leading to firm survival. Therefore, situational, transformational, and transactional leadership were the critical factors in creating the firm implementation of restaurants distribution in Thailand. Research design, data, and methodology: The sample consisted of 400 restaurants in Thailand, and the statistical approach for data analysis was an ordinary least-squares regression. The study analyzed the response bias, validity, and reliability. Results: Significantly, these findings firmly revealed that situational, transformational, and transactional leadership primarily positively affected firm performance. However, the uncertain environmental conditions had a moderate impact, resulting in a negative correlation between the three leadership styles and the company's performance. Conclusions: Despite the COVID-19 situation in Thailand, the research findings show no significant positive correlation between the performance of restaurants distribution and their survival as a business due to the COVID-19 pandemic is rare for firms to endure and survive, including restaurants distribution in Thailand. In conclusion, we have presented practical and theoretical ideas and recommendations for future research.

• Asia-Pacific Journal of Business
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• v.12 no.1
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• pp.25-39
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• 2021

Purpose - This study aims to examine whether family firm governance is related to long-term corporate survival. To find out whether and why family firms have higher chances of long-term survival compared to non family firms, this study analyzes the relationship between some governance characteristics that are prevalent in family firms and corporate long-term viability. Design/methodology/approach - This study utilizes a sample of 285 family firms listed on the Korea Stock Exchange (KSE) to probe the influence of governance characteristics on corporate survival. This study conducts Cox proportional hazard regression analysis to estimate the influences on the survival duration. Findings - The results indicate that firms with particular governance characteristics show higher long-term survivability. Specifically, the probability of firm's long-term survival is increased when the CEO is the largest shareholder, which may be related to CEO's stewardship attitudes. Research implications or Originality - This study has significance in that it examines the direct causal variables that enhance long-term corporate viability through a large scale empirical examination. Also, the study findings provide some clues as to why certain family firms outlive non-family firms.

• STI Policy Review
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• v.9 no.1
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• pp.55-76
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• 2018

This study analyzed the effect of the government R&D subsidy program on long-term firm survival. In order to estimate the average treatment effect for the treated group, we used the survival analysis and matching method by constituting a comprehensive dataset of more than 90,000 observations. The analysis results show that the government R&D subsidy has a negative impact on long-term firm survival. In particular, not only the subsidy does not have a statistically significant effect on firm survival in the relatively short-term, the survival probability of the subsidized firms is statistically significantly lower than the non-subsidized firms after six years. These results can be seen as weakening the justification of government R&D support. There may be problems in the subsidy policy itself and the process of selection of subsidy awardees; however, the more fundamental problem is that the subsidy policy is concluded as the one-time event. Admittedly, it would be difficult for the government to precisely manage the subsidized projects over a long term period. However, in the case of a project in which short-term performance is detected, it would be necessary to provide a step-by-step support to strengthen the firm's competitiveness through further support and continuous development of performance. Of course, mid- and long-term evaluations of subsidy support policy should be performed in parallel with such phased support.

• Journal of Technology Innovation
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• v.26 no.4
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• pp.98-121
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• 2018

This article analyzes the survival of Korean software firms from 1995 to 2015 by Cox regression model and product-limit method. The results show that survival rates are different for each sector: IT service, package software, game software and internet service. In addition, firm growth and investment in research and development positively affect software firm's survival, while slack resources negatively affect the software firm's survival. The implication of this study is that characteristics of the software industry and technologies should be taken into consideration in survival strategy of software firms and government policy. Previous research on survival analysis has been mainly conducted in the manufacturing industry or at the special circumstance such as the foreign exchange crisis of Korea in the late 1990s. The contribution of this study is that expanding the survival analysis to software firms in Korea which are becoming more important recently.

• The Journal of the Korea Contents Association
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• v.19 no.5
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• pp.287-295
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• 2019

This study was conducted to analyze firm survival rate and impact factors of survival of Foreign-invested Companies in Korea which is between 2006 and 2017. An empirical analysis of the survival factors of firms used explanatory variables such as characteristics of the and 3 firm dummy and 2 firm factors, financial variables of 3 profitability and 3 stability factors. The Kaplan-Meier method was chosen to perform analyses on the survival rates, Cox Proportional Hazard Model took to conduct on the impact factors. As a result of the impact factors of Foreign-invested Companies survival, Ownership (OS), Labour (NE ) of characteristics of the firm had positive effects. The Gross Sales Profit (GSP), Net Profit (NP ) and Operating Profit (OP ) of the financial characteristics had a positive effect. Additional Asset (LA ) had positive effects and Capital (LC), Debt (LB ) had a negative effect. Other factors did not produce significant results.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.6 no.1
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• pp.109-132
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• 2011

While the resource-based view suggests that a firm's competitive advantage rests on a set of valuable, rare and inimitable resources more generally (Barney, 1991), research in new firms has more specially indicated a link between initial resources and early performance and survival (Bruderl and Schussler, 1990; Fichman and Levinthal, 1991; Carroll et al., 1996). The RBV primarily focuses on the particular resources, and their characteristics, that provide the potential for advantage (Conner, 1991). Yet in order to realize this advantage, organizations must not only develop their resources, but also effectively deploy them (Admit and Shoemaker, 1993). This suggests that advantage from resources may reside in both the input (resource development) side and the output (resource deployment) side. This research looks at venture survival as a function of both the resources a firm owns, and the resources it can access from others. We focus more specifically on technology resources, which are among a technology-based firm's most critical resources (Itami, 1987). In addition, technological knowledge can contribute a large portion of the value of a firm's products (Goodman and Lawless, 1994). We look at both the input and output side: the pool of technology resources that serve as an input to a firm's activities, and the market that values and purchases the output of this activity. We take an international perspective, examining whether resources explain internationalization on the input and output side, and in turn, whether this internationalization can explain survival. We explore three sets of questions. First, can survival in entrepreneurial firms be explained as a function of the resources a firm owns, and beyond that, to those the firm can access, and still further, to those the firm can access internationally? Second, do resources explain internationalization on both the input and output side? And finally, does internationalization explain survival? Implications for theory include extending the RBV to not only include a firm's resources, but its access to the resources of other entities. In addition, examining internationalization on both the input and output side enables us to understand not just the potential advantage of resources, but the manner in which they are deployed as a source of advantage. This research also contributes to the literature on international entrepreneurship by examining whether internationalization can explain survival for early stage firms. For practitioners, this research will provide insights on the importance of building alliances and, in so doing, broadening an organization's perspective about the technology resources available to the firm on the input side. The study will also inform practitioners about the value of maximizing the market for a firm's valuable resources. In addition, this research provides an extraordinary opportunity to access a large, comprehensive, and longitudinal dataset on technology-based ventures in Korea.

• Korean Management Science Review
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• v.21 no.2
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• pp.235-252
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• 2004

Recently domestic mobile carriers have been engaged in heated battles for survival as the market is now rapidly approaching its maturity phase. and the launch of 3G service combined with the introduction of mobile number portability is dramatically reshaping the market landscape. The mobile carriers may have to create and maintain their competitive advantage based on their core capabilities and differentiated strategies. which will lead continuous survival and profits of the firm. This paper investigated competitiveness factors among mobile carriers. and analyzed the relationships of firm capabilities. competitive strategies and competitive advantage. We found that core capabilities and competitive strategies affecting competitive advantage are different from each carrier. Finally. we discussed strategic implications for carriers to increase their competitiveness.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.4
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• pp.1-12
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• 2018

During few decades, Korean economy has been growing with heavy and manufacturing industries. However, the economy meets limitations of growth rate, and employment rate. The Korean government has been trying to overcome these limitations using development of venture businesses and re-organization of industrial ecosystem. These efforts make high survival rate of recent venture companies. There are previous researches about relation between characteristics of entrepreneur and managerial performance, there are several limitations. Firstly, most of papers were based on survey with specific region or industry. Secondly, related researches were carried out with unable to distinguish among firm's survival periods. This paper uses the '2017 Survey of Korea Venture Firms' data that is approved by the Korean government. This data includes whole industries and survival periods. The aim of this research is finding the effect of characteristics of entrepreneur on managerial performance of venture firms by different survival periods using data envelopment analysis (DEA). If entrepreneur has doctoral degree, the firm's managerial performance is lower than bachelor degree. In addition, over 10 years of working career, and joint-venture have positive effect on firm's performance. This paper can provide valuable information to venture related policy makers and investment decision makers.

• Korea Trade Review
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• v.46 no.3
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• pp.65-79
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• 2021

This paper investigates how corporate governance characteristics are related to long-term corporate survival in an emerging economy. We used the data of 311 companies listed on the Korean Stock Exchange (KSE) in 1979 and examined the survival chances of those companies through the IMF crisis in 1998, upon governance characteristics that are expected to increase long-term strategic orientations. We utilized Cox regression model for the analysis. The results indicate that firms with particular governance characteristics that may be tied to CEO's long-term orientations show higher long-term survivability. Specifically, the probability of a firm's long-term survival is increased when founding family ownership is sustained, the company ownership is concentrated, and the CEO is the largest shareholder. This study has significance in that it is one of initial tries to examine the impact of corporate governance on long-term corporate survival with large scale statistical analysis. Also, the study findings provide some clues as to why the portion of family firms in emerging economies is continuously increased, thus providing meaningful insights to corporate governance literature.