• 지능정보연구
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• 제22권4호
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• pp.123-138
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• 2016

전 세계적으로 기업의 중요한 전략적 수단으로 인수합병이 활발히 이루어지고 있고, 지능형 서비스 산업을 포함한 정보기술 산업에서의 인수합병 활동은 꾸준히 활발하게 진행되고 있다. 본 논문에서는 정보기술 산업 내에서 일어나는 인수합병 건에 대해 인수 기업 입장에서의 인수 의도에 초점을 두고 분석하였다. 특히, 두 하드웨어 기업 간, 하드웨어 기업 소프트웨어 기업 간, 두 소프트웨어 기업 간 인수합병 유형에 따라 인수 의도가 어떻게 다른지 비교하고자 하였고, 이를 위해 미국 정보기술 산업 내에서 1995년과 2010년 사이에 일어났던 1003개의 인수합병 건의 자료를 분석하였다. 인수 의도를 파악하는데 있어, 인수 기업의 입장에서 생산비용 절감 의도, 제품 개발 및 개선 의도, 고객층 확장 의도, 고객채널 확장 의도의 네 가지로 구분하여 측정하였다. 분석 결과 생산비용 절감 의도와 고객층 확장 의도는 하드웨어 기업이 피인수 기업일 때 더 많이 나타났고, 제품개발 의도는 하드웨어 기업이 인수 기업일 때 더 많이 나타났다. 그리고, 고객채널 확장 의도는 소프트웨어 기업이 피인수 기업일 때 더 많이 나타났다. 또한, 생산비용 절감 의도, 제품 개발 및 개선 의도를 제품생산 관련활동 의도로, 고객층 확장 의도와 고객채널 확장을 고객관련 활동 의도로 구분하여 비교하였을 때에는, 하드웨어 기업 간 인수합병에 비해, 두 소프트웨어 기업 간 인수합병에서 상대적으로 고객관련 활동 의도가 높은 비중을 나타내고 있음을 알 수 있었다. 활발하게 인수합병이 이루어지고 있는 세계적 추세와는 달리 국내 인수합병거래 규모는 선진국에 비해 매우 적은 수준이다. 본 연구는 인수합병이 보다 활발하게 이루어지고 있는 미국기술정보 산업에서의 인수 의도를 분석하여, 국내에서 인수합병 활동을 활성화하는 방안을 분석 및 개발하는데 기여하고자 한다.

• 유통과학연구
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• 제19권1호
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• pp.27-35
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• 2021

Purpose: This study is to investigate the effect of managerial ownership level in distribution and service companies on the stock price crash. The managerial ownership level affects the firm's information disclosure policy. If managers conceal or withholds business-related unfavorable factors over a long period, the firm's stock price is likely to plummet. In a similar vein, management's equity affects information opacity, and information asymmetry affects stock price collapse. Research design, data, and methodology: A regression analysis is conducted using the data on companies listed on the Korea Composite Stock Price Index (KOSPI) between 2012-2017 to examine the effect of the managerial ownership level on stock price crash risks. Results: Logistic and regression results indicate that the stock price crash risk was reduced as managerial ownership levels are increased. The managerial ownership level has a significant negative coefficient on stock price crash risk, negative conditional return skewness of firm-specific weekly return distribution, and asymmetric volatility between positive and negative price-to-earnings ratios. Conclusions: As the ownership and management align, the likeliness of withholding business-related information is reduced. This study's results imply that the stock price crash risk reduces as the managerial ownership level increases because shareholder and manager interests coincide, thereby reducing information asymmetry.

• 유통과학연구
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• 제17권2호
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• pp.13-23
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• 2019

Purpose - Corporate activities for enhancing and improving corporate performance can largely be divided into exploration and exploitation. The purpose of this study is to examine the impact of implementing organizational ambidexterity in SMEs, including distribution firms, by reviewing the extant literature and deriving the basis on which this strategy affects the managerial performance. Research, design, and methodology - The study uses a systematic review methodology, which employs a structured process to discern trends and meaningful themes across a wide body of literature on specific subjects and research questions. This qualitative study examined the influence of ambidextrous strategies of SMEs on firm performance, and the results were synthesized from the literature. Results - Organizational ambidexterity in SMEs is related to the firm's managerial performance. However, it is crucial to know that there are many ways to generate an ambidextrous organization, and decisions about what method to choose should be based on the environmental aspects of the enterprise. Conclusions - The following aspects should be considered for execution; : making practical decisions based on accurate information about the resources the firm has, considering the organizational level of human resources for implementing organizational ambidexterity, and sharing specific performance goals.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.219-228
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• 2021

The study examines the behavior of stock prices after large price changes. It further examines the effect of firm size on stock returns, and the presence of the disposition effect. The study employs the event study methodology using daily price data from Pakistan Stock Exchange (PSX) for the period January 2001 to July 2012. Furthermore, to examine the factors that explain stock price behavior after large price movements, the study employs a two-way fixed-effect model that allows for the analysis of unobservable company and time fixed effects that explain market reversals or continuation. The findings suggest that winners perform better than losers after experiencing large price shocks thus showing a momentum behavior. In addition, the winners remain the winner, while the losers continue to lose more. This suggests that most of the investors in PSX behave rationally. Further, the study finds no evidence of disposition effect in PSX. The investors underreact to new information and the prices continue to move in the direction of initial change. The pooled regression estimates show that firm size is positively related to post-event abnormal returns while the fixed-effect model reveals the presence of unobservable firm-specific and time-specific effects that account for price continuation.

• 지식경영연구
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• 제11권1호
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• pp.65-81
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• 2010

This paper explores the determinants of the economic value of patents using a survival time analysis. The analysis is based on renewal information of about 250,000 patents filed from 1984 to 2005 in the Korea Intellectual Property Office. A patent right is valid only when its owner pays yearly maintenance fees. Failure to pay causes patent rights to be lapsed. We use the fact that more valued patents live longer and the lengths of their renewals can be closely related to their value. The value can be affected not only by its own technological aspects such as quality and breadth, but also by characteristics of its owners such as innovativeness and age. This paper presents patent-specific and firm-specific characteristics which influence patent value. The result of analysis implies that patent value depends on both the technological contents of the patent and general capabilities of a firm.

• 한국경영과학회지
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• 제38권4호
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• pp.95-112
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• 2013

Information system (IS) security continues to present a challenge for firms. Especially, IT security accident is recently taking place successively in the financial sector. Thus, a comprehensive measure on this is demanded. A large part of a research on security relies upon technical design in nature and is restrictive in a consideration of person and organizational issue. To achieve a goal of firm security, it is possible with an effort of organizational management and supervision for maintaining the technical and procedural status. Based on a theory of accountability, we propose that the security countermeasures of organization lead to an increase in accountability and reduction in risk of IT security in a financial firm and further to firm performance like promotion in firm reliability. In addition, we investigate which difference a theoretical model shows by comparison between South Korean and American financial firms. As a result of analysis, it found that South Korea and America have significant difference, but that a measure on the financing IT security is important for both countries. We aim to enhance interpretability of a research on security by comparatively analysis between countries and conducting a study focus on specific firm called financial business. Our study suggest new theoretical framework to a research of security and provide guideline on design of security to financial firm.

• Asia pacific journal of information systems
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• 제2권1호
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• pp.17-33
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• 1992

This paper provides a framework for evaluating business information systems. The framework identifies three evaluation domains: IS business value, IS expenses, and IS functionality. Discussions of each category encompass what to be measured, how to measure, and how to judge the measured value. Then, the framework classifies three categories of individual information systems based on IS life cycle: industry-common, industry-similar, and firm-specific. This categorization is used to match the role of an individual system with the focus of evaluation efforts. The framework can contribute to the systematic design of evaluation programs for business information systems.

• Asia pacific journal of information systems
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• 제31권4호
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• pp.527-542
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• 2021

The government-driven open data policies are on the rise to protect consumers from misunderstandings and monitor the companies. However, in contract-based industries such as insurance, the contract-inherent characteristics make information asymmetry between consumers and companies. Our paper focuses on insurance contracts where the contingency has high uncertainty of occurrence, and the clauses may incur high costs of reading. Given those contracts, we hypothesized that the contract's clear statement decreases customer dissatisfaction and lowers the number of complaints. To empirically support the claim, we collected customers' complaint documents of insurance companies and insurance contracts from 2005 until 2017. Our econometric models showed that clearer statements and words significantly reduce the complaints after controlling for firm-specific heterogeneity and time-specific heterogeneity. We identify that insurance companies' complaint ratio significantly differ depending on the insurance contract, including specific clauses and words.

• 약학회지
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• 제56권1호
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• pp.60-65
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• 2012

This study examines factors associated with drug approvals and patent issues of the Korean pharmaceutical firms. The 22 firms were selected based on 2006 year's publicly noticed sales amount. Number of approved drugs was identified through Korea Food and Drug Administration and the information regarding the patents that each firm has issued during the year 2000~2006 was collected from the Korea Patent Office. The number of approved drugs has increased annually, especially after the introduction of substance patent system in 1987 and in 2000 again with the policy change into the separation of drug prescribing and dispensing practice. The number of initial approval of NCEs as well as the number of patents per firm decreased during the year 2000~2006. The 12 firms with larger revenue occupied more than 80% of the patents being issued. There was a positive relationship between share of prescription drugs out of approved drugs and the average number of patents issued. However, number of approved drugs did not show positive association with the number of patents issued per firm. Therefore, the study results imply that firms need to invest more in increasing number of approvals for their specific prescription drugs in order to achieve a good performance in the future.

• 경영과정보연구
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• 제7권
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• pp.265-292
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• 2001

This paper examines what determines the use of contingent workers in Korean Department Stores. Drawing on internal labor market, transaction cost & agency, and bureaucracy theories, I hypothesize that four factors affect the use of contingent workers: job characteristics, HRM, occupation, and organizational characteristics. Data from a sample of employers surveyed by the author in 1997 were used to test the hypotheses, and analyses showed the following results. First, consistent with job-based perspective, we find that such job characteristics as firm-specific skill and the level of skill significantly affect the use of contingent workers. But job standardization and outcome measurability have no effects of its use. Second, also we find significant effects on the use of contingent workers of such HRM as scrutiny on employee selection and promotion system. The promotion system has expected effect on its use, but scrutiny on employee selection has opposite effect. Third, we find that occupation significantly affects the use of contingent workers, especially the extent of use of contingent workers of sales service is as five hundred times as that of managerial occupation. Fourth, also consistent with organizational-based perspective, we find that the firm's size significantly has positive effects, and affiliate company and labor union have negative effects. That is, the larger firm's size is, the more possibility of use of contingent workers exists, and the possibilities of its use reduce in case of affiliate company and in front of labor union. Finally, we discuss the implications and limits of theses findings.