• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.2
• /
• pp.75-87
• /
• 2016

This study examines the impact of government funds to venture capital on investment in early-stage firms. We provide novel explanations about this relationship focusing on mechanisms by which government funds influence the perceived uncertainty, decision about investment priority, scale economy of investment, information asymmetry in investment decision, and capital expense. We argue that venture capital's investment in early-stage firms increases as government funds increase and as government funds are explicitly directed for early-stage firms. However, we further claim that the impact of government funds on early-stage investment will be decreasing as their size increases and finally be reverted to negative impact beyond a certain amount of funds to show inverse-U relationship. Our empirical examination using data from 105 Korean venture firms active as of 2013 consistently supports the claims. This study contributes to the venture capital literature by providing novel arguments about mechanisms and effects of policy intervention in venture capital. In practice, we expect our results will provide an opportunity for relevant policy makers to review their venture support policy based on empirical evidences for policy effects.

• East Asian Economic Review
• /
• v.27 no.4
• /
• pp.347-376
• /
• 2023

This study empirically examines the impacts of policy funds from three different aspects using data on Daegu city's local government loans. First, we estimate the influence of policy funds on mitigating financial constraints affecting the investment decisions of Small- and Medium-sized Enterprises (SMEs), yielding inconclusive results indicating no significant discernible effects of policy funds. Second, we scrutinize the ramifications of policy funds on enterprise's management stability, revealing that these funds contribute to stabilizing the operations of small-scale enterprises. Third, we explore whether policy funds engender an unintended consequence of bolstering distressed enterprises, presenting empirical evidence that suggests a delayed exit of such enterprises.

• Journal of Technology Innovation
• /
• v.28 no.1
• /
• pp.1-30
• /
• 2020

The government has implemented policies to increase university technology commercialization while supporting university research over time. This paper adopts the neo-institutional theory and examines the effect of change in the government research funds that universities have received overtime on the change in their technology commercialization performance. It also investigates a location (Seoul metro or others) effect on the relationships. Using latent growth curve modeling (LGM), which is widely used for time-varying analysis, this study longitudinally analyzes 138 universities in South Korea over the past nine years from 2009 to 2017. The results indicate that the growth in the annual government research funds that universities attain affects the growth in the economic value of technology transfers. In addition, the relationship is stronger for universities in Seoul metropolitan areas than those in other areas. The relationships are intact with one-year lagging effects. The findings help understand the effectiveness of government R&D policies for promoting technology commercialization.

• Asian Journal of Innovation and Policy
• /
• v.10 no.2
• /
• pp.177-194
• /
• 2021

This research is based on the scope that the disruptive technology known as Blockchain has to face corruption in different phases and spheres of government. This technological method is increasing its acceptance in various socio-economic aspects in recent years, the paper's emphasis is placed on Mexico, and nevertheless it practically can be used to reduce corruption in all countries around the world. The materials and method carried out for this research was a literature review in diverse databases with the most recent literature where some applications, uses and hypothetical cases of the implementation of Blockchain within the government framework in order to reduce corruption were highlighted. The results of this research suggest that the Mexican government can reduce some types of corruption, especially those related to money and collusions, such as biddings/government tenders, government procurement and acquisitions, audits in government agencies, in the embezzlement or diversion of funds, as well as in land registration.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.8
• /
• pp.433-442
• /
• 2021

This research examines the financial performance of Village and Urban Community Funds (VFs). The study also explores the beneficial effects of the biggest microfinance programs in the world in the lower and lowest income provinces; specifically, whether VFs change household economic status or not. The data is collected uniquely from the village funds in four provinces of each region in Thailand which considerably reflect the government achievement. Accordingly, several financial ratios have been applied to evaluate the financial efficiency of the village funds, and the ordered logit model has been used to estimate the impact on economic variables of the poor. The findings show that the village funds do not improve the savings, income, consumption, and asset of VFs' members, although such funds have a higher financial performance. Furthermore, the VFs are a good substitute compared to the Bank for Agriculture and Agricultural Cooperatives (BAAC) credit because the cross-price elasticity of quantity of demand for such loans is positive. In particular, the loans from village funds are insignificantly correlated with the debt, income, asset, and economic status of VF members. This implies that Thai Village Funds do not alleviate definitely the serious problem about the financial situation in rural provinces. Thus, this microfinance does not change the economic well-being of the poor.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.33 no.3
• /
• pp.79-86
• /
• 2010

Causing by economic stagnation and financial management difficulty of the domestic small and medium business company, the actual condition which enlarges the plan of politic funds increased from the government. The government authority as the SBC (small and medium business promotion corporation) evaluates the domestic small and medium business company, and directly executes a governmental politic funds. Financial analysis is a important factor of enterprise evaluation among various valuation bases. However because of applying to the whole domestic manufacturing industry on financial evaluation, Current financial evaluation index effectively cannot reflect the feature of a regional industry. A whole manufacturing industry index considers a standard for the comparison evaluation of domestic manufacturing industry and compares with the other industries and the world-wide nation industry change, But, there is a difference from indexes of corresponding industry in specific regions. This paper proposes a model of evaluation index for the efficient execution of politic funds. We considers three manufacturing industries for proposed model which are shipbuilding, machine tool and airline industries in Gyeongsangnam-do region.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.34 no.4
• /
• pp.17-24
• /
• 2011

The government supports politic funds to Small Business having difficulties of insufficient capital and weak assets. Also the effect of governmental politic funds are evaluated better than the effect of substitute loans of the commercial bank. Especially governmental politic funds contribute to the external growth of the enterprise sales and the increment of total assets size. It is necessary however related supporting programs with funding provision to reduce the risk of insolvency politic funds of small business and reinforce the competitive power of company. This paper introduces the model of the corporate diagnosis system of the Small Business Corporation as part of these intention and analysis supported companies' management performance last four years and proposes direction of development.

• Journal of the Korean Society for Aviation and Aeronautics
• /
• v.20 no.4
• /
• pp.106-114
• /
• 2012

As Incheon International Airport(IIA) is located in an island 50-km away from Seoul, various travel equipments for access are required. So far two connecting bridges are constructed funded by civilian funds. For the further bridge construction, the reduction of forecast traffic amount and the government subsidy for the civilian funds are big issues. Comparing the access traffics of IIA to those other competing airports, traffic conditions inside the airport are superior to other competing airports from the management point of view, as utilization conditions and equipment capacities are periodically monitored and evaluated to set up comprehensive countermeasures following constructing by stages. However, while the accessability to IIA is very important, as IIA is built on an island the conflicts between near-by developers and traffic facility operators make further bridge construction difficult. As improving the accessibility to an airport is not easy to achieve only by the IIA management's efforts, the central government level authorities should organize a committee with agencies concerned and analyze the characteristics of access traffic periodically to suggest reform measures for each organization concerned to implement appropriate undertakings at apt timing. For the future, central government's level empirical research on the airport accessibility for synthetic and systematic plan set-up is expected.

• Korean Journal of Community Nutrition
• /
• v.8 no.2
• /
• pp.231-239
• /
• 2003

The purposes of this study were to: (a) investigate the characteristics of recipients' of the non-government foodbank program, (b) examine the health and dietary related conditions of them, and (c) evaluate the benefits and effectiveness of the foodbank program from the recipients' perspective. A total of 21 groups (n = 755) and 75 individual recipients participated in the survey. The main results of the study were as follows; (a) Generally, the individual recipients were 74-year-old female, livelihood protectee, and those who received government assistance or funds from private donators as their source of livelihood. (b) The ages of group recipients varied widely, and they also received government assistance or funds from private donators as their source of livelihood. (c) Most of the donated foods were bakery and confectionery Items. rice, and milk and other dairy products. (d) Benefits such as the decrease in the recipients' food expenses and an enhancement of their nutritional statuses were identified. (Korean J Community Nutrition 8(2) : 231∼239, 2003)

• Korean small business review
• /
• v.42 no.4
• /
• pp.309-326
• /
• 2020

There often is information asymmetry between start-ups and the investors, which is because start-up companies in the early stages do not have track records. Meanwhile, since the government grants programs go through a fair and the intense competition process, the government grants can provide a more objective information for start-ups in the early stages and perform a signal function that guarantees a company's capabilities and potential. This study confirms the quantitative relationship between government grants and investment attraction by using the hurdler model. We found that, although there is the proportionate relationship between the scale of government grants and that of external funds, more than a certain amount of government grants is required for technology-based start-ups to exceed the stage of attracting their first external funds. Our findings suggest that it is necessary to consider the hurdles structure in the study of signaling theory perspective, as the mechanisms for determining whether or not to attract external funds are different from determining the level of external funds. In addition, differentiated policy support is needed to help early-stage technology start-ups go beyond the threshold of investment attraction-the creation of a 'threshold effect'.