• The Journal of the Korea Contents Association
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• v.16 no.4
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• pp.466-476
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• 2016

Technology-holding company was introduced in 2008 according to the Korean related law. In the end of 2014, technology holding company of university amounts to 39 companies, and ETRI Holdings is only the company belonging to the research institute among these companies. The technology holding company was launched to support a technology transfer from university or research institute to companies, and to boost up start-ups. Though 7 years has passed after the first technology-holding company was launched, there is no success model until now. Holding company is basically an investment company, which earns a profit from subsidiary company. The business model of a holding company is similar to venture capital that invests in start-ups. A direction of desirable business model of technology-holding company was suggested in this paper based on the case study on 2 Korean venture capital company. Holding company is generally categorized into two types. One is a pure holding company that only get a profit from subsidiary company, and the second is a operating holding company that creates an extra business revenue in addition to the role of pure holding company. In this paper, it is suggested that a technology holding company is recommended to be a operating holding company rather than a pure holding company.

• The Journal of the Korea Contents Association
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• v.15 no.10
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• pp.597-606
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• 2015

Technology is one of important factors to start-up. Researchers or engineers have led to make start-up, and research based company is one type of technology-based start-up. Technology holding company has made to encourage start-up and support research based company. Research based company was introduced in 2005 according to the Korean related law. In 2014, the number of technology holding companies of university is up to 39, but technology holding company of research institute is only one called ETRI Holdings. ETRI Holdings is a technology holding company to promote technology commercialization that established by ETRI in 2010. This study analysed the financial statements of ETRI Holdings for 5 years, and grasped the status of ETRI Holdings and 15 invested companies, research based companies. According to analysis ETRI Holdings played a role as technology holding company that invested in research based company, but had no virtual circle model until now. Also improvement directions for the management of technology holding company is suggested in this paper based on the analysis of financial statement.

• Journal of Digital Convergence
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• v.9 no.1
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• pp.107-114
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• 2011

In order to have the highest level of a certain society's technology be evaluated as digital contents technology the value concept of such technology's social utilization must be established while active investment on the technology takes place and makes it the subject of social capitalization. This study wishes to discuss the strategies and methods of establishing and managing IP holding company which requires business activation with digital contents technology at its base, research ways of vitalizing IP holding company to expand social utility values of contents technology, suggest necessary systemic improvements and investment activation methods, management structure, and governance structure by investigating ways to stimulate the industrialization of contents technology through the establishment and management of this IP holding company, and finally come up with a realistic measure to establish and manage a IP holding company. Strategies on commercialization of digital contents technology and acceleration of technology development, as well as activation of venture business set-ups will be analyzed and suggested based on such suggestions while IP holding company's digital contents technology investment activation model will be established to produce means to realize discovering superior contents companies and activation of investment, and activating high quality contents production for the global market.

• Journal of Korea Technology Innovation Society
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• v.16 no.1
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• pp.367-389
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• 2013

The Industry-Academia Technology Holding Company has been established and operated in universities for supporting technology transfer and promoting commercialization since 2008. In the meantime, necessity for operating and methods for vitalizing of the Industry-Academia Technology Holding Company, reviews for legal and institutional requirements and case studies have been performed in various ways. However, a comprehensive actual survey for overall operation of the Industry-Academia Technology Holding Company was insufficient for researchers of universities who were participating in National R&D programs and the projects for the S&T policy. In particular, this is the very time for an interim and overall review now that it has been 5 years since the Industry-Academia Technology Holding Company was introduced. Accordingly, the comprehensive surveys and interviews were conducted on the status of driving the project by the Industry-Academia Technology Holding Company in this study. Based on this analysis result, we have suggested the improvement of Industry-Academia Technology Holding Company in three different ways - (1) expanding the basement of technological business development in universities (2) improving legal and institutional support system, and (3) expanding elites of organizations and securing responsibilities.

• East Asian Journal of Business Economics (EAJBE)
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• v.8 no.4
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• pp.29-43
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• 2020

Purpose - Although it has been 10 years since the university technology holding company was launched, it is currently facing operational limitations. The purpose of this study is to study the growth strategy of university technology holding companies by investigating the status and problems of university technology holding companies. Research design, data, and methodology - In this study, the status of university technology holding companies was analyzed based on the survey data issued by the University Technology Holding Companies Association. Due to the lack of research on university technology holding companies, policy alternatives were suggested by examining problems based on literature research. Result - In this study, an alternative to strengthening the competitiveness of technology holding companies and supporting policies was suggested. As a result of the research, it was discovered as a policy alternative to enhance the independence of technology-owned subsidiaries, develop outstanding talents, and expand the marketing of support programs to create results based on technology holding companies. Conclusion - In previous studies, alternatives to technology commercialization policies have been suggested, but studies on the role and status of detailed technology holding companies are insufficient, and the operation system of technology holding companies and discovery of future growth models are insufficient compared to overseas cases. Therefore, in this study, various policy innovation measures are presented as examples.

• Journal of Distribution Science
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• v.21 no.6
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• pp.21-29
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• 2023

Purpose: Research on equity carve-outs is necessary because the market has realized that they lead to holding company discounts by double counting, which can only be observed in the Korean market. Considering the differences in the SSG.com equity carve-out compared to previous cases in terms of business strategy, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry. Research design, data, and methodology: This study investigated literature, analyst reports, and news articles to examine the causes of holding company discounts and analyze the SSG.com equity carve-out. Results: The monopoly of holding companies' listing premiums is the main cause underlying holding company discounts from equity carve-outs. Protections for minority shareholder value are challenging owing to the complexity of the process of acquiring rights, the short exercise period, and additional costs. Therefore, the motivation for equity carve-outs should be to increase overall shareholder value. Conclusion: By analyzing the reasons for holding company discounts in the Korean distribution industry, this study provides recommendations for improving shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of equity carve-outs.

• 한국벤처창업학회:학술대회논문집
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• 2008.04a
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• pp.115-142
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• 2008

Although more interests are displayed concerning the business opportunities over the technologies developed in government-funded research centers or the universities, overall business performance does not meet the level of investment. As a consequence, it is hotly debated about stock investment for research enterprise and venture founded on the technologies of the government-funded research centers and the need and the required measures for the foundation of technology holding company that provides incubation service. This paper attempts to identify the critical success points in the foundation and the operation of technology holding company by observing the cases of overseas public research centers and to provide the future guide.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.373-381
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• 2021

This study aims to investigate the impact of financial distress on the cash holding of non-financial companies in Indonesia as the largest emerging economy among ASEAN countries. Furthermore, the sub-sample business group to be investigated were divided into two, groups namely affiliated and non-affiliated groups. This was carried out to ascertain the difference in the impact of financial distress on cash holding between both groups. Sample collection was based on all firms listed on the Indonesian Stock Exchange (IDX) during 2008-2017, comprising 137 firms. The results showed that using the two-step system Generalized Method of Moments (GMM), the coefficients for financial distress (Z-Score) indices were positive and significant for all models. Therefore, the higher the Z-Score value, the lower the company's financial distress and vice versa. This implies that the lower the company's financial distress, the lower the cash holding. Furthermore, a positive and significant impact of the Z-Score on cash holding for non-affiliated groups was discovered. This implies that there are differences in the amount of cash holding between affiliated and non-affiliated groups. This result indicates that non-affiliated groups hold more cash during financial distress. However, these results had cash policy implications, particularly for non-affiliated groups.

• 발명특허
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• v.29 no.11 s.341
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• pp.20-31
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• 2004

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.17-29
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• 2020

In recent years, universities, with their intellectual properties and human resources, become main drivers for technology transfer. Universities in Korea have various organizations to support the technology transfer and commercialization. Among them, a technology holding company plays the critical role to successfully implement the task. Nonetheless, the performance of the technology holding company is well below the expectation of industry, government and universities themselves. The lack of expertises and experience together with the ill-suited government policies could be attributable to the observed under performance. More recently, however, the technology holding company acts as an accelerator or venture capital to search and fund promising start-ups. The university venture capital thus transforms a traditional university into an entrepreneurial university. Focusing on the role of the technology holding company as an accelerator or venture capital, the paper analyzes the characteristics of the university venture capital and the invested start-ups. The performance of the university venture capital is measured and the determinants of the performance are empirically tested. The results show that the co-investment of outside investors and the support of government program, known as Tech Incubator Program for Startup Korea, yields the highest performance. The result indicates that the coordination of the university venture capital, industry and government is the key to the success of early start-ups. The paper is the first to analyze the performance of the university venture capitals in Korea and thus contributes to the literature.