• 중소기업연구
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• 제31권4호
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• pp.67-93
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• 2009

본 연구는 1999년 1월 1일부터 2007년 12월 31일까지 한국거래소의 유가증권시장과 코스닥시장에 상장된 혁신형 중소기업을 대상으로 재무적 제약과 배당스무딩간의 관계를 실증분석 하였으며, 주요한 분석결과는 다음과 같다. 기업들은 목표 배당성향을 가지고 있으며, 실제 배당성향이 목표 배당성향에서 이탈하면 다시 배당지급을 부분적으로 조정한다. 배당조정속도는 Lintner(1956)의 배당조정모형의 핵심변수인 전기 주당배당과 당기 주당이익을 사용하여 거의 대부분 측정할 수 있으며, 잔여배당이론과 그 이후에 등장한 배당신호이론, 대리인이론, 케이터링 이론 및 거래비용이론에 관한 대용변수들은 배당조정속도에 부분적으로 영향을 미친다. 그리고 전기 주당배당은 당기 주당이익보다 배당조정속도에 더 큰 영향을 미치는데, 이는 기업들이 특별한 이유가 없는 한 전기 주당배당 수준을 장기적으로 유지하는 안정적인 배당정책을 선호한다는 증거가 된다. 혁신형 중소기업은 비혁신형 중소기업보다 배당조정속도가 더 빠르다. 혁신형 중소기업은 R&D 투자에 따른 미래의 성장성과 수익성을 담보로 하여 장기적으로 안정적인 배당정책을 유지할 수 있다. 다시 말해, 혁신형 중소기업은 배당지급이 목표 배당성향에서 이탈하더라도, R&D 투자에 따른 미래의 성장성과 수익성을 담보로 하여 목표 배당성향을 향하여 배당지급을 신속하게 조정하여 배당스무딩을 효과적으로 달성할 수 있다. 그리고 혁신형 중소기업 중에서도 재무적 비제약 기업은 재무적 제약 기업보다 배당조정속도가 더 빠르다. 이는 재무적 비제약 기업일수록 자본시장을 통한 외부 자금조달이 용이하기 때문에 주당배당을 신속하게 조정한다는 증거가 된다. 따라서 자본시장 접근성이 용이하여 재무적 제약을 적게 받는 기업일수록 외부 자금조달이 용이하기 때문에 배당지급을 더 신속하게 조정함으로써 배당스무딩을 더 효과적으로 달성할 수 있다. 그리고 중소기업청이 정책적 목적으로 분류한 혁신형 중소기업(벤처기업, 이노비즈기업, 경영혁신형기업)은 비혁신형 중소기업보다 배당조정속도가 더 빠르다. 중소기업청에서 정책적 목적으로 분류한 혁신형 중소기업은 신용보증지원, 정책자금지원, 조세혜택, 공공입찰 우선권 부여 등과 같은 다양한 정책적 혜택으로 인해 재무적 제약을 적게 받기 때문에 배당지급을 더 신속하게 조정할 수 있다. 결론적으로, 한국거래소의 유가증권시장과 코스닥시장에 상장된 혁신형 중소기업은 비혁신형 중소기업보다 배당조정속도가 더 빠르고, 혁신형 중소기업 중에서도 재무적 비제약 기업은 재무적 제약 기업보다 배당조정 속도가 더 빠르다. 다시 말해, 중소기업 중에서도 R&D 집중도가 높은 혁신형 중소기업은 R&D 투자에 따른 미래의 성장성과 수익성을 담보로 하여 배당스무딩을 신속하게 할 수 있고, 혁신형 중소기업 중에서도 자본시장 접근성이 좋은 기업은 재무적 제약을 적게 받기 때문에 배당스무딩을 더 신속하게 할 수 있다. 따라서 중소기업 경영자는 R&D 집중도를 증가시키고 자본시장 접근성을 높여 재무적 제약을 회피함으로써 신속한 배당스무딩을 통해 장기적으로 안정적인 배당정책을 유지할 수 있다고 생각한다. 그리고 중소기업청이 정책적 목적으로 분류한 혁신형 중소기업(벤처기업, 이노비즈기업, 경영혁신형기업)의 경우에도 배당조정속도가 비혁신형 중소기업보다 더 빠르게 나왔다. 이러한 결과는 배당정책의 측면에서 중소기업청의 혁신형 중소기업 정책을 지지하는 실증적인 증거가 된다.

• 벤처혁신연구
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• 제5권4호
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• pp.57-74
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• 2022

본 연구의 목적은 중소기업 구성원의 동기와 창의적 작업환경이 혁신행동에 미치는 영향을 검증하고, 개인적 흡수 역량에 따른 차이점을 보고자 한다. 이를 위한 연구 방법으로 중소기업에서 1년 이상 근무한 직원을 대상으로 전문리서치 회사에 설문조사를 의뢰하여 350부를 회수하였으며, SPSS 28과 Smart PLS 3으로 연구모형 및 가설을 검증하였다. 연구 결과, 접근동기와 창의적 작업환경은 개인의 혁신행동에 긍정적 영향을 미쳤고, 이는 개인의 흡수역량에 따라 유의한 차이점을 보였다. 본 연구의 시사점을 다음과 같이 요약하였다. 첫째, 인적 자원이 물적 자원보다 중요한 중소기업에서 혁신적 조직경영을 위해 중소기업은 창의적 작업환경을 제공하고, 구성원이 긍정적 혁신행동을 이끌어내기 위한 동기부여가 필요하다. 둘째, 개인적 흡수역량에 따라 혁신행동이 다르게 나타나며, 혁신행동은 기업 성장의 주체가 되므로 구성원에게 긍정적 동기 부여와 함께 개인적 흡수역량을 높이기 위한 다양한 관심과 지원이 필요함을 나타낸다.

• The Journal of Asian Finance, Economics and Business
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• 제9권10호
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• pp.39-48
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• 2022

This research aims to investigate the application of Keynes's theory in Indonesia, particularly in solving unemployment and poverty problems through government spending, economic growth, and human resource capacity. The basic concepts of the Keynesian theory were used as a method, through which government spending was harnessed toward economic growth in reducing unemployment and poverty rate. The analytical materials used were panel data for the 2017-2021 period in Central Java, Indonesia. The analytical methodology used was a multiple regression experimental design in selecting the best model according to Keynes's theory, especially for overcoming formidable problems. The main results showed that large Government spending program is ineffective in encouraging pro-growth, pro-job, pro-poor, and pro-equity development policy strategies. The causes of this failure include the violation of Keynes' assumptions about rationality and the low quality of education investment, which do not encourage productive and innovative entrepreneurship, as well as self-employment opportunities. As a result, government spending, including subsidies and direct financial assistance, used to implement the macroeconomic monetary, unstructured, and fiscal policy system is insufficient to significantly reduce the enormous difficulties. The main research results confirm that human capital capacity is the key to mitigating and reducing unemployment and poverty.

• 국제초고층학회논문집
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• 제5권4호
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• pp.251-262
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• 2016

Tall Buildings have been one of the most prominent symbols of economic growth for nearly a century. Yet, in the aftermath of the tragedies of September 11, "signature" Tall buildings have become the focus of much debate. The structural systems today are undergoing a major evolution to address the ability of providing flexibility in the design and use of the building together with sustainability (Green) and cost-effective system. This paper describes a new invented structural system, evolutionary structural analysis and design of Tall buildings, which involves the entire analysis process, including conceptual and design stages and comparison with the existing Tall building. This study presents an new innovative structural system, Beehive (Hexagrid), for Tall buildings. The final results are achieved by modeling an 80 story Tall building with the optimized angle and topology of hexagon members by using a computer analysis, ETABS finite element analysis. The objective function of this system is to use one structural system in order to both maximize Eigen frequency for resisting dynamic responses and minimize mean compliance for static responses. Finite element analysis is carried out by using standardized materials. Optimal Hexagrid topologies with the highest stiffness are finally determined to resist both static and dynamic behaviors. Holistic design integration approaches between structures and facades to save energy for environmental control are studied. Innovative design ideas to control structural motion as well as to utilize that motion to harness energy are discussed. Considering abundant emergence of tall buildings all over the world in recent years, the importance of the studies presented in this paper cannot be overemphasized for constructing more sustainable built environments.

• International Journal of Computer Science & Network Security
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• 제21권7호
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• pp.125-132
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• 2021

Rapid growth of the higher education role in ensuring the socio-economic and innovative development of the national economy in the context of the development of the information society and the knowledge economy is observed. Achieving positive synergistic effects of the higher education development requires proper funding for university education and research. The existing funding models for national higher education systems in a number of developing countries need modernization in accordance with the modern challenges of economic and innovative development. The purpose of the article is to formulate theoretical - methodological and applied foundations for the development and implementation of the integrated model of the higher education financing under the Quadruple Helix concept. At the center of the developed model are the areas of interaction identified by the authors, namely: Personnel, Science, Management, Innovation, Social area. This made it possible to specify the interests of all stakeholders and orient the activities of higher education institutions to the satisfaction of these interests. Effective implementation of the integrated Model of the higher education financing requires increasing the level of investment attractiveness and practical value of university research; activation of innovative development of enterprises; state stimulation of business participation in university research and education; harmonization of current legislation with EU standards. Implementation of the Model will diversify sources of funding for universities, increase their level of economic security and achieve integrated synergies from the interaction of universities, business, government and the public (as the main stakeholders within the Quadruple Helix concept).

• International Journal of Computer Science & Network Security
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• 제24권1호
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• pp.178-186
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• 2024

While in high-income countries the development of digital technology began in the 1970s, in low- and middle-income countries it began in the 1990s and even after 2005, due to the political regime that constrained economic development and innovation. At the same time, there are no studies of the relationship between technological development and structural changes through innovation in low- and middle-income countries. The article aims to quantify the relationship of the introduction of digital technologies on innovation, structural transformation of low- and middle-income economies. The industrial-agrarian economy of Uzbekistan with an authoritarian regime is in a state of transition to a market economy, while in Ukraine, there are active processes of Europeanization and integration into the EU. Ukraine's economy is commodity-based (the export of raw materials of industries and the agricultural sector in developed countries predominates) and industrial-agrarian. Digital technologies and the service sector are little developed in Uzbekistan. On the other hand, Ukraine has a more developed ICT sector. Uzbekistan is gradually undergoing an innovative and structural transformation of the economy: the productivity of the agricultural, industrial, and service sectors is growing, but the ICT sector is virtually undeveloped. In comparison, in Ukraine, there are no significant structural transformations due to a significant drop in productivity of the industrial sector, with stable growth of productivity of the agricultural sector due to technology and a slight increase in productivity of the service sector. It is revealed that Ukraine and Uzbekistan have undergone structural transformations of the economy in favor of the service sector, while the agricultural and industrial sectors produce less and less. If Uzbekistan remains the industrial-agrarian country with an aggregate share of the added value of these sectors 59% in 2019, Ukraine transits to the post-industrial type of economy where the added value of the service sector in GDP grows (55% compared to agrarian and industrial sectors at 42%).

• 한국중재학회지:중재연구
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• 제25권1호
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• pp.87-105
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• 2015

Intellectual property law is slowly fighting to keep pace with the rapid growth of the fashion industry. Copyright and patent law have proven only minimally effective in fashion, even in the US and other top fashion nations, forcing designers and fashion companies to rely on their trademarks to protect their work. Litigating trademark disputes in the fashion industry presents a host of problems as witnessed in a recent Christian Louboutin case, leading the parties to resort to Alternative Dispute Resolution(ADR) and Online Dispute Resolution(ODR). ADR methods, especially arbitration, are increasingly emerging as substitutes to litigation. Using these methods, the fashion industry (CFDA in the US case) should sincerely consider a self-regulating program in which its members, both fashion designers and corporations alike, can resolve disputes in a manner mutually beneficial to all parties in order to preserve the industry's growth, solidarity, and esteem In particular, for the US fashion industry, the ongoing Innovative Design Protection and Privacy Prevention Act(IDPPPA) anti-counterfeit legislation could have caused a chilling effect against innovation. New designers with no name and less resources who could normally flourish producing inspired-by designs may find themselves subject to copyright infringement legislation since the IDPPPA may expand the protection of established designers and brands with more resources. This fear and its implication could be solved by the fashion industry itself since fashion experts know best how to handle these fast-paced issues arising in the field. Therefore, stakeholders in the fashion industry should commit to protecting innovation within fashion on a long-term basis by establishing a panel handling an ADR process. This can mitigate the uncertainty created by the IDPPPA or any other legislation from elsewhere, which could result in a shying away from experimentation with inspired-by designs.

• Pediatric Gastroenterology, Hepatology & Nutrition
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• 제19권2호
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• pp.104-109
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• 2016

Purpose: Regurgitation is a common physiological phenomenon in infants. The aim of the present study was to evaluate the efficacy of a new anti-regurgitation (AR) formula (Novalac), thickened with an innovative complex including fibres, on the daily number of regurgitations and to assess its impact on stool consistency and frequency. Methods: Infants younger than five months, presenting at least 5 regurgitations per day were recruited in this trial. The efficacy of the new formula on regurgitation (daily number and Vandenplas score), stool frequency and consistency were assessed at day 14 and 90. Growth data were recorded at each study visit. Results: Ninety babies (mean age $9.6{\pm}5.8weeks$) were included in the full analysis data set. The mean number of regurgitation episodes at inclusion was $7.3{\pm}3.4$. In all infants, regurgitations improved after 2 weeks. The daily number of regurgitations decreased significantly ($-6.3{\pm}3.3$, p<0.001) including in those previously fed a thickened formula ($-6.2{\pm}3.0$, p<0.001). There was no significant change in stool consistency at day 14. After 3 months, 97.5% of infants had formed or soft stools. Growth was appropriate with a slight increase of weight-for-age z-score (from $-0.5{\pm}1.0$ to $-0.1{\pm}0.9$) and no change of weight-for length z-score ($-0.1{\pm}1.1$ to $-0.1{\pm}-1.1$). Conclusion: The new AR formula thickened with an innovative complex is very effective in reducing the daily number of regurgitations without having a negative impact on stools consistency.

• 기술혁신연구
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• 제22권3호
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• pp.311-332
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• 2014

최근, 기존 주력산업의 안주, 혁신 기피 현상으로 말미암아 기업 내에서 지속적인 성장 동력에 대한 이슈가 발생하고 있다. 이러한 지속성장의 돌파구로써 새롭게 주목 받고 있는 대안이 바로 사내기업가정신(Corporate Entrepreneurship)이다. 혁신을 촉진시키는 효과적 방안으로 사내기업가정신이 주목받음에 따라, 국내 기업들 사이에서는 사내벤처 형태의 사내기업가 정신 촉진 활동을 통해 혁신적인 신제품/ 신사업을 발굴하며, 계층적이고 경직된 조직문화를 지양하고, 보다 유연하고 혁신적인 조직문화를 정착시키는 시도를 해오고 있다. 본 연구에서는 사내벤처를 운영하는 3개의 국내 기업을 대상으로 사례 연구를 실시하였으며, 사례연구에 있어서는 사내기업가정신 발현유형과 사내기업가정신 활성화 프레임워크를 결합하여 사례를 분석함으로써, 사내기업가정신 발현유형에 따라 사내기업가정신 활성화 제도의 지향점, 운영 등에 있어서 차이가 있음을 규명 하였다.

• Biomolecules & Therapeutics
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• 제26권5호
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• pp.474-480
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• 2018

Most angiogenesis assays are performed using endothelial cells. However, blood vessels are composed of two cell types: endothelial cells and pericytes. Thus, co-culture of two vascular cells should be employed to evaluate angiogenic properties. Here, we developed an in vitro 3-dimensional angiogenesis assay system using spheroids formed by two human vascular precursors: endothelial colony forming cells (ECFCs) and mesenchymal stem cells (MSCs). ECFCs, MSCs, or ECFCs+MSCs were cultured to form spheroids. Sprout formation from each spheroid was observed for 24 h by real-time cell recorder. Sprout number and length were higher in ECFC+MSC spheroids than ECFC-only spheroids. No sprouts were observed in MSC-only spheroids. Sprout formation by ECFC spheroids was increased by treatment with vascular endothelial growth factor (VEGF) or combination of VEGF and fibroblast growth factor-2 (FGF-2). Interestingly, there was no further increase in sprout formation by ECFC+MSC spheroids in response to VEGF or VEGF+FGF-2, suggesting that MSCs stimulate sprout formation by ECFCs. Immuno-fluorescent labeling technique revealed that MSCs surrounded ECFC-mediated sprout structures. We tested vatalanib, VEGF inhibitor, using ECFC and ECFC+MSC spheroids. Vatalanib significantly inhibited sprout formation in both spheroids. Of note, the $IC_{50}$ of vatalanib in ECFC+MSC spheroids at 24 h was $4.0{\pm}0.40{\mu}M$, which are more correlated with the data of previous animal studies when compared with ECFC spheroids ($0.2{\pm}0.03{\mu}M$). These results suggest that ECFC+MSC spheroids generate physiologically relevant sprout structures composed of two types of vascular cells, and will be an effective pre-clinical in vitro assay model to evaluate pro- or anti-angiogenic property.