• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.25-31
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• 2017

The objective of this study is to find the failure factors of venture companies. We analyze 210 troubled venture companies, all of which have been under guarantee from the Korea Technology Finance Corporation over the last three years. Methods of analysis for failure factors are as follows. First, we categorize the failure factors into the four different types based on growth and profitability indicators in the financial statements of targeted venture companies. Then we analyzed the failure factors of the subject companies based on the troubled guarantee reports made by the Korea Technology Finance Corporation. If a venture company under its guarantee program falls into insolvency, the Korea Technology Finance Corporation make the troubled guarantee report to find out the failure factors and evaluate the recovery potentials. We identify 374 failure factors of venture companies through the analysis. The most prominent among them are deteriorating of business environments (79 factors) and decreasing or withdrawing orders from major suppliers (54 factors) due to bankruptcies or change in business plans. They are followed by slowing collection of accounts receivable (31 factors), dropping or frozen product price (24 factors) due to intensifying competition and escalating pressures from major suppliers, rising raw material costs both at home and abroad (21 factors). In addition, the nuclear power plant disaster in Japan, shut-down of the Kaesong Industrial Complex and subsequent lawsuits, delay in technology development projects, high cost-low efficiency management structure, etc., are also revealed as new factors causing trouble for venture companies.

• Journal of Technology Innovation
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• v.23 no.3
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• pp.373-396
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• 2015

This study analyzed the determinants of high-growth firms using the technology appraisal data of the Korea Technology Finance Corporation. This study is differentiated from previous studies for three reasons. First, it analyzed the determinants of firms that will grow into high-growth firms in the future, not the characteristics of current high-growth firms. Second, it analyzed high-growth firms by dividing them in two aspects: sales and employment. In other words, they were divided into three types: the case in which a firm achieves high growth in both sales increase and creation of jobs, the case in which a firm achieves high growth in creation of jobs but low growth in sales increase, and the case in which a firm achieves high growth in only sales increase but low growth in creation of jobs. Third, this study applied the technology appraisal indicators of Kibo Technology Rating System(KTRS) by the Korea Technology Finance Corporation as the explanatory variable. As a result of analysis, it was found that a firm achieved high growth in both sales and employment if the position in the technology life cycle was appropriate and the technology readiness level was high. However, it turned out that the management system of technical manpower had conflicting effects on high growth of employment and sales. In other words, a firm that had well managed its technical manpower achieved high growth in terms of employment, but rather showed low growth in terms of sales. This result suggests the inference that firms showing high growth in employment may appear mainly in the high-tech industry where management of technical manpower is important. Accordingly, as a result of adding dummy variables that represent whether or not firms are in the high-tech industry, it was found that the result supported the inference, as firms in the high-tech industry were highly likely to achieve high growth in employment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.3
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• pp.85-98
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• 2018

This study aims to investigate the effects of venture & inno-biz companies' technological innovation competences on technological performances and economic competitive advantage, using VRIO framework. The empirical data for this study were based on the technology assessment results of Korea Technology Finance Corporation (KOTEC) on 3,462 venture & inno-biz companies and the following 2 years' financial data. Sample companies with technological innovation resources, such as technology management strategy(Value), differentiation of technology(Rarity), imitation difficulty of technology(Imitability) and technical organization capability(Organization), made efforts to expand their intellectual property rights, technological development and commercialization of new products, thereby ensuring technological competitive advantage. Furthermore, technological competitive advantage were proved to improve sales growth, increase in operating revenue, and financial soundness. Compared with four VRIO factors' influence on business performance, imitation difficulty of technology(Imitability) and organization technological capability(Organization) had much more influence than any other internal resources or capabilities respectively.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.2993-3002
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• 2018

This case study introduces the process of developing the technology rating evaluation model for investment. The technology evaluation rating model for investment is a project that the Financial Services Commission and the Ministry of Commerce, Industry and Energy collaborated to expand the scope of technology finance from loan to investment. The technology evaluation model for investment was developed with the aim of predicting high growth companies. The model consists of a statistical model and an expert model. Here, statistical models were modeled by using logistic regression analysis. Expert models gathered opinions of experts and identified the weight of each evaluation item and set the model. The rating system of the model is composed of 10 grades. The distribution of the model was consistent with KTRS grade distribution. Interestingly, the emphasis is on technology and marketability. In the technology valuation grade model for the goddess, there is a considerable difference from the emphasis on managerial competence or business performance.

• Korean small business review
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• v.43 no.1
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• pp.51-83
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• 2021

This study empirically examined how the technology innovation competence of the 4th Industrial Revolution Enterprises affects management performance. It also analyzed whether there would be any difference in business performance between the 4th Industrial Revolution Enterprises and the non-4th Industrial Revolution Enterprises. The samples for analysis were analyzed using in-situ data of 2,543 enterprises classified as technical innovation enterprises and the 4th Industrial Revolution Enterprises through Korea Technology Finance Corporation's in-house technical evaluation. Variables for technology innovation competence were analyzed using variables such as the size of manpower of research and development, the level of research and development organizations, the number of intellectual property rights, the ratio of intangible assets, the amount of knowledge properties, the amount of research and development investment, and the intensiveness degree of research and development. In terms of the impact of the 4th Industrial Revolution Enterprises' technology innovation competence on business performance, all factors except for the level of research and development organizations were found to affect business performance, which supported the study hypothesis. In particular, it was confirmed that the amount of knowledge properties has had a relatively greater impact on business performance. In addition, the average comparative analysis between the 4th Industrial Revolution Enterprises and the non-4th Industrial Revolution Enterprises confirmed that the 4th Industrial Revolution Enterprises conducted higher values in the business performance.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.3
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• pp.5-15
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• 2016

This study examines whether Korean rating agencies such as Korea Investors Service (KIS), National Information & Credit Evaluation (NICE), and Korea Ratings Corporation (KR), incorporate corporate governance into their corporate bond ratings in Korea. We find that the Korean rating agencies assign higher ratings to the bonds issued by Chaebol (Korean business group) affiliated firms. Our results also indicate that those rating agencies give higher ratings to the bonds with greater foreign investor share ownership. Moreover, if the rating agencies value corporate governance, higher rated firms should issue bonds at lower yield to maturity. We discover that Chaebol affiliation is counted favorably by the rating agencies. We find that investors are willing to pay lower risk premium for bonds with higher institutional ownership, but higher risk premium to bonds with greater equity ownership in the form of depository receipts. Therefore, even if the rating agencies and investors in Korea consider corporate governance (Chaebol affiliation and ownership structure) an important determinant in bond ratings and the yields to maturity, they have opposite views on institutional ownership and share ownership in the form of depository receipts.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.37-50
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• 2020

This study aims to investigate meaningful relationship between technology appraisal indices and SMEs' financial performances for their continuous growth. The empirical data for this study were based on the technology appraisal results of Korea Technology Finance Corporation(KOTEC) and the financial data of the following 2 years 0f 3,688 SMEs. The meaningful differences between SMEs with superb financial performances and the others, by using t-test analysis, statistically were verified in 25 indices(75.8%) out of total 33 indices. All of five independent variables, namely CEO's capability, technology manpower, R&D intensiveness, market competitiveness and investment feasibility, were verified to have a positive effect on business feasibility respectively and business feasibility also has a positive influence on financial performance, such as sales growth, labor productivity and financial stability.

• Management & Information Systems Review
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• v.36 no.2
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• pp.93-111
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• 2017

This study aims to examine economic effects and success factors of ICT based growth engine industry for forth generation industrial revolution. KTRS(kibo Technology Rating System) provided by KIBO is used for an analysis of this study. Specifically, the economic effects of growth engine industy are classified with financial(productivity, growth rate, etc) and non-financial(R&D investment and employment) effects. Moreover, the impacts of KTRS factors including CEO capability, technology ability, commercialization and marketability on the economic effects are investigated. The result of this study would raise management issues on technology innovation and provide implications on industrial policies for ICT based growth engine industry.

• Journal of Communications and Networks
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• v.14 no.3
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• pp.252-256
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• 2012

We consider resource allocation in femto-cell networks to maximize the throughput while minimizing interference to macro-users nearby. This can be achieved by allocating spectrum resource in a cognitive radio way. The proposed resource allocation is performed in two steps; spectrum sensing and resource scheduling. The femto base station detects idle frequency assignments (FAs) free from the occupation by macro-users and then allocates sub-channels in an idle FA to femto-users, effectively managing the interference problem. Finally, the effectiveness of the proposed scheme is verified by computer simulations.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.245-251
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• 2020

This study aims to investigate whether financial literacy, parental socialization, peer influence and self-control have a significant impact on money management among students of a Malaysian public university. In most settings, the studies on the determinants of personal saving behavior among university students focus on personality factors, attitudes toward money and possessions, and financial knowledge as predictors of money management behavior. Primary data are collected using a self-administered questionnaire with the samples comprised 186 students. The findings show that all the financial literacy and parent socialization have a positive relationship with money management; meanwhile, peer influences and self-control have a negative relationship with money management. This is because the majority of students admit they cannot control their self in managing their money. In this study, parent socialization has a significant relationship with money management which signifies that parents are playing essential roles in ensuring their children to establish money management. In practical, this study can contribute to the parents in providing their children to foster sound money management. Besides, Perbadanan Tabung Pendidikan Tinggi Nasional (National Higher Education Fund Corporation) PTPTN should monitor the loan, and management process and arrange motivational program so that students can more focus on the educational expense.