• 산업경영시스템학회지
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• 제38권2호
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• pp.72-81
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• 2015

This paper studied the differences of the inventories asset turnover change ratio and several characteristics variable between large and small manufacturing firm group. Large and small firm group were determined based on number of labors and asset size. Several characteristics variable of firms such as assets size, sales growth rate, return on assets, leverage ratio, credit rating and age of firm were used to find out the differences of firm group. As a result, the inventory asset turnover change ratio of large firm was 5.16% and that of the middle and small firm was 9.3%. For the large firm, sales growth rate, ROA and credit rating affect inventory assets turnover change ratio. For the middle and small sized firm, Assets size, sales growth rate and credit rating affect inventory assets turnover change ratio. Using this result, we can say that manufacturing company need to consider their firm size and their characteristics to make their own operation strategy of inventory.

• 아태비즈니스연구
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• 제11권2호
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• pp.207-233
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• 2020

Purpose - The purpose of this paper analyzes the relationship between the Corporate Social Responsibility(CSR) and Corporate Value to estimate whether the characteristics of Firm can change this relationship. Design/methodology/approach - This paper utilizes the total 776 firms' data over the period 2014-2018, and develops a new ESG index which was estimated by PCA. Findings - First, the estimated ESG index implies that Large company has the highest value of CSR, while Medium sized and Small company have the relatively low one. And comparing to the case of 2014, the trend of ESG index in Large company does not decrease in 2018. Second, there is a clear and significant non linear relationship between CSR and corporate value, it implies that the U-shaped exists in the Korean Firms. Such a tendency is mush stronger in the Large company. Third, the new ESG index indicates that it takes more time to increase Firm value in the Medium sized and Small company while there is a high possibility of increasing value in Large company from the little gab between the threshold points and mean value of ESG. Research implications or Originality - The non linear tendency between the Corporate Social Responsibility and Corporate Value is strongly affected by Firm size and the relative high quintile of ESG, but it is less affected by Firm history.

• 통상정보연구
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• 제19권1호
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• pp.257-278
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• 2017

본 논문은 전 세계 온라인 기업을 대상으로 소유구조가 기업의 가치에 영향을 미치는지 분석하였다. 실증분석을 위해 FACTIVA database를 사용하여 2014년 온라인 기업 자료를 수집하였다. 최소자승회귀분석, 일반 회귀분석, 모델링 분석 방법을 사용하여 변수들 간의 관계성 분석을 통해 이해일치 이론, 경영자안주 이론, 절충 이론을 검증하였다. 연구결과 대주주가 기업 가치에 미치는 영향이 상반된 것으로 나타났다. 최대 주주는 기업 가치와 음의 관련성을 보였고 나머지 2-3대 주주는 양의 관련성을 보였다. 대주주들 사이에서도 이해상충의 문제가 존재하고 최대 주주의 지분이 증가할수록 기업 가치가 낮은 것을 발견하였다. 최대 주주가 내부자인지 여부도 기업 가치와 관련이 있는 결과를 통해 최대 주주의 출신과 지분율이 중요한 변수임을 파악하였다.

• 대한안전경영과학회지
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• 제13권4호
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• pp.171-177
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• 2011

This paper reviewed the relationship between internal marketing and incremental innovation, and the moderating effect of firm size. The results of hierarchical multiple regression analysis, based on the responses from 322 employees in small business, showed that almost internal marketing factors effects positively on incremental innovation. All internal marketing factors(CEO support, compensation system, education & training, internal communication, authority delegation) appeared to be related positively with process innovation and service innovation. And all other factors(compensation system, education & training, internal communication, authority delegation) except CEO support showed to have positive relationship with operation innovation. In the moderating effects, internal communication effects more positively on incremental innovation in large firm-size than in small firm-size. But delegation effects more positively on incremental innovation in small firm-size than in large firm-size.

• 경영과학
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• 제32권2호
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• pp.15-35
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• 2015

Large business groups typically have central firms through which their controlling families establish (or acquire) new firms and maintain control over other member firms. Research on corporate governance has developed metrics to identify those central firms and investigated an impact of the centrality on ownership structure and firm's financial performance. This paper introduces centrality metrics used in social network analysis (SNA) to measure how crucial a role each firm plays in the ownership structure of its business group. Then, the SNA centrality metrics are compared with the metrics developed in corporate governance field. Also, we test the relationship between the SNA centrality metrics and firm's value. Experimental results show that the SNA centrality metrics are closely correlated with the centrality metrics used in corporate governance and are significantly correlated with firm's value.

• 아태비즈니스연구
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• 제10권3호
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• pp.1-16
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• 2019

This paper examines how firm's investment has been affected by offshoring and financialization in Korea over the period 2000-2014 by using industry-level data collected from World Input Output Database (WIOD) and firm-level data collected from the KIS-Value Database. The findings are summarized as follows. First, offshoring index as expected shows a negative relationship with real investment. This negative impact is stronger in a large firm group. Second, there is a positive relationship between dividend payments and real investment. The positive relationship is greater in a small & medium-sized firm group. Third, the purchase of financial assets and the income generated from financial assets are positively related to real investment. The positive relationship is stronger in the small & medium-sized firm group. The empirical results show that firm size is a factor that effectively affects firm's real investment. This paper suggests that the influence of financialization and offshoring on firm's real investment should be assessed in various contexts rather than in a unilateral context.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.769-778
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• 2020

The purpose of this study was to examine the role of profitability as a mediating variable in influencing firm value. This study uses a sample of manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2018. The data used is panel data, with data analysis using multiple regression. Based on the Sobel test, profitability plays a role in mediating the effect of firm size on firm value. The effect of firm size on firm value is indirect, however, through profitability. Therefore, the market price of the shares of large-scale companies will increase if the resulting profitability is high. The capital structure and managerial ownership directly influence firm value. The results showed that managerial ownership and firm size had a positive effect on profitability, while capital structure had no effect on profitability. Capital structure and managerial ownership have a negative effect on firm value, while firm size and profitability have a positive effect on firm value. The main finding of this study is that profitability acts as an intervening variable in mediating the relationship between firm size and firm value.

• 산경연구논집
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• 제9권9호
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• pp.15-23
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• 2018

Purpose - The purpose of this paper is to examine the determinants of non-bank depository institutions (non-bank financial corporations) lending to firms. The paper aims to contribute to the existing literature by providing empirical evidence from firm-level data and unveiling factors related to access to non-bank financial corporations by firms. Research design, data, and methodology - We used the data on borrowing by firms from CRETOP from years 2008 to 2011. Using the manufacturing industry, we examined what firm-level characteristics explained the increase in borrowing from non-bank financial corporations rather than the banks. Results - Analyzing the firm-level data from 2008 to 2011, we found that firms were more likely to borrow from non-bank financial insti­tutions as the size of the firm increases, implying that large firms have more access to non-bank financing than small and medium-sized firms. In addition, it also showed that small and medium-sized firms moved to non-bank financial corporations for loans. Conclusion - Non-bank depository institutions are not a sub­stitute for bank lending to firms. More specifically, they replace bank lending to firms mostly for large firms rather than small and medium-sized firms. Also, collateral and other firm-level characteristics do not matter in accounting for non-bank lending to firms.

• Asia pacific journal of information systems
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• 제29권4호
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• pp.690-716
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• 2019

Open innovation has attracted significant attention from both academics and practitioners. However, theoretical and empirical researchers disagree on how open innovation improves firm performance. The inconsistent results reported in the literature may be attributed to the fact that they failed to provide an integrative view of how to make use of internal and external knowledge to enhance innovation performance. Furthermore, although the adoption value of innovation approaches varies depending on firm size and IT capabilities, their impacts have not been adequately taken into consideration. Drawing on complementarity theory, this study revisits the research problem and develops eight hypotheses. Surveys collected from 339 Korean firms were analyzed to test the hypotheses using the supermodularity functions. The results indicated that an internal knowledge-oriented innovation approach has a positive impact on innovation performance regardless of firm size. However, an external knowledge-oriented innovation approach has a positive effect on innovation performance in large firms while having no significant effect on innovation performance of SMEs. Results also confirmed a complementary relationship between internal and external knowledge-oriented innovation approaches in large firms, whereas substitutable relationships were confirmed in SMEs. This study sheds new light on open innovation by identifying the role of different types of innovation approaches, firm size, and IT capabilities.

• 융합경영연구
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• 제10권6호
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• pp.9-16
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• 2022

Purpose: This research investigates the differences in knowledge exchange activities and performances between startups and large companies in software industry clusters. Research design, data, and methodology: Six independent factors of human resource information, R&D and technology, marketing knowledge, government support information, strategic knowledge, and cooperation information were extracted to test the firm size effect in the relationships with two performance factors such as satisfaction with industry cluster location and satisfaction with financial performances. Data were collected through a survey of entrepreneurs, managers, and employees and tested by statistical analysis methodologies. Results: Three independent factors of human resource information, R&D and technology, and cooperation information were particularly significant in the relationship with both dependent factors. Strategic knowledge significantly affected financial performance. Knowledge exchange activities were more important in startups than in large companies for all eight factors. Conclusion: Policies for software industry clusters need a different approach for startups and large companies.