• Korean Business Review
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• v.9
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• pp.99-121
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• 1996

On the job training is useful : a part of on the job training has increased the marginal productivity of future and rate of wage. Investment in a human capital depends on character of investment and market conditions. The innovation role of small and medium firms has recently received increasing attention in newly industrializing countries as they attempt to transform their industries from labor intensive to technology intensive. It also suggests some implications to the small and medium firms' strategies and public policies accelerating research and development. Lack of qualified scientists and engineers often inhibits the small and medium firms' ability to access and assimilate external technical information. Such technical personnel are particularly scarce in NICs. Therefore, how to employ these technical staff should be an important issue for small and medium firms seeking to acquire distinctive competences. Small and medium firms must invest further education and training to its labor.

• The Journal of Industrial Distribution & Business
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• v.9 no.9
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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.

• Journal of Korea Technology Innovation Society
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• v.20 no.3
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• pp.546-575
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• 2017

This paper investigates the effects of public R&D support on medium-sized firms' R&D investment. The paper collects a panel dataset of Korean manufacturing firms' R&D investment and public support, and employs the DID (difference-in-differences) regression for the test of stimulating or crowding-out effect. Empirical analysis examines how the effect of public R&D support differs between small and medium-sized firms and whether firm size and technological capability moderate the effect in the sample of medium-sized firms. Empirical results show that public R&D support tends to generally stimulate private pure R&D investment for both small and medium-sized firms. Comparing the results for small and medium-sized firms, this paper finds that the stimulating effect is relatively larger and more significant for medium-sized firms, while the effect is not significant for small ones. Furthermore, the paper shows that the stimulating effect of public R&D subsidy on private R&D investment is relatively stronger for medium-sized firms with superior technological competence and the effect of tax support is greater for incompetent firms. These results suggest that public R&D policies and R&D programs, differentiated from those for existing small firms, are necessary for medium-sized firms to stimulate private R&D continuously and formulated carefully by considering firm size, technological capability and growth potential.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.402-407
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• 2006

The small/medium sized firms have big part and affect a national economy in the world. They underestimated in market until now make big change by standing out in international market. The Korean small/medium sized firms also get out of a domestic market stagnated and try to make inroads into international market. Especially, the Korean small/medium sized construction firms have very huge potentiality in international market globalized rapidly. But, the role of these firms actually have been insignificant in international market until now. This paper tried to present the alternatives to revitalize the overseas expansion of the Korean small/medium sized construction firms which have the potentiality. It analyzed the international contract trend of advanced construction firms to classify each group by using ENR data from 1996 to 2005, and presented the new standard of the Korean small/medium sized construction firms according to international contract portion, data, and legal bases. Finally, it used the expert interview method to refer to the revitalization of making inroads into international market.

• Journal of Digital Convergence
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• v.12 no.2
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• pp.173-182
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• 2014

The government aims at promoting the national growth and heightening efficiency through the creativity economy. This study focus on the effectiveness(difference of the tax bearance) of tax-aid system(tax-reduction and tax-deduction) for the venture firms and small & medium firms. Sampling of this study was collected through what had been recorded to the enterprise information service of Korcham(venture firms), DB of Small & Medium Business Administration Authority from 2010 to 2012, and opened information of the KOSDAQ Association. The results were as follows. Firstly, There exists differences in the tax bearance rate between the tax-aided corporation and the tax-nonaided corporation through venture firms and small & medium firms. Secondly, Venture firms were investigated to bear low tax-bearance rate in contrast to Small & Medium Firms. The results of this study shows that the national tax-aided system is effective, and can be led to another new politics alternatives.

• Korean Management Science Review
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• v.13 no.3
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• pp.1-21
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• 1996

This study aims to systematize the needs of each area for computerized production management of small- and medium-sized firms and establish the basic design background of their common database. For this purpose, we surveyed the status, needs and appliable characteristics of the firms production system by the categories of industry, size and production type. On the base of these surveys the basic design concept and contents of automatic production system for small and medium-sized firms are proposed.

• Journal of Korea Technology Innovation Society
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• v.8 no.1
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• pp.277-295
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• 2005

The objective of the study is to verify the discriminatory power of valuation indexes in predicting IT small and medium sized manufacturing firms' going concern or firms' failure. The result of the study is expected to be useful in loan evaluation, investment decision, internal management decision making and business improvement. The results of study is as follows. First, we find that at least six valuation index elements are significant ex-ante variable which are discriminating between firms' going concern and firms' failure in IT small and medium sized manufacturing firms in various analysis' results. Second, these index elements are composed of 2 indexes-the ability of technology R&D, the efficient strategy of market penetration and six index elements explain 46% of the total variance. This explainable power of these indexed is similar to that of the existing 16 index elements. Finally, we find that the most important success factor of IT small and medium sized manufacturing firms are the ability of technology R&D and the efficient strategy of market penetration.

• Management & Information Systems Review
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• v.27
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• pp.101-129
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• 2008

This study introduced the inclusion of Global Value Chain (GVC) as a strategy for the globalization of domestic industries. In addition, this study intended to highlight direct foreign investment as an important opportunity for enhancing the competitiveness of the domestic small and medium firms. That is, globalization could be realized not only through simple capital inflow, but also through domestic industry's participation in the overseas production network. The analysis of the trend and pattern of direct foreign investment revealed that the FDI inflows heavily dependent on the USA and Japan have been diversified steadily over time. In spite of recent decline trend of overall FDI amount, inflows from European countries in machinery and chemical industries have been rising. These rising and diversifying trends in these industries are promising since FDI inflows have the potential of playing an important role in achieving productivity growth of domestic industries, particularly in the area of comparatively fragile industries such as machinery and chemicals. In the same logic, it is crucial for future growth of Korea that the small and medium firms find their competitive edges through strengthening production networks with foreign multi-national companies. Thus, it is suggested that the policy of globalization of small and medium firms should be based on the firm understanding of GVC and FDI pattern of industries.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.3
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• pp.129-138
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• 2014

After global economic crisis, China has become one of the two pillars in the global economies and the country contributing to the Korean economy. Nevertheless, the research on Chinese financial market, particularly capital market, is rare to date. This study examined the growth enterprise market that emergedat the Shenzhen stock exchange and made comparative analysis on before and after listing for the Chinese small and medium sized firms and venture firms. The listing requirements at the Chinese growth enterprise market for the technologically innovative venture firms and fast-growing small and medium sized firms with financing purpose were more alleviated than the main board of Shenzhen stock exchange. Moreover, the listing procedures are simplified as well. Accordingly, many Chinese enterprises tend to list and the competition for listing is also intense. In particular, with the 36 initially listed firms at growth enterprise market as the research target, the investigation for the business performance before and after listing reveals that the three indexes including return on common equity, debt ratio and operating profit growth rate dropped dramatically for most all the firms. That is, the profitability and growth for the venture firms and small and medium sized firms listed on the Chinese growth enterprise market decreased rapidly after going public, only the stability improved due to the great financing. Taking a step forward, this phenomenon may result from the exaggerated reporting for the business performance before listing with the purpose of going public by the venture firms and small and medium sized firms. Thus, Chinese Securities Regulatory Commission should strengthen the accounting evaluation standard and regulation for the listing firms before going public. In addition, strict sanctions should be imposed on the firms with fraudulent accounting to establish healthy capital market.

• Management & Information Systems Review
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• v.7
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• pp.169-186
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• 2001

The strategic management for Innovation and competetion of small and medium firms is practical innovation strategic of cost down and sales increace. Framework of the strategic management for thr forecast of changed industry and formal competetion. Practice and planning to the small and medium firms for innovation, cost down, sales increace, revolution management, etc. The results of study are as follows ; 1) study of pre-model for innovation and competetive advantage. 2) Draw of the creative factor for industrial structure analysis, cost advantage analysis and competetive advantage. 3) Exhibit of the practice model for strategic management approach. 4) Application and modification to the small and medium firms for results of study.