• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.3
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• pp.1-15
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• 2016

This study has analyzed predication capabilities leveraging multi-variate model, logistic regression model, and artificial neural network model based on financial information of medium-small sized companies list in KOSDAQ. 83 delisted companies from 2009 to 2012 and 83 normal companies, i.e. 166 firms in total were sampled for the analysis. Modelling with training data was mobilized for 100 companies inlcuding 50 delisted ones and 50 normal ones at random out of the 166 companies. The rest of samples, 66 companies, were used to verify accuracies of the models. Each model was designed by carrying out T-test with 79 financial ratios for the last 5 years and identifying 9 significant variables. T-test has shown that financial profitability variables were major variables to predict a financial risk at an early stage, and financial stability variables and financial cashflow variables were identified as additional significant variables at a later stage of insolvency. When predication capabilities of the models were compared, for training data, a logistic regression model exhibited the highest accuracy while for test data, the artificial neural networks model provided the most accurate results. There are differences between the previous researches and this study as follows. Firstly, this study considered a time-series aspect in light of the fact that failure proceeds gradually. Secondly, while previous studies constructed a multivariate discriminant model ignoring normality, this study has reviewed the regularity of the independent variables, and performed comparisons with the other models. Policy implications of this study is that the reliability for the disclosure documents is important because the simptoms of firm's fail woule be shown on financial statements according to this paper. Therefore institutional arragements for restraing moral laxity from accounting firms or its workers should be strengthened.

• Journal of Distribution Research
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• v.15 no.1
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• pp.25-47
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• 2010

CS is one of the major concerns of managers in the world because it is well known to be a key medium construct for firms' superior outcome. One of the major agents for CS management is retailers. Firms try to manage not only employees but also retailers to promote CS behaviors. And so diverse incentives are used to promote their CS behaviors under diverse channel setting such as multi-channel. However in spite of the rising needs there has been scarce studies on the optimal incentive structure for a manufacturer to offer competing retailers at the multi-channel. In this paper, we try to find better way for a manufacturer to promote the competing retailers' CS behaviors. We investigated how to promote the retailers' CS behavior via game-theoretic modeling. Especially, we focus on the possible incentive, CS bonus type reward introduced in the studies of Hauser, Simester, and Wernerfelt(1994) and Chu and Desai(1995). We build up a multi stage complete information game and derive a subgame perfect equilibrium using backward induction. Stages of the game are as following. (Stage 1) Manufacturer sets wholesale price(w) and CS bonus($\eta$). (Stage 2) Both retailers in competition set CS effort level($e_i$) and retail price($p_i$) simultaneously. (Stage 3) Consumers make purchasing decisions based on the manufacturer's initial reputation and retailers' CS efforts.

• Journal of Information Technology Applications and Management
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• v.15 no.4
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• pp.159-188
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• 2008

This study suggests strategies which can enable to creation of new opportunities of competitive advantages while operating a long lasting and consistent business with major trading partners, based on interorganizational information systems (IOISs) specially established and installed for interorganizational transactions. Nowadays, IOISs based mechanism having been widely expanded as a conventional business infrastructure for the interorganizational transactions and/or exchanges, it is customary difficult to obtain any strongly sound advantage over the competitors who have adopted even the simplest deployment of the IOIS mechanisms. In this connection, this study intends to investigate the interorganizational collaborative activities conducted by under the auspicious of IOISs, focused on the prospect of the exploitation of IOISs rather than the implementation of the IOISs. In this study, we, firstly, suggest the concept of Electronic Collaboration which can be defined by the collaborative activities conducted by IOISs, compared to the ones conducted on off-line. In addition, we suggest the Electronic Collaboration as a multi-dimensional concept, constituted by three sub-constructs, the Electronic Information Sharing (EIS), the Electronic Joint Activity (EJA), and the construction of the Electronic Relational Knowledge Store (ERKS). Secondly, we empirically verify the effects of relational and environmental determinants on the Electronic Collaboration. In this study, the relational determinants relate to the variables created in interorganizational relationship like Trust, Influence, Relational Specific Asset-asset invested for the transaction-, and Continuity of the relationship. On the other hand, the environmental determinants relate to the variables surrounding the relationship which are difficult to control. We consider Product Complexity, Technological Uncertainty, and Market Variability as the domain of the environmental determinants. To test our hypotheses, we conducted both paper-based survey and online-based survey. After refining the data with missing responses, a total of 150 data was used for analysis. The results were as follows : Firstly, it is statistically significant that the Electronic Collaboration is composed of EIS, EJA, and ERKS. In particular, the results imply that the firms are able to accumulate relational knowledge base as well as to exchange information or knowledge, and to conduct joint activities through effort to further expand the Electronic Collaboration. Secondly, we have verified the individual effects of the relational and the environmental determinants on the Electronic Collaboration. Product Complexity has been revealed as the most influential variable affecting the Electronic Collaboration. Next, Interorganizational Trust and Technological Uncertainty, in that order, have been seen to have significant effects on the Electronic Collaboration. In other words, when products or services seem to be difficult to standardize, and the core technologies seem to rapidly change, the need for the Electronic Collaboration increase. In addition, the observation dictates that the interorganizational trust turns out to be a critical variable in building a relationship and in seeking further collaboration. The results, further, illustrate that the environmental determinants are relatively more effective than the relational determinants, which is not consistent with a few prior researches relational determinants emphasized. It is because this study doesn't consider the size of the firm. A few researchers have given an emphasis on the relational determinants like trust and influence, especially from the perspective of small firms in interorganizational relationship. However, in our study, where all the sizes of the firms are contained, electronic collaboration is considerably affected by the environmental determinants.

• Management & Information Systems Review
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• v.35 no.3
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• pp.155-171
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• 2016

Separation of management with ownership induces the agency problems between CEO and shareholders of Chinese firms. To solve this problem Chinese government has enforced the "stock incentive management law for stock listed companies" since 2006. However, it has not been clear that this law is beneficial to reduce the agency cost and thus to increase the performance of Chinese firms. This study aims to answer this question. It is specifically designed to explore the effects of CEO's stock incentive on the performance of Chinese firms. It also examines the moderating effects of the characteristics of the board of directors on this relationship. Using a multi-year sample (2008-2014), we found that CEO's stock incentive is positively related to firm's performance. We also found that the equity stakes of board members strengthens the positive relations between CEO's equity incentives and firms' performance. On the other hand, contrary to expectations, the independency of the board of directors does not significantly moderate the relationship between CEO's equity incentives and firms' performance. Based on the findings, this study provides valuable implication for theory and practice.

• Proceedings of the KOR-BRONCHOESO Conference
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• 1987.05a
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• pp.6-6
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• 1987

만성중이염은 현재 그 빈도가 줄어드는 추세에 있으나 아직도 이과 영역에서 큰 비중을 차지하는 질환이다. 또한 청력개선, 정상구조의 보존, 병변 제거의 목적을 위하여 대부분 수술적 요법이 필요하게 된다. 이에 저자들은 본 병원에서 시행한 만성 중이염 451예, 남자 238예, 여자 213예. 진주종성 중이염 170예, 비진주종성 중이염 273예에 대한 수술시 소견에 대한 임상 통계적 관찰을 한 바, 다음과 같은 결과를 얻었다. 1) 관찰대상을 술식별로 분류하면 진주종성 중이염과 비진주종성 중이염의 비가 $\circled1$ Myningoplasty ; 19.1% : 0%, $\circled2$ Tympanoplasty without mastoidectomy ; 34.5% : 14.4%, $\circled3$ Tympanoplasty with mastoidectomy ; 3.0% :12.1% 이었다. 2) 고막천공부위는, 진주종성 중이염과 비진주종성 중이염의 비가 변연부천공이 10.1% : 5.5%, 상고실천공이 38.8% : 1.4%, 중심부천증이 12.9% : 47.3%, 전천공이 32.5% : 39.6%, 고막유착이 5.6% : 6.2% 을 보였다. 3) 이소골의 상태는 진주종성중이염과 비진주종성 중이염의 비가, 모든 이소골의 손실은 26.6% : 4.3%, 모든 이소골이 정상에 가까운 예는 16.6% : 69.3%, 가장 병변이 심했던 침골 이상은 76.9% : 24.8% 를 보였다. 4) 중이강 점막소견은 진주종성 중이염과 비진주종성 중이염의 비가, 정상에 가까운 예가 16.7% : 47.0%, 병적 소견을 보인 예가 83.3% : 53.0% 이었다. 5) 진주종성 중이염과, 비진주종성 중이염에서의 안면신경관노출은 2.2% : 0.3%, 뇌막노출은 9.5% : 2.9%, 횡정맥동노출은 5.0% : 1.1%, 미로누공은 1.7% : 0% 이었다.lant, engineering service business can be said "The Software of Total Industry." Engineering service is what is called a higher business which offers specialized engineering know-how and experience. Engineering service compaines offer Its specialized knowledge and experience to government, industry and commerce. Whether the task is to modernize plant equipment, to design a building or to manage construction, an engineering company will develop and implement the most appropriate and cost effective solution. Clients use the engineering service of firm knowing that the engineer′s professional judgement is not influenced or biased by other commercial affiliations. While benefiting from the diverse experience that professional engineers can apply to a specific problem, government and industry also reduce the need for permanent in-house engineering staff. Engineering firms may be specialized or multi-disciplinary.도말표본에서와 같이 제 14 일 이전에는 호중구가, 그 이후에는 단핵구가 주종을 이루었다.>18.9dB

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.3
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• pp.119-128
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• 2014

One of the theoretically and empirically grounded black boxes in HRD and firm performance link is employee' attitudes such as organizational commitment and job satisfaction. However, most studies were conducted with the regression analysis at the organizational level. This study used HLM(hierarchical linear modeling) analysis, which made it possible to estimate more accurate relationship between variables that were measured from two different levels. In addition, this study attempted to open an the black box(learning culture) in the relationship between HRD and employee attitudes. The result showed that the HRD have a positive effect on the organizational commitment and the job satisfaction. Also the HRD showed full mediation effect of organization commitment and the job satisfaction on the Learning culture. And the result showed that the HRD in 2007 have a positive effect on employee' attitudes in 2009. These findings concluded that systematic HRD like employee's education and training must be built and also the positive culture for employee's learning like support of management's learning organization must be improved in order to promote the organizational performance(organizational commitment, job satisfaction) in company.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.1-26
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• 2020

The term 'Unicorns' in the corporate ecosystem was firstly introduced by Aileen Lee in 2013. It has been actively discussed in South Korea particularly to compare the level of the 'start-up ecosystem' from a global perspective. Accordingly, the Korean government has recently set a policy goal 'to nurture 20 Korean unicorn companies by 2022'. While the phenomenon of 'Unicorn Club Company' has been brought to the level of policy objectives and spread more widely to the public, existing academic research to understand its substantial and underlying implications has been insufficient. First, in this study, the characteristics of 479 'Unicorn Club' companies in 2019 were analyzed in-depth. Previous research has focused on the general status and trend by analyzing the number of unicorn companies by country and industry classifications. However, this study conducted a qualitative exploratory analysis by investigating descriptive statistics about unicorn companies, including their investors, while providing case studies. Also, cluster analysis, ANOVA, and multi-level regression were employed for quantitative exploration. The characteristics of individual companies were examined based on the "ERIS Model (Entrepreneur - Industry(Market) - Resource - Strategy Model)". Secondly, factors influencing its valuations were examined in connection with the previously analyzed characteristic variables and investor characteristics. Finally, based on these, the future direction of the "Unicorn Phenomenon" from the perspective of "Enterprise Ecosystem" and productively using it from the perspective of the public policy is suggested.

• The Journal of the Korea Contents Association
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• v.18 no.4
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• pp.444-453
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• 2018

The study addresses the analysis on the financial determinants of corporate research and development (R&D) expenditure in finance. Overall level of R&D spending was estimated as one of the top-tier on a global basis and a majority of the expenditure was invested by large domestic firms in private sector. Consequently, financial factors that influence R&D intensity were empirically tested in the first hypothesis by using conditional quantile regression model for firms listed in KOSPI stock market in the post-era of the global financial turmoil. Firms in the groups of high- and low-R&D intensity were statistically compared to detect financial differences in the second hypothesis which was accompanied by the test of multi-logit model that included firms without R&D outlay. Concerning the results of the hypothesis tests, R&D spending of the prior fiscal year, firm size, business risk and advertising expense overall showed statistically significant impacts to determine the level. As an extended study of [1] that had examined financial factors of R&D intensity at the macro-level, the results of the present study are anticipated to contribute to maximizing shareholders' wealth in advance or emerging capital markets, when applied to find an optimal level of R&D expenditure.

• Korean Business Review
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• v.19 no.1
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• pp.53-80
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• 2006

This research has been accomplished to build up the growth strategies of Kangwon district's small & medium-sized construction firms. For this purpose, we made an investigation of the present situation and status for existing regional small & medium construction firms by analyzing data. Based on the results from this study, the following growth strategies are suggested to gain their competitive advantages. Firstly, most of all, the role of the top manager is the most important factor since most of the top manager for the small & medium-sized construction firms coincide with the owner the firms. Secondly, the specialization strategy is to establish. Above all they concentrate their business capacities on core business. Then, this growth strategy should be based on the selective escalation of functions in order to maintain an appropriate level of construction works. Thirdly, the specialized skills and skilled workers are ensured for competitive advantages. For human resource development, they should train workers to be multi-functioned on the assumption the they could stay at firm until they wish to retire. Finally, the government must also spare no effort to encourage the small & medium-sized construction firms to build up it's competitive power and cultivate it's spontaneous generation power though the reformation of system related whit the small and medium construction industry.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.5
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• pp.1-14
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• 2021

Innovation and Scale-up of Start-up companies are becoming important national tasks. In the past, it was spread the start-up policy paradigm such as 'Start-up America', 'Start-up Chile', 'Start-up Britain' to overcome the recession globally. However as the economic recovery has become more visible recently in advanced economies, it is shifting from a start-up support policy to a scale-up oriented policy paradigm such as 'Scale-up America', Scale-up UK', 'Scale-up Denmark'. It is necessary to enter the scale-up phase beyond the start-up phase to increase the number of high-quality jobs and to continue economic growth. Therefore, it is necessary to grow the start-up into a strong medium-sized company and to lay the foundation for survival. Therefore, the purpose of this study is to consider the antecedent factors that influence the scale-up aspiration for the start-up firm to grow into a scale-up company, and empirically identifies the differences between the stages of economic development and entrepreneurs in the country. In order to accomplish the purpose, this study predicted scale-up by aspiration which is a predictor of scale-up behavior because it is difficult to achieve visible growth in a short period of time due to the characteristics of start-up companies. In order to empirically explore these relationships, the data were collected from nascent entrepreneurs who have less than 3.5 years of the Adult Population Survey(APS) among the subjects surveyed by the Global Entrepreneurship Monitor(GEM) and the national economic development stage are divided into Innovation-driven, Efficiency-driven, Factor-driven type economies. For the test hypotheses, this study adopted the multi-level model analysis for comparison between national economic development stages and using the R 3.5.0 program. The results of this study are as follows. There is difference between the national economic development and the entrepreneur in the relationship between innovation orientation of entrepreneurs and scale-up aspirations. As the economy of the country develops, the innovation activity of the entrepreneur becomes more active. Since start-ups are heavily influenced by entrepreneurs, there is a difference in the degree of aspiration depending on how innovative an entrepreneur is in the same environment. In terms of the relationship between innovation orientation and scale-up aspiration, the fear of failure was found to differ between national economic development and entrepreneurs. The fear of failure differ from country to country, and this is one of the important factors affecting entrepreneurial activities. It is expected that the factors influencing the growth of the start-up companies which are identified through the results of these studies, will be used to create a suitable scale-up ecosystem according to the national economic development stage.