• Industry Promotion Research
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• v.5 no.3
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• pp.145-155
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• 2020

Co-operatives are a deep-rooted organization that was first organized in Britain in the 19th century and spread to Europe and North America in the early 20th century and to the rest of the world from the mid-20th century. Cooperative in Italy are fraternal (friendly societies) separated from religion, and in the early days of socialism and the late 19th century Catholic Italy, but independent of activity. And the Church's social participation, as well as multiple personalities. Therefore, the purpose of this study is to study the laws and institutions of Italian cooperatives. And let's look at how the laws and systems of Italian co-operatives support society and the national economy. Specifically, firstly, based on prior research, the concept of co-operatives and the cooperative movement and social values are considered. Second, review the development process and characteristics of Italian co-operatives and the legal system. Third, I would like to analyze the case of Italian co-operatives. Fourth, suggest implications according to the results of the study. The results of the study suggested the following. First, the attitude such as attachment and sincerity of representatives and staff of village enterprises is very important. Second, all members of the organization should participate in decision making with empathy and attachment to the vision of the village enterprise. Third, it should be highly likely that village enterprises, which can draw capital from outside according to the needs of the organization, will generate higher economic results. Fourth, it is important to establish a model of mind enterprise by presenting factors and success factors in establishing a village enterprise based on cases and theories. In conclusion, Co-operatives should contribute to social contribution rather than economic profit-seeking.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.4
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• pp.119-127
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• 2013

The purpose of this study is an attempt to explore the impact of working environment of visiting instructor on the empowerment for multi-cultural families. In this light, this study aims to provide some inevitable and necessary foundational data for reinforcing the empowerment of visiting instructor in order to essentially improve the quality and effectiveness of this governmental service. To accomplish this goal, this study selected eighteen multi-cultural service centers which locate near to the capital city due to each center serves relatively a large populations of multi-cultural families and took a survey from visiting instructor 286 survey forms. It used SPSS WIN 15.0 program for analyzing data, and the following is a list of tests used in this research: t-test,One-way ANOVA, correlation analysis, multiple regression analysis. The conclusive consequences from the research are following. In the case of analyzing the difference of empowerment for multi-cultural families, the project showed that the nationality, the forms of religion, the level of education, the number of child, the state of economic made a difference. As this project explored the impact of working environment on job stress, it showed that job characteristics and organizational commitment's compensation system and the development of education negatively effects on job stress. Therefore, as this project investigated how the working environment impacts on the empowerment.

• Management & Information Systems Review
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• v.28 no.3
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• pp.1-23
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• 2009

Prior bankruptcy studies have established that bankrupt firm's pre-filing financial ratios are different from those of healthy firms or of randomly selected going concerns. However, they may not be sufficiently different from the financial ratios of other firms in financial distress to allow the development of a ratio-based model that predicts bankruptcy with reasonable accuracy. As the result, in the multiple discriminant model, independent variables divided firms into bankrupt firms and healthy firms are retained earnings to total asset, receivable turnover, net income to sales, financial expenses, inventory turnover, owner's equity to total asset, cash flow to current liability, and current asset to current liability. Moreover four variables Retained earnings to total asset, net income to sales, total asset turnover, owner's equity to total asset indicate that these valuables classify bankrupt firms and distress firms. On the other hand, Owner's Equity to borrowed capital, Ordinary income to Net Sales, Operating Income to Total Asset, Total Asset Turnover and Inventory Turnover are selected to predict bankruptcy possibility in the Logistic regression model.

• 한국사회정책
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• v.24 no.4
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• pp.113-150
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• 2017

This study analyzes how workers become impoverished and have their jobs less stabilized after they suffer from non-job-related sickness. Given that South Korea lacks sickness benefits, which most of OECD member states legislate and implement except US and Switzerland, this study examines its impact on laborers' job stability and povertization in Korea. The researchers have conducted in-depth interviews with nine former or present laborers who have the experiences and four experts on the issue in July-September, 2017 for the qualitative analysis. It is found that laborers, after becoming aware of their sickness, at first endure their pain without informing their employers not to lose their jobs. The attititude is observed especially among non-standard laborers, because sickness more often leads to job loss for them than for standard laborers. After workers have to leave their jobs due to their sickness in the end, they have no choice but to keep working in less stable jobs to compensate for income losses. They become gradually impoverished with their social capital like family bond declining. We observe laborers who are eligible for industrial accident insurance compensation could not benefit from the system because some employers refrain from the legal reporting duty. Due to this illegal practices, some industrial accident victims unduly lose their jobs due to "non-job-related sickness". Second, some employers report to the authority that their sick laborers have left their jobs 'voluntarily' even when they have quitted it without their volition, in which case the newly unemployed are not eligible for unemployment benefits. Large holes in Korea's safety nets for those suffering from multiple risks of sickness and unemployment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.33-51
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• 2022

This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

• Journal of Intelligence and Information Systems
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• v.19 no.3
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• pp.127-139
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• 2013

With an advent of recent knowledge-based society, the interest in intellectual property has increased. Firms have tired to result in productive outcomes through continuous innovative activity. Especially, ICT firms which lead high-tech industry have tried to manage intellectual property more systematically. Firm's interest in the patent has increased in order to manage the innovative activity and Knowledge property. The patent involves not only simple information but also important values as information of technology, management and right. Moreover, as the patent has the detailed contents regarding technology development activity, it is regarded as valuable data. The patent which reflects technology spread and research outcomes and business performances are closely interrelated as the patent is considered as a significant the level of firm's innovation. As the patent information which represents companies' intellectual capital is accumulated continuously, it has become possible to do quantitative analysis. The advantages of patent in the related industry information and it's standardize information can be easily obtained. Through the patent, the flow of knowledge can be determined. The patent information can analyze in various levels from patent to nation. The patent information is used to analyze technical status and the effects on performance. The patent which has a high frequency of citation refers to having high technological values. Analyzing the patent information contains both citation index analysis using the number of citation and network analysis using citation relationship. Network analysis can provide the information on the flows of knowledge and technological changes, and it can show future research direction. Studies using the patent citation analysis vary academically and practically. For the citation index research, studies to analyze influential big patent has been conducted, and for the network analysis research, studies to find out the flows of technology in a certain industry has been conducted. Social network analysis is applied not only in the sociology, but also in a field of management consulting and company's knowledge management. Research of how the company's network position has an impact on business performances has been conducted from various aspects in a field of network analysis. Social network analysis can be based on the visual forms. Network indicators are available through the quantitative analysis. Social network analysis is used when analyzing outcomes in terms of the position of network. Social network analysis focuses largely on centrality and structural holes. Centrality indicates that actors having central positions among other actors have an advantage to exert stronger influence for exchange relationship. Degree centrality, betweenness centrality and closeness centrality are used for centrality analysis. Structural holes refer to an empty place in social structure and are defined as efficiency and constraints. This study stresses and analyzes firms' network in terms of the patent and how network characteristics have an influence on business performances. For the purpose of doing this, seventy-four ICT companies listed in S&P500 are chosen for the sample. UCINET6 is used to analyze the network structural characteristics such as outdegree centrality, betweenness centrality and efficiency. Then, regression analysis test is conducted to find out how these network characteristics are related to business performance. It is found that each network index has significant impacts on net income, i.e. business performance. However, it is found that efficiency is negatively associated with business performance. As the efficiency increases, net income decreases and it has a negative impact on business performances. Furthermore, it is shown that betweenness centrality solely has statistically significance for the multiple regression analysis with three network indexes. The patent citation network analysis shows the flows of knowledge between firms, and it can be expected to contribute to company's management strategies by analyzing company's network structural positions.

• Journal of Intelligence and Information Systems
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• v.26 no.3
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• pp.51-69
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• 2020

Now, it is a stylized fact that a small number of technology firms such as Apple, Alphabet, Microsoft, Amazon, Facebook and a few others have become larger and dominant players in an industry. Coupled with the rise of these leading firms, we have also observed that a large number of young firms have become an acquisition target in their early IPO stages. This indeed results in a sharp decline in the number of new entries in public exchanges although a series of policy reforms have been promulgated to foster competition through an increase in new entries. Given the observed industry trend in recent decades, a number of studies have reported increased concentration in most developed countries. However, it is less understood as to what caused an increase in industry concentration. In this paper, we uncover the mechanisms by which industries have become concentrated over the last decades by tracing the changes in industry concentration associated with a firm's status change in its early IPO stages. To this end, we put emphasis on the case in which firms are acquired shortly after they went public. Especially, with the transition to digital-based economies, it is imperative for incumbent firms to adapt and keep pace with new ICT and related intelligent systems. For instance, after the acquisition of a young firm equipped with AI-based solutions, an incumbent firm may better respond to a change in customer taste and preference by integrating acquired AI solutions and analytics skills into multiple business processes. Accordingly, it is not unusual for young ICT firms become an attractive acquisition target. To examine the role of M&As involved with young firms in reshaping the level of industry concentration, we identify a firm's status in early post-IPO stages over the sample periods spanning from 1990 to 2016 as follows: i) being delisted, ii) being standalone firms and iii) being acquired. According to our analysis, firms that have conducted IPO since 2000s have been acquired by incumbent firms at a relatively quicker time than those that did IPO in previous generations. We also show a greater acquisition rate for IPO firms in the ICT sector compared with their counterparts in other sectors. Our results based on multinomial logit models suggest that a large number of IPO firms have been acquired in their early post-IPO lives despite their financial soundness. Specifically, we show that IPO firms are likely to be acquired rather than be delisted due to financial distress in early IPO stages when they are more profitable, more mature or less leveraged. For those IPO firms with venture capital backup have also become an acquisition target more frequently. As a larger number of firms are acquired shortly after their IPO, our results show increased concentration. While providing limited evidence on the impact of large incumbent firms in explaining the change in industry concentration, our results show that the large firms' effect on industry concentration are pronounced in the ICT sector. This result possibly captures the current trend that a few tech giants such as Alphabet, Apple and Facebook continue to increase their market share. In addition, compared with the acquisitions of non-ICT firms, the concentration impact of IPO firms in early stages becomes larger when ICT firms are acquired as a target. Our study makes new contributions. To our best knowledge, this is one of a few studies that link a firm's post-IPO status to associated changes in industry concentration. Although some studies have addressed concentration issues, their primary focus was on market power or proprietary software. Contrast to earlier studies, we are able to uncover the mechanism by which industries have become concentrated by placing emphasis on M&As involving young IPO firms. Interestingly, the concentration impact of IPO firm acquisitions are magnified when a large incumbent firms are involved as an acquirer. This leads us to infer the underlying reasons as to why industries have become more concentrated with a favor of large firms in recent decades. Overall, our study sheds new light on the literature by providing a plausible explanation as to why industries have become concentrated.