• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.6
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• pp.103-117
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• 2019

Under the uncertainties and the consequent turmoils of the IMF financial crisis in Korea, Hyunsung Techno was founded in 1997 on the basis of automobile press molding which is critical for the quality of automobile. Ever since, Hyunsung Techno has grown rapidly based on the domestic market; however, gradually, it had faced a stalemate in terms of the saturation, on the supply side and the growth limit, on the demand side, of the domestic molding market. Accordingly, Hyunsung pushed for a strategy to localize overseas markets and a new acquisition strategy instead of resting on the domestic mold industry's growth, and the success of these strategies enabled it to leap forward into a global company with five companies including affiliates and 70 billion won in sales. The main reason why Hyunsung Techno evolved from a small and medium-sized manufacturing company into a global businesses is due to the success of Boa Constrictor M&A strategy. Its acquisition strategy is not just a successful case of any acquisition, but a rare, maybe the first domestic case of a successful acquisition of a primary supplier by a secondary supplier. Through the success of this strategy, Hyunsung Techno has achieved a continuous growth of businesses, an increase in sales volume, and expansion into new businesses. And on top of that, this achievements is leading it to be a global conglomerate In this study, Hyunsung Techno's success strategy, which is transformed from a small domestic manufacturing company into a global enterprise, was analyzed in detail with its development stages divided into start-up, overseas expansion, acquisitions, and business diversification. Eventually, this case study is meant to offer strategic implications for other small and medium-sized businesses under the current, gloomy economy of low or zero growth of today.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.3 no.2
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• pp.65-88
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• 2008

To achieve the age of 30,000 dollars GNP, The business with speed will hold a more crucial point than the business with scale, and the mass consumption market will be transformed and changed into the niche market. Moreover, it will not be easy for the company without the peculiar and creative technology to survive in the severe competition. Under these circumstances, The innovative company which knows how to use this new paradigm will select the better position in the changing market. Innovation type SMEs are contributing in maintaining the international competitiveness of domestic economy by serving high-tech and the promotion of employment. Also, Innovation type SMEs have the most important economic leverage in our domestic economy. It's a source of the growth in domestic economy. Therefore, A lot of countries have been trying to support innovation type SMEs (with a small capital and high-tech). And many countries also try to protect and promote the innovation type SMEs. Especially the Korean government is also promoting innovation type SMEs in many ways, because the future of innovation type SMEs are not bright. This study explored the three innovative SEMs and studied 1) entrepreneur characteristics, 2) the industry environment, 3) competitive strategies, and 4) resources and capabilities of organization, which have been considered as the success factors for entrepreneurial firms. This study also holds that the characteristics of entrepreneurs is one of the most important factor to impact the success of innovative SMEs. Most of entrepreneurs have started their business with high education career and field experiences and have high intentions in developing new/high techonologies, challenging spirits, and clear vision and goals. The innovative SMEs with small kinds of products and services, narrow market, and small resources are more sensitively impacted by the environment especially. But the SMEs which entered into market early could have the comparative excellencies in their market to survive and grow in the future. They also have competitive advantages in the market using differentiation strategies by technology innovation. Technology innovation and differention strategies are one of the success factors in SMEs, They entered into the niche market using this weapons. The capabilities of changing organization to their changing environment, the open orgarnization culture, the continuous employment education, and the building the organic organization are also success factors of innovative SMEs. The SMEs with the simple organization structure can make fast decisions and operate with the autonomous and flexible ways. These only three cases will not shown successful factors of over 12,000 Innovation type SMEs in Korea and this study of Innovation type SMEs is insufficient from all aspects. But this study have many implications for the future research and the entrepreneurs ready for their business.

• International Commerce and Information Review
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• v.19 no.1
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• pp.235-256
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• 2017

This study is to analyse how trust and asset specificity among partner firms affect on performance of international joint venture(IJV). Especially, the analysis was mainly based on a quadratic model. While it assumes that the previous studies was based on linear model in the relationship between trust, asset specificity and the performance, this study proceeds a empirical analysis by setting up a hypothesis; it would be quadratic relationship between trust, asset specificity and performance which are based on social capital theory and transaction cost theory. The survey was held with 74 manufactures who were established as an IJV by Korean and foreign firms together. In the result of the empirical analysis, trust shows an inverted U-shaped relationship with IJV performance. Also, asset specificity shows the U-shaped relationship with IJV performance. The results suggest that it needs to control and maintain the trust level among the partners in order not to lose an appropriate control caused by too much trust. In order to minimize the cost generated by asset specificity and to transform it into positive impact, it needs a control and the operation of monitoring system on the opportunistic action of the partners. Furthermore, it needs to keep organizational flexibility and innovativeness to continuously develop new capabilities.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.8
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• pp.3421-3429
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• 2011

This is an exploratory study intended to clarify any mutually influential relationship among the political skills, social network and entrepreneurial performance of SMEs entrepreneurs who are known to have the most important influence upon the business performance. The results of this study show that as entrepreneur's social competence, political skills have significant influence on both social network and entrepreneurial performance, and that only some sub-factors of social network have significant influence on entrepreneurial performance. Especially, it was found that the source of weak ties mediates completely political skills and entrepreneurial performance. The above-mentioned results are meaningful in the light of considering any relationship between the capabilities and performance of SMEs entrepreneurs who have critical influence upon performance creation, and also clarifying concretely the bridging role of entrepreneur's social network between his/her social competence, or political skills and entrepreneurial performance. In addition, it is considered that this study has made a theoretical contribution in the light of introducing a concrete and new antecedent variable of political skills and establishing the role of social network, as well as a practical contribution in the light of presenting the real-world information on development of entrepreneur's competence which corresponds to a preparatory stage for performance creation.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.3
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• pp.1832-1843
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• 2015

Recently, since the "Capital Market Consolidation Act" has been effective in 2009, the competition among the securities companies in Korean security market has been fierce. Thus, securities business lately are needed by the market environmental requirements rapidly changed for various strategies. The purpose of this study was to identify the effect of corporate attribute, employee attribute, financial product attribute securities on customer satisfaction, trust with the firm, and usage intention. As the subjects I selected the customer of securities in Seoul in 2014 and conducted survey with questionnaires. Among total 400, I chose 378 as the valid sample by convenience sampling. For the data process, I used SPSS 20.0 I verified the perspective hypotheses after testing reliability and validity of fit by the data process. The results are as following. First, it was shown that the sub-factors of corporate attribute, employee attribute, financial product attribute in securities as ethics, innovation, size, kind, professionalism, ethics, profitability and diversity had significant effect on usage intention. Second, the study confirms that reliability and satisfaction influences customer loyalty as moderate variable. The industrial and academic significance of this study is that it may serve as a useful base date to understand customer behavior and draw new strategies in a financial management environment.

• The Journal of Industrial Distribution & Business
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• v.9 no.12
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• pp.55-61
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• 2018

Purpose - It suggests that making a policy and strategies for a way of Dubai has a strong priority strategy on science and technology by using much oil dollars to prepare risk when oil dollar's decrease. This has been now investigated how the leading innovator has changed the periphery countries. Research design, data, and methodology - Analyze policy, status, what other neighbouring Middle East countries also want to benchmark a successful case of a leading Dubai strategy. Higher manpower is needed absolutely to develop S&T. and etc. Dubai and Arab countries establish university to nurture as well as invite the talented manpower from overseas to recover deficient manpower. Dubai built totally academy city and invited branch of the overseas famous university, and Saudi Arabia built university(KAUST) and invite faculty and support good scholarship for students. Abrab countries especially, This is studied the process of differentiating and integrating the migrant workers of these cities into the globalized cities. This has resulted in large-scale employment for foreign and local companies in these cities and the spread of science and innovation. Results - Dubai supports venture or SMEs by using a strong priority strategy and attracts foreigner's investor, with which the neighbouring countries have been preparing together for 4th wave. It demonstrates that the gravitational model has been activated from neighboring countries of innovation science to create Dubai's hub. The maturity of long-term urban innovation is related to innovation capability through the national response and review. As a result, the flow of skilled international migration has been localized because of the mutual intersection with the local employment structure, and the development has spread as it spreads to neighboring countries. Conclusion - For the exploiting of new Distribution market in the neighbouring countries, Middle East countries' a strong priority strategy on S&T and education system give an influence on economic situation of the 4th wave in the world and world order of leading by USA, Japan, or EU, and etc. This is due to the creation of clusters in the form of SEZs, friendly industrial policies and world-class infrastructure and innovation development. Its neighbours benchmark the cases of distribution of science innovation and centralizes the surrounding people.

• 한국벤처창업학회:학술대회논문집
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• 2008.04a
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• pp.143-178
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• 2008

This study is to look into the spin-off ventures which was incorporated based on the technology developed by public research institute, but underwent difficulties confronted during the development stages focused on the growth process and the factors contributed to their success. The case study was conducted with i-Sense Co., Ltd. which is a ventures organized by professors as a form of research based spin-off venture. i-Sense Co., Ltd. is a new-technology based ventures to produce self-tester for blood sugar level which was incorporated by Prof. Cha, Keun-sik and Prof. Nam, Hak-hyun of Department of Chemistry in Kwangwoon University along with the graduate course students of the Research Laboratory of the University. The two professors operated the Chemical Sensor Research Center at the Kwangwoon University where they produced many preliminary research outputs related with bio-sensors. They also executed the service works at the specialized company they established for research development to make research fund. They established i-Sense Co., Ltd. with the aim to carry out the research they want to. But contrary to the initial intention of the founders of the company, i-Sense Co., Ltd. has grown up as manufacturing company which produces and sells the self-tester for blood sugar level and is expected to be listed by Initial Public Offering (IPO) on the KOSDAQ in 2008. This study is to analyze the foundation and the growth process of i-Sense Co., Ltd. as successful research based spin-off ventures, to find out the factors contributed to their success by enabling them to overcome the difficulties experienced during the growth process, and eventually to provide with suggestive meanings in policy and practical point of view that leaded the research based spin-off ventures to success.

• Journal of Venture Innovation
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• v.2 no.1
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• pp.57-79
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• 2019

We have been experiencing an lengthened life expectancy due to rapid industrialization, economic and medical development. In particular, the elderly population was only 5.1% of the total population in 1900s when the senior centers were established, but 30 years later, the elderly population aged 65 or older reached 6.54 million in 2015 and became 14% in 2017. There is a very meaningful correlation between service quality of the senior welfare center and the life satisfaction of the elderly, where the elderly spend their leisure time on a daily basis. Accordingly, this study tried to identify the desirable conditions that the elderly think and the difference from the desired status and the actual status to identify what information and services should be provided by senior welfare centers. Gwanak Senior Welfare Center has provided senior welfare service for local seniors for 30 years since its establishment and contributed to silver welfare policy establishment based on the accumulated experiences. In the coming era of GDP 30,000 dollars, National Pension era and average life span 100 years, the new creative silver welfare programs should be introduced such as qualitative programs rather than quantitative, programs for caring minorities, complimentary or actual expense programs, creative programs rather than passive ones, and diversity of the subjects. This study would like to present the future direction for the next 30 years.

• Journal of the Korean Society of Clothing and Textiles
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• v.36 no.4
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• pp.422-431
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• 2012

The influence of a marketing mix on the consumer purchasing process is well documented in academic fields; however, studies of when consumers purchase fashion brands or products in terms of the day-of-the-week effect and 10-days-of-the-month effect on various channels to a given brand in practice are limited in the fashion industry. This study empirically describes the purchase timing behavior for athletic shoes using daily sales data from a domestic brand in Korea from January in 2006 to December in 2010. The results show that Saturday and Sunday have significantly higher sales than weekdays. In addition, the first and third 10-days-of-the-month yield a higher sales volume than the second 10-days-of-the-month. The department store's sales volume (compared with discount and franchised stores) was higher in the first 10-days-of-the-month; however, the discount and franchised stores have a higher sales volume in the second 10-days-of-the-month. Three store types have no significant differences in sales volume for the third 10-days-of-the-month. Based on the results, in practice, marketers for a specific domestic brand can develop a new marketing expenditure plan, store supply plan, and cash-in and cash-out plan to maximize profits. This research can introduce constructs such as purchase timing distribution, the day-of-the-week effect, and the ten-days-of-the-month effect for the fashion industry.

• Journal of the Korea Fashion and Costume Design Association
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• v.12 no.3
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• pp.83-92
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• 2010

The current design paradigm shift which has been in progress around the world would be a good opportunity for Korea, which has led the age of information, to build design competence and gain international competitiveness. In addition, it would be a good idea for colleges as well as firms to develop a new educational system and create academia-industry-research synergy. This paper researches the market KU project promoted by Design Venture KU which has been established by the College of Artand Design of Konkuk University as a part of differentiation strategy. The methods to improve the competitiveness of Korean fashion design by uniting college creativity and market practicality are as follows: First, for convergence of creativity and practicality, it is necessary to come up with a systematic design-based educational system. In other words, the undergraduate program needs to gradually expand courses by focusing on creativity instead of functions while the graduate program should be able to develop design pattern, textile and marketing products and secure the market to gain competitiveness as a business incubator. Second, the working-level engineers as well as professors will be encouraged to participate in special lectures or seminars and take necessary lessons. In addition, academia-industry cooperation courses will be further strengthened. It is also important to actively participate in an official contest or exhibition and receive a prize. Third, to elicit creativity from students, it is necessary to help them think in a flexible and experimental way with voluntary and interesting programs. As mentioned above, it is expected that 'Market KU Project' would help students build expertise by offering them a chance to experience the real world and become the world's leading designers in Korean fashion design.