• Journal of Venture Innovation
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• v.6 no.3
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• pp.241-263
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• 2023

Recently, the aging of SME managers has emerged as a major issue in business succession. The smooth succession of small and medium-sized enterprises (SMEs), which are the industrial base of Korea, is becoming an important issue for enhancing the vitality of the national economy, such as job creation, beyond mere discussion of inheritance. At this point, this study conducted an empirical analysis on the factors affecting corporate succession intention. As independent variables, corporate Capability consisting of employee competency, marketing competency, and digital competency, human factors such as managers, successors, and third-party stakeholders, and institutional factors such as legislation, taxation, and trust were set. In addition, the effect of adjusting the sales scale was verified. To this end, a survey was conducted targeting representatives who are currently running small and medium-sized enterprises (SMEs). The total number of valid questionnaires was 315. Based on this, an empirical analysis was conducted using the hierarchical regression method. The results of the empirical analysis are as follows. First, marketing competency and digital competency, managerial competency and successor competency, taxation and trust had a significant positive (+) effect on corporate succession intention. However, a significant influence relationship between the third stakeholder, employee competency, and corporate succession intention was not tested. Among the factors that have a significant impact, the size of the influence was in the order of taxation, successor competency, executive competency, trust, marketing competency, and digital competency. Second, the size of sales was found to moderate the relationship between the variables that had a significant effect on corporate succession intention, that is, management competency, successor competency, marketing competency, digital competency, taxation and trust, and corporate succession intention. Based on these research results, academic, practical, and institutional implications for smooth business succession are presented.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.4
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• pp.217-231
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• 2018

In Korea, small and medium sized domestic enterprises(SMEs) play an pivotal role in the national economy, accounting for 99.8% of all enterprises, 87.9% of total employment, and 48.3% of production. and SMEs were driving a real force of the development of national economy in many respects such as innovation, job creation, industrial diversity, balanced regional development. Despite their crucial role in the national development, most of SMEs suffer from a lack of R&D capabilities and equipments as well as funding capacity. Government-Supported Research Institute(GRI) can provide SMEs with valuable supplementary technological knowledges and help them build technological capacities. so, In order to effectively support SMEs, government and GRI must be a priority to know about the factors influencing the performance related to technology transfer and technological collaborations. The purpose of this study is to analyze the influence of Innovative competences and CEO's entrepreneurship on Organizational performance in ICT small and medium enterprises, including the moderating effect of Social capital. This study adopted research variables such as Innovative competence, CEO's entrepreneurship as independent variables, with Organizational performance as a dependent variable, including the moderating variable of Social capital. 1,200 companies data which in the field of ICT SMEs were collected from the survey. The result of this empirical study is summarized as follows, First, CEO's entrepreneurship was confirmed to have a significant effect on organizational performance, and social capital variables were confirmed to have a moderating effect between entrepreneurship and organizational performance. Second, it was found that the company's Innovative competence was significantly affected the organizational performance. and also that social capital variables moderating effects. From these findings, it was confirmed that the Innovatibe competence plays an important role in influencing corporate performance.

• Journal of Korea Technology Innovation Society
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• v.19 no.3
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• pp.545-571
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• 2016

The development of ICT brings a big change in manufacturing industries, and new information technology such as IoT, AR, and big data was applied on manufacturing process. As a result, the concept of smart factory has been introduced as a new manufacturing paradigm. In fact advanced countries like USA, Germany, and Japan have actively introduced smart factory in their manufacturing industries such as electronic, automobile, machinery, to improve production efficiency and quality. The manufacturing environment has been changed into flexible system, so that smart factory will be leading future manufacturing industries. Thes changes have more severe influence on Korean manufacturing industries. Mny industrial companies, have a strong interest in smart factory and they, particularly big enterprises, have been adopting smart factory to increase their manufacturing efficiencies. However, Korean small and medium-sized enterprises (SMEs) have many financial and technological difficulties so that the diffusion of smart factory in Korean SMEs has not been satisfiable up to present. However, smart factory is very important for enhancing their competitiveness in global market. Therefore, this study aims at identifying the standardization strategy of smart factory in so-called Korean 'roots industry' by presuming that the standardization will activate the diffusion of smart factory among Korean SMEs. For this purpose, first, this study examines the competitiveness of SMEs, especially in 'roots industry' and identifies the necessity of diffusion of smart factory among those SMEs. Second, based on the active review on the existing literature, this study identifies four factor groups that would influence the adoption or diffusion of standardized smart factory. They are technological, organizational, industrial and policy factors. Third, using those four factors, this study made two comprehensive case analyses on the adoption and diffusion of smart factory. These two companies belong to molding sector which is one of the important six sectors in 'root industry'. Finally, based on the theoretical and empirical analyse, this study suggests four strategies for activating the standardization of smart factory; international standardization, government-leading standardization, firm-leading standardization, and non-standardization.

• Knowledge Management Research
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• v.23 no.4
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• pp.207-231
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• 2022

The purpose of this study is to identify the relationship between PJF(person-job fit) and members' organizational commitment focusing on the mediating factor. Previous Studies have found that person-job fit has positive effect on organizational commitment, and self-efficacy has positive effect on the organizational commitment. On the other hand, the studies to identify whether self-efficacy has a role in mediation between PJF and the members' organizational commitment has been insufficient. To that end, we considered self-efficacy as the mediator of the relationship between PJF and organizational commitment. We used the data which to perform national policy research from 690 workers at a small or medium firm. As a result of verifying the suitability of the research model, it was suitable for the acceptance criteria. Besides the hierarchical regression analysis, bootstrapping was conducted to verify significance of mediating effect of self-efficacy. The main results are as follows. First, the variables, PJF, self-efficacy and organizational commitment showed a positive correlation. Second, PJF has a positive effect on self-efficacy and organizational commitment significantly. Also self-efficacy has a positive effect on organizational commitment significantly. Third, the mediating effect of self-efficacy in the relationship between PJF and organizational commitment is significant. In order to improve person-job fit, this study suggested that SMEs' owners should consider job rotation system and career development program for employees. Based on this study result and implications, we discussed limit of research and direction for future research.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.3
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• pp.1-16
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• 2012

Under the international business circumstance, global supply chain management is considered a vital strategic challenge to small and medium-sized enterprises(SMEs) suffering from deficient resources and capabilities to exploit overseas markets comparing with large corporations. That is because they can expand their business domains into overseas markets by establishing strategic alliances with global supply chain partners. Although a wide range of previous researches have emphasized the cooperative networks in the chain, most are ignoring the importance of developing relational characteristics such as trust and reciprocity with the partners. Besides, verifying the relational factors influencing firms' export performances, some studies proposed different and inconsistent factors. According to the social capital theory, which is the social quality and networks facilitating close cooperation of inter-individual and inter-organization, provides the integrated view to identify the relational characteristics in the aspects of network, trust and reciprocal norm. Meanwhile, a number of researchers shows that global entrepreneurship is the internal and intangible resource necessary to promote SMEs' internationalization. Upon closer examination, however, they cannot explain clearly its influencing mechanism in the inter-firm cooperative relationships. This study is to verify the effect of social capital accumulated within global supply chain on SMEs' qualitative and quantitative export performance. In addition, we shed new light on global entrepreneurship expected to be concerned with the formation of social capital and the enhancement of export performances. For this purpose, the questionnaires, developed through literature review, were collected from 192 Korean SMEs affiliated in Korean Medium Industries Association and Global Chief Executive Officer's Club focusing on their memberships' international business. As a result of multi-regression analysis, the social capital - network, trust and reciprocal norm shared with global supply chain partner - as well as global entrepreneurship - innovativeness, proactiveness and risk-taking - have positive effect on SMEs' export performances. Also global entrepreneurship affects positively social capital which has mediating effect partially in the relationship between global entrepreneurship and performances. These results means that there is a structural process - global entrepreneurship(input), social capital(output), and export performances(outcome). In other words, a firm should consistently invest in and develop the social capital with global supply chain partners in order to achieve common goals, establish strategic collaborations and obtain long-term export performances. Furthermore, it is required to foster the global entrepreneurship in an organization so as to build up the social capital. More detailed practical issues and discussion are made in the conclusion.

• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.1
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• pp.69-82
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• 2015

This Research is based on the theory of the prior researches that have demonstrated a positive impact of the entrepreneurship and competitive advantages on business performance. And the purpose of this research which approaches in the viewpoint of combining a entrepreneurial attribute including two factors(entrepreneurship and commercialization capabilities) and the differentiated competitive advantage as a role of core competence is to examine how the combined competence affects the business performance. In order to achieve this purpose, we conduct a survey for CEO of 250 small firms which belong to the start-up phase and are located in the 6 administrative region with the assistance of Small & Medium Business Administration representatives and analyze empirically the survey data by utilizing statistical program(Spss 18.0). As the results, we conclude that the entrepreneurial attributes of small firms' CEO and DFCA have a positive impact on business performance respectively and the entrepreneurship, one of the two entrepreneurial factors, has a positive impact on choosing DFCA. Also we report that DFCA plays a mediating role with regards to relationship between entrepreneurial attributes and business performance. Therefore, this research suggests the followings: First, the CEO of start-up business should focus on building a differential competitive advantage which is the basis for creating competitiveness from the initial point. Secondly, he should make a alignment for core competencies, in order to reach the stable growth phase in the shortest period, through which the entrepreneurial attributes is to be inherent as a discriminatory competitive competence. Third, he should promote to establish a business strategy based on strengthening of entrepreneurship and discriminatory competitive as a growth strategy during start-up phase.

• Korean small business review
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• v.43 no.3
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• pp.91-117
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• 2021

The purpose of this study is to study the effect of internatioanl entrepreneurial orientation of small and medium-sized Chinese manufacturing companies on export performance. A total of 183 corporate data were used for empirical analysis for Chinese manufacturing export companies. In summary, first, international entrepreneurial orientation was shown to have a significant positive effect on export performance, second, international etrprenurial orientation was shown to have a significant positive effect on absorption capacity, and third, the stronger environmental dynamics and network capacity, the stronger international business orientation and export ability. The implications of this study are summarized as follows. It suggests that the more innovative, enterprising and risk-taking Chinese SMEs are, the better their export performance and the better their ability to absorb foreign knowledge. It also suggests that small business managers must continue to strengthen their network capabilities to improve export performance through international entrepreneurial orientation, and this relationship is further strengthened in a dynamic environment. It also suggests that the impact of firm's absorption capacity on export performance will weaken over time.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.5
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• pp.45-62
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• 2015

Entrepreneurial Orientation (EO hereafter) can be described as firm level entrepreneurial tendencies. Initially Miller(1983) clarifies the construct of EO, and defines an "entrepreneurial firm as one that engages in product marketing innovation, undertakes somewhat risky ventures, and is first to come up with proactive innovations, beating competitors to the punch". After Miller (1983), Covin & Slevin(1989) adopted EO as a uni-dimensional construct, and insisted that these three dimensions can be combined into a single scale. Since Covin & Slevin(1991), researchers including Lumpkin & Dess(1996) have explored the usefulness of EO. However not many attempts have been tried to summarize the results of previous empirical researches, and to suggest future research directions. To examine and find implications, current study classified the effects of EO as 1) main and mediating effects, 2) moderating effect, 3) other effects, and provide theoretical and empirical validation of EO, which suggested by Miller(2011). After analyzing research results published in major international and Korean journals in each research domain, current paper summarizes and evaluates previous research results, and then suggests research directions for the future. In doing so, we hope to provide some theoretical and practical insight for management of small and medium sized firms.

• Journal of Korea Port Economic Association
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• v.30 no.3
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• pp.209-230
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• 2014

The purpose of this study is to have a main change of korea logistics industry analysis and take in the whole situation and the characteristics about a logistics firms. In korean logistics industry, The rate of a carriage is among the low-level as compared with the increasingly high prices for diesel. besides, a national logistics cost and the sales in the transportation industry has increased steadily. On the other hand, the number of trucks and transfer companies has decreased steadily. This change is attributed to expansion of logistics firm size through the limit on a raise in the number of trucks and introduction of a direct consignment system. But medium and small logistics firm size is dwindling in numbers. In the meantime, 2PL since early 2000s has rapidly rose as powerful players in logistics industry by a strong Support of the parent companies. Government and academia have long noted the limit and problems of 2PL system and emphasize on the necessity of activating the 3PL system. So this study divided broadly into two groups that the primary characteristics of korea logistics industry are 2PL and 3PL. Through the results of this study, the management and financial perspectives mean that there is a considerable difference between 2PL and 3PL.