• KDI Journal of Economic Policy
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• v.33 no.1
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• pp.1-44
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• 2011

Terms of trade shocks have been considered one of the main driving forces causing business cycle fluctuations in small open economies. Despite their importance in business cycles of small open economies, it is hard to find a serious study in existing literature investigating their implications on monetary policy under a small open economy. Considering it, this paper studies what form of monetary policy rule is the most adequate for a small open economy where terms of trade shocks are dominant factors in generating its business cycle fluctuations. For this purpose, various implementable monetary policy rules frequently analyzed in existing literature are compared in terms of social welfare levels which they can provide for the economy respectively. Main results of this paper can be summarized as follows. First, for a small open economy where terms of trade shocks are main driving forces of its business cycle fluctuations, the nontradable goods price inflation targeting can provide higher level of social welfare than other traditional monetary policy rules such as the CPI inflation targeting or the fixed exchange rate regime. Second, the social welfare improvement of the non-tradable goods price inflation targeting is more apparent when export goods price shocks are more important than import goods price shocks.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.1
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• pp.153-158
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• 2020

The study aims to identify the factors affecting employee loyalty in the case of small and medium enterprises (SMEs) in Tra Vinh province, Viet Nam and to find out critical factors affecting the loyalty of employees in SMEs. This is implemented with the method of collecting primary data of 320 employees working at SMEs in 5 districts including: Cau Ngang, Tra Cu, Chau Thanh, Cang Long, Tieu Can) and Tra Vinh City, Viet Nam. Using the multivariate regression method, the researchers have found 6 factors affecting employee loyalty: colleagues, leaders, job characteristics, remuneration policies, organizational culture, and working environment. Particularly, learning opportunities may not be not statistically significant for employees' loyalty towards small and medium-sized enterprises in Tra Vinh province. From the above research results, the authors have proposed implicational piolicies such as: focusing on colleague relationships, improving leadership of business owners, attaching importance to appropriate work arrangement, having appropriate remuneration policies for laborers, building effective organizational culture and working environment to improve employee loyalty at SMEs. From the above policy implications, helping business owners realize the aspirations of workers in small and medium-sized enterprises more closely in the future, in order to sustainably develop the business system in Vietnam.

• International Commerce and Information Review
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• v.10 no.2
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• pp.189-209
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• 2008

This paper discusses the practical improvements for state government promotion programs to strengthen export competitiveness of small and medium trade business in the province to meet the needs of e-trade. This paper, first of all, describes how the problem on this subject relates to the existing literatures. It provides theoretical background about what programs mainly influence the export competitiveness of the province's small and medium business. Based upon the above results, the questionnaire for the analysis was grounded. The approach methodology is IP(Importance-Performance) analysis of satisfaction. The analysis collected the relations between the implementation and the satisfaction of 159 firms on the export promotion programs provided by its associated organizations. The I-P analysis results also reported that the organizations provided with the programs were listed in highly order of satisfaction as follows; KOTRA, Small and Medium Business Administration, Small Business Corporation, Gyeongbuk Internet Trade Center. Even though limitations of this paper exist, it can find provide the frames of ideal export promotion programs to meet the needs of a new era of trade.

• East Asian Journal of Business Economics (EAJBE)
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• v.8 no.1
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• pp.41-55
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• 2020

Purpose - This paper tries to analyze the factors affecting the utilization of electronic trade of small and medium enterprises and examine how these factors affect the performance of small and medium enterprises. In addition, the leading factors affecting the level of e-trade utilization of small businesses were analyzed by dividing them into external environmental factors affecting the external business and internal resources of the companies themselves Research design, data, and methodology - With a sample of 223 small and medium-sized export firms from South Korea, this study investigates the antecedents of the utilization level of e-Trade such as information exchange, innovation orientation, absorptive capacity and trust by hierarchical regression analysis. Results - The results show that innovation orientation was shown to have a positive effect on e-trade utilization and absorptive capacity has a positive effect on e-trade utilization. Also, information exchange with stakeholders has a positive impact on e-trade utilization. Conclusions - Internal and external factors of companies have a positive effect on the utilization of e-trade. It also showed that the increased utilization of electronic trade had a positive effect on trade performance. Thus, the findings provide policy-makers with implications of the importance of activating e-trade, and furthermore, significant implications for exporter performance.

• Journal of the Korea Safety Management & Science
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• v.19 no.1
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• pp.123-129
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• 2017

This study aims to analyze the performance of the beneficiaries of the SMEs(Small and Medium Enterprises) support project that has been handled online on the 'BizOK System', which is the integrated support system for SMEs in Incheon, by comparing before and after receiving support. Various performance indicators can be used, but this study used the rate of increase in sales, exports and employed manpower collected by the 'BizOK System'. Moreover, to analyze the trend of business performance by corporate feature, this study grouped the businesses into 7 categories including sales, business history, number of employees and capital. The results of this study are expected to be used in drawing implications for business support policies by utilizing them as basic data for enhancing efficiency of the support project and establishing corporate policies.

• Journal of Korea Society of Industrial Information Systems
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• v.4 no.1
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• pp.63-67
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• 1999

This study investigated the management environment of medium and small business by examining the role of medium and small business in national economics, the change in management condition, and the problems in quality and technique. Also we analyzed problems in the past quality control activity of our medium and small business, and examined the driving direction and intorduction method of QM. And to understand the effect of manager's concern in quality management to observe the quality system before and after introduction of QM A target for this investigation is the medium and small business which has introduced QM through ISO 9000.

• Korean small business review
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• v.43 no.4
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• pp.59-93
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• 2021

This study surveyed 413 small business owners who experienced closure to see how the loss perception experienced by small business owners affects their comeback through fear of failure. The analysis results are as follows. First, the larger the received loss of financial capital, market capital, and social capital, the greater the fear of failure. Second, the greater the fear of failure, the less willingness to re-start-up, but it did not affect the willingness to work. Third, perceived loss of financial capital, market capital, and social capital grew fear of failure, which negatively affected the willingness to re-start. However, as for the willingness to work, only the perception of loss to market competitiveness strengthened the willingness to work through fear of failure. This suggests that if you think you are out of business due to market competitiveness, you are more likely to choose to get a job than to start a business. Fourth, those with higher entrepreneurial self-efficiency had less effect of perceived loss on fair of failure than those with lower entrepreneurial loss. In other words, it can be seen that a person with high entrepreneurial self-efficiency is likely to start-up. It is noteworthy that despite the tendency to fail due to market competition and lack of understanding of risks, small business operators were most aware of the loss of social capital. This is presumed to have had the greatest impact on fear of failure because small business owners try to receive funding or business revitalization support through social networks such as acquaintances and relatives. Based on the above results, this study requires sufficient market research to secure a competitive advantage when preparing for start-ups through policy practice suggestions, and suggests ways to reduce financial loss through the establishment of sophisticated business plans.

• Proceedings of the Korean Society for Quality Management Conference
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• 2006.04a
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• pp.236-241
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• 2006

Korean small and medium industries are under intense competitive pressures and threats. This article studies the policy and the strategy against the pressures and threats. Major 8 threats will be defined and Crisis management model will be developed. This article empirically studies methodologies of management innovations in order to build up management systems efficiently in Korean small and medium companies.

• 대한공업교육학회지
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• v.36 no.2
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• pp.85-109
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• 2011

The purpose of this study is to find out the measures to improve the curriculums of the specialized vocational high schools aided by Small and Medium Business Administration through estimating whether they have satisfied the purpose of the aids and analyzing the related factors. Among specialized vocational high schools aided by Small and Medium Business Administration, 49 technical high schools which comprised the largest proportion were chosen as subjects for this study. Among the 49 subjects, 57.1%(28 schools) are reported to be suitable, 36.7%(18 schools) so-so, and 6.2%(3 schools) unsuitable for the curriculums. The curriculums of specialized vocational high schools aided by Small and Medium Business Administration were mostly associated with the local strategic business. However, many of them implemented the pre-existed curriculums because they didn't reflect the job analysis of the business properly. To establish more effective curriculums of the specialized vocational high schools aided by Small and Medium Business Administration, most of all, guides for them should be prepared in its level. Also, midium and long-term development plans of school departments should be made to reorganize the current departments which hinder the specialization in curriculums by government or offices of education. Finally, a conference of government departments on the curriculum establishment should be organized.

• Asia-Pacific Journal of Business
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• v.7 no.2
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• pp.77-92
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• 2016

The purpose of this study is to examine the effect of CEO's entrepreneurial orientation on innovation performance and business performance, and the mediating effect of innovation performance on the relationship between entrepreneurial orientation and business performance in small and medium-sized venture-enterprises (SMEs). To test the hypothesized relationships, we have conducted a survey of Korean SMEs. After excluding unanswered and untrustful item questionnaires, the final sample size for this study is 110 SMEs. The major findings of the empirical research are as follows. First, CEO's entrepreneurial orientation had apositive influence on innovation performance of a firm. Second, CEO's entrepreneurial orientation was positively related to business performance of a firm. Third, innovation performance had the partial mediating effect on the relationship between CEO's entrepreneurial orientation and business performance of a firm. That is, this result indicates that CEO's entrepreneurial orientation indirectly effects on business performance through innovation performance. Based on these findings, implications of the research findings are discussed, and recommendation for future research are provided.