• Journal of Contemporary Eastern Asia
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• v.10 no.1
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• pp.15-23
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• 2011

This study focuses on the knowledge-transfer activities of Korean universities at the organisational level. Considering the idiosyncratic characteristics of the Korean university system, as well as those of universities in other recently developed Asian countries experienced a rapid economic catch-up, this study is more interested in the relationship between the scientific capacity of universities and their knowledge-transfer activities, and between universities' funding sources and their knowledge-transfer activities. According to the results of the study, scientific capacity in a specific discipline, such as engineering, is important for universities in both other developed countries and in Korea, while scientific capacity (regardless of the discipline) is apparently not important for Korean universities, particularly in the area of domestic publication. Furthermore, this result supports the proposition suggested that strategically chosen industrial sectors in rapid catch-up countries are closely related to the scientific capacity of universities in specific disciplines. In terms of funding sources, the amount of funding from industry is strongly related to the knowledge-transfer activities of universities, whereas the proportion of funding from industry relative to the total amount of funding is not as significantly related to knowledge-transfer activities. The failure to identify a significant relationship between central government funding and knowledge-transfer activities may be due to less strict requirements for commercialisation in central government R&D programmes. Otherwise, central government funding fails to generate meaningful knowledge-transfer activities in universities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.1
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• pp.97-105
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• 2014

This study attempts to review the theories and related literatures on crowd funding and build the framework to understand the core concepts of crowd funding. In addition, I explore the applicability of crowd funding platforms for start-ups. For this purpose, I analyze the framework based on the life cycles of projects on crowd funding with the components of stake-holders. Furthermore, I review the results of previous outstanding literature on pros and cons of crowd funding to identify the applicability of crowd funding for start-ups. The results show that the use of crowd funding platform alleviates the risks involved with the information goods which occupy major portion of the projects listed on crowd funding have unique cost structure with high fixed cost and very low variable cost. Consequently, crowd funding is identified as a platform for start-ups of information goods by leveraging the wisdom of crowd. However, crowd funding may not work as an effective platform for start-ups if group thinking emerges. The study provides an implication that it provides a framework for understanding crowd funding and its applicability for start-ups, which can support government's policy for creative economy. Additional empirical research analyzing the data on the projects listed on crowd funding platforms in Korea will be performed in the succeeding study.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.215-229
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• 2023

Purpose - Based on the funding-horizon theory, this study aims to test the effects of cash needs and the persistence of external funding needs on firms' external financing. Design/methodology/approach - Financial data of Korean listed companies were collected from DataGuide. Immediate and near-term cash shortfalls are defined using the methodology of Haung and Ritter (2021). We estimate multinomial logit regressions for the financing choice. Findings - First, all three cash depletion variables used in our study increase the likelihood of external financing. Second, firms prefer to issue debt to meet immediate spending and equity to meet long-lived cash needs. Third, this effect is more pronounced for high R&D firms. Fourth, chaebol firms with internal capital markets defer raising external capital for immediate and near-term cash needs. Research implications or Originality - This paper provide empirical evidence that immediate and near-term cash needs induce external financing, and the persistence of cash needs affects the choice between debt and equity, the finding which is consistent with the funding-horizon theory of financing decisions. Being the first paper to test the funding-horizon theory using Korean data, this paper contributes to the literature on the capital structure of Korean firms.

• Journal of Arbitration Studies
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• v.30 no.3
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• pp.137-167
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• 2020

As arbitration is widely used as an alternative dispute resolution mechanism, third-party funding, which is a person or entity with no prior interest in the legal dispute providing non-recourse financing for one of the parties, has become more prevalent with increasing costs of international arbitration. In particular, Hong Kong and Singapore are the first jurisdictions to adopt and implement legislations to specifically permit third-party funding of international arbitration. Thus, in this article, relevant issues with respect to third-party funding of arbitration, such as, conflicts of interest, disclosure, privilege and confidentiality of information, cost allocation, security for costs, and control over arbitral proceedings by the third-party funder are examined with pertinent provisions of the recent legislations. While the respective legislations of Hong Kong and Singapore may not directly address every issue raised by third-party funding of arbitration, as they make it clear that such is no longer prohibited by the old common law doctrines of champerty and maintenance, they have clarified conflicting case law as well as proactively promoted themselves as leading seats of international arbitration.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.44 no.1
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• pp.1-8
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• 2021

As a nation experiencing rapid economic growth, South Korea and its government have made a continuous effort toward efficient research investments to achieve transformation of the Korean industry for the fourth industrial revolution. To achieve the maximum effectiveness of the research investments, it is necessary to evaluate its funding's worth and default risk. Thus, incorporating the concepts of the Black-Scholes-Merton model and the Greeks, this study develops a default-risk evaluation model in the foundation of a system dynamics methodology. By utilizing the proposed model, this study estimates the monetary worth and the default risks of research funding in the public and private sectors of Information and Communication technologies, along with the sensitivity of the R&D economic worth of research funding to changes in a given parameter. This study finds that the public sector has more potential than the private sector in terms of monetary worth and that the default risks of three types of research funding are relatively high. Through a sensitivity analysis, the results indicate that uncertainty in volatility, operation period, and a risk-free interest rate has trivial impacts on the monetary worth of research funding, while volatility has large impacts on the default risk among the uncertain factors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.6
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• pp.119-130
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• 2019

Although a well-established line of research has addressed the funding decision, the activities of investee startups to receive funding have been overlooked because prior research has been conduced from investor's point of view. In addition, funding does not result from one off decisions but from decision process with many stages. Moreover, the emphasis placed on specific investment criteria varies by different stages during the process. Therefore, understanding the initial funding of startups requires to analyze the strategic behaviors of startups throughout the entire funding decision process from first meeting with investors to funding success. This study investigates the initial funding process of startups, and the analysis is based on a case study of LetinAR one of the successful startups founded by students in South Korea. This study investigates how early start-ups were able to receive funding from startup's point of view, and the analysis is based on a case study of LetinAR, an augmented reality(AR) startup using Pin mirror technology. By adding "legitimacy building" stage that had not been addressed previously, we divided funding process into four stages: 1) legitimacy building, 2) familiarization, 3) screening, and 4) bargaining phase. We did not only analyze major criteria, but also strategic activities of startup at each stage. This study makes a contribution by helping us understand complicated process of funding and the successful strategic behavior of investor backed startups.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.8
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• pp.183-196
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• 2022

Bank stability serves as a prerequisite for the smooth functioning of economic and financial activities in the country. Banks face numerous risks, and liquidity plays an essential role in determining a bank's long-term growth and financial stability. By using the sample of 70 banks of the Gulf Cooperation Council, this study examines the association between funding the liquidity and the creation of liquidity and their impact on bank stability. Firstly, the reciprocal relationship reveals between funding the liquidity and the creation of liquidity by employing the 2SLS regression model. Further, by employing the dynamic GMM model, the research finds that funding liquidity is significant and positively influences bank stability. However, bank stability is significantly negatively influenced by the creation of liquidity, but the combined effect of funding the liquidity and creation of liquidity positively explains the bank stability. Additionally, this study reveals that managerial optimism biases contribute to determining the bank's liquidity and long-term stability. The finding of this study supports the executives, policymakers, and management of banks in understating liquidity risks, efficiency, and bank stability. The findings support regulatory guidelines mainly by the Basel III framework, which places more importance on the joint management of funding the liquidity and creation of liquidity in the economy.

• Journal of the Korean Institute of Intelligent Systems
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• v.27 no.2
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• pp.150-156
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• 2017

In July, 2015, the Korean national assembly passed 'Act on Capital Markets and Financial Investments,' and therefore, it was expected that the crowd funding would be activated owing to a variety of fundraisings and investments. Hence, for the success of the crowd funding, this paper tried to identify the factors affecting the funding. In this study we analyzed the core variables of the Unified Theory of Acceptance and Use of Technology(UTAUT) and their perceived risks on the crowd funding participants' intentions as well as the mediating effects of the attitudes; the core variables of UTAUT were performance expectancy, perceived risk, facilitating conditions, social influence, and the like. As a result, it was found that such facilitating conditions as performance expectancy and social influence would affect crowd funding participants' intention positively, but that effort expectancy and perceived risk would not significantly affect their intention. On the other hand, as a result of testing the mediating effects of the attitudes, it was found that performance expectancy and social influence would have significant mediating effects on participants' intention.

• The Korean Journal of Health Service Management
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• v.4 no.1
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• pp.87-97
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• 2010

The study analyzed the cash flow and external funding in focusing on the relationship of the two factors in Korean hospitals and some changes in the relationship. The results analyzing this study were summarized as follows: First, the discriminant function of new external funds was generally the ratio of cash flow from operating activities to sales, the ratio of cash flow from investment activities to sales, the ratio of cash flow from financing activities to sales in order. The prediction rate of total discriminant function was more than 92%. Second, in case of Korean hospitals, it was known that the ratio of cash flow from operating activities to sales, particularly the net income to sales was the biggest influencing factor on the decision to external funding.

• International Journal of Internet, Broadcasting and Communication
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• v.15 no.1
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• pp.231-242
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• 2023

Crowd funding faces a number of significant obstacles despite its rapid growth and popularity, with the main one being the possible asymmetric information between fundraisers and potential supporters. A study taxonomy based on signalling theory has been created to compare projects originating from Taiwan and India. This was made possible by obtaining a dataset from the crowd funding website, Kickstarter (Global platform). To make the project effective, the study's goal is to look into how signals (e.g., goal-setting, comments, and updates) might be used to reduce the problem of information asymmetry. Thus, we applied an Ordinary Least Squares (OLS) regression. Both Taiwan and India demonstrated signal mitigation of information asymmetry, but Taiwan showed a stronger relationship between ambitious goals and successful projects than India. The relative importance of project comments has been found to be stronger in Taiwan than in India; the relative importance of project updates has been found to be weaker and negatively correlated with project success in India, in contrast to Taiwan. Notably, our findings provide a theoretical and practical framework for understanding and using signals in successful crowd funding campaigns and activities in these two emerging countries.