• Journal of Distribution Science
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• 제17권3호
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• pp.69-83
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• 2019

Purpose - This paper investigates the long term impact of RFID investment on firm value in Korea. We wand to find out why the long term performance of some firm's RFID investment is better than others. To understand the dynamics of the long term returns from RFID investment announcements, we divide our events into groups for each of the independent firm characteristic variable such as investment time period, kind of markets, industries, solvency and growth potential. We composed portfolios based on the RFID investment announcement date for each group and evaluate the monthly abnormal excess returns. Research design, data, and methodology - Based on these calendar-time portfolios, we measure the long term returns from 86 RFID investment announcements of 46 firms from 2003 to 2017. We construct the calendar-time portfolio for 3, 6, 9, 12 months of holding periods. Using the weighted least squares method, we regress the raw monthly returns of the portfolios on the Fama-French model and Carhart(1997) model. As a result, we can get the estimated risk adjusted mean monthly abnormal excess return α_P for each of the calendar-time portfolio. Results - We found that early adopters, large firms, non-manufacturing firms have very significant excess returns. We also found modestly significant excess returns for financially stable firms and slow growing firms. Put together, top managers of the firms which plan to invest RFID should understand the strategic role of RFID adoption and the generalized business process of distribution information technology investment in Korea. Moreover, the findings of this paper provide useful trading strategies to the managers of large funds who are considering on investing in RFID adopting firms. Conclusions - Put together, the results of this paper give us a new insight into how the RFID and IT technology in general and other characteristic factors' interactions affect the long term performance of firms. Using the unbiased estimates of long term returns of the calendar-time portfolios, this paper extends the understandings on short term impact of RFID adoption of existing studies. This paper also extends the current understandings of firm characteristics that affect the long term performance of RFID adopting firms.

• Journal of Distribution Science
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• 제13권1호
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• pp.7-18
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• 2015

Purpose - This study integrates a corporate competition system with a bird predation system to examine how organizational strategic adjustment capacity influences firm performance. By proving the prominent effects on performance, a financial vector is constructed to represent corporate strategic adjustment results, and an operation capacity vector is constructed, which can be categorized as a parameter for locating birds. All these works help us to propose a new method of investment, the portfolio decision model based on the strategic adjustment capacity. Research design, data, and methodology - Strategic adjustment capacity can be decomposed into three aspects: the organizational learning capacity from the top firms, the extent to which firms maintainor rely on the best operational capacity vector in history, and the ability to eliminate the disadvantages or retain the advantages of the operation capacity vector from the previous year. The method of solving cyclic equations is designed to evaluate strategic adjustment. Firms manufacturing specialized equipment are chosen to test the effects of the strategic adjustment capacity on three aspects of firm performance. Results - There is a positive correlation between the capacity to learn from the best firms and performance improvement. The relationship between the dependence or maintenance of a firm's advantages and performance improvement is a U-shape curve, and there is no significant effect of inertial control on performance improvement. Conclusions - A firm's competition system is a sophisticated adaptation, and competitive advantage and performance can be investigated based on the principles of competition in nature.

• The Journal of Industrial Distribution & Business
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• 제12권3호
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• pp.43-49
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• 2021

Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

• Journal of Korea Trade
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• 제23권6호
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• pp.145-158
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• 2019

Purpose - Alliance members have constantly revised market strategies over time by withdrawing membership from a current alliance, joining another alliance, or constructing a new alliance. From the perspective of the signaling effect, the purpose of this study is to analyze the impacts of partner volatility (new member, old member, and new group) on firm value. Design/methodology - To analyze the impact of partner volatility on firm value, companies in strategic alliances are classified into the three groups of new partner, existing partner, and new alliance, and the effects on company value are verified through an event study and the signaling effect analysis. Findings - This study proved that new partners and newly formed strategic alliances have higher expectation effects than old partner company groups, and have a more positive effect on the relevant firms' stock prices. In addition, the result of the study showed the same valid results as the alliance levels, and showed that investors' expectations were higher with new partners and new alliances than with old partners. Research Implications - A new perspective on the signaling effects of strategic alliances among shipping lines was presented in this study by grouping alliance types including new member, old member, and new group. The results provide useful insights for selecting partners and firm values of alliance announcement times. Originality/value - This study analyzed partner volatility on relevant companies' stock prices from the perspective of investors from the global shipping conference reorganization in 2017. Strategic alliances were classified into the three categories of new partner, old partner, and new alliance, and the effects on firm value were verified.

• Journal of Korea Trade
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• 제25권6호
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• pp.57-77
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• 2021

Purpose - International strategic alliance has been regarded as a strategic decision made by firms' managerial problems and ensure performance growth. From the perspective of the proactive behavior for changing strategies in a global market, this study aims to identify whether performance feedback influences firms' decisions to pursue strategic alliances. This study examines the effects of performance feedback on performance when firms use strategic alliances. Design/methodology - To analyze the impact of performance feedback on forming an international strategic alliance, this study adopt the concept of performance feedback to develop a research model and our hypotheses. Thus, this study used a two-stage least squares unbalanced panel data analysis with random effects. This study is based on 24,543 observations from Korean manufacturing firms from 2007 to 2016. Findings - The results show that firms pursue the formation of strategic alliances more actively, if their past financial and R&D performance are lower than their aspiration level, based on the result of performance feedback. An in split sample analysis for examining the effect of a firm's technology sophistication based on the OECD's classification, negative innovation performance discrepancy has positive effects on the probability of international alliance in high-tech and medium-high-tech industries. Financial performance also improves when a firm decides to form a strategic alliance based on the results of performance feedback. Originality/value - This research extends recent efforts to better understand the effect of performance feedback on firms' performance when they use strategic alliances. These findings suggest that the CEOs and managers of firms should consider the performance feedback perspective when deciding to pursue a strategic alliance to improve performance. In other words, the decision-makers in a firm must analyze and consider various complex variables inside and outside the firm and expand such subjects of examination to more complex and dynamic factors.

• Journal of Korea Trade
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• 제26권7호
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• pp.127-144
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• 2022

Purpose - This study aimed to analyze the dynamic effects of progress in globalization on firm performance by employing individual companies' financial statement datasets. Design/methodology - The analysis leveraged the variables of operating revenue (OPRE) and pre-tax profit and loss (PLBT) as measurement variables for firm performance over 2011-2019. As a proxy variable for globalization, the trade index, a subordinate indicator of the KOF Globalization Index, was used. Through panel regression analysis, the relationship among those variables was ascertained, and the local projection (LP) method was subsequently utilized to identify dynamic effects. A subsample analysis was further performed by classifying companies based on their sizes and industries to determine the differential effects of globalization on each group. Findings - The panel regression analysis derived positive effects of an increasing degree of globalization on OPRE of Korea maritime and fishery firms. However, the impulse response functions, obtained from the LP, showed that in the short run, globalization affects PLBT negatively but in the long run, it gradually converted into a positive effect. In addition, according to the subsample analysis based on company size, the effects of globalization on OPRE became greater as each company became larger. Moreover, the industry-based analysis showed heterogeneous effects, depending on the industries in which the maritime and fishery companies operated. Originality/value - The analysis of the dynamic effects of globalization on firm performance, which revealed that the effects vary depending on the time points, is the important contribution of this study. The results also suggest that the effects of globalization vary depending on the company size and industry.

• Asia-Pacific Journal of Business
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• 제14권4호
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• pp.191-204
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• 2023

Purpose - The purpose of this study was to analyse the relationship between R&D tax support policy and firm innovation activity using data on firms engaged in 12 national strategic technology sectors. Design/methodology/approach - This study collected survey data from 664 companies engaged in national strategic technologies. The data were then analysed using the Propensity Score Matching (PSM) analysis. Findings - First, corporate R&D tax support had a statistically significant positive (+) relationship with firm innovation performance. Second, there was a statistically significant positive (+) relationship with incremental innovation, but there was no statistical significance with radical innovation. Third, there was a statistically significant positive (+) relationship with the firm's first innovation, but there was no statistical significance with the world's first innovation. Fourth, there was a statistically significant positive (+) relationship with the number of R&D projects of a firm. Finally, there was a statistically significant positive (+) relationship with a firm's open innovation. Research implications or Originality - First, in terms of policy effectiveness, the government needs to consider promoting R&D tax support policies in areas where R&D competition is fierce. For private companies engaged in the 12 national strategic technology fields, the R&D tax support policy is working in the direction of promoting corporate innovation activities, and this positive policy effect is likely to be effective in areas where R&D competition is fierce. Second, if the government wants to improve the quality of corporate innovation activities through R&D tax support policies, it needs to provide incentives higher than the current level.

• Archives of design research
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• 제9권
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• pp.1101-1114
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• 1994

As of today-half a century has passed after 1945, the liberation from Japanese imperialism-it's significant to introspect our culture. On the one hand our culture has succeeded due to the peculiar history, but on the other hand it hasn't. So to speak, it has gained in Quantity but lost in Quality. There are keen, international competition and exchange in the modern culture. So the Qualitive success of modern design depends on if it had an original character or not. According to Korean rapid industrialization, technological extence, and economic growth, the export has increased greatly, but package design hasn't been match for them. Korean expoters have been meeting with cutthroat competition in world market. Under these circumstances it's very important that we have a real understand and interest in our culture, we strengthen the competitive power of home products with good package design. This is our age of not home market but world market. We live in an age when design wins, so that we have to develop the good design native to Korea. Many designers have proposed their opinions with the characteristic designs, but it has been only a fragmentary and passive method. We must seek for the new method more positively. The effective and proper method resolves itself into the following four points. First, to understand Korean history and culture. Second, to have the exact grip of this economic situation. Third, to promote the national emotion. Fourth, in conclusion, to accord the package design with them. We cannot put off this task to overcome the cultural subordination, to place Korea on a firm cultural basis in the world, and to contribute to the cultural exchange of package design. First, to understand Korean history and culture. Second, to have the exact grip of this economic situation. Third, to promote the national emotion. Fourth, in conclusion, to accord the package design with them. We cannot put off this task to overcome the cultural subordination, to place Korea on a firm cultural basis in the world, and to contribute to the cultural exchange of package design.

• Korean Journal of Construction Engineering and Management
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• 제17권5호
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• pp.78-88
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• 2016

Recently BIM technology has been expanded for using in construction project. However its spread has been delayed than the initial expectations, due to the high-cost of BIM infrastructure development, the lack of regulations, the lack of process and so forth. In design phase, especially, collaboration based on BIM system has being a key factor for successful next generation building project. Through the analysis of current research trend about IT technologies, virtualization and BIM service, data exchange such as drawing, 3D model, object data, properties using cloud computing and virtual server system is defined as a most successful solution. In various industrial fields, cloud computing technology is utilized as a promising solution which can reduce time and cost of hardware infrastructure. Among the cloud computing technology, VDI is receiving a great deal of attention from it market as an essential part cloud computing. VDI enables to host multiple individual virtual machines by using hypervisor. It has an advantage to easy main device management. Therefore, this study implements a step-by-step user's DaaS by analyzing the desktop resource data of the workers from Pre-design phase to Schematic design, Design develop and Construction design phase. It also develops BIM environment based on test of BIM modeler and designers in architectural design firm. The goal of the study is to enable the cloud computing BIM server. It provides cost saving, high-performance quality of working environment and cooperation's convenience and high security when doing BIM work in small and medium sized architectural design firm.

• Journal of the Korean Society of Costume
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• 제53권6호
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• pp.161-173
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• 2003

The purpose of this paper is to classify fashion and trend, and examine how his fashionable philosophy reflects design. What affects his fashion philosophy is Western culture and Paris Revolution. Taking this opportunity, he outgrew the concept of haute couture and established specific fashion philosophy. His fashion philosophy is classified under consideration for women, respect for free emotions, recognition of tradition, and an active intercourse with many people. The characteristics of design through his philosophy are as following: 1. He wanted to release women from clothing restrained the body and make comfortable clothing which everyone can wear. This implies the consideration for women. It is the characteristics of his design to the harmony of functionality, simplicity, decoration and popularity. 2. He respected the free emotions and induced people to wear each parts of clothing which is dismantled freely within the limits coincided with clothing teleology-'wear', It implies autonomy. He also unfolded experimental design: gives the regular space between the clothing and the body and then distorts the body or maximizes modeling. It implies the beauty of space. 3. He elicited the modern design through recognition of tradition. It implies contemporaneousness. 4, As he thought that all of the concepts is based on human, he derived inspiration firm an active intercourse with many people, He established a new style through an active intercourse with artists because if he works alone, he would rise above the popular trend, It comes to the gest artist serieE and implies popularity, The characteristics of design in his fashion philosophy is classified into experimental design and practical design. But the important factor of his fashion philosophy is popularity so he would like to make popular clothing. He designs clothing which fit the public. It results from his firm fashion philosophy that his clothing is practical and decorative and he establishes his works meeting needs of modern. It is the reason that his clothing has perpetuity.