• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.4
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• pp.97-109
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• 2014

The purpose of this study is, as to verify the effect of IR announcements, the IR activity to look at the usefulness. In previous study, they found that the IR announcement leads to reductions in information asymmetry, effect to positive stock price. This study examine the abnormal returns between group by corporate characteristics. The data used in this study are daily stock market returns taken from the KOSDAQ listed company with IR announcements during the 2005-2012 year(8 year). We find that follows. First, the capital market is accepted IR activity as the positive information. Second, abnormal returns of small company is higher than big size that. We show the difference of abnormal returns between the venture company and general company, the venture company's high. The abnormal returns of corporate with high ownership is above the group of low ownership. Additionally, consider interaction by firm characteristics, we show the interaction between firm size and business type. The result of two-way ANOVA is that venture corporate with big size are more abnormal returns than others. Also, we demonstrate that firm location is the factor of difference on information effect in venture firm.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.2
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• pp.565-577
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• 2020

This study empirically examined how a firm size affects the determinants of innovative activities using the data of the Korean Innovation Survey (KIS) 2016. With data from 2,003 firms in the manufacturing sector, we performed logistic regression analysis and zero-inflated negative binomial regression analysis. R&D expenditure and patent applications were used as proxies for innovative activity. The independent variables included the firm's characteristics variables such as the firm's age, tech-level industry, RDemp (R&D employee ratio), venture, export, and industrial characteristics variables such as networking, appropriability, and spillovers. The empirical findings are that there are some differences in firms' innovative activity determinants among the firms' size groups. Next, strategic appropriability has negative impacts on small firms' R&D expenditure and medium-firms' patents. Networking is an important determinant of innovative activity for all firms, except for large firms. Furthermore, in deciding R&D activities, small and medium-sized firms were significantly influenced by industrial characteristics as compared to that of large firms. Our findings suggest some R&D promotion policies. Policies fostering firms' technological interaction would allow firms to take advantage of technological spillovers and thus raise the probability of investing in R&D.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.6
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• pp.41-47
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• 2017

This study is an empirical analysis of the welfare of small and medium venture company trade. In the past, although the study analyzes the trade welfare for representative firm, this research is focusing on the distribution of an entire industry of companies analyzed. In this study, medium-to venture enterprise-scale for logarithmic normal distribution and Pareto distribution is estimated, and this study investigates the trading welfare changes. Results of the analysis can be summarized as follows. First of all, greater trade benefits enterprise-scale heterogeneity appeared to be significant. The result of this finding appeared to be the same to large firms as well as small and medium ventures. Trading welfare, assuming the distribution of Pareto rather than logarithmic normal distribution it's supposed to be overwhelmingly large. Secondly, the case of large corporations shows the more trade welfare than that of small and medium venture companies. Third, assuming homogeneous distribution of enterprise-scale trade welfare differences did not exist. Finally, from the point of view of increasing the welfare of trade, the diversity aiming of venture business is a very important role in the long term, because of the small and medium-sized ventures trade role.

• International Area Studies Review
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• v.13 no.3
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• pp.527-549
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• 2009

This paper investigates the relation of invert U-shape between the M/B ratio and leverage ratio by market, firm size, and a level of technology of firm. Our sample consists of 510 manufacturing firms continually listed on the Korea Securities Market and Kosdaq Market from January 1, 2001 to December 31, 2008. The total sample consists of the Korea Securities Market(large firms, high technology industry) sample of 2,248(1,816, 1,704) observations and the Kosdaq Market(small and medium firms, high technology industry) sample of 1,632(2,264, 2,376) observations. The empirical results show that the relation of invert U shape appears on the sample of the Kosdaq Market, small and medium firms, and high technology industry. However, the relation doesn't appear on the sample of the Korea Securities Market, large firms, and low technology industry. These mutually different results may be caused by the relatively low M/B ratio of the latter.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.3
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• pp.133-144
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• 2020

This study examines the indirect effects of new product development(NPD) on the relationship between entrepreneurial orientation(EO) and business performance is contingent on organization size. Although previous studies have revealed that EO has a positive effect on business performance and NPD, there have been no research attempts to comprehensively grasp the causal path of EO, NPD, and business performance. Therefore, this study analyzed the causal path focusing not only on final financial business performance affected by EO but also on the mediating role of new product development, which is an intermediate performance. Based on the sample of 3,299 firms from the 2018 Entrepreneurship Survey(Corporate), we analyzed the EO-NPD-business performance relationship and explored whether such an indirect effect of EO on business performance differs depending on the size of the firm. The results showed that EO has a positive impact on business performance and NPD. In addition, NPD positively mediates the relationship between EO and business performance under the condition of large size firm, although NPD does not have a direct effect on business performance. With the findings, the current study has principal implications for practicing managers. The result of this study is not to suggest that NPD triggered by EO is a panacea for improving final business performance. The study suggests a need to equip organizational capabilities to successfully commercialize new products and appeal to the market and customers, beyond simply developing new products seeking newness based on EO.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.4
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• pp.2376-2381
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• 2014

The necessity for co-prosperity between large and small businesses has emerged as a top policy priority as economic polarization has been exacerbated since the 2008 global financial crisis. Against this background this paper makes a detailed analysis of differences between SMEs (Small and Medium sized businesses) and large enterprises located in Gyeong-do, in respect of growth. The data set used in the analysis is the 15 year(1996-2010) panel data of IT companies (large enterprises: 80 data and SMEs: 437 data) collected from the KISVALUE database. The estimation results of Pooled OLS indicate that the coefficients representing corporate size are less than 1, which implies that the Gibrat's law, no correlation between the size of a firm and its growth rate, is not supported by the data. In the meantime, the estimated coefficients representing corporate age are negative, which implies that Jovanovic hypothesis, inverse correlation between the age and the growth rate of a firm, is consistent with the data. In short, SMEs, which are generally younger than big enterprises can achieve higher growth rate than the latter ones which are usually believed to be older. In addition, the more export- and innovation-oriented the firm, the higher its growth rates.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.2 no.4
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• pp.1-17
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• 2007

There are many different types of risk capital competing for deals in the korean entrepreneurial capital market. In the past, even though korean private venture capitalists did not have their distinctive competitive advantages, due to government support and subsidies, they could be survived in the market. However, the government controlled area has changed to a market driven area which emphasizes market forces and competition rather than support and protection. In order to be competitive, Korean private venture capital firms need to recruit high calibre professionals and build required financial skills for wise entrepreneurial investments. The purpose of this article is to analyze the relationships among firm characteristics, human resources, and investment strategies of korean venture capital firms. We can find that the asset size of venture capital firms has a positive effect on the size of their human resources. However, we can not find any relationship between firm characteristics and investment strategies of venture capitals. Even though we find some evidences among some variables, we need to interpret the results very carefully. Further research would be needed to carried out to clarify the disputable interpretations and our understanding of this area.

• Journal of Korea Society of Digital Industry and Information Management
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• v.15 no.4
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• pp.197-212
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• 2019

The purpose of this study is to identify the maturity stages of venture firms through classification analysis, which is widely used as a big data technique. Venture companies should develop a competitive advantage in the market. And the maturity stage of a company can be classified into five stages. I will analyze a difference in the growth stage of venture firms between the survey response and the statistical classification methods. The firm growth level distinguished five stages and was divided into the period of start-up and declines. A classification method of big data uses popularly k-mean cluster analysis, hierarchical cluster analysis, artificial neural network, and decision tree analysis. I used variables that asset increase, capital increase, sales increase, operating profit increase, R&D investment increase, operation period and retirement number. The research results, each big data analysis technique showed a large difference of samples sized in the group. In particular, the decision tree and neural networks' methods were classified as three groups rather than five groups. The groups size of all classification analysis was all different by the big data analysis methods. Furthermore, according to the variables' selection and the sample size may be dissimilar results. Also, each classed group showed a number of competitive differences. The research implication is that an analysts need to interpret statistics through management theory in order to interpret classification of big data results correctly. In addition, the choice of classification analysis should be determined by considering not only management theory but also practical experience. Finally, the growth of venture firms needs to be examined by time-series analysis and closely monitored by individual firms. And, future research will need to include significant variables of the company's maturity stages.

• Journal of the Economic Geographical Society of Korea
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• v.13 no.4
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• pp.697-709
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• 2010

The purpose of this paper is to analyze the effects of education and training on labor productivity of the leading firms in Busan during the period of 1999~2000. In order to control for firm heterogeneity and the endogeneity problem of education and training, we employed fixed effects model and 2SLS. Our empirical results showed that firms expenditures per capita on education and training were positively correlated with their labor productivity. We also tested whether the effects of education and training on labor productivity vary with firm size or across industries. It is shown that, while firm size makes no statistical differences, the effect of education and training on labor productivity is smaller in service industry than in manufacturing one. From heterogeneous effect of education and training across industries, we could infer that policies to support various education and training programs in service industry are needed to be reinforced to improve the competitiveness of service industry.

• Journal of Korea Technology Innovation Society
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• v.11 no.2
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• pp.171-193
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• 2008

Every country of the world in the 21st century is going to push forward the policy protecting their intellectual property right, and international movement to protect their intellectual right is still more strengthened. Under these situations, the firm is required to seek for more efficient methods of technology security and business management while the existence of business itself is at risk. The control of intellectual properties in business should be considered in the patent management. In the company, the industrial property right should be into one of the management resource, and its importance has great influence on the existence of the company. The information in patent data can be used for strategic planning purposes. This study systematically evaluates the patenting behaviour of sample of 27 business firms within the Korean metal industry. Utilizing the patent application data between 2000 and 2005, the relationship between these patenting management and company performance is analysed. This study showed that patent activity per employee and labor productivity are positive relationship, but patent activity per employee and firm size are negative relationship. Since a positive relationship between patenting and company performance could be shown, patent activity gains important as a instrument for R&D planning.