• 한국벤처창업학회:학술대회논문집
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• 2022.04a
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• pp.129-134
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• 2022

This research investigates the effect of SMEs' digital transformation (DX) efforts in O2O platforms on customer engagement. Among the three DX stages (i.e., digitization, digitalization, and DX), this study focuses on digitalization, a practically viable DX phase for SMEs using O2O platforms. This study categorizes the DX efforts of SMEs into three: information diversity, responsiveness to customers, and the degree of functional use. To analyze the impact of these efforts on customer engagement, we conduct the zero-inflated negative binomial regression using the dataset of Naver Smartplace, one of the representative O2O platforms in South Korea. The analysis result confirms that all three factors have positive impacts on customer engagement. Therefore, this study demonstrates that employing O2O platforms can be an effective strategy for SMEs lacking resources to achieve successful DX.

• Korean small business review
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• v.42 no.3
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• pp.173-193
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• 2020

This study analyzes the effects of KOSDAQ-listed firms' convertible bonds, which have recently increased rapidly in number and size. Although KOSDAQ companies are called mid-size companies, KOSDAQ companies belong to SMEs. Furthermore, convertible bonds have traditionally been a critical capital raising tool for SMEs in the US and Europe. In Korea, KOSDAQ companies actively employ convertible bonds. Convertible bonds provide investment incentives for hesitant investors, allowing companies to raise capital at low interest rates. This study analyzes whether capital raising through issuance of convertible bonds by KOSDAQ companies affects their financial constraints. Financial constraints result from incomplete capital markets, which are embedded in most companies and countries.. In particular, financial constraints have a significant impact on the growth and survival of SMEs. The seminal study FHP(1988) is the most important and effective study of firm's financial constraints. We find that FHP's financial constraint measures show that convertible bond issuance would mitigate the financial constraints of KOSDAQ companies. However, the significance of the evidence is not strong.