• Journal of Korea Technology Innovation Society
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• v.15 no.1
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• pp.203-223
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• 2012

This study aimed to identify the factors of failure in cases where there was feasibility but was not successful in commercializing technology. For the study, 92 feasibility reports for new technologies were collected, and among these 4 studies that showed definite failure in commercialization of technology were analyzed in depth. Further analysis was based the factors pointed out by previous frameworks such as 1) discussion on success or failure in commercialization of technology, 2) that of venture company, and 3) valuation of technology studies. Previous studies pointed out success and failure factors as lack of funding, uncontrollable accidents, managing ability, inability for mass production and so forth, which had little difference to the pre-feasible evaluation of four cases. However, real reason was the lack of understanding technologies such as composition of technologies, production technologies required by stages, and lack of understanding of floor technologies. The misunderstandings were occurred regardless of CEO's experience and expertise. We did not touch the evaluation model of pre-feasibility studies, although we dealt with the failure of the pre-studies. The reason we do not generalize the results of this study is the fact that we dealt with only small cases.

• The Journal of the Korea Contents Association
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• v.21 no.4
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• pp.77-87
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• 2021

Smart Factory refers to a factory that can be controlled by itself with an intelligent factory that improves productivity, quality and customer satisfaction by combining the entire process of manufacturing and production with digital automation solutions. The manufacturing industry around the world is rapidly changing, with Germany, Europe, and the United States at the center. In order to cope with such changes, the Korean government is also implementing a policy to spread the supply of smart factories for small and medium-sized companies, and related ministries and agencies such as the Ministry of Commerce, Industry and Energy, the Ministry of SMEs and Venture Business, the Korea Institute of Technology and Information Promotion, and local technoparks, as well as large companies such as Samsung, SK and LG are actively investing in smart manufacturing projects to support smart factories[1]. Factory Automation (FA) construction has many issues regarding the connection of heterogeneous equipment. The most difficult aspect of configuring various communications from various equipment is the reason. Although it may not be known if there are standards or products made up of the same company, it is not easy to build equipment that is old, up-to-date, and different use environments through a series of communications. To solve this problem, we would like to propose a method of communication using Modbus, one of FieldBus, which is one of the many industrial devices of PLC, a representative facility control system, and is used as a communication standard.

• Journal of Industrial Convergence
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• v.21 no.6
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• pp.1-11
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• 2023

The purpose of this study is to verify the factors affecting corporate bankruptcy by using non-financial information of companies invested by credit guarantee institutions. In this study, 594 companies (525 normal companies, 69 insolvent companies) invested in by the Korea Credit Guarantee Fund from March 2014 to the end of December 2022 were selected as samples. Non-financial information of companies was divided into founder characteristics information, company characteristics information, and corporate investment information, and cross-analysis and logistic regression analysis were conducted. As a result of the cross-analysis, personal credit rating, industry, and joint investment were selected as significant variables, and logistic regression analysis was conducted for those variables, and two variables, personal credit rating and joint investment, were selected as important factors for bankruptcy. In business management, the founder's personal credit and the importance of joint investment in investment support were found out. It will help to minimize bankruptcy if institutions that support investment in SMEs reflect these results in their screening and systematically build cooperative relationships with private investment institutions. It is hoped that this study will provide an opportunity to pay more attention to the factors that affect the bankruptcy of companies that receive direct investment from public institutions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.4
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• pp.21-32
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• 2012

The current beauty service of Korea is upgrading its outside appearance from traditional small-shop image and its speed of change and competition are more severe than ever before. The top priority trait of beauty management is based on man-power resource, and personnel-management is the most important thing that more than anything else. Compared with other arenas of business, personnel management plays a key role in beauty industry. As a result, this research begins with the issue of personnel management. In addition, I will show that the management leadership of beauty service affects organization civil actions and changing jobs in the beauty industry employees, and the leadership can lower changing job rate to some extent. The role and duty of business manager is very significant because the dependence of man-power resource is magnificent in beauty service. In spite of rapid changing of economic surroundings, the management of beauty service is still working without any detail plans. It is no exaggeration to say that the most of beauty service managers are lack of leadership conception. Although the demands of customers are changing everyday, the frequent changing of jobs among talented employees drops customers credibility and high-quality service. From a management viewpoint, re-training cost of employees leads to economic loss and the company suffers from financial problems. As a result, it creates vicious circle in the beauty industry. Today, the management atmosphere in the beauty service is hard to get its right track because of the cutthroat competitions of beauty industry and difficulties of hiring promising employees. It has been said that "Nothing ventured, Nothing gained" Above all, the beauty service requires job speciality and it produces economic profits. Therefore, the managers desperately need to change the way they regard those with job changers. In this research shows the principal index of the leadership type of beauty business managers how much affects its employees' long-term working condition. The new concept of leadership, such as alternative suggestions, setting goals, and organization civil action will reorganize the stereo-type frame. I will also investigate the factors of job changing and intention of the beauty service employees for the development option of the beauty industry.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.209-224
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• 2020

This study started from the question of whether the preference of corporate recruitment can be achieved without any difference between the start-up experiencer and the general job seekers. Therefore, the purpose of the study is to identify the factors related to start-ups that affect the preference of job seekers for companies, and to analyze the differences in the factors related to start-ups between general job seekers and job seekers with start-up experience. Third, it is to see the difference in the preference for employment between job seekers with start-up experiences and general job seekers. The independent variables of the research model were entrepreneurship, motivation for start-up (job search), and characteristics of the job seekers (founder). The dependent variables were job preference, and the moderating variables were presented as job seekers' classification (job seekers with start-up experience vs. general job seekers). The subjects of the study were personnel managers of 100 companies with more than 5 years of establishment and 100 new companies with less than 5 years of establishment. The questionnaire was distributed in two types, and 189 respondents, including 101 job seekers with start-up experiences and 88 general job seekers, were finally used for analysis. The results of the study were as follows. First, as a result of multiple regression analysis on both experienced start-up experiencers and general job seekers, only entrepreneurship had an effect on preference for recruitment. Second, the moderating effect of job seekers' classification was found only in the relationship between motivation for start-up and preference for employment. Third, the result of multiple regression analysis based on the start-up experiencers showed that the relationship between the motivation for start-up, the preference for recruitment, the characteristics of founders and the preference for recruitment was statistically significant. On the other hand, the characteristics of the founder and the preference for employment were rejected. Fourth, the results of the study based on general job seekers showed that the motivation for job search decreased the preference for employment. The study did not provide the results of differences in recognition between different industries, traditional enterprises and venture businesses due to the limitation of small examples. There is no clear definition of start-up experiencers either. However, it is meaningful to suggest the implications of what preparations should be made when the start-up experiencers close their start-ups and turn their career into employment and to help them to accurately recognize the importance of entrepreneurship. It also provides the preference of the general job seekers for the company, the preparation for successful employment, and the implications for the direction of the future start-up revitalization.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.

• Journal of Intelligence and Information Systems
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• v.21 no.2
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• pp.151-171
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• 2015

This study examined the concepts of the Internet of Things(IoT), the major issue and IoT trend in the domestic and international market. also reviewed the advent of IoT era which caused a 'Paradigm Shift'. This study proposed a solution for the appropriate corresponding strategy in terms of Enterprise. Global competition began in the IoT market. So, Businesses to be competitive and responsive, the government's efforts, as well as the efforts of companies themselves is needed. In particular, in order to cope with the dynamic environment appropriately, faster and more efficient strategy is required. In other words, proposed a management strategy that can respond the IoT competitive era on tipping point through the vision of paradigm shift. We forecasted and proposed the emergence of paradigm shift through a comparative analysis of past management paradigm and IoT management paradigm as follow; I) Knowledge & learning oriented management, II) Technology & innovation oriented management, III) Demand driven management, IV) Global collaboration management. The Knowledge & learning oriented management paradigm is expected to be a new management paradigm due to the development of IT technology development and information processing technology. In addition to the rapid development such as IT infrastructure and processing of data, storage, knowledge sharing and learning has become more important. Currently Hardware-oriented management paradigm will be changed to the software-oriented paradigm. In particular, the software and platform market is a key component of the IoT ecosystem, has been estimated to be led by Technology & innovation oriented management. In 2011, Gartner announced the concept of "Demand-Driven Value Networks(DDVN)", DDVN emphasizes value of the whole of the network. Therefore, Demand driven management paradigm is creating demand for advanced process, not the process corresponding to the demand simply. Global collaboration management paradigm create the value creation through the fusion between technology, between countries, between industries. In particular, cooperation between enterprises that has financial resources and brand power and venture companies with creative ideas and technical will generate positive synergies. Through this, The large enterprises and small companies that can be win-win environment would be built. Cope with the a paradigm shift and to establish a management strategy of Enterprise process, this study utilized the 'RTE cyclone model' which proposed by Gartner. RTE concept consists of three stages, Lead, Operate, Manage. The Lead stage is utilizing capital to strengthen the business competitiveness. This stages has the goal of linking to external stimuli strategy development, also Execute the business strategy of the company for capital and investment activities and environmental changes. Manege stage is to respond appropriately to threats and internalize the goals of the enterprise. Operate stage proceeds to action for increasing the efficiency of the services across the enterprise, also achieve the integration and simplification of the process, with real-time data capture. RTE(Real Time Enterprise) concept has the value for practical use with the management strategy. Appropriately applied in this study, we propose a 'IoT-RTE Cyclone model' which emphasizes the agility of the enterprise. In addition, based on the real-time monitoring, analysis, act through IT and IoT technology. 'IoT-RTE Cyclone model' that could integrate the business processes of the enterprise each sector and support the overall service. therefore the model be used as an effective response strategy for Enterprise. In particular, IoT-RTE Cyclone Model is to respond to external events, waste elements are removed according to the process is repeated. Therefore, it is possible to model the operation of the process more efficient and agile. This IoT-RTE Cyclone Model can be used as an effective response strategy of the enterprise in terms of IoT era of rapidly changing because it supports the overall service of the enterprise. When this model leverages a collaborative system among enterprises it expects breakthrough cost savings through competitiveness, global lead time, minimizing duplication.