• Journal of Korea Technology Innovation Society
• /
• v.1 no.2
• /
• pp.208-219
• /
• 1998

In the light of the strategic utilization of the national R & D projects, this paper is to induce the spin-off strategies to improve the national R & D effectiveness through analyzing the spin-off characteristics of nuclear technologies, the spin-off status of the advanced countries and the case study of Korean nuclear spin-offs. Spin-off process is viewed as a three-stage operation, such as preparation stage, implementation stage and maintenance stage. In order to find the correlation between the influencing factors and spin-off effectiveness, the Spearman's correlation coefficient was employed as a specific statistical technique. By integrating this correlation, spin-off process and spin-off strategies, this paper presents an efficient framework to improve the spin-off effectiveness.

• Journal of Distribution Science
• /
• v.21 no.12
• /
• pp.83-89
• /
• 2023

Purpose: Research on spin-off and treasury stock is necessary because the market has realized that this can be utilized for major shareholder private interest. Considering the unique characteristic of a spin-off and treasury stock in the Korean stock market, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry. Research design, data, and methodology: The present study investigates literature, analyst reports, and news articles to examine the spin-off process and analyze how treasury stock magic happens. Results: Setting the exchange ratio favoring Spin-Co in the spin-off is the leading cause for reducing the minor shareholders' value. Moreover, treating treasury stock as an asset is also problematic, allowing the allocation of Spin-Co shares. This leads to an increase in the major shareholder controls of Spin-Co without any contribution from the major shareholders. Therefore, the exchange ratio should be calculated reasonably, and treasury stock from the stock repurchase should be treated as stock retirement. Conclusion: By analyzing the spin-off and how treasury stock magic occurs, this study provides recommendations to improve shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of spin-off and treasury stock.

• 한국벤처창업학회:학술대회논문집
• /
• 2022.04a
• /
• pp.157-161
• /
• 2022

Building on the DC interaction model between a parent company and its spin-offs, we examine that a dyadic relationship can be differentiated within the functions of space, motivation, and time. We investigate that these three factors encompassing the parent-spin-off DC relationship can be applicable to both linear(i.e., geographic proximity and low spin-off CEO's salary is positive) and nonlinear(i.e., too much frequency of new spin-off creation is as harmful as too little) effects on determining the performance of spin-off firms. The direction of causality is underpinned by social capital, human capital, and compensation-activation theory rather than by the normal consequences of previous empirical research. Further, our results suggest the overlap between DC and entrepreneurship; namely, spin-off firms create, learn, and exploit opportunities through a reconfiguration of parent DC so that DC establishes itself as a key concept in the entrepreneurship domain.

• International journal of advanced smart convergence
• /
• v.11 no.1
• /
• pp.48-54
• /
• 2022

Promote the application ofscientific research and technological developmentresultsto production and social life; The commercialization of scientific and technological products through the science and technology market is an effective method to exploit intellectual property at universities and research institutes. Spin-off is a popular business model in developed countriesto deploy and commercialize scientific and technologicalresearch results. However, in Vietnam, this concept is not popular as well as the number of spin-off businesses is not much and does not work effectively. This article focuses on clarifying the shortcomings and difficulties in establishing spin-off businesses in universities, thereby proposing solutions to develop spin-off businesses to exploit assets intellect at universities in Vietnam

• The Journal of Small Business Innovation
• /
• v.20 no.1
• /
• pp.1-18
• /
• 2017

This study examined whether divided and spun-off companies design and execute spin-offs to minimize tax burdens by analyzing multiple spin-off transactions in the Dongbu Group, when the Korean tax law regarding corporate restructuring was amended in July 2010. Before the July 2010 tax amendment, taxes on the capital gains arising from the qualifying spin-off were deferred to the earlier of the shares in or assets acquired by the spun-off company are disposed. This tax treatment relieves the divided company's tax burden by deferring taxes on capital gains, compared with non-qualifying spin-offs. However, if shares in or assets acquired by the spun-off company are disposed after the July 2010 tax amendment, the capital gain incurred at the time of the qualifying spin-off would be taxed again at the spun-off company, in addition to a taxation on the divided company's capital gains. This creates double taxation implications for the parties involved in the spin-off. As a result, the double taxation may outweigh the benefit from the tax deferral on the qualifying spin-off, which may make a qualifying spin-off tax unfavorable. Among the four spin-off cases in the Dongbu Group addressed in this study, a spin-off occurred before the tax amendment, whereas three spin-offs occurred after the tax amendment. Initially, we expected that the spin-off before the tax amendment would be a qualifying spin-off, and the other three spin-offs would be non-qualifying spin-offs, considering the taxation rules before and after the July 2010 tax amendment. However, based on the review of summarized balance sheets disclosed in the spin-offs' corporate filings, no capital gains arose during the four spin-offs that occurred in the Dongbu Group. Therefore, we concluded that the Dongbu Group considered non-tax factors more than tax factors while designing and executing the spin-offs. The local media posited during this period that these spin-offs may intend to resolve financial issues in the Dongbu Group, and this analysis was supported by the fact that some shares in the new spun-off companies were sold by the Dongbu Group. Our case studies provide evidence that all costs, including both tax and non-tax costs, must be considered in the course of spin-offs, in addition to the tax burdens on all parties involved in the corporate restructuring, which parallels the work of Scholes et al. (2008). This study provides implications that various aspects should be considered and reviewed in advance when the management makes decisions for effective tax planning.

• Journal of Korea Technology Innovation Society
• /
• v.9 no.4
• /
• pp.654-687
• /
• 2006

Research-based spin-off venture, generally formed to commercialize technology originating from public research institution, could contribute to economic wealth creation and regional development. Although there are some interests in research-based spin-off venture and its success factors across stages of growth, little empirical research was done on research-based spin-off venture's success factors in Korea. The purpose of this research is to investigate research-based spin-off venture's success factors across stages of growth. The methodology used is theoretical and case study. Based on theoretical study, it is found that there are four stages of growth in research-based spin-off ventures such as generating business ideas, finalizing new venture projects, launching spin-off firm, and strengthening the creation of economic value. Then, in order to verify them, a case was analyzed focused on success factors across stages of growth. Additionally, implications and limitations of the result of this study are discussed.

• 대한족부족관절학회:학술대회논문집
• /
• 2008.11a
• /
• pp.29-29
• /
• 2008

• Proceedings of the Korean Society of Machine Tool Engineers Conference
• /
• 2001.10a
• /
• pp.179-184
• /
• 2001

The mechanism of the aerosol generation consists of spin-off, splash, and evaporation/condensation. Most researchers showed some theoretical model for predicting the particulate size and generation rate without cutting in turning operation. These models were based on the spin-off mechanism and verified good for modeling the process. However, in real machining, the cutting tool destructs the spin-off process, and the majority of the mist is due to splash. In this paper, we show some experimental evidence the aerosol generation mechanism should be explained with splash model as well as spin-off.

• Journal of the Korean Society for Precision Engineering
• /
• v.19 no.12
• /
• pp.93-99
• /
• 2002

The mechanism of the aerosol generation generally consists of spin-off, splash, and evaporation/condensation. Most researchers showed some theoretical model for predicting the particulate size and generation rate without real cutting in turning operation. These models were based on the spin-off mechanism, and verified good for modeling the process. However, in real machining, the cutting tool destroys the spin-off process, and the majority of the mist is due to splash. In this paper, we show some experimental evidence that the aerosol generation mechanism in real machining should be explained with splash model as well as spin-off.

• Journal of the Korean Society of Systems Engineering
• /
• v.19 no.1
• /
• pp.14-28
• /
• 2023

The spin-off where the principal technology developers take the lead in the active and initiative pursuit of the commercialization of technologies is increasingly drawing attention, breaking away from the traditional means through the technology transfer or licensing of the public technologies created by the developers. This study aimed to determine the reasons for such differences from the perspective of the institutional theory. The results show that only the start-up support system, profit distribution system for researchers, degree of participation in the technology marketing, entrepreneurship of researchers, the use of start-up systems affected the number of start-ups of spin-off companies. Furthermore, an analysis of success factors and a study on the exploration of success paths for the RSOs will also be required