• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.819-826
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• 2021

This study aims to determine the impact of product consumption strategy and financial autonomy on the competitiveness of technology firms in Vietnam. This study employs panel data of 27 technology firms collected from listed financial statements of the business for the period (2010-2019). The study also uses some indicators reflecting the macroeconomic situation of the economy collected from the World Bank. Instead of Exploratory Factor Analysis which has been used before, the study uses the feasible generalized least squares (FGLS) estimation as the main method. The FGLS corrects the variance changes and autocorrelation on the dataset of these Vietnamese technology firms. The results reveal that the strategy of product consumption and financial autonomy positively affect the competitiveness of technology firms. These are also two core factors of the technology industry, which have a strong impact on the increase in the competitiveness of firms. The findings of this study suggest that technology firms do not need to invest in many long-term assets, but mainly in short-term assets in order to quickly respond to the strategies for consuming new technology products of the business. In addition, the increase in Gross Domestic Product per capita also positively affects the increase in the competitiveness of technology firms.

• Knowledge Management Research
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• v.11 no.1
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• pp.19-35
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• 2010

This study explores the effects of technology innovation activity on a profitability and the default risk of firms. Sample for this study consists of manufacturing firms listed on the Korea Stock Exchange from 1st January 2000 to 31st December 2007. We use of R&D ratio as a proxy of technology innovation activity. The default probability proxied for the default risk of firms is measured by the Merton's (1974) model where accounts for a market value of firms and a volatility of it. This study provides evidence that technology innovation activity has a positive effect on a profitability, but a negative effect on the default risk of firms. Our study also finds the significant mediation effect of profitability that the enhancement in profitability resulting from technology innovation activity lowers the default risk of firms.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2008.10a
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• pp.152-156
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• 2008

This study examines the relationships between R&D investment and Market value of Firms using data of small and medium enterprises (SMEs) in the manufacturing sector of Korea. In particular, this paper investigates the role of technology innovation system in the impact of R&D investment on firm's Market value of Firms. Findings from the previous studies on the relationship between R&D investment and Market value of Firms are positive relationship. Main of the previous studies demonstrated a positive impact of R&D investment on Market value of Firms. On the other hand, some recent studies showed this is not the case. Those studies persisted that the technological innovation system for managing and efficiently utilizing R&D investment and capability has to be built in order for R&D investment to give rise to increases in Market value of Firms. According to the Oslo manual by OECD, it is assumed that a technology innovation system can becharacterized as three factors :capability for technological innovation, capability for technology commercialization, capability for technological innovation management. This study divides sample firms into two groups using the "Inno-Biz" certificate system of the Korean Small and Medium Business Administration (SMBA): Inno-Biz firms Vs. Not Inno-Biz firms. The system selects innovative SMEs denoted as "Inno-Biz" using the above factors as criteria. The results revealed that the technology innovation system has the moderating effect to R&D investment on Market value of Firms.

• Asian Journal of Innovation and Policy
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• v.9 no.3
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• pp.257-280
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• 2020

The study analyzed the effectiveness of a technology transfer and commercialization support program to Korean technology transfer offices and firms. The study created a logic model to design a questionnaire to analyze how the support program, directly and indirectly, affected the technology transfer offices and the firms' performances. The study found that technology transfer offices are focused not only on potential firms' excavation activity to process the technology transfer but also on providing strategic support to provide practical assistance to the firms' needs. Not only has the number of technology transfer cases increased during the two-year program duration, but other activities, such as technical guidance and various strategic consulting for commercialization of the transferred technology, have also appeared to have increased considerably. Support program has helped strengthen the firms' internal capabilities, expand new market capabilities, and increase the firms' indirect performances.

• Journal of Korea Technology Innovation Society
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• v.1 no.3
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• pp.351-363
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• 1998

This case study aims at investigating the factors which make venture firms successful. It analysedthree high-performance venture firms originated from the government-financed rese arch institute, the company and the university on the viewpoint of 'dynamic capability' theory. In this case study, technology integration capability and administrative innovation capability were identified as success factors of the three venture firms. The study also presented the role of the incubating organizations. Although incubating organizations supported technological and managerial resource-building of the entrepreneurs, there was not active interactive-learning between venture firms and incubating organizations after spin-off.

• STI Policy Review
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• v.2 no.1
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• pp.35-53
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• 2011

This paper originates from the questions concerning why Korea has had difficulties in boosting R&D service industries regardless of government efforts over a decade. We first review the intrinsic nature of the R&D services and set up four criteria such as establishment type, diversification of business models, coverage of client firms, and role of R&D service firms as innovation drivers and IP strategies, that will be used in interviewing and analyzing R&D service firms. Second, we carry out in-depth interviews of eighteen R&D service firms to understand business behaviors and relevant characteristics. Finally, we identify five groups of R&D service firms and conclude that differentiated polices have to be implemented according to the groups for promoting the industry effectively.

• KDI Journal of Economic Policy
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• v.35 no.1
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• pp.63-101
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• 2013

'Venture firms' in Korea are the firms who are certified as 'venture', whose certification types are defined by a law ('Special Law for the Support of Venture Firms'), and therefore encompass not only the venture capital-financed companies, which are usually regarded as ventures in USA and European countries, but also other types of firms such as R&D-intensive firms and the firms with financial guarantee or loans through technology evaluation ('technology finance or loan firms'). This paper examines the differences in the Korean venture firms' growth between the venture certification types. For the empirical analysis, this paper uses the lists of venture-certified firms from 1998 to 2010 which are then linked with their financial data in Korea Enterprises Database (KED). According to the results of empirical analyses, the companies in the 'venture capital-financed firms' type show greater growth rate in sales and the number of regular employees 3 and 5 years after first venture certification than the firms in type of 'technology finance/loan firms'. Moreover, the newly certified companies in 'R&D-intensive firms' type are also showing faster growth than the 'technology finance/loan firms' since 2003 where the venture industry has undergone a consolidation phase after the blast of so-called 'IT venture bubble' in 2001~2002. These results imply that the so-called 'venture firms' in Korea are composed with heterogeneous firm groups with different characteristics and that the companies selected through market mechanism ('venture capital-financed firms') outperforms the companies selected on the basis of policy interests ('technology finance/loan firms') in terms of the growth in sales and employment. On the basis of these findings, this paper suggests that the current venture-support policy should consider the different policy demands of firms across the type of venture certification more actively and that should refocus the objective of policies on facilitating venture capital market rather than emphasizing the nominal increase in the number of venture-certified firms.

• Journal of Korea Technology Innovation Society
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• v.8 no.3
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• pp.1175-1198
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• 2005

The objective of the study is to verify the relationship between technology valuation indexes and corporate's performance in ventures by business operating periods. The result of the study is expected to be useful in loan evaluation, investment decision, internal management decision making and business improvement. The results of study is as follows. First, in early stage ventures, we find that three major valuation index(technology feasibility, economic efficiency, productivity) are significant ex-ante variables which are discriminating between firms' going concern and firms' failure. Second, in growth stage ventures, we find that three major valuation index(business feasibility, general marketability, technology marketability) are significant ex-ante variables which are discriminating between firms' going concern and firms' failure. Third, in early stage ventures, we find that at least thirty-eight minor valuation index elements are significant ex-ante variables which are discriminating between firms' going concern and firms' failure and in growth stage ventures, thirty-one minor valuation index elements are significant in various analysis' results.

• Journal of Technology Innovation
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• v.12 no.2
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• pp.1-19
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• 2004

This paper focuses on the significant issues of technological capability development of latecomer firms, and government policies enabling such firms to attain certain level of technological capability. The survey and case studies of manufacturing firms in Thailand were conducted to substantiate and investigate the process of technological capability development of latecomer firms. The analysis portrays a dynamic view of technological capability development that comprises three key elements namely strategic capability, internal capability, and external linkage capability. The paper, subsequently, discusses and suggests a tentative taxonomy of government policies and measures to support firms' technological capability development.

• STI Policy Review
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• v.9 no.1
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• pp.77-98
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• 2018

In the past few decades, the importance of dynamics of University-Industry Linkage(UIL) in strengthening national and regional innovation competency and global competitiveness has been progressively more acknowledged. However, establishing an effective UIL for a better economic development is still a challenging endeavor in Ethiopia, particularly in Tigray region. This study is aimed at assessing the status of UIL and in order to achieve such aim it analyzed the determinants of firms' intensity of interaction with the Mekelle University (MU) and the effect of the intensity of interaction on the relevant firms' innovation performance. The findings of the study showed that the status of UIL between the firms and the university in Tigray region was at an infant stage. The study also found that firm size, firm age (startups) and government supports have had a significant effect on firms' intensity of interaction with the MU. However, the firms' intensity of interaction with the MU did not have any significant effect on the firms' innovation performance. In contrast, cooperation with customers, other groups and suppliers, firm size, firm age, and in-house R&D activities were found to have a significant effect on the firms' innovation performance. In conclusion, the acquisition of knowledge and technology from university does not have an important role in firms' innovation performance in the studied region. Consequently, the government should design effective strategies and assign responsible bodies to implement the strategies, create awareness, and organize both firms and university to meet and work together in order to enhance firms' innovation performance.