• Journal of Digital Convergence
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• v.18 no.5
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• pp.145-155
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• 2020

The purpose of this study investigates the relationship between business strategy and cost behavior according to the corporate life cycle. To do so, I first examine the relationship between cost behavior and business strategy. And then, I analyze the effect of the business strategy on cost behavior conditional upon corporate life cycle based on listed Korean firms from 2000 to 2019. Specifically, the business strategy index is calculated by using the six continuous financial factors and the Prospector and Defender was defined on the score. Also, the corporate life cycle is distinguished based on the cash flow pattern. I find the evidence that the Prospector firms are likely to strengthen the asymmetry of cost behavior (cost stickiness), and examined that such a relationship was most strongly represented in the Introduction. This study is meaningful in that this is a more comprehensive analysis by examining business strategy and cost strategy according to the corporate life cycle and expand the application of financial information by using financial indicators to distinguish business strategies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.229-243
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• 2022

The importance of digital economy and platform firms in the Korean economy is growing. However, the concept and definition of platform firms are still in vague. In addition, the construct of platform firms in ecosystem has not yet investigated. In this paper, we attempt to define the platform firm and to classify the platform depends on the attributes of firms and business. We find 552 platform firms compose Korean platform ecosystem. From this study, the understood of platform concept can be accurated. Specifically, from the perspective of a 'firm' rather than a business-oriented attribute, and furthermore, the type of platform firm and detailed classification of industries and services were proposed for empirical analysis in the future. In addition, through the analysis of the current status of the platform ecosystem, policy recommendations for the future development and activation of the ecosystem were presented.

• 프린팅코리아
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• v.14 no.4
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• pp.86-86
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• 2014

한국무역보험공사는 최근 엔저로 어려움을 겪고 있는 중소기업을 지원하기 위해 최근 환율이 오를 때는 환수금이 없고, 환율이 내릴 때는 피해액을 전액 보상하는 '완전보장 옵션형 환변동보험' 서비스를 시작한다고 발표했다. '완전보장 옵션형 환변동보험'은 엔저로 어려움을 겪고 있는 농수산물 및 영세 수출기업을 지원하기 위해 도입됐다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.1
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• pp.274-281
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• 2015

Firms are becoming increasingly dependent on external resources for a competitive advantage in environmental turbulence, the requisite speed of organizational change. Therefore, they focused on an 'Open Innovation'. This study examined the relationships among entrepreneurial orientation, learning orientation, open innovation, and new product development. The results provide broad support for the following: (1) entrepreneurial orientation and learning orientation strongly drive open innovation, (2) open innovation has a significant effect on new product development, and (3) learning orientation has a positive effect on open innovation and new product development. These results provide unique insight into how firms develop new product through open innovation. This study also addresses the implications of these results and the possible limitations of the research.

• 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.

• Venture DIGEST
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• s.66
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• pp.8-9
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• 2005

전시문화 기업 ‘시공테크’의 박기석 대표는 새벽 5시 30분이면 어김없이 하루를 시작한다. 한시간 쯤 후인 6시 40분이면 또 어김없이 국선도 도장에서 운동중인 그를 만날 수 있다. 17년간 이어온 사업도 생활과 조금도 다르지 않다. 수요가 창출되지도 않은 국내전시사업시장의 불모지에서 시장을 예측하며 조금씩 수요를 만들어냈고, 정해진 시간표대로 성장해 시장을 주도하는 오늘의 시공테크를 일궈냈다. 이런 박대표는‘기업의 정점은 무한하며, 벤처는 항상 미래형이어야 한다’고 입버릇처럼 얘기한다. 그가 얘기하는 무한함과 시공테크의 미래형은 과연 어떤 모습일까.

• Land and Housing Review
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• v.6 no.4
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• pp.165-175
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• 2015

This study is focusing on the needs to introduce policy decision making based on identification of the definition for 'business life cycle' and 'public enterprises' for proper public enterprises management. For this purpose, the study is planning to define categorical variables for enterprise life cycle and provide basic data for public enterprises management policy. This study explored 'Korea Expressway Corporation', 'K-water', 'Korea Railroad', 'Korea Land and Housing Corporations', because of they are the public institutions recently underwent 'management normalization policy' due to rapidly increasing debt. First, there follows the analysis on priority and standard of categorical variables for quasi-market oriented SOC public enterprise life cycle by using AHP and frequency study on expert survey. Next, this study investigated and analyzed the enterprises management plan for expected 'declining period' through forecasting 'declining period' by conducting 2nd expert survey.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.11a
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• pp.263-287
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• 2017

본 연구는 연구개발의 기술적 성과에 비하여 상대적으로 저조한 경제적 성과를 제고하기 위해 중소기업의 기술사업화를 촉진하는 한국형 기술사업화 모델 및 이를 위한 과학적 연구방법론 제시를 목적으로 하고 있다. 먼저 기술사업화의 성공실패에 관련된 연구 중 하나인 신제품개발에서 경제적 성과에 긍정적인 영향을 미치는 요인들을 선행연구를 통해 확인하고 우리나라 중소기업의 기술사업화 추진실태와 과제를 진단한다. 다음으로 세계 R&D 동향과 국내 대기업에서 추진하고 있는 6시그마 연구혁신 모델 및 기술사업화의 경제적 성과를 제고하기 위한 과학적 연구방법론 벤치마킹 분석 등의 결과를 토대로 우리나라 중소기업들이 수행하는 연구개발의 기술적 성과는 물론 경제적 성과도 제고할 수 있는 시장중심 R&D를 위한 한국형 기술사업화 모델과 이를 위한 5가지 과학적 연구 방법론을 제시한다. 1990년대 후반부터 등장하기 시작한 새로운 R&D동향은 사업부나 고객뿐만 아니라 공급자 등 외부 파트너들과의 상호 긴밀한 협력 하에 이들의 명시적인 니즈는 물론 암묵지 형태의 니즈까지도 파악하여 이를 R&D 활동에 반영하기 시작하였다. 특히 기업은 1980년대 정보화 진전, 변화의 가속화에 따라 연구과제의 성공이 바로 기업발전으로 연결되지 않는다는 것을 자각하기 시작했다. 단순히 R&D 활동만을 중시하는 것이 아니라 기술을 어떻게 마케팅과 연계시킬 것인가가 더욱 중요하게 되었다. 신기술을 신시장에 연결시키는 것이 용이하지 않지만, 성공 시에는 높은 가치창출을 기대할 수 있으므로 기업들은 R&D활동 보다 높은 가치를 창출하려는 활동에 관심을 가져야만 한다. 이와 같은 글로벌 환경 변화에 능동적으로 대처하고 제4차 산업혁명시대 중소기업의 연구개발 투자가 경제적 성과로 촉진될 수 있도록 본 연구에서 제시된 시장중심 R&D를 위한 한국형 기술사업화 모델과 5가지 과학적 연구방법론이 크게 기여하기를 기대해 본다.

• Journal of Intelligence and Information Systems
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• v.5 no.2
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• pp.99-120
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• 1999

지식경？ 전략과 기업 성과에 대한 기존 연구는 연구방법 및 대상이 제한적이었다. 본 연구는 전략과 성과에 대한 영향분석을 위해 국내 기업을 대상으로 설문을 실시하였다. 지식경영 전략은 (ⅰ) 내부 및 외부 지식원천을 이용하고 사람 및 지식 재사용을 모두 강조하는 적극적 전략, (ⅱ) 내부지식을 위주로 한 사람중심 전략(ⅲ) 외부지식 위주의 재사용중심 전략(ⅳ) 지식원천 활용이 저조하고 확실한 지식경영 중심이 미비한 소극적 전략의 4 유형으로 대별된다. 기업성과는 재무적 요소와 비재무적 요소가 고려되었다. 또한 조직구조, 문화, 기술적 특성의 차이도 파악되었는데, 적극적 전략의 기업이 조직구조, 문화, 그리고 정보기술 측면에서 지식경영에 적합하다는 점이 파악되었다. 내부지식 위주의 사람 중심형 기업은 조직 공동의 문화형성에 많은 노력을 기울이는 반면, 외부지식 중심의 재사용 중심형 기업은 정보기술 인프라 구축에서 우수함이 분석되었다. 본 연구결과는 기업의 지식경영 전략 수립에 실제적 지침을 제공할 것으로 기대된다.

• Journal of Digital Convergence
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• v.9 no.6
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• pp.125-135
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• 2011

It is important that SMEs build business ecosystems on the open innovation for sustainable innovation. And, many Korea companies have tried to adopt new ideas from external collaborators and transfer their technologies to others based un the open innovation. But SMEs hard to progress it than middle & large companies. So, our research purpose is to find success factors of open innovation in regional SMEs.