• Proceedings of the Korean DIstribution Association Conference
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• 2007.08a
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• pp.67-84
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• 2007

세계경제는 국가간 자유무역협정(FTA)으로 개방과 통합이 가속화되고 있다. 이러한 교역환경의 변화는 국내 프랜차이즈기업의 해외진출 기회를 확대하고 있지만 동시에 선진국 프랜차이즈기업의 위협을 극복해야 한다는 과제를 안겨주고 있다. 본 연구는 국내 프랜차이즈기업을 대상으로 해외 진출기업과 미진출기업의 조직특성에서의 차이점을 규명하는 데 목적이 있다. 자원기반이론과 대리이론에 근거하여 본 연구는 몇 가지 조직특성이 국내 프랜차이즈기업의 해외진출을 촉진하는 것으로 가설을 설정하고 있으며 이를 국내 315개 프랜차이즈기업에 대한 서베이조사를 통해 검증하고 있다. 분석 결과, 해외 진출 프랜차이즈기업이 미진출 프랜차이즈기업에 비해 규모가 크고 역사가 오래되었으며, 국내시장에서 점포의 지리적 분포가 큰 것으로 나타났다. 성장성은 기대와 달리 해외 진출 기업이 미진출 기업보다 낮은 것으로 나타났다. 또한 가맹점에 대한 가격구속은 진출기업과 미진출기업간에 통계적으로 유의적인 차이가 없는 것으로 나타났다. 분석결과를 토대로 본 연구는 국내 프랜차이즈기업의 해외진출을 위한 몇가지 시사점을 향우 연구과제와 함께 제시하고 있다.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2004.05a
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• pp.568-571
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• 2004

본 논문의 목적은 벤처캐피탈(Venture Capitalist)의 투자전략을 게임이론을 통해 분석하고 이해하자는 것이다. 벤처캐피탈은 성장가능성은 높지만 불확실한 벤처기업에 투자하는 전문투자자이다. 벤처캐피탈은 이익을 극대화하기 위해서 성장가능성이 크고 위험관리가 가능한 기업에 투자를 하여야 한다. 하지만, 벤처캐피탈은 일반적으로 제한된 시간과 벤처기업의 속성 때문에 기업에 대한 정보가 부족한 상태에서 투자결정을 내려야 하는 경우가 대부분이다. 투자가 이루어진 후 벤처캐피탈은 벤처기업의 운영 및 기업활동을 감시(Monitor)하고 자문활동(Consulting Activity)을 수행하면서 차츰 기업에 대한 정보를 습득하게 되고 기업의 가치를 판단할 수 있게 된다. 본 논문은 앞에서 기술한 바와 같은 정보 불확실성 상태에서 창업자의 효용(utility)와 벤처캐피탈의 가치평가(value evaluation)를 바탕으로 벤처캐피탈의 투자전략을 게임이론을 통해 분석하였다. 본 논문은 벤처캐피탈이 전환사채형태의 투자를 하는 논거를 밝혀내었다.

• Journal of Digital Convergence
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• v.19 no.9
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• pp.145-156
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• 2021

While the current literature has considered business group as a temporary form of organizations that only exists under the developing contries with under-developed financial markets. Chaebol, a form of businss group in Korea, has sustained as a major organization form in Korea. To fill the current gap in the literature and practice, I suggest a theoretical model of Chaebol scion's entrepreneurial firm growth mechanisms. First, I posit that social, structural, and psychological factors motivate Chaebol scions to engage in entrepreneurship. Second, I suggest that five mechanisms, including business opportunity, financial support, recruitment, marketing, and inter-organizational collaboration, will facilitate entrepreneurial firm growth. By constituting a model of Chaebol scion's entrepreneurial firm growth, the current theoretical paper advances the literature on business group and entrepreneurship with indicating Korean Chaebol's new expansion possibilities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.4
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• pp.25-58
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• 2021

This study investigated the corporate growth with more emphasis on longitudinal characteristics, not the results of companies with relatively more emphasis on cross-sectional, in the 21st-century entrepreneurial context. As of the end of 2019, sampled 479 global unicorn companies, and 333 high-growth companies with revenue of more than $100 million among 5,000 private companies in the U.S. with a compound annual growth rate (CAGR) exceeding 15% for the past three years. They were examined with 3 perspectives in terms of corporate growth that 1) the growth of enterprise value, 2) the pace of growth, and 3) the effectiveness of growth. As a result of our study, the corporate growth of the perspective of creating enterprise value had a relatively higher relationship with the characteristics of industries and markets. The pace of growth was more fully explained by the characteristics of the industry and the market environment and the choice of strategies that make up a valid combination. In addition, growth in terms of the effectiveness of corporate performance was influenced by the choice of strategy, the characteristics of the industry and market environment, and its business age, the proxy variable of resource accumulation, comprehensively. This study through a sample based on companies with an enterprise value of more than $1 billion and annual revenue of more than $100 million can be a valid reference in terms of creating milestones and roadmaps for scale-up of early-stage startups, particularly in terms of practitioners' point of view. It also provides a critical reference for overcoming the limitations of mainstream theories of the 20th century and developing the theory of corporate growth that fits the 21st-century entrepreneurial context.

• Journal of Korea Game Society
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• v.9 no.2
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• pp.81-93
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• 2009

This study aims to investigate human capital in Korea's online game industry (as the representative of IT-based creative services) under the knowledge-based economy paradigm. In recognition of the importance of intellectual capital closely intertwined with human capital and the economic potential of the online game industry, Korean government has begun to show active support. In this context, this study measures the human capital efficiency in online game business by using non-parametric analysis (Data Envelopment Analysis, DEA). Most previous studies (human capital theory, knowledge based economy theory, economic growth theory) have proved that human capital has a very positive effect on sustainable growth of corporate management and wealth of nations. As such, this paper uses the DEA to obtain the efficiency of the human capital (scale, investment, education, compensation). The results of this study will suggest strategic implications on maximizing the human capital in online game corporations and provide a reference frame for government policies.

• Information Systems Review
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• v.23 no.3
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• pp.1-23
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• 2021

The national economic policy paradigm is constantly changing according to the global business environment. Among them, fostering SMEs is a core policy of many developed countries. The growth of SMEs contributes to the creation of jobs and the development of local communities in the era of employment-free growth. In particular, the growth of SMEs is the foundation for growth into mid-sized and large enterprises. Therefore, the growth of SMEs plays an important role in the national economy. Information and communication technology (ICT) became important much more with the emergence of the 4th industrial revolution. Among them, the growth of ICT SMEs is the nation's future asset. Therefore, this study examines and verifies the main factors affecting the performance of ICT SMEs from the view of their R&D resources. On the basis of 1,999 SMEs dataset, empirical analysis was performed to investigate the influence of R&D resources on their corporate performance. Its results are as follows. First, based on theresource-based theory, ICT SMEs' R&D investment, R&D manpower, and government support policies were found to have a positive effect on securing a company's competitive advantage. Second, it was found that the level of product has a positive effect on the company's performance. Finally, it was found that M&A and technology acquisition method strategies differ according to the growth stage of the company. Therefore, in order to achieve technological innovation and corporate performance of ICT SMEs, the government support policy and investment into internal R&D personnel play as main factors. In addition, it was found that technology acquisition strategies differ depending on the growth stage of the company.

• The Korean Journal of Financial Management
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• v.24 no.4
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• pp.135-161
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• 2007

In this paper, we study empirically the dividend initiation decisions of IPO firms listed on Korea Securities Market and KOSDAQ Market. Specifically, we study three aspects of dividend initiation decision, (a) dividend initiation decision, (b) dividend level decision, (c) time-to-initiation decision. The main results of this study can be summarized as follows. First, determinants suggested by the major theories of dividends, namely, residual dividend, dividend signaling, agency, catering, and transactions cost theory explain significantly the dividend initiation decision. Second, determinants suggested by the major theories of dividends explain significantly the dividend level decision. So to speak, most of the findings for dividend initiation decision also hold for the dividend level decision. Third, most of the factors that increase(decrease) the probability of dividend initiation reduce(increase) the time-to-initiation. Almost of the dividend initiation firms start paying dividends within two years of the IPO. Thus, if IPO firm does not initiate dividend early in the life of the firm, then it is highly likely that it will never initiate dividend.

• The Korean Journal of Financial Management
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• v.14 no.1
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• pp.301-318
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• 1997

1981년 최초의 스왑거래가 있은 후부터, 스왑시장은 눈부신 성장을 보여 왔다. 현재까지 스왑시장이 왜 존재하는가 하는 물음에 대하여 여러 가지 이론들이 제시되어 왔다. 본 논문은 이러한 기존의 이론들을 살펴보고 이들과는 다른 각도에서 스왑의 존재를 설명한다. 스왑계약에 참여한 두 기업은 일련의 현금흐름을 교환하여 세후 순이익의 변동성을 감소시킴으로써 기업의 위험 프리미엄을 감소시키고 따라서 기업의 가치를 증가시킬 수 있다. 이러한 논리는 기업의 신용도 스프레드의 차이(quality spread differentials), 대리인 비용(agency costs), 또는 정보 비대칭(information asymmetry) 등의 마찰적 요인이 존재하지 않아도 성립한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.85-105
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• 2021

In this study, a case study was conducted on Advanced Nano Products Co.,Ltd, a company that was established in 2000 and has the core technology to produce and commercialize nano materials and ultrafine nano powders based on nano technology. Deviating from the general case study, a case study analysis frame was set based on the theory of technology management and industry-university cooperation theory, and cases were analyzed. In this case study, Advanced Nano Products Co.,Ltd. was analyzed from two analytical perspectives: the establishment of a Management Of Technology system within the company and the Industry-Academic Cooperation activity. Based on this theoretical-based analysis framework, company visit interviews and related data research and analysis were conducted. As a result of the study of the case company, it was possible to derive how the technology management and industry-university cooperation affect the growth stage of the company as follows. First, the strategic use of technology management is an important factor in strengthening the competitive advantage and core competencies of venture companies, and for survival and growth of startups in the early stages. Second, strategic use of technology management and patents and establishment of a patent management system are a part of business strategy and play a pivotal role in corporate performance. Third, the human and material infrastructure of universities affects the growth of companies in the early stage of start-up, and the high utilization of industry-university cooperation promotes the growth of companies. Fourth, continuous industry-academic cooperation activities in the growth and maturity stages of a company's growth stage are the basis for activating external exchanges and building networks. Lastly, technology management and industry-university cooperation were found to be growth factors for each growth stage of a company. In order for a company to develop continuously from the start-up to the growth and maturity stages, it is necessary to establish a technology management system from the beginning and promote strategic technology management activities. In addition, it can be said that it is important to carry out various industry-academic cooperation activities outside the company. As a result of the case analysis, it was found that Advanced Nano Products Co.,Ltd, which performed these two major activities well, overcame the crisis step by step and continued to grow until now. This study shows how the use of technology management and industry-academic cooperation creates value in each growth stage of technology-based venture companies. In addition, its active use will play a big role in the growth of other venture companies. The results of this case study can be a valid reference for growth research of technology start-up venture companies and related field application and utilization.

• Proceedings of the KAIS Fall Conference
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• 2011.05b
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• pp.641-644
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• 2011

본 연구의 목적은 현재 중국 각 지역에서 중소기업을 경영하고 있는 중국인 창업가나 기업가를 대상으로 기대이론의 1차 수준을 적용해서 창업에 대한 기대, 창업 그리고 성장의도를 서로 간의 관계를 입증하기 위한 것이다. 본 연구에서 기대는 창업에 대한 기대로 정의하고 창업 및 성장의도는 창업가의 주도적 생각으로 정의 되었다. 연구결과에 따르면 제시된 가설은 모두 채택되었다. 즉 기업가의 창업에 대한 기대는 창업 그리고 성장의도에 모두 유의한 영향을 미치는 것으로 나타났으며 창업은 성장의도에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 그리고 창업의 매개역할 확인하려고 실시한 매개회귀분석 결과는 창업이 부분 매개효과를 갖는 것으로 나타났다.