• Proceedings of the Korean System Dynamics Society
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• 2002.08a
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• pp.29-48
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• 2002

전략경영의 관심은 크게 두 가지로 나뉘어져 왔다. 하나는 조직간 성과의 차이를 설명하거나 성과 차이를 가져오는 전략적 차이를 설명하는데 있었다(Barnett ＆ Burgelman, 1996; Teece, Pisano ＆ Shuen, 1997). 이는 기업이 왜 존재하는가에 대한 다양한 설명을 하여주는데 일조를 하여왔다. 거래비용 이론에서는 기업이 저 비용을 달성하기 위해 시장보다는 내부 화를 통해 기업의 성과를 높이며 (Williamson, 1982), Porter (1980)의 전략 분석 틀들은 기업이 어떤 산업에 진입하는가와 진입 시 어떤 전략을 사용하는가에 따라서 기업의 성과가 달라진다는 것을 보여주었다. 또한 경영자원론은 기업의 독특한 자원이 혁신이나 차별화를 가능하게 함으로써(Wernerfelt, 1984; Barney, 1991), 네트워크 이론에서는 조직간의 네트워크에서 강력한 위치를 차지함으로 인해 (Pfeffer ＆ Salancik, 1978; Burt, 1992), 환경 분석론에서는 시장에서 제공되는 기회와의 적합성이 있는 전략과 구조를 가짐(Scott, 1975; Venkatraman ＆ Prescott, 1990)으로 인해 기업의 성과가 달라짐을 설명하고 있다.(중략)

• The Korean Journal of Financial Management
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• v.17 no.2
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• pp.1-28
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• 2000

본 연구에서는 경영자 소유지분과 자본적 투자지출의 관계를 이론과 실증분석의 양 차원에서 분석하였다. 우선 이론적인 분석에서는 경영자가 기업가치 극대화뿐만 아니라 규모극대화를 동시에 추구할 때, 기업의 자발적 투자지출은 경영자 소유지분의 함수라는 점을 보였다. 특히 2차효용함수의 가정하에서 자본적 투자지출과 경영자 소유지분의 관계는 경영자의 소유지분과 위험회피도, 확실성 등가에 의한 프로젝트의 순기대현금 흐름 수준에 따라 달라지는 것으로 나타났다. 또한 자본적 투자지출은 경영자의 효용함수 행태에 따라 경영자 소유지분이 낮은 수준에서는 소유지분의 감소함수이나 높은 수준에서는 증가함수로 반전되는 구조적인 전환점이 존재한다는 점을 밝혔다. 한편 90-95년 중 우리나라 상장 제조업의 자료를 바탕으로 규모극대화 기업과 규모비극대화 기업에 대하여 경영자 소유지분과 자본적 투자지출의 관계를 비교한 결과, 규모극대화 기업에서 경영자 지분이 약 30%인 구조적인 전환점을 중심으로 그 이전에서는 경영자 지분의 증가에 따라 자본적 투자지출이 감소하나 그 이후에는 증가함수로 단전되는 것으로 나타나 이론의 내용을 지지하였다. 그러므로 본 연구의 결과는 기존의 연구에서와는 달리 안주가설(entrenchment hypothesis)에 의하지 않더라도 경영자의 효용함수의 행태에 따라 일정한 경영자 소유지분 이상에서는 가치비극대화 행위가 지배할 있다는 점을 보여주고 있다.

• Journal of Korea Technology Innovation Society
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• v.15 no.3
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• pp.500-532
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• 2012

This study analyzed the technology innovation strategies of knowledge-based companies in the semiconductor IP industry. The theoretical approaches of this study are to i) the creation, protection and utilization of knowledge and innovation, ii) value creation from innovation, iii) modularity, timing of market entry, and the emergence and competition of standard (dominant design). Based on the theoretical analysis, I presented exploratory research hypotheses. Ultimately, this study examined the proposed hypotheses by conducting case studies on the technology innovation strategy of two leading knowledge-based companies in the semiconductor IP industry: ARM and INTEL. First, knowledge-based companies entering in the early stage of the technology cycle select the vertically-integrated technology strategy because of lower access to complementary knowledge assets, and maintain the vertically-integrated technology strategy despite the environmental change-driven differentiation of industry's value chain. Second, knowledge-based companies entering in the later stage of the technology cycle prefer the contract-based technology strategy because of its increased accessibility to complementary knowledge assets, and choose a different path of innovation strategies depending on whether their asset has the feature of discontinuity or not.

• Design Convergence Study
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• v.15 no.6
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• pp.255-270
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• 2016

The purpose of this research is to establish the UX methodology knowledge optimized for small sized companies on the basis of theoretical and practical UX development process models. The 7 UX design process models were analyzed by the outcomes and attributes on each design stage from academic field. Then the interview and observation on 18 domestic companies were conducted to clarify the actual methods in use and the gab from the academic theories. The two different design model were unified as an product lifecycle coupled UX process (PLUS). The 100 theory-industry knowedge combined UX design methodologies were selected and aligned along with 6 design stages of PLUS process. Each method was decomposed as a template format that contains standardized attributes applicable for small companies under consideration of their resources, process and produced items. The result of this research is expected to be applied onto real industry and reduce the risk of small manufacturing companies to escalate the quality of UX in their productions.

• Management & Information Systems Review
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• v.34 no.3
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• pp.61-78
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• 2015

The purpose of this study is to analyze the impact of cash holdings on internationalization of listed manufacturing firms. We explore moderating effect of managerial ownership between cash holdings and internationalization of firms. We analysed cross-sectional data of 645 listed companies from 2000 to 2013 using the fixed effects estimation. Empirical results showed that the there was a positive significant relation between cash holdings and internationalization of firms This study also found that managerial ownership have a significant negative moderating effects in the pathway between cash holdings and internationalization Cash liquidities can be rapidly induced internationalization. Managerial ownership increase agency cost, therefore, it might have a negative effects on internationalization These results suggest that agency cost with cash holdings is very important for cash management.

• Asia Marketing Journal
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• v.1 no.1
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• pp.6.1-6.16
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• 1998

입찰계약방식은 발주기업인 구매자가 최선의 공급자를 결정하기 위해 선택 가능한 하나의 전략적 도구로서 매우 중요한 의의를 지니고 있다. 본연구는 대리이론과 거래비용분석에 의해 발주기업의 입찰계약방식결정에 영향을 미치는 요인을 이론적으로 제시하고 있다. 본 연구는 입찰계약방식이 거래의 관계지향성과 계약의 명시성의 두가지 차원을 본질로 하고 있으며, 이들 두가지 차원에 영향을 미치는 요인으로 정보의 비대칭성, 지각된 위험의 크기, 성과측정 및 감시의 필요성, 응찰기업에 대한 신뢰와 몰입수준, 발주기업의 상대적 의존도의 다섯 가지 요인을 들고 있다. 본연구는 입찰계약방식이 이들 요인에 의해 어떻게 결정되는가를 명제의 형태로 제시하고 있으며, 실증분석을 위한 몇 가지 제언도 함께 제시하고 있다.

• The Journal of the Korea Contents Association
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• v.8 no.3
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• pp.97-106
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• 2008

'Hoon's family story' is worth analysing because it is appreciated one of excellent advertising campaigns made success of gaining social sympathy and inducing interaction on media. And advertisements expressions have been regarded as the tort that we should analyze by semiotic methods. This paper provides possibilities of the advertisement analysis matrix for analysing significations of this campaign based on theories of Roland Barthes and Roman Jakobson for advertising planners and designers.

• 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.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.6
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• pp.110-118
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• 2017

This study investigated empirically one of the controversial subjects in modern finance, in that there is an optimal level of capital structure for KOSPI-listed firms in the Korean capital market. Given the major theories on the capital structure, such as Myers' pecking order, trade-off, and agency cost ones, this study applied an analysis of covariance models in parametric and non-parametric statistical methods. In particular, two covariates to control for the possible effects of trade-off and agency cost, were employed separately in each corresponding model, while the other proxy for pecking order rationale was adopted in previous research [1] to conduct inter- and intra-industry analyses. Based on the outcomes obtained from the study, it was demonstrated empirically that there are optimal capital structures for firms in the sample industries at the inter-industry level, whereas statistical differences indicating non-existence of an optimal point, were revealed within the industry. Accordingly, these findings suggest a new vision to potential investors that firms in the domestic market may have financial opportunities to increase their value by gradually adjusting the leverage ratios in terms of the intra-industry perspective.

• Information Systems Review
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• v.12 no.1
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• pp.107-130
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• 2010

Knowledge management strategy is considered a key determinant of successful knowledge management. However, theoretical and empirical researchers disagree on how knowledge management strategies improve firms' performance. The inconsistent results of prior studies may be attributed to the fact that complementary relationships among knowledge management strategies have not been adequately taken into consideration. While the previous literature has focused on investigating the impact of knowledge sourcing strategies on firms' performance one-at-a-time, in reality firms adopt several different knowledge management strategies together. By drawing on complementarity theory, this study revisits this research problem and develops three complementarity hypotheses. Surveys collected from 139 firms in Korea were analyzed to test the hypotheses by using super modularity function. The results confirmed complementary relationships between system- and person-oriented, and between internal- and external-oriented knowledge management strategies. Our results found no complementarity among the four different knowledge management strategies. This study sheds new light on knowledge management research by developing a new conceptual framework and using advanced analytical approaches to explore the relationship between knowledge management strategies and firms' performance. Implications for practice highlight that a successful knowledge management strategy requires a judicious combination of system- and person-oriented, or of internal- and external-oriented knowledge management strategies.