• Korea Trade Review
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• v.43 no.2
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• pp.87-105
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• 2018

We investigate the effects of inward foreign direct investment on innovation in Korean industries from 1998 to 2015 by first dividing FDI into greenfield and M&A (mergers and acquisitions). Furthermore, we use the number of patent applications as the proxy of innovation. Our empirical results are as follows: First, inward foreign direct investment has a significantly positive effect on the number of patent applications. This result suggests that the transfer of technology or knowledge through the inward foreign direct investment has a positive impact on innovation in Korean industries. Second, the greenfield investment has a positive impact on patent applications. This result is consistent with Liu and Zou (2008)'s assertion that greenfield investment has a positive impact on innovation by increasing facilities or plants. The M&A investment, however, has no significant effect on patent applications. This result is consistent with Stiebale and Reize (2011) who argue that the host countries do not benefit from technology transfer through M&A investments. In addition, this supports Liu and Zou (2008) and Garcia et al. (2013)'s hypothesis that foreign parent firms do not influence the innovation of host countries by employing strategies to increase market power rather than R&D activities through M&A investments. It is meaningful that this study first analyzes the impact of foreign direct investment on innovation in Korean industries and uses the number of patent applications as a proxy of innovation. Our empirical evidence provides policy implications for innovation and attraction of inward foreign direct investments.

• Proceedings of the KAIS Fall Conference
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• 2001.05a
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• pp.62-65
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• 2001

1997년과 1998년 4월 1일자의 M&A제한규정이었던 증권거래법 제200조의 철폐와 적대적 M&A의 전면허용 그리고 외국자본의 투자제한의 간소화 등 규제완화조치와, 향후 외국인에 대해서 100%까지 주식을 매입할 수 있는 적대적 M&A가 허용될 것으로 보여 우리나라에서도 M&A활동이 보다 본격화 될 것으로 전망되고 있다. 우리나라에서는 1980년대부터 M&A에 대한 관심과 연구가 시작되면서 지금까지 기업합병ㆍ인수의 동기와 효과에 대해서 많은 연구가 이루어져 왔다. 지금까지의 연구내용은 대부분 기업의 M&A동기는 시너지효과를 얻기 위함이며, 또한 공시정보가 합병공시일 전후동안에 주가수익율에 반영되어 합병 당사기업의 주주의 부에 영향을 미치는지의 주가변화 유무에 국한된 것이었다. 또한 1985년부터 1991년 초 사이에 이루어졌던 연구는 당시 국내 M&A 환경이 매우 열악하고 극히 제한된 비정상적인 자본시장 상황 하에서 이루어진 사례에 의한 연구이었기 때문에 연구결과의 문제점과 한계성이 있었고, 실효성 측면에서도 다소 미흡하였다고 할 수 있다. 우리나라 M&A의 성장발전과정을 크게 2단계로 분류한다면, 제1단계는 1975년부터 시작하여 1990년까지로써 이 기간동안의 M&A환경은 그 여건조성과 성숙준비단계였으며, 제2단계인 1990년 초부터 비로소 선진국형 시장경제원리에 근거한 보다 경쟁적이고 자율적인 M&A 시장구조가 형성되면서 활성화 단계로 진입하였다고 볼 수 있을 것이다. 본 연구의 주된 목적은 1990년부터 1996년 사이에 이루어진 상장기업의 M&A 사례를 표본으로 하여 한국에서의 기업합병과 기업인수(주식취득)가 기업가치에 미치는 영향을 구명하는데 있다. 이를 위하여 먼저, M&A 당사기업의 합병성과 발생과 차이 유무를 주가수익율을 측정하여 실증분석하고 다음으로 M&A에 따른 시너지의 잠재적 원천이 어디에 있는지 재무성과분석을 통해서 이를 실증하는데 목적이 있다.PA-designated retailers ("sellers") must accept end-of-life items returned to them by the consumers. At the local level, Taipei City implements a pay-as-you-throw program, whereby citizens pay waste collection and treatment fees through the purchase of special trash bags approved by the Taipei City Government. However. recyclables that are separated by citizens are collected free-of-charge by the City. Taichung City and Kaohsiung City, on the other hand, enforce mandatory sorting schemes, whereby citizens face penalties if they don't separate recyclables from the trash before pick-up. These programs have resulted in a significant reduction in municipal waste. Per capita waste collected per day has dropped from 1.143 kg in 1997 to 0.978 kg in 2000. Targeting a 10% recycling rate for municipal waste in 2001. EPA plans to research and develop new recycling techniques, expand the scope of producer responsibilities, and strengthen existing mu

• Korea Trade Review
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• v.48 no.1
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• pp.263-285
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• 2023

The purpose of this study is to examine the business model, growth process, and success factors of the successful super app Gojek in the Southeast Asian and Indonesian markets. Gojek's business model analysis focused on the business canvas (9 blocks) that many companies have used to establish business models. Gojek's growth process was analyzed based on timeline. Gojek 1.0 is from the start of the ride hailing service. Gojek 2.0 is a leap forward into a life-friendly platform. Gojek 3.0 is a process of expanding and diversifying domestic and foreign businesses. Gojek 4.0 is a stage of changing to GoTo through mergers with Tokopedia, and setting a higher leap forward. Based on this, the success factors of Gojek are ① Hyperlocalization ② First mobile ③ A company that is loved through mission execution ④ Provide financial inclusion ⑤ Business expansion and diversification through mergers and acquisitions and partnerships ⑥ Entry into overseas markets ⑦ Attracting various partners and investment ⑧ Lock-in effect and hyperpersonalization. The implications obtained through this study and the limitations and direction of the study were discussed.