• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.195-205
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• 2022

This study aims to investigate the relationship between Corporate Venture Capital(CVC) investments and firm innovation, exploring the moderating effect of corporate ESG risk on this relationship. First, adopting the organizational learning theory, I theorize a process in which a firm's relationship with a venture through CVC investments acts as an external innovation source for learning and ultimately short-term innovation. Also, based on the discussion of the stakeholder theory, I argue that when a firm is evaluated as having high ESG risk externally, this may have a negative moderating effect that weakens the relationship between CVC investments and innovative performance. In order to verify these hypotheses, panel data analysis was performed using CVC investments data, patent application data, and ESG risk scores of US high-tech firms from 1993 to 2018. As a result of the analysis, as expected, it was found that the more the firm invests in ventures through CVC, the more the firm's innovative performance increases. In addition, the social aspect of ESG risk of a firm, related to the local community and employees, were found to weaken the association between CVC investments and innovative performance. This study expands the understanding of existing research on CVC investments as a vehicle for learning and innovation. Focusing on the importance of relationship with ventures rather than the size of CVC investments, I empirically examined that the formation of CVC relationships with ventures is directly related to the short-term innovation of investing firms. Additionally, this study contributes to the CVC literature by including stakeholders in the current discussion in addition to investing firms and portfolio ventures. Finally, this study investigated how ESG issues, which are attracting attention as playing an important role in firm activities, are related to CVC investments.

• Korean small business review
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• v.41 no.3
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• pp.49-75
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• 2019

Market instability offers opportunities as well as the need for careful innovation strategies and learning for a company's survival. Companies that find new opportunities decide to carry out innovation and decide on the size of their investments by considering their position in the market they are aiming for and the intensity of competition. This study was conducted to check whether obstacles to innovation face by SMEs in the manufacturing sector vary depending on the stage of corporate growth and to identify the impact of the government support system on the decision-making process on the performance of innovation. According to the analysis, there were differences in obstacles to innovation depending on the stage of corporate growth. It was found that more innovative SMEs are, more obstacles they face, and to overcome such obstacles, they try to access government support systems more. In addition, the use of a government support system eliminated obstacles to innovation, and the positive and significant effects of investing in innovation were identified. This study is meaningful in that it explicitly approached these hypotheses by applying a multistage model to the process of innovation carried out by SMEs in the manufacturing sector.

• The Korean Journal of Financial Management
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• v.19 no.1
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• pp.67-106
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• 2002

본 연구는 전략적 제휴가 단기적으로 기업가치에 어떠한 영향을 미치는 가에 관한 실증적 연구이다. 본 연구의 단기적인 성과 결과는 선행연구와 유사하게 나타났다. 즉, 윈도우 (-20, +20) 사이의 표본에 대한 실증적 연구결과, 시장모형과 시장조정모형 모두 전략적 제휴라는 이벤트 발생 시에 비정상수익률과 누적비정상수익률이 발생한다는 사실을 발견하였다. 이러한 사실은 한국의 제휴기업들도, 제휴로 인하여 기업의 효율성이 증대되어 기업가치가 상승한다는 시너지 가설이 적용된다는 사실을 발견하였다. 단기성과에 영향을 미치는 특성요인과의 관계를 조사하기 위해서 회귀분석을 해 본 결과, 총자본수익률(ROI)과 LQHC(토빈의 Q비율이 낮고 사내잉여금수준이 높은 기업은 1의 값, 그 외는 0을 가지는 가변수)가 통계적으로 유의한 변수로 나타났다. 두 변수 모두 단기성과와 부(-)의 관계를 보였다. 총자본수익률이 부(-)의 관계를 보인 것은 Das, Sen, 그리고 Sengupta(1998)의 연구결과와 유사하게 나타났다. 즉, 수익성과 단기적인 기업가치와의 관계가 부(-)의 관계를 보이는 것은 수익성이 낮은 기업일수록 제휴에 대한 일반 투자자의 기대가 크다고 해석할 수 있다. LQHC변수가 단기성과와 부(-)의 상관관계를 보이는 것은 투자기회가 낮고 사내잉여금수준이 높은 기업은 단기성과와 부(-)의 관계를 의미한다. 결론적으로 기업이 전략적 제휴를 맺음으로 해서 기업가치에는 단기적으로 정(+)의 영향을 미친다고 할 수 있다. 이러한 결과는 새로운 경영흐름의 하나인 제휴를 통하여 기업의 경영효율을 높일 수 있음을 시사하고 있다.

• Journal of Distribution Research
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• v.8 no.1
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• pp.1-19
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• 2003

Given the recent trend in business markets to seek and conscientiously develop long-term relationships, it has become increasingly important to understand why such long-term relationships are developed and how they are maintained. Despite their obvious importance, the antecedent conditions and processes of long-term relationships between industrial buyers and suppliers have not been systematically studied. In this research, I report a study of the antecedents of industrial buyer-seller relationships and the relational performance. What kinds of factors contribute to the development of long-term relationships\ulcorner How do these factors influence the corporate performance in the business markets\ulcorner The primary motivation of this study was drawn from an interest in answering these research questions. Managerial implications of the study results are also discussed.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.255-263
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• 2016

This study conducted empirical tests on contemporary finance theories for corporate cash holdings, such as trade-off, pecking order, and agency theory. There is ongoing debate on the possibility of excess cash savings by domestic firms, including chaebols in the Korean capital markets. Thus, it may be worthy to identify any financial characteristics based on each aforementioned theory as an extension of previous studies on similar subjects. Two primary hypotheses were postulated and tested, and the following empirical results were obtained. First, principal component analysis (PCA) provides evidence that nine out of the twenty explanatory variables showed a significant influence on the level of corporate cash holdings, such as cash conversion cycle in trade-off theory and leverage in pecking order theory. Second, the chaebol firms that decreased cash holdings after global financial turmoil may be affected by financial factors that include investment opportunities and foreign ownership according to the PCA. The results may reinforce the outcomes derived from previous research on corporate cash holdings. Based on the robust results, large firms in advanced or emerging capital markets could approach the optimal level of the cash reserves.

• Proceedings of the CALSEC Conference
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• 1999.07a
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• pp.41-50
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• 1999

최근의 CALS 시스템 구축 가속화 및 전자상거래 활성화 분위기는 정보기술의 전략적 활용의 초점을 개별기업 위주에서 기업간 협력체제 구축과 이를 바탕으로 하는 기업간 전자적 결합(Electronic Integration)으로 옮기고 있다. 우리는 정보기술의 공유를 기반으로 새로운 기업간의 관계를 구축할 수 있으며, 이러한 관계를 전략적으로 활용함으로써 기존 사업에서의 경쟁우위 뿐만 아니라, 새로운 사업기회를 창출할 수 있다. 관련기업간의 데이터 표준화를 통한 정보의 공유는 CALS 시스템 구축의 바탕이 된다고 할 수 있는데, 정보공유의 범위는 산업별 특성과 제품별 특성에 따라 달라질 수밖에 없으며, 관련기업간의 교섭력(Bargaining Power)에 의해서도 영향을 받게된다. CALS 환경에서는 개별기업의 정보전략에 따라 수직적 협력관계에 있는 기업들간의 정보공유 정도와 수평적 협력관계에 있는 기업들간의 정보공유 정도가 결정된다고 할 수 있다. 정보공유의 범위를 설정하는 데에는 기업간에 이루어지는 업무의 성격, 공급-제조-유통으로 연결되는 관련기업간의 구조 등도 크게 영향을 미치는 것으로 파악되고 있다. 이 연구에서는 CALS 시스템 구축과정에서 우리가 고려할 수 있는 정보공유의 범위를 관련업무공유, 시스템공유, 부품 설비공유, 시설공유 등의 관점에서 분석하여 봄으로써, 각 산업별로 진행되고 있는 시범사업들의 시스템 영역의 범위를 재조명해보고자 한다. 이 연구에서 집중적으로 다루게 될 정보공유의 범위에 대한 내용은 CALS 시스템을 개발하려는 기업들의 응용서비스 개발 및 정보전략 구축에 중요한 공헌을 할 수 있을 것으로 기대된다.진" 사업에 대한 표준 설정을 위하여 노스캐롤라이나주 지방보건소의 "보건교육/건강증진" 표준체제를 예로 들었다. 다음으로, 경제적인 효율면에서 볼 때 "보건교육/건강증진" 사업에는 단기 혹은 장기 투자가치가 있는가 하는 것이다. 새로 태어나는 미국 지방 보건소의 "보건교육/건강증진" 활동은 지역 시민 및 그 단체가 광범위하고도 자연 다발적으로 참여할 때만 성공할 수 있다고 결론 지울 수 있다.한 분야별 전문가시스템 개발을 지양하고 MCRDR이론을 기반으로 한 범용성 있는 전문가시스템 개발 툴의 개발에 관한 연구를 소개한다. 후 새로운 지식을 얻는 반복적인 Explanation-based Data Mining Architecture를 제시하였다. 본 연구의 의의로는 데이타 마이닝을 통한 귀납적 지식생성에 있어 귀납적 오류의 발생을 고메인 지식을 통해 설명가능 함을 보임으로 검증하고 아울러 이러한 설명을 통해 연역적으로 새로운 가설지식을 생성시켜 이를 가설검증방식으로 검증함으로써 귀납적 접근과 연역적 접근의 통합 데이타 마이닝 접근을 제시하였다는데 있다.gical learning to give information necessary to improve the making. program and policy decision making, The objectives of the study are to develop the methodology of modeling the socioeconomic evaluation, and build up the practical socioeconomic evaluation model of the HAN projec

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.131-144
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• 2021

The organizational ambidexterity is an organizational strategy designed to pursue exploration activities to seize new opportunities and exploitation activities to efficiently use resources. Most of these ambidextrous structures have been studied for large corporations with slack resources, and there are still not many studies on the necessity of an ambidextrous structure for startups with relatively low-level resources. However, recently, the startup ecosystem is being advanced globally, and the amount of VC investment is rapidly increasing. This is a time when a lot of venture fund is invested in startups and a startup-friendly environment for rapid growth is created. This is the time to discuss the necessity and applicability of an ambidextrous organizational structure for startups. Therefore, this study conducted a hypothesis test whether the importance and necessity of balance that startups solving market problems with new ideas and utilizing accumulated resources have. To conduct this study, we analyzed 140 startups data gathered from the survey and the moderation effect was also analyzed. As a result of the study, it was verified that the balance of startup exploration and exploitation had a significant effect on startup performance, and the moderating effect of environmental dynamics was found to have a significant effect on the relationship with non-financial performance. Therefore, for startups with insufficient resources, it was concluded that the surplus resources generated in the process of a firm's growth should be effectively utilized and the balance between exploration and exploitation should be balanced from the initial stage of searching for a new business. In other words, it was confirmed that it is important for continuous growth and survival to seek the structure of an ambidextrous organization in order to internalize a mechanism that enables startups to pursue both effectiveness and efficiency in the long term. This study suggests a strategic direction for the growth of startups from the perspective of organizational structure. We expect that this meaningful results on the relationship between the ambidextrous capabilities of startups and performance contribute to the growth of startups in the rapidly growing startup venture environment.

• Journal of Korea Technology Innovation Society
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• v.20 no.4
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• pp.939-969
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• 2017

The interest in social regulation and its influence on innovation are increasing as the society concerns more for environment and safety. There have been plenty of literature about the impact of social regulation on innovation and its mechanism. Majority of research have been influenced by or based on the famous Porter's hypothesis. However, majority of the literature focus on internal factors such as expected benefits from change of regulations, and it is hard to find one studying social regulation's influence on innovation through external factors such as market or industrial structure. This study addresses this issue of the impact of social regulation on innovation by analyzing the case of fire-retardant coating material for steel structure industry in Korea. It scrutinizes the impact of social regulation which affects competition and innovation on substitute competing market, and tries to reveal that there might exist the other path to innovation, besides the way that the expected benefit from compliance of regulation directly drives innovation. As a result of the case study, we have found that changes in social regulation may act like economic regulation and restructure the market segment and this effect may lead to innovation. It can be explained by the fact that expected benefits from compliance of regulation can be a direct source of innovation, as Porter suggested, but the change of industry structure and competitive strength caused by the change in social regulation can also act as a driving force of innovation.

• Information Systems Review
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• v.12 no.1
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• pp.165-188
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• 2010

Recently public and finance SI (system integration) industry is called as 4D (difficult, dangerous, dirty, dreamless) industry because of low profit, overtime works and poor motivation of employees. Even some people think at SI industry to be a labor intensive industry instead of a high technology industry. The current study considers outside environmental change of SI industry as well as inside capability enhancement of SI companies. The study adopted action research method with the author's expertise and experiences as a head of a major SI company in Korea. The current research framework suggests 5 areas of profitability enhancement that offers propositions and implications. 5 areas of profitability enhancement are (1) policy improvement, (2) business portfolio innovation (3) sales capability reinforcement, (4) delivery capability reinforcement, and (5) cost management innovation. The five areas include 11 propositional factors and 21 implementation plans which were chosen from the profitability perspectives of SI companies.In order to successfully execute propositions and implementation plans of the framework, 3 years is needed and after 3 years profitability are expected to increase 10% higher than the current level. The framework, propositions and suggestions in this study are expected to offer a real contribution for SI companies that want to enhance competitiveness and profitability. Future extension of the current study to benchmarking the competitiveness and profitability between local companies and global companieswill bring a solid attention from industry and academics.

• 한국벤처창업학회:학술대회논문집
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• 2008.11a
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• pp.257-282
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• 2008

RFID (Radio Frequency Identification) is regarded as a core technology of ubiquitous computing. Although it has some technical limitations such as technological standardization of RFID tags as well as economical limitations, many companies around the world have already accepted RFID to improve their management efficiency. In this regard, this study is to meet with results that the adoption of RFID technology willbring opportunities that companies' operational process are improved and customer satisfaction is highly strengthened. This research focuses on providing more understanding for building RFID marketing strategy to suppliers who want to sell their RFID products to customers through analyzing purchasing process. The findings are as follows; First, the study shows that buying center members usually take product reliability and precision of technical specification in the case of new-task buying situation while they put their first purchasing priority on prices in the straight rebuy. Second, the finding presents that in new-task buying situation and the straight rebuy purchasing personnel get information about new products through product performance test, organizational engineers, opinions from other companies' purchasing personnel, and checking out samples. Third, this research demonstrates when it comes to purchasing risk in their first purchasing, the persons who are in charge of material purchasing are inclined to be aware of the risk most in technical problems, followed by financial problems and time delay problems in order. And in addition to those risks are mentioned above, once-again-purchasers take the risk like an opportunity loss for better products into consideration. Fourth, the study shows that the role of concerning departments makes no difference in each purchasing stage. Accordingly marketers need to beef up the differentiated strategy to persuade their customers. Fifth, the findings of this study demonstrate that purchasing decision making is much influenced by the final users. So suppliers are supposed to perform the most active marketing strategy at the first stage of purchasing through various resources. Finally, the study presents that the suppliers who will have had close relationships with their customers need to give consistent information to them so that their customers can have lower motive in purchasing products from competitors.