• Journal of Distribution Science
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• v.9 no.4
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• pp.63-73
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• 2011

The relationship between buyers and sellers is changing into a long-term relationship. A number of distribution channel researchers have determined that the behavior of distribution channel members can be characterized by relational exchanges. The members of relational distribution channels may be perceived as strategic partners; however, even within these arrangements, member asymmetries may exist, which can create unequal distributions of power and dependence. Thus, as all distribution channel members may not be equal in power, it is possible that a less-dependent channel leader may emerge. Therefore, leadership in distribution channels is a very important variable. Distribution channel leadership can be defined as the activities undertaken by the distribution channel leader to influence the marketing programs and strategies of channel members. A distribution channel's performance is influenced by the leadership style of the channel leader. Although research on channel leadership styles can be broadly categorized, many researchers have dealt with analyzing distribution channel leadership by using the power-influence approach, which includes looking at variables, such as power, power base, and influence strategies. Moreover, they have examined the direct relationship between leadership styles and performance. Many distribution channel scholars have attempted to justify the application of leadership styles identified in alternative leadership theories to the inter-organizational context of distribution channels. They have made suggestions regarding how great the usefulness of leadership style as a strategy is to secure the compliance of distribution channel members and have conceptually and empirically linked it to channel-related phenomena, such as manifest conflict, cooperation, channel efficiency, and effectiveness. However, as few empirical studies have examined the antecedents and consequences of leadership styles, research on leadership style can be considered nascent. Thus, it is required to investigate the antecedents and consequences of the leadership style of a distribution channel leader. This study aims to empirically identify whether there are influences of the antecedents of leadership on two different leadership styles, and to reveal whether these leadership styles induce any consequences. The research subjects were 220 franchisees. Research findings are as follows: First, the results show a positive effect of technological capability on transformational relationships. However, it does not have a significant effect on transactional leadership. Second, innovation-oriented organizational culture has negatively influenced both leaderships. However, task-oriented organizational culture positively and significantly influenced both forms of leadership. Third, the ethics of leaders has influenced both leadership styles positively and significantly. Fourth, regarding consequences, transformational leadership strengthens financial performances, whereas it weakens relational citizenship behaviors. However, transactional leadership positively influences relational citizenship behavior whilst negatively affecting financial performance.

• Journal of Intelligence and Information Systems
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• v.17 no.3
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• pp.187-201
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• 2011

KOSPI200 index is the Korean stock price index consisting of actively traded 200 stocks in the Korean stock market. Its base value of 100 was set on January 3, 1990. The Korea Exchange (KRX) developed derivatives markets on the KOSPI200 index. KOSPI200 index futures market, introduced in 1996, has become one of the most actively traded indexes markets in the world. Traders can make profit by entering a long position on the KOSPI200 index futures contract if the KOSPI200 index will rise in the future. Likewise, they can make profit by entering a short position if the KOSPI200 index will decline in the future. Basically, KOSPI200 index futures trading is a short-term zero-sum game and therefore most futures traders are using technical indicators. Advanced traders make stable profits by using system trading technique, also known as algorithm trading. Algorithm trading uses computer programs for receiving real-time stock market data, analyzing stock price movements with various technical indicators and automatically entering trading orders such as timing, price or quantity of the order without any human intervention. Recent studies have shown the usefulness of artificial intelligent systems in forecasting stock prices or investment risk. KOSPI200 index data is numerical time-series data which is a sequence of data points measured at successive uniform time intervals such as minute, day, week or month. KOSPI200 index futures traders use technical analysis to find out some patterns on the time-series chart. Although there are many technical indicators, their results indicate the market states among bull, bear and flat. Most strategies based on technical analysis are divided into trend following strategy and non-trend following strategy. Both strategies decide the market states based on the patterns of the KOSPI200 index time-series data. This goes well with Markov model (MM). Everybody knows that the next price is upper or lower than the last price or similar to the last price, and knows that the next price is influenced by the last price. However, nobody knows the exact status of the next price whether it goes up or down or flat. So, hidden Markov model (HMM) is better fitted than MM. HMM is divided into discrete HMM (DHMM) and continuous HMM (CHMM). The only difference between DHMM and CHMM is in their representation of state probabilities. DHMM uses discrete probability density function and CHMM uses continuous probability density function such as Gaussian Mixture Model. KOSPI200 index values are real number and these follow a continuous probability density function, so CHMM is proper than DHMM for the KOSPI200 index. In this paper, we present an artificial intelligent trading system based on CHMM for the KOSPI200 index futures system traders. Traders have experienced on technical trading for the KOSPI200 index futures market ever since the introduction of the KOSPI200 index futures market. They have applied many strategies to make profit in trading the KOSPI200 index futures. Some strategies are based on technical indicators such as moving averages or stochastics, and others are based on candlestick patterns such as three outside up, three outside down, harami or doji star. We show a trading system of moving average cross strategy based on CHMM, and we compare it to a traditional algorithmic trading system. We set the parameter values of moving averages at common values used by market practitioners. Empirical results are presented to compare the simulation performance with the traditional algorithmic trading system using long-term daily KOSPI200 index data of more than 20 years. Our suggested trading system shows higher trading performance than naive system trading.

• Journal of Korea Technology Innovation Society
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• v.10 no.2
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• pp.284-309
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• 2007

Technology transfer (TT) consortium is an affiliation of two or more public research institutions (PRIs) that participate in a common technology transfer activity or pool their resources together, with the objective of facilitating technology transfer. Based on empirical analysis of five regional TT consortia (2002-2006) operating in Korea, this paper suggests their effectiveness by employing a TT performance index (TTPI) and identifies possible characteristics involved, such as motivations, facilitators, barriers, and challenges. TTPI devised in the paper is a new composite TT performance index to measure how much the TT performance of a PH changed in a designated year compared to a base year. All the performance indicators of TTPI are well-structured based on the unique TT process that is prevalent in Korea. Further, TTPI can bring different size and focus of PRIs to the same scale for comparison by double-normalizing. The paper tests the effectiveness of TT consortium for the escalation of TT performances in member PRIs by highlighting the differences of TTPI's between 2005 and 2001. As a result, the paper found that the escalation of TTPI for member PRIs was greater than that for non-member PRIs. As for the characteristics of TT consortia, their respective factors obtained by TT expert survey were computed with proportion tests of differences (Z tests) to compare two perspectives between intramural and extramural groups. One of key findings is that there is general homogeneity in stakeholder perspectives regarding motivations, facilitators, barriers, and challenges. Some notable responses are as follow; the most probable motivation to join TT consortium is to share or exchange TT competences for enhanced performance. Second, the most probable facilitator is professional capability of consortium-hired personnel. Third, the foremost probable barriers to effective TT consortium are frequent change of consortium director and passive participation of member PRIs. Lastly, both publicizing TT consortia and developing performance metrics are the most important for the improvement of TT consortia. The understanding of the characteristics of TT consortia increases the likelihood of accelerated success, because TT consortia path from formation to termination encompasses many concepts, processes, principles, and factors. Finally, an analysis of the survey data combined with expert interview and observation data led the authors to derive five conditions as being critical to viable TT consortia in Korea at early stage of technology transfer systems. These conditions include policy infrastructure, proactive participation, excellent professionals, personal motivation, and teaming mechanisms. It is expected that the Korean evidence is a starting point to develop and refine the theory of TT consortia and for additional studies in other countries.

• Journal of the Korean Academy of Child and Adolescent Psychiatry
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• v.8 no.1
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• pp.3-21
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• 1997

We examined the developmental characteristics of dream, daydream, and hope of elementary school students in their 1st, 3rd, and 5th grades, and studied the correlation between three variables. We summarized the results of this study as follows. 1) The contents of dream developed with the cognitive development and socialization process. In detail, appearance of animals, family members, and known persons gradually decreased, and appearance of self, same-sex peers, and strangers gradually increased. These results are comparable with the previous studies of dream. 2) Daydream, hope, and current state also developed with age. In detail, frequency of daydream increased, and the contents of daydream and hope changed toward more self-centered and more realistic. The changes of current state are thought to reflect the specific situation of Korea. 3) There are some correlation among dream, daydream, and hope. Especially happy mood and fearful mood had positive correlation with the relevant contents of dream, daydream, and hope. Also the contents of dream showed positive correlation with the same contents of daydream. This study is the first trial which investigate the developmental characteristics of dream, daydream, and hope of normal children in Korea. We verified that dream and daydream are on the continuous line of ‘reality-imitation-play-daydream-dream’ Finally, considering the facts that dream developed with age；responded to meaningful emotional experiences；and had the correlation with daydream, hope, and current state, the results of this study support the psychological meaning of dream.

• Management & Information Systems Review
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• v.35 no.3
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• pp.1-22
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• 2016

We analyzed the international comovements and structural changes in the quarterly real GDP by the Markov-switching vector autoregressive model (MS-VAR) from 1971(1) to 2016(1). The main results of this study were as follows. First, the business cycle phenomenon that occurs in the models or individual time series in real GDP has been grasped through the MS-VAR models. Unlike previous studies, this study showed the significant comovements, asymmetry and structural changes in the MS-VAR model using a real GDP across countries. Second, even if there was a partial difference, there were remarkable structural changes in the economy contraction regime(recession), such as 1988(2) ending the global oil shock crisis and 2007(3) starting the global financial crisis by the MS-VAR model. Third, large-scale structural changes were generated in the economic expansion and/or contraction regime simultaneously among countries. We found that the second world oil shocks that occurred after the first global oil shocks of 1973 and 1974 were the main reasons that caused the large-scale comovements of the international real GDP among countries. In addition, the spillover between Korea and 5 countries has been weak during the Asian currency crisis from 1997 to 1999, but there was strong transmission between Korea and 5 countries at the end of 2007 including the period of the global financial crisis. Fourth, it showed characteristics that simultaneous correlation appeared to be high due to the country-specific shocks generated for each country with the regime switching using real GDP since 1973. Thus, we confirmed that conclusions were consistent with a number of theoretical and empirical evidence available, and the macro-economic changes were mainly caused by the global shocks for the past 30 years. This study found that the global business cycles were due to large-scale asymmetric shocks in addition to the general changes, and then showed the main international comovements and/or structural changes through country-specific shocks.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.1
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• pp.1-12
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• 2015

The purpose of this study is to examine the effect of company characteristics and individual characteristics perceived by employees of small businesses on job satisfaction and especially to seek activation of the organization by extending from previous studies to examine the intermediary role of company innovation and applying management measures focusing on the environment of changing global society where CEOs of small businesses cause job satisfaction of organizational members and present the direction for the improvement of management and institutional development. This study was carried out for about 2 months targeting employees of small businesses and the results of empirical analysis are as follows: First, company characteristics and individual characteristics perceived by employees of small businesses turned out to have a positive (+)effect on job satisfaction but the hypothesis that job stress affects job satisfaction was not significant. Second, of the effects of company characteristics and individual characteristics perceived by employees of small businesses on company innovation, organization flexibility and CEO's leadership, company communication and degree of cooperation between departments, individuals, challenge of individuals perceived individual characteristics were found to affect company innovation but the hypothesis that job stress affects it was not significant. Third, company innovation was found to have a positive (+)effect on job satisfaction and fourth, in the intermediary effect verification of company innovation between company characteristics and individual characteristics perceived by employees and job satisfaction, organization flexibility and communication, collaboration turned out to perform partial intermediation and CEO's leadership to perform full intermediation and individual challenge performance to perform full intermediation and the intermediary effect of job stress was not proven. These results are company characteristics and individual characteristics that is the perception of the independent variables in SME employees is not only a direct relationship with job satisfaction, suggesting that also has an indirect effect is mediated depending on the innovation of the company. Therefore, it can be seen that even for the innovation performance of enterprises is important to increase the job satisfaction of employees of SMEs. In particular, the conductivity of the leadership and individual parameters so completely over the innovativeness of the company is the result of job satisfaction itgetda can be said that the innovation efforts of the organization is effective at the same time be pursued.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.95-112
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• 2020

This paper is to investigate how cognitive bias of college students and entrepreneurs relates to perceived risks and entrepreneurial opportunities that represent uncertainty, and how various cognitive bias and entrepreneurial efficacy In the same way. The purpose of this study is to find improvement points of entrepreneurship education for college students and to suggest problems and improvement possibilities in the decision making process of current entrepreneurs. This empirical study is a necessary to improve the decision-making of individuals who want to start a business at the time when various attempts are made to activate the start-up business and increase the sustainability of the existing SME management. And understanding of the difference in opportunity evaluation, and suggests that it is necessary to provide good opportunities together with the upbringing of entrepreneurs. In order to achieve the purpose of the study, questionnaires were conducted for college students and entrepreneurs. A total of 363 questionnaire data were obtained and demonstrated through structural equation modeling. This study confirms that there is some relationship between perceived risk and cognitive bias. Overconfidence and control illusions among cognitive bias have a significant relationship between perceived risk and wealth. Especially, it is confirmed that control illusion of college students has a significant relationship with perceived risk. Second, cognitive bias demonstrated some significant relationship with opportunity evaluation. Although we did not find evidence that excess self-confidence is related to opportunity evaluation, we have verified that control illusions and current status bias are related to opportunity evaluation. Control illusions were significant in both college students and entrepreneurs. Third, perceived risk has a negative relationship with opportunity evaluation. All students, regardless of whether they are college students or entrepreneurs, judge opportunities positively if they perceive low risk. Fourth, it can be seen from the college students 'group that entrepreneurial efficacy has a moderating effect between perceived risk and opportunity evaluation, but no significant results were found in the entrepreneurs' group. Fifth, the college students and entrepreneurs have different cognitive bias, and they have proved that there is a different relationship between entrepreneurial opportunity evaluation and perceived risk. On the whole, there are various cognitive biases that are caused by time pressure or stress on college students and entrepreneurs who have to make judgments in uncertain opportunities, and in this respect, they can improve their judgment in the future. At the same time, university students can have a positive view of new opportunities based on high entrepreneurial efficacy, but if they fully understand the intrinsic risks of entrepreneurship through entrepreneurial education and fully understand the cognitive bias present in direct entrepreneurial experience, You will get a better opportunity assessment. This study has limitations in that it is based on the fact that university students and entrepreneurs are integrated, and that the survey respondents are selected by the limited random sampling method. It is necessary to conduct more systematic research based on more faithful data in the absence of the accumulation of entrepreneurial research data. Second, the translation tools used in the previous studies were translated and the meaning of the measurement tools might not be conveyed due to language differences. Therefore, it is necessary to construct a more precise scale for the accuracy of the study. Finally, complementary research should be done to identify what competitive opportunities are and what opportunities are appropriate for entrepreneurs.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.167-184
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• 2020

This study analyzed the effects of information orientation and technology commercialization ability on technological performance of corporate workers. Information Orientation consisted of information technology capability, information management ability, information behavior and value, and technology commercialization capability consisted of productization capability, production capability, and marketing capability as sub-variables, and technology accumulation capacity was used as a coordinating variable. An empirical analysis was performed on 349 online and offline questionnaires collected from corporate employees. Analysis results using SPSS v22.0 and Process macro v3.4 First, information orientation and technical performance were found to have a significant effect.In addition, information orientation had a significant effect on technology commercialization capability. The magnitude of the influence on the productive capacity and the productive capacity in the variable of competency was in the order of information technology ability, information management ability, information behavior and value, but the influence on marketing capability was different from the previous results. Information management ability and information technology ability were in order. Second, the product commercialization capability, production capability, and marketing ability of technology commercialization ability had a significant effect on technology performance independently of information orientation. Third, the information technology ability and information management ability had a significant influence on the technical performance, but the indirect effect through the commercialization ability and marketing ability in information behavior and value was significant, the indirect effect of transit was not significant. Fourth, only the interaction terms of production capacity and technology accumulation capacity were significant among the sub-variables of technology commercialization capacity, and technology accumulation capacity, commercialization capacity, and marketing ability were not significant. Therefore, the relationship between productive capacity and technological performance can be interpreted as lower in firms with high technology accumulating ability than in lower firms, subsequent studies will require the introduction of other independent variables, models through the introduction of parameters and control variables.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.3
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• pp.45-53
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• 2012

This study is about the impact of a technology-based start-ups' patent-related activities on early stage company performance. Technology-based start-ups are closely related to the intellectual property rights, particularly patents that they aim the pursuit of new products or production methods and pioneer the introduction of market based on innovative technology, and that is a key role in such companies established and operating, hence the research of patent-related activities in technology-based start-ups has important implications. In most previous studies, the impact of the company's patent related activities on the performance of corporate management is determined by using quantitative patent indicators. Therefore, through this study, causal relationships leading to business performance through the development of new products, which includes technology performance and product performance, and the patent-related activities including the company's patented technology support activities, creating the right activities, infringement response activities, base activities validated as follows. First, the patent-related activities have a positive impact on technological and products achievements. In other words, the various activities involved in the acquisition and utilization of the patent have a positive impact on the performance of company's new product development, particularly developing new technologies or patent acquisition rate. Second, the technology have a positive impact on the performance of the products, not on the business performance. However, the empirical results shows that it has indirectly impacts on business performance through the product performance. Third, product performance have a positive impact on business performance. In conclusion, patent-related activities affects the performance of the company's management, and the maintenance of the company's business performance depends on the developing and selling product based on the customers needs, besides the technology performance such as the patents and the development of technology.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.67-80
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• 2020

This study has been conducted at a time when Korean government continues to extend support for youth startups as part of its policy to create jobs and the focus moves from career and employment to youth startups with a growing interest in the field of youth startups. Against this background, this study aims to identify difficulty factors of youth startups in areas besides the Seoul Metropolitan Area, seek ways to overcome difficulty factors, and propose policy implications. To this end, this study set five criteria and 25 sub-criteria to evaluate the difficulties of youth startups by reviewing previous studies and conducting literature review, and performing brainstorming method. The empirical analysis of the evaluation criteria was performed, using the analytic hierarchy process (AHP) method, on youths aged 19 to 39 in Gunsan area. The analysis results showed that the largest difficulty factors facing local youths include business model establishment, business administration and management, and startup funding in the criteria. As for sub-criteria, the largest difficulty factors are market information acquisition, technology commercialization, project feasibility, technology development, and new market pioneering in descending order. Local youths have much difficulty about the process of turning a business item into a product and commercializing it. According to a comparative analysis by gender, men were a relatively high difficulty in commercializing business models than women. men were a relatively high difficulty in commercializing business models than women. On the other hand, women were higher than men in all factors (management management, entrepreneurship, improvement of entrepreneurship system, and improvement of entrepreneurship awareness) except for factors affecting business model. In addition, the factors of entrepreneurship were found to be relatively different among young people (college students, prospective entrepreneurs, entrepreneurs). In conclusion, it was suggested that in order to revitalize youth entrepreneurship in the region, it is necessary to actively resolve the difficulties of business model commercialization rather than entrepreneurship funds. In addition, it is necessary to strategically support customized entrepreneurship support and situational administrative services because gender and hierarchical difficulties are different than general solutions. This study presented practical priorities and derivation methods for the entrepreneurship difficulties faced by local youth, and suggested measures and improvements for vitalizing local youth entrepreneurship in the future.