• Management & Information Systems Review
• /
• v.29 no.4
• /
• pp.1-22
• /
• 2010

There have been arguments in Korea that fair value accounting system improves quality of accounting information through the asset revaluation. These arguments are based on the fact that investors prefer fair value to cost value information. Others argue that cost principles may offer more proper information to the investors because financial statements applied the cost principles are more objective and thus more reliable. Prior researches focused mainly on the motives of asset revaluation but I examined the effects of the tangible asset revaluation on the stock prices. The empirical findings indicate that : (1) the gains on the tangible asset revaluation are positively correlated with the stock prices; (2) the net book values applied the cost principles explain stock prices better than the net book values applied fair values. My findings suggest that the gains on the tangible asset revaluation constitute a part of the firms' values but the accounting informations measured fair value are not always useful to the investors in the capital market.

• Management & Information Systems Review
• /
• v.33 no.2
• /
• pp.135-153
• /
• 2014

Tendencies such as the increasing spread of market globalization, new technological developments, the reduction of product life cycles and aggressive competition, are generating high levels of environmental changes and uncertainty for organizations of all types. these circumstances require rapid responses through adaptation of organizational attitudes and capabilities, which lead to innovative management approaches and organizational methods. Human resource management researchers have struggled to elaborate the underlying mechanism explaining how human resource systems relate to organizational performance after universalistic perspectives were supported by a majority of studies investigating the positive relationship between human resource management system and firm performance. To fill the void, hypotheses in this study predicted human resource flexibility that would mediate the relationship between human resource management system and firm performance. The research model among the variables in this study was as follows: These theoretical models were tested with a sample of 138 firms in Korea. The analysis of data was undertaken by using AMOS. The Summary of the verification results is follows: Firstly, most of human resource management system and human resource flexibility had positive effects on human resource performance Secondly, most of human resource management system and human resource flexibility had positive effects on firm's financial performance Thirdly, human resource flexibility had mediated the relationship between human resource management system and firm performance The results of the present research may be demonstrated that organizations or managers could achieve a high level of management practices that lead to firm performance by enabling human resource to be flexible through high performance human resource management system.

• Journal of Digital Convergence
• /
• v.14 no.5
• /
• pp.165-176
• /
• 2016

The purpose of this study is to examine the effects of the IT resources on the work efficiency and corporate performance in Mobile Smart-Work Environment with IT convergence Technology by applying the Resource-Based View. The study has an academic meaning by empirically analyzing the effects of factors identified based on the existing study on the IT resources in Mobile Smart-Work, and practical implications to identify how the significance of the Mobile Smart-Work used as a platform of variety industries in manufacturing, logistics, service, distribution, finance, public institutions, and so on positively affects improvement of corporate efficiency and performance. The results showed that IT Infrastructure and IT skills in the Mobile Smart-work environment were found to bring positive effects on individual work efficiency, and IT skills had positive influence on team work efficiency. Also, we confirmed the individual and team work efficiency positively affect financial and market performance of business firms. Finally, we expect that business firm equipped with IT resources in the Mobile Smart-Work environment with IT convergence Technology. It can improve this work efficiency and the performance, which leads to strengthening the core competency.

• Journal of Korea Technology Innovation Society
• /
• v.16 no.4
• /
• pp.1006-1031
• /
• 2013

This study investigates the extent to which product innovation is associated with firm performance, and how this effect is moderated by other type of innovation efforts. Empirical analysis is conducted (1) to determine the effect of product innovation on firm performance; (2) to explore the moderating effect that process innovation, organizational innovation and marketing innovation activities each has on the relationship between product innovation and firm performance. The analytical sample comprises a total of 816 Korean manufacturing firms from the 2010 KIS (Korean Innovation Survey) data and merged with financial data from KIS Info for acquiring the objectivity. The results show that product innovation is positively associated with a firm performance. Product innovation when combined with higher levels of process, organizational and marketing innovation activities resulted in higher firm performance. The results suggest that product innovation is a decisive factor of firm performance. More importantly, process, organizational and marketing innovation activities support product innovation and thus impact firm performance indirectly. In addition, this study examines the effect of innovation activities on firm performance by different firm size and R&D intensity, thereby further improving the details of this study.

• Management & Information Systems Review
• /
• v.12
• /
• pp.137-160
• /
• 2003

The association between accounting earnings and the stock price of an entity is the subject that has been most heavily researched during the past 25 years in accounting literature. Researcher's common finding is that there are positive relationships between accounting earnings and stock prices. However, the explanatory power of accounting earnings which was measured by $R^2$ of regression functions used was rather low. To be connected with these low results, The prior studies propose that there will be additional information, errors in variables. This study investigates empirically determinants of earnings response coefficients(ERCs), which measure the correlation between earnings and stock prices, using earnings level / change, as the dependent variable in the return/earnings regression. Specifically, the thesis tests whether the factors such as earnings persistence, growth, systematic risk, image, information asymmetry and firm size. specially, the determinable variables of ERC are explained in detail. The image / information asymmetry variables are selected to be connected with additional information stand point, The debt / growth variables are selected to be connected with errors in variables. In this study, The sample of firms, listed in Korean Stock Exchange was drawn from the KIS-DATA and was required to meet the following criteria: (1) Annual accounting earnings were available over the 1986-1999 period on the KIS-FAS to allow computation of variables parameter; (2) sufficient return data for estimation of market model parameters were available on the KIS-SMAT month returns: (3) each firm had a fiscal year ending in December throughout the study period. Implementation of these criteria yielded a sample of 1,141 firm-year observation over the 10-year(1990-1999) period. A conventional regression specification would use stock returns(abnormal returns) as a dependent variable and accounting earnings(unexpected earnings) changes interacted with other factors as independent variables. In this study, I examined the relation between other factors and the RRC by using reverse regression. For an empirical test, eight hypotheses(including six lower-hypotheses) were tested. The results of the performed empirical analysis can be summarized as follows; The first, The relationship between persistence of earnings and ERC have significance of each by itself, this result accord with one of the prior studies. The second, The relationship between growth and ERC have not significance. The third, The relationship between image and ERC have significance of each by itself, but a forecast code doesn't present. This fact shows that image cost does not effect on market management share, is used to prevent market occupancy decrease. The fourth, The relationship between information asymmetry variable and ERC have significance of each by. The fifth, The relationship between systematic risk$(\beta)$ and ERC have not significance. The sixth, The relationship between debt ratio and ERC have significance of each by itself, but a forecast code doesn't present. This fact is judged that it is due to the effect of financial leverage effect and a tendency of interest.

• Management & Information Systems Review
• /
• v.34 no.5
• /
• pp.23-47
• /
• 2015

In the Korea stock market, individual investors have perceived stock as short arbitrage investment, not long-term investment strategy. In order to reinforce stock market transparency and soundness, it is important to enforce the measures for stock market management. Especially, stock market event caused by financial policy can be given individual investors negative information regarding a stock trading. Thus, it is a need for investigating whether comprehensive review of listing eligibility is influenced on individual investors' responses and stock behaviors in respect of effectiveness. The purpose of this study to examine the relations between such stock market management and transitional aspect of individual investors' trading types and response on the based of pre- and post-event occurrence. Using an dataset of user's text messages on 9 firms posted on the firm-based social media (i.e., Naver, Daum, Paxnet) over the period 2009 to 2014. And we performed text-clustering and topic modeling according to keywords for classifying into investors group and non-investors groups and two types of investors were categorized depending on main topic transition by event windows in Comprehensive review of listing eligibility. The results indicated that a variety of stockholders existed in the stock. And the ratio of non-investors group was on the decrease, on the other hand, the proportion of investors group veer onto the side of pre-pattern after comprehensive review of listing eligibility. A distinctive feature of our study is to explain the influence of stock market management on response changes of individual investors as well as to categorize in accordance with time progression. Implications an suggestions for future research were also discussed.

• Survey Research
• /
• v.8 no.1
• /
• pp.1-30
• /
• 2007

Several corporations are adopting the 6 Sigma program. Not all corporations are yielding intended results. The inconsistent results may due to the absence of an adequate strategy formulation of 6 Sigma implementation. The 6 Sigma is a qualify control program but its implications are not confined only to qualify improvement. The 6 Sigma program is a change program to bring about changes in organizations. The thesis focuses on developing an installation strategy or model of 6 Sigma program. The utility of the model developed in this research is supported by the empirical evidence. The validity of the model is tested and verified based on the questionnaire survey conducted at 281 business firms. Few research has adopted the empirical survey. The previous researches are mostly centered around identifying success factors. Unlike the present methodology adopted in this research, the past research methodologies are mainly case studies. The distinctive feature of this research does not confine only to the methodology. This research attempted to identify an installation model that would help enterprises get maximum output from the 6 Sigma program. The suggested model is named as Sequential Model(SM). The SM consists of three stages: the preparation stage, the acceptance stage, and the maturity stage. The model is based on the assumption that organizations should follow three stages sequentially to yield the desired output effectively, The preparation stage is further defined including the organizational change factor, the driving system factor, and the promotion factor. The result variable, the organizational performance, is also further defined including the market competitiveness, the employees competitiveness, and the financial performance. The Structural Equation Model was used to test the validity of the Sequential Model(SM). Several alternatives models were developed and compared. The test results consistently show that the suggested model is a valid one and proves its superiority over alternative models. Through this empirical research, we have shown that the strategies of enterprises in line with the proposed model gained better results over others. The research results would be useful information for enterprises that consider formulation of installation strategy of 6 Sigma program.

• KDI Journal of Economic Policy
• /
• v.14 no.3
• /
• pp.97-124
• /
• 1992

The recent sharp increase in wages has driven many Korean manufacturing firms to move into technology-intensive fields. The task of industrial restructuring is, however, rather difficult for small and medium-sized enterprises (hereafter, "SMEs") which suffer from limited R&D resources. If the R&D activities of SMEs are left unattended, industrial restructuring process may be retarded. Hence, the government-sponsored programs can be justified when used to promote the technological level of SMEs. Because of the limited internal R&D resources of SMEs, in particular human resources, the government-sponsored programs that depend on financial subsidies to stimulate the R&D activities of SMEs may not be recommended. Rather, a more desirable policy is programs to subsidize outside sourcing of SMEs. Basic principles of the program are; (i) that the government should establish R&D laboratories which are specialized in joint researches with SMEs in each industry; (ii) research projects of the laboratories should be funded by SMEs; the government's support covers only fixed costs such as construction costs in order to avoid moral hazard problem. (iii) technology adviser programs sponsored by the government should be improved; geographical distribution is to be expanded and the activities are to be monitored by local governments. Also foreign networks need be strengthened.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.1
• /
• pp.85-95
• /
• 2016

Generally a venture capital aims at investment and support Venture businesses that signifies a start-up which has high technologies but frailty of the economy so that raise fund from financial agencies at high risk rate, it has high risk but when the venture businesses launch into general orbit, the venture capital guarantee high-rate profits. Venture capital do not just provide risk capital but also takes a role as a mentor for continuous growth with total consulting service at business and technical management. Also it offers in-depth support to reform the supported enterprise in order to enhance the competitive. Venture capital receives attention for years as a principal agent to be promoted strategically at national level. Bio venture, a major concern of venture capital and one of core industries in Korea, is different from other industries because it needs long-term and large scale of investment. these factors bring about difficulties in an investment and growth. Therefore, it is very important to identify growth and profitability of start-ups and small and venture businesses with long-term appreciation above all other industries. This research analyze management results of bio venture businesses empirically by investment from venture capital. according to the results, bio venture businesses need huge capital and a long gap of time, henceforth, formation of model for growth is necessary with angel investing as well as venture capital. Since, there are not many listed bio venture businesses, significant statistical result would be limited. This research studied at only economic focus but further study need to examine a question from various angles.

• The Journal of Information Technology
• /
• v.1 no.2
• /
• pp.209-227
• /
• 1998

This study examines the relation between accruals components of earnings and stock return. Earnings are decomposed into four components: discretionary accruals, nondiscretionary accruals, nondiscretionary income and cash flow from operations. Because reported earnings in financial statement consist of cash flow from operations plus total accruals. We decompose total accruals into a discretionary accruals and a nondiscretionary accruals separately, This paper examines the incremental informational content of discretionary accruals and nondiscretionary accruals components of net income by regressing return on earnings'components in multivariate models. The empirical analysis is conducted on a sample of 1,580 firm-years comprising 158 firms during 1984-1995. Discretionary accruals are obtained by decomposing total accruals into discretionary and nondiscretionary accruals components, using a pooled variation of the Jones model(1991). These findings suggest that the discretionary accruals(measured using a variation the Jones model) is priced by the stock market. Specifically, the discretionary accruals and cash flow from operations are positively associated with the stock return, and also nondiscretionary income, discretionary accruals are positively associated with the stock return. While this result is consistent with the market prices the discretionary accruals because it captures value-relevant information. Additional test report evidence consistent with nondiscretionary accruals conveying information about the stock return.