• Information Systems Review
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• v.22 no.1
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• pp.73-89
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• 2020

This study started to identify the "Forward-looking" of the technology appraisal model introduced to diversify financing methods of SMEs and improve financial accessibility. The multivariate regression analysis was performed by setting the business performance(growth, profitability, and stability) of technology financing companies as dependent variables, technology appraisal items as independent variables, number of employees, age of the company, asset and the Korea Standard of Industry Classification related to firm size and industry characteristics as control variables. As a result of the analysis, the technology appraisal items did not explain the profitability of the company significantly and had a limited explanatory power on growth potential. However, in terms of stability, we confirmed that R&D capacity is a significant variable explaining the debt ratio of technology financing companies. Therefore, it is concluded that the 'Forward-looking' reflection on the growth and profitability of the company should be strengthened in the future adjustment of the technology appraisal model and the development of the technology appraisal model for investment.

• Steel and Composite Structures
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• v.52 no.4
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• pp.405-418
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• 2024

To study the influence of different reduced beam section (RBS) on the mechanical performance of modular boltedwelded hybrid connection joints (MHCJs), this article uses ABAQUS to establish and verify the finite element model (FEM) of the test specimens on the basis of quasi-static test research. Based on, 14 joint models featuring different RBS are devised to evaluate their influence on seismic behavior, such as joint failure mode, bending moment (M)-rotation angle (θ) curve, ductility, and energy consumption. The results indicate that when the flange and web are individually weakened, they alleviate to some extent the concentrated stress of the core module (CM) and column end steel skeleton in the joint core area, but both increase the stress on the flange connecting plate (FCP). At the same time, the impact of both on seismic performance such as bearing capacity, stiffness, and energy consumption is relatively small. When simultaneously weakening the flange and web of the steel beam, forming plastic hinges at the weakened position of the beam end, significantly alleviated the stress concentration of the CM and the damage at the FCP, improving the overall deformation and energy consumption capacity of joints. But as the weakening size of the web increases, the overall bearing capacity of the joint shows a decreasing trend.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.157-183
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• 2008

'New Universities for Regional Innovation(NURI)' is a financial aid program designed to promote the development of universities as a major component of Regional Innovation System (RIS). In particular, this program emphasizes the role of regional universities to provide the qualified graduates for the regional economy. This paper is to evaluate the effect of NURI, focusing on the change of graduates' employment. The effect of the program can be evaluated by the quality of graduates' accumulated human capital, and graduates' employment performance represents the graduates' quality evaluated in the labor market. This is also believed to be a good performance indicator of the NURI program. We utilize the graduate employment survey of Korean Educational Development Institute (KEDI), and calculate the graduates' employment rates of the departments that received the financial support of NURI (treatment group). We also calculate the graduates' employment rates of the departments that applied for the support of the NURI program but were not selected (comparison group). By using difference-in-differences method, we compare the change of graduates' employment rates in treatment and comparison groups before and after the program came in effect. Compared with the employment rates in 2004 before the NURI program started, the graduates employment rates improved in both groups in 2005 and 2006. The improvement of the employment rates in the treatment group is larger than that in the comparison group. Moreover, the difference of improvement gets larger in the year 2006 than in 2005, which means those students who were affected more years by the NURI program are more likely to be employed. However, the difference is not statistically significant, and we cannot definetely conclude that NURI showed the desired effect on the quality of the college graduates. We calculate employment rates in two ways; whether to treat going on to graduate education as an employment or not. The result was qualitatively the same in both cases. We also tracked quality of employment by investigating the firm size where the graduates of the treatment group were employed. By utilizing data from the Employment Insurance Fund, we measure the firm size by the number of employees. We did not find any deterioration of employment quality between 2005 and 2006, though it deteriorates in 2007. Therefore, the improvement of employment rates until 2006, though not statistically significant, does not seem to come at the cost of employment quality. The interpretation of this result cannot help being very limited. First, this evaluation covers such a short time period. It only covers two years after the program started, 2005 and 2006. Second, the extent of the improvement in employment rates is not satisfactory considering the amount of financial support, even though it can be argued that the employment has improved since the inception of the program. Subsequent evaluation of the program is required to certify the NURI programs' longer term effectiveness.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.149-182
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• 2007

This study examines the determinants of the long-run stock price performance of the firms that granted stock options between 1997 and 2002. We divide the sample into the firms run by the owner and those run by the professional manager. If the primary reason for granting stock options is reduction of the agency costs between the manager and shareholders, the effect of stock options is likely to be more pronounced in the firms run by the professional manager. We find that the long-run abnormal returns of the firms run by the professional manager are negatively associated with the shareholdings by the manager and the book-to-market value and are positively associated with the earnings growth and the size of the outstanding stock options. In contrast, the long-run abnormal returns of the firms run by the owner are negatively associated with the cash flows rate and the sales growth rate and are positively associated with the firm size. This is consistent with the argument that the agency costs arising from the conflicts between the manager and shareholders are an important determinant of the post-stock option granting long-run stock price performance only in the firms run by the professional manager. The results also suggest that stock options in the firms run by the owner are likely to be used for the purposes such as additional compensation, a signaling device, a means that reduce the agency costs within firms.

• Journal of Korea Technology Innovation Society
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• v.20 no.1
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• pp.62-80
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• 2017

The purpose of this paper is to explore the relationship between industrial regulations and the R&D activities of firms by analysing the case of manufacturing enterprises in Korea. The sample is gathered from the 2012 Korean Innovation Survey data of Korean Institute of Science & Technology Evaluation and Planning and merged with Korean Regulation Index data of Korean Institute of Public Administration. The Ordinary Least Square (OLS) as well as 2 Stage Least Square (2SLS) regression results show that the impact of the level of the manufacturing field's regulation on firms' R&D activities or inputs may be both positive and negative, depending on the size of the firms. The analysis results suggest that regulatory policy makers need to formulate and implement R&D programs that consider the different effects of industrial regulations on large enterprises or Small and Medium sized Enterprises (SMEs).

• Tuberculosis and Respiratory Diseases
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• v.64 no.4
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• pp.318-323
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• 2008

It is difficult to distinguish a lung cancer from a pulmonary tuberculoma or other benign nodule. It is even more difficult to identify the type of lesion if the mass shows no change in size or demonstrates slow growth. Only a pathological confirmation can possibly reveal the nature of the lesion. A 61-year-old-woman was referred for a solitary pulmonary nodule. The nodule showed no change in size for the first two years and continued to grow slowly. Pathological and immunological analyses were conducted for confirmation of the nodule. The nodule was identified as a well-differentiated primary pulmonary adenocarcinoma. An LULobectomy was performed, and the post surgical stage of the nodule was IIIA (T2N2M0). Even though there are few risk factors, there is still the possibility of a malignancy in cases of non-growing or slow growing solitary pulmonary nodules. Therefore, pathological confirmation is encouraged to obtain a firm diagnosis.

• Journal of Technology Innovation
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• v.27 no.3
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• pp.1-26
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• 2019

The Korean economy has undergone growth based on manufacturing end products. The Korean government aims to advance industry by strengthening the materials and components industry, which is attracting more attention in terms of maintaining the competitiveness of existing key industries, and fostering new industries required in the era of the Fourth Industrial Revolution. Despite this importance, there is insufficient related research on the efficient R&D of the materials and components industry. This study analyzed the R&D efficiency. In addition, exploratory research was conducted on the impact of corporate size and type of cooperation on R&D efficiency. Output variables were set to reflect economic performance and the empirical analysis revealed that overall R&D efficiency is low. Small firms were found to perform better than large firms in terms of firm-size, and the efficiency of business-university-research cooperation is worse than other types of cooperation. This study is exploratory research considering the materials and components industry, and the results provide implications for research institutions and regarding types of cooperation. This is expected to help develop polices for qualitative growth and R&D strategies for investment and allocation.

• Management & Information Systems Review
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• v.35 no.1
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• pp.173-188
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• 2016

The introduction and operation of compensation committee can affect managers' incentive-compensation system. In this context, The purpose of this paper examines whether managers' pay-performance sensitivity is affected by the quality of the compensation committee(compensation committee size, the proportion of outside directors on the compensation committee, the proportion of directors with 2 or more non additional board seats on the compensation committee) To test this hypothesis, we use a sample of 260 firm-year observations between 2001-2013. The results are as follows. Firstly, we find that no significant relevance between the compensation committee size and pay-performance sensitivity. But the proportion of outside directors on the compensation committee and the proportion of directors with 2 or more non additional board seats on the compensation committee is positively associated with both pay-earnings based performance sensitivity and pay-stock based performance sensitivity. Secondly, we find that the integration quality of the compensation committee is positively associated with both pay-earnings based performance sensitivity and pay-stock based performance sensitivity. Overall, our analysis suggests that compensation committee are important mechanism in the design of efficient incentive-compensation system.

• Environmental and Resource Economics Review
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• v.29 no.4
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• pp.499-520
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• 2020

Input ratio of electricity to other production inputs in the Korean manufacturing sector has been higher than for the other OECD countries. In addition, electricity prices in Korea has been relatively lower than the average of OECD countries. Moreover, electricity sector is responsible for most CO2 emissions in Korea as coal and natural gas account 41.9% and 26.8% of electricity production as of 2018. Therefore, it looks inevitable to raise the electricity tariff for the manufacturing sector in Korea, but there is a concern that increase in the electricity tariff might affect small and medium enterprises (SMEs) more than large firms. This study estimates electricity demand's price and output elasticities for large firms and SMEs in steel industry by employing a time varying parameter model (Kalman filter). The analysis shows that changes in output levels regardless of firms' size affect electricity demands more significantly than do changes in electricity prices. Second, large firms have higher variances for both price and output elasticities of electricity demand. Third, large firms have higher price elasticity but lower output elasticity of electricity demand relative to SMEs. Policy implications are suggested in association with how to reduce electricity demands in the energy-intensive industry.

• Journal of the Korea Convergence Society
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• v.13 no.1
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• pp.341-348
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• 2022

This study analyzed the accounting conservatism of companies listed on KONEX. The analysis of the existing accounting conservatism presents the analysis results for the KOSPI market or the KOSDAQ market. However, in July 2013, Korea opened a new publicly traded market called KONEX, which has been continuously operated to increase the possibility of SMEs' financing. However, research on KONEX has not been conducted relatively actively, and the current prior research is also focused on earnings management. This study differs from previous studies in that it analyzes accounting conservatism, which is one of the accounting policies. For this purpose, the period from 2014 to 2020 was set as the analysis period, and empirical analysis was conducted using the asymmetric timeliness models, Ball and Shivakumar (2005) and Basu (1997). As a result of the analysis, conditional conservatism was also confirmed in the KONEX market. That is, it was confirmed that the timeliness of the bad news was higher than the good news. Second, no significant difference was found in the results of analyzing whether there is a difference in the conservatism of KONEX companies according to the size of the auditor. In other words, it was confirmed that the size of the auditor in the KONEX market is not a significant variable. This study expanded the existing research in that it analyzed accounting policies targeting the KONEX market.