• Asia Marketing Journal
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• v.16 no.1
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• pp.35-69
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• 2014

The impact of competition on pricing has been studied in the context of counterfactual merger analyses where expected optimal prices in a hypothetical monopoly are compared with observed prices in an oligopolistic market. Such analyses would typically assume static decision making by consumers and firms and thus have been applied mostly to data obtained from consumer packed goods such as cereal and soft drinks. However such static modeling approach is not suitable when decision makers are forward looking. When it comes to the markets for durable products with indirect network effects, consumer purchase decisions and firm pricing decisions are inherently dynamic as they take into account future states when making purchase and pricing decisions. Researchers need to take into account the dynamic aspects of decision making both in the consumer side and in the supplier side for such markets. Firms in a two-sided market typically subsidize one side of the market to exploit the indirect network effect. Such pricing behaviors would be more prevalent in competitive markets where firms would try to win over the battle for standard. While such qualitative expectation on the relationship between pricing behaviors and competitive structures could be easily formed, little empirical studies have measured the extent to which the distinct pricing structure in two-sided markets depends on the competitive structure of the market. This paper develops an empirical model to measure the impact of competition on optimal pricing of durable products under indirect network effects. In order to measure the impact of exogenously determined competition among firms on pricing, we compare the equilibrium prices in the observed oligopoly market to those in a hypothetical monopoly market. In computing the equilibrium prices, we account for the forward looking behaviors of consumers and supplier. We first estimate a demand function that accounts for consumers' forward-looking behaviors and indirect network effects. And then, for the supply side, the pricing equation is obtained as an outcome of the Markov Perfect Nash Equilibrium in pricing. In doing so, we utilize numerical dynamic programming techniques. We apply our model to a data set obtained from the U.S. video game console market. The video game console market is considered a prototypical case of two-sided markets in which the platform typically subsidizes one side of market to expand the installed base anticipating larger revenues in the other side of market resulting from the expanded installed base. The data consist of monthly observations of price, hardware unit sales and the number of compatible software titles for Sony PlayStation and Nintendo 64 from September 1996 to August 2002. Sony PlayStation was released to the market a year before Nintendo 64 was launched. We compute the expected equilibrium price path for Nintendo 64 and Playstation for both oligopoly and for monopoly. Our analysis reveals that the price level differs significantly between two competition structures. The merged monopoly is expected to set prices higher by 14.8% for Sony PlayStation and 21.8% for Nintendo 64 on average than the independent firms in an oligopoly would do. And such removal of competition would result in a reduction in consumer value by 43.1%. Higher prices are expected for the hypothetical monopoly because the merged firm does not need to engage in the battle for industry standard. This result is attributed to the distinct property of a two-sided market that competing firms tend to set low prices particularly at the initial period to attract consumers at the introductory stage and to reinforce their own networks and eventually finally to dominate the market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.3
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• pp.81-95
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• 2024

This study empirically analyzed the effectiveness of government financial support policies for venture enterprises in the Daejeon region, using raw data obtained from the Small and Medium Venture Business Administration's survey results from 2016 to 2021. Daejeon, considering its economic significance, has a significant proportion of venture enterprises in its economy compared to the national average, with a focus on technological development. Conducting regression analysis yielded several key findings. Firstly, loan and guarantee support is effective for improving sales and market share, while R&D support is effective for technological development. Second, R&D and loan support have the most significant impact on sales in the fourth stage (maturity), while guarantee support is most influential in the third stage. Third, in industry analysis, the coefficients representing the effects of financial support were larger across all performance indicators compared to firm level data analysis. Based on these empirical analysis results, the study proposes several policy implications as follows. First, the government should actively provide funding support to venture companies rather than leaving investments to the capital market. Second, the methods and targets of funding support should vary according to the purpose of the support. Third, it is necessary to establish a platform that connects venture companies with private investors to commercialize developed technologies. Fourth, the funding support of venture capital for technology-intensive venture companies should be expanded.

• Journal of Digital Convergence
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• v.15 no.1
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• pp.85-96
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• 2017

The purpose of this study investigates the relation between corporate life cycle and management compensation. The analysis is performed by comparing the compensation level and pay-performance-sensitivity (PPS) at each life cycle based on Korean data from 2003 to 2014. The results show that regarding compensation level, mature stage has the highest mean value of compensation and compensation level drops after mature stage. In introduction stage, growth and decline stages, compensation is not sensitive to accounting performance. In a while, in mature stage, management compensation varies with accounting performance more significantly than stock performance. In additional analysis, the results indicate that the finding is not designated from growth opportunities and the relation differs when the firm is included in a conglomerate. These findings contribute to the literature by providing additional evidence to understand for compensation and the corporate life cycle studies.

• Journal of the Korea Convergence Society
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• v.9 no.2
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• pp.183-190
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• 2018

We examined the level of Earnings Management of Socially Responsible Investment(SRI) Corporate by using Book-Tax Difference(BTD). We used 2,718 sample data from 2011 to 2016 on Korea Stock Exchange. In short, the result of this study's is as followed. Socially Responsible Investment(SRI) have a negative relevance with Book-Tax Difference(BTD). Therefore this study can support that a firm has a high level of Socially Responsible Investment(SRI) will have the better the Quality of Accounting according to our study. This study contributes as follow. we can confirm that the more Socially Responsible Investment(SRI) the better Quality of Accounting Information. And we hope that our study can be helped development of sound capital market and give a useful information to investors on firms that has a high level of Socially Responsible Investment(SRI).

• Management & Information Systems Review
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• v.30 no.4
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• pp.339-358
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• 2011

This study analyzes whether there are differences in the level of compensation and pay-performance sensitivity between venture firms and non-venture firms listed on KOSDAQ. To test the above mentioned purpose, this study uses 726 firm-year data listed on KOSDAQ from 2006 to 2009. The results are as follow: First, we find that managers' compensation level of venture firms are higher than non-venture firms. Second, pay-stock performance sensitivity is higher than pay-accounting performance sensitivity in venture firms. Overall, because venture firms give a lot of stock-option to managers, compensation level of venture firms is higher than other firms. Also, venture firms set higher pay-stock performance sensitivity than pay-accounting performance sensitivity to mitigate short-sighted decision.

• Journal of the Korean Society of Clothing and Textiles
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• v.43 no.5
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• pp.725-741
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• 2019

Virtual Reality (VR) represents a key technology for future shopping platforms. This study examined the effect of vividness and interactivity, the two technological characteristics of VR, and fashion involvement, a consumer characteristic, on a consumer's intent to use VR stores under the framework of the Technology Acceptance Model (TAM). The study explained consumers' belief in a new technology and the process underlying the use behavior. The survey was conducted on 200 people between the ages of 20s and 30s via an online survey firm. Data are analyzed using confirmatory factor analysis and structural equation modeling. The results showed that a greater level of perceived vividness had a positive effect on ease of use and playfulness, while perceived interactivity had a significant impact on usefulness and playfulness. The findings also indicated that consumers with a high degree of fashion involvement tend to perceive a higher level of playfulness through VR shopping. Regarding the effects of consumer beliefs, perceived ease of use had a positive influence on usefulness perception. A higher level of perceived usefulness and playfulness meant a higher consumer intention to adopt a VR shopping platform.

• 산업혁신연구
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• v.34 no.2
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• pp.215-242
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• 2018

This research aimed to estimate the elasticity of employment in order to analyze the impact of R&D upon the employment by utilizing a Panel Analysis from the Korean Firm Level Data of Statistics Korea from 2006 to 2015. According to the result, non-linear correlation was observed as the increase of R&D and the impact of R&D upon employment showed significant differences as the sector of industries and the level of technologies. In terms of manufacturing industry, the 'U' correlation was observed between the employment and R&D, especially in the mid-tech industries. This clearly proved the fact that R&D can cause positive effects on the employment in the term in case of reaching a certain level. Whilst, in the high-tech industries, the impact of employment was increased as the rise of the R&D, and this congestion rate was relatively rapid. In the sector of Service Industries, R&D did not show significance in traditional service industries. However, in terms of knowledge service industries, the elasticity in the term showed decrease as the increase of net profit.

• Journal of Korean society of Dental Hygiene
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• v.4 no.2
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• pp.277-291
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• 2004

The purpose of this study is to analyze the dental hygienists' overall performance in operative restoration and the clinical performance in operative restoration according to dental hygienists' career and to provide basic data for establishing the appropriate range of dental hygienists' work. Subjects of this study are 339 dental hygienists working at dental clinic and hospital nationwide, selected by their working place, career, type of clinic, and location of clinical institution. The distribution of people who responded to the survey shows that 81 belong to beginner level(less than 2 years since entering clinic), 115 intermediate level(2 to 3 years since entering clinic), 81 higher level(4 to 5 years since entering clinic) and 62 advanced level(more than 6 years since their entering clinic). In terms of the types of clinical institution, 178 belong to dental clinics and 161 belong to dental hospitals. The survey used in this study are focused on perception about clinical performance in operative dentistry and adequacy of the work. Operative dentistry consists of operative restoration and endodontic therapy. The operative restoration consists of 15 categories such as patient welcoming, examination and diagnosis, planning of treatment, anesthesia, control of moisture, cavity preparation, pulp protection, matrix band application, amalgam filling, resin filling, glass ionomer cement filling, abrasive strip removal, rubber dam removal, bite check and polishing, patient education, and arrangement. The reliability was Cronbach's Alpha .9453. SPSS 10.0 for Windows was used to analyze the responses. One way ANOVA was utilized to verify the differences in the dental hygienists' job performance in operative restoration and their job performance according to career. When significant difference was found. Duncan multi comparison post hoc was done. To sum up the results of this study, patient welcoming look the first place in the operative restoration. It was followed by patient education, examination and diagnosis, introducing treatment plan, resin filling, glass ionomer cement filling, amalgam filling, bite check and polishing, anesthesia, pulp protection, control of moisture, abrasive strip removal, cavity preparation, matrix band application, rubber dam removal, and anesthesia. In terms of the clinical performance by career, there were significant differences in 19 activities such as medical eraluation, oral examination, patient charting, intra oral readio graphs, firm developing fixing mounting, curing light gun, education of attention content after operation. Based on the results of this study, the specific range of operative restoration for dental hygienists should be focused on providing basic data for dentists' diagnosis, alleviation of fear and aching accompanied by injection and anesthesia, data providing for dentists' decision of anesthesia degree, and maximization of control of moisture.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.241-253
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• 2023

In the current rapidly changing environment, each country continues to make efforts to create jobs and strengthen technological competitiveness. In particular, support and revitalization policies for venture companies and start-ups are known to play a role in increasing national competitiveness. Companies should make appropriate replacements amid growing uncertainties in the environment in which business life is shortened and customer needs are diversified due to intensifying competition. First of all, it is important for companies to make efforts to strengthen their internal capabilities on their own. However, venture companies lack internal resources and capabilities, so support from the external environment is important enough to lead to the survival of the company(Timmons, 1994). Financial support and certification systems are being operated at the national level to strengthen the competitiveness of companies. However, financial support can lower a company's self-sustainability depending on the situation, so non-financial support such as R&D support and start-up education is considered to be helpful in the long term for venture growth(Aghion et al., 2012; Jeon & Ko, 2021). Non-financial support is divided into commercialization, facilities, space, childcare, manpower, and certification systems, and this study confirmed the benefits of the venture company confirmation system, which is a certification system. To this end, the 2021 venture company precision survey data and venture company sales data were used, and analyzed using the SPSS 26.0 package and SPSS PROCESS MACRO. As a result of the analysis, it was confirmed that the level of the management environment of venture companies has a positive effect on the benefits of the venture confirmation system or increasing the level of venture company capabilities, but it is difficult to lead to actual management performance. In addition, it was confirmed that the level of venture company competency mediates the relationship between the level of the venture company's business environment and management performance. As a result, even if the level of the venture company's business environment is positive or venture-friendly, it can be said that companies with internal capabilities to digest support from the external environment increase management performance.

• Korean Journal of Construction Engineering and Management
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• v.14 no.4
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• pp.24-34
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• 2013

Since 2004, the government decided to gradually introduce Actual Cost Data into cost estimate for improving problems of below-cost tendering and to reflect fair market price through competition and carry contract efficiently. However, there are many concerns that Actual Cost Data has not reflected real market price, even that has contributed to reduce the government's budget. General construction firm's burden for labor cost is imputed to specialty contractors and eventually it becomes construction worker's burden. Therefore, realization of Actual Cost Data is very important factor to settle this system. To understand realization level and make short term forecast, this paper drew construction group of which labor cost constitutes more than 95% of direct cost, and compares their Actual Cost Data with relevant skilled workers's unit wage and predicts using time series analysis. The bid price which is not be reflected market price accelerates work environment changes and leads to directly affect such as late disbursement of wages, bankruptcy to workers. Therefore this paper is expected to be used to the preliminary data for solving the problem and establishing improvement of Actual Cost Data.