• Knowledge Management Research
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• v.22 no.4
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• pp.173-187
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• 2021

In that economic growth strategy through maximizing input would not working anymore in the rapidly changing economic environment, now we should focus on the improvement of firms' efficiency. This study estimate the efficiency and determinants of the efficiency using the panel data of 938 Korean manufacturing firms which ranked in high R&D investment firms during 2005~2018. We found that both R&D intensity as R&D input and patent stock as R&D output increase the efficiency of firms independently. And firm size, debt ratio, profitability also affect the firm's efficiency.

• International Commerce and Information Review
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• v.13 no.2
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• pp.121-148
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• 2011

Korean small and medium sized firms are dramatically expanding during the past two decades. Since small and medium sized firms begun to invest overseas to cope with the external and internal business environment. the influencing factors should defined for the successful foreign investment. This paper presents the research model explaining successful knowledge transfer between Korean small and medium sized firms and partners for foreign investment. This model examines investing companies' organizational characteristics, partners' learning capability and relational characteristics between two partners. Detail variables include the learning culture and codifiability of investing companies, and absorptive capability of partners, and communication and trust as a relational factors between investing companies and partners. The result of empirical analysis of sample companies shows that knowledge culture and codifiability of investing companies, and communication from the relational factors are important for knowledge transfer. These results provide some implications for the successful foreign investment of small and medium sized firms. Firstly the investing company should develop its own learning culture and internal procedure for the successful foreign investment. And frequent communication channel is necessary for knowledge transfer and the trustful relationship between investors and partner.

• Korean Business Review
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• v.19 no.1
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• pp.157-174
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• 2006

In the past, because Korean private venture capital firms could get government support and subsidies, they could be survived in the market without having required management capabilities, advanced venture investment techniques, and professional supporting agencies and institutions. However, business environments have changed a lot recently. Now, only through identifying the optimal financial structures(the ratio of debt to equity), Korean private venture capital firms can minimize investment risks and ensure higher profits. Since Modigliani and Miller(1958) criticized the existence of the optimal financial structure, there have been numerous studies on the optimal financial structure of firms. However, there is no empirical study investigating the financial structure of venture capital firms. The purpose of this article is to analyze the relationship between firm characteristics, financial security indies, and financial profit indices of korean private venture capital firms. We gathered the data from various sources, including the web pages and the financial statements for 2003 and 2004. By using the student's t-test and the correlation analysis, we showed that there are differences in the current ratio and the ratio of net profit to net sales between new and old korean private venture capital firms. Even though it is known that korean private venture capital firms does not have enough knowledge and investment technique to compete with global venture capital firms, our result show that old korean private venture capital firms have already built some knowledge and understanding of venture capital investing.

• Korean small business review
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• v.43 no.1
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• pp.1-33
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• 2021

This study explores differential value implications of R&D expenditure across firms, especially in terms of growth potential of small businesses. Analyzing Korean listed firms for the period from 1982 to 2014, we document the followings. First, large firms, defined as the top quintile group based on market capitalization, have spent higher R&D expenditure compared to small (bottom quintile group) and medium (middle quintile groups) firms and the difference between groups has enlarged over time. Relatedly, the persistence of R&D spending, measured by the association between current R&D expenditure and cumulative future R&D expenditure over the next five years, is lowest in small firms. Second, R&D of large (small) firms are more (less) likely to generate operating profits over the next five years. Additional analyses suggest that the relation between R&D and gross margin is strongest in large firms, suggesting that R&D underlies their competitiveness in the product market. Third, small firms have borne the highest uncertainty related to R&D investment proxied by the association between current R&D and volatility of future earnings. As a result, the likelihood of R&D leading to future patents is also lowest in small firms. Fourth, the probability of moving up to the next size group within the next five years is significantly lower in small firms than others. Finally, we find that the divergence in R&D expenditure between large and small firms is positively associated with product market concentration. Overall, our findings confirm the small business growth trap in relation to R&D investment.

• The Journal of Fisheries Business Administration
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• v.22 no.1
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• pp.77-100
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• 1991

This study has made an attempt to analyze the determinants of Foreign Direct Investment (FFI) by Korean Fishery firms. The questionaire survey on individual firm's recognition and the determinants of Foreign Fishery Investment (FFI) was performed, yielding the following results. First, the main object of FFI is to reserve fishing ground. The result of the statistical analysis shows that import ratio for domestic market (DOM) is a significant variable of FFI. These two facts indicate our FFI is resouree-oriented in terms of the object and motive. Second, FFI is primaily determined by firm-related factors rather than country- related factors. The significant variable in firm-related factfors is the number of departments of the investing firm (DEPT). Another notable result is that fishing fee is not an influential variable in FFI decision.

• Journal of Korean Institute of Industrial Engineers
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• v.12 no.1
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• pp.147-155
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• 1986

Nations, especially developing countries, hope to license the technology developed at the expense of government Research and Development (R&D) investment to the corresponding firms for commercial exploitation. Since commercial process is owing to lots of risk, firms have to grope the possibility of forming a partnership in order to reduce the risk. Therefore, a joint venture between firms would be needed to share the risk. This methodology suggests a way that probabilistic information of commercial project payoffs can be obtained using experts in project evaluation committee and the ratio of individual firm's investment size can be derived using risk sharing concept. Also simple examples are given.

• Journal of the Korean Institute of Educational Facilities
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• v.2 no.1
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• pp.15-26
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• 1995

This paper discussed non-physical factors, such as the level of use of organizational channels and the level of R&D investment of the firm. It also explored physical factors such as the distance between the university and industry, transportation conditions between the two, and the availability (surplus capacity) of professors' or firms' research facilities that would affect the interaction such as the contacts in connection with research grants and consultations by professors to high-tech firms. This paper pointed out that the use of organization channel, the level of R&D investment, the availability research facilities of the university and high-tech firm, transportation conditions between the two, subject matter compatibility between professors' areas of expertise and firms' industrial activities, professors' (or staff) research capabilities and professors' (or staff) research times affect the interaction between the university and industry. It also found that the distance between the university and industry affects the interaction between the two in the opposite direction.

• Journal of Environmental Health Sciences
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• v.19 no.2
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• pp.88-99
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• 1993

There has been investments by firms to protect workers' health and to improve their health status. Most of the investments are made on the ground of legal requirement. However many argue that the amount of investments made falls short of the legally required level. One of the reasons why firms are not active in undertaking required investments is that they are not certain whether such investment is economically beneficial to them or not. Using CBA (Cost-Benefit Analysis), this study investigates whether firms' investments on workers' health are economically justifiable or not. All kinds of expected costs and benefits are itemized and calculated, and costs are compared with benefits. The result shows that if firms fully undertake the legally required investments, total expected costs amount to W453.2 billion and expected benefits accruing to reductions from medical care costs, workers compensation costs, litigation costs in case of legal suit, work days lost, and etc. comes up to W2,086.8 billion. In other words, economic benefits from firms' investment on industrial health far outweighs their costs. As the economy grows, the probability of having various occupational disease increases. It is well conceivable from this study outcome that, the higher the probability, the greater the social loss would be, and the greater the benefits from proper investments on workers' health.

• International Area Studies Review
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• v.14 no.2
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• pp.79-105
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• 2010

This paper investigates empirically the impact of foreign investors on a firm's dividend and investment decision making in Korean stock market. Empirical results using the sample firms in non-financial firms listed in Korean stock market whose settlement month are December, we find that foreign investors who declared participation in management didn't exert significant impact on dividend increase. In the case of investment, foreign investors exerts significant impact on R&D investments. Using Hausman-Taylor Instrumental Variable method, we controlled endogeneity problem related with foreign ownership and dividend and investment policy. The contribution of this paper is that the purpose of foreign investors whether or not participate in management is the most critical point and the impacts of foreign investors on dividends and investment are different whether they participate in management or not.

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

This study analyzes the innovation performance of venture firms according to existence of venture capital investment, and according to type and ownership of venture capital. Venture firms are IPO firms that are registered on KOSDAQ between the year 2000 and 2016. They are categorized as corporate venture capital-backed firms (CVC) and independent venture capital-backed firms (IVC). Using patent data from KIPO (Korean Intellectual Property Office), we employ the number of patents and the citations per patent as the measurement of the innovation output. We find the positive association between the venture capital-backed firms and the number of patents before going public. Corporate venture capital-backed firms are positively associated with the number of patents before and after IPO. However, we do not find strong evidence between the number of citations and the existence of venture capital investment or the type of venture capital. Lastly, we provide an inverse U-shaped relationship between the innovation performance and venture capital's ownership. In other words, the innovation output, both the number of patents and the number of citations, gradually increases as the venture capitalist's ownership increases, but also shows a decrease pattern, suggesting that the venture capitalist's ownership does not only spur the innovation but also gives a negative effect on venture firm's innovation output such as excessive intervention. Overall, we reveal that the most important factor for the innovation performance is not the existence of venture capital investment or the type of venture capital, but the ownership of the venture capitalist.