• Journal of the Korean Data Analysis Society
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• 제20권6호
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• pp.3101-3116
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• 2018

본 연구에서는 기업 경쟁력의 제고를 통하여 최적화된 경영환경을 조성하고, 기업의 효율성을 높이는데 필요한 혁신 수단인 공급사슬관리를 위한 동적역량의 활용 방향성과 전략을 찾을 수 있는 방안들에 대해 알아보고자 한다. 시장과 기술은 전략적 방향과 문화로 기업이 보유한 정형화된 동적역량에 맞추고, 프로세스에는 공급사슬관리를 위한 동적역량과 관련된 기술을 반영하여 활용할 때에 보다 높은 기업성과를 창출할 수 있을 것이다. 본 연구에서는 시장지향성과 기술지향성이 기업성과에 미치는 영향과 동적역량이 기업성과에 어떠한 영향을 미치는지를 실증적으로 분석하는데 그 목적이 있다. 연구 결과는 시장지향성과 기술지향성은 동적역량에 긍정적 영향을 미치고, 동적역량은 기업성과에 긍정적 영향을 미치는 것으로 나타났다. 즉 동적역량은 시장지향성, 기술지향성과 기업성과 간의 관계를 매개하는 것으로 검증되었으며, 동적역량의 매개효과로 기업의 시장지향성과 기술지향성이 기업성과에 중요한 영향을 미치는 것으로 실증 분석되었다.

• 유통과학연구
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• 제17권9호
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• pp.117-125
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• 2019

Purpose - We investigate how to increase consumer incentives to buy public offering funds, resulting in activating the public offering fund market. In particular, this study aims to find ways to expand diversity and to improve efficiency of public offering fund. The public fund market of Korea has been stagnant in recent years. However, the public offering fund market plays a very significant role in terms of consumer welfare. Since only a few wealthy investors can participate in the private equity market, the stagnation in the public offering fund market usually reduces the opportunity of consumer's buying funds thus ultimately affecting their future wealth. Research design, data, and methodology - To attain our purpose, the 'factor-based portfolio strategy' has been considered. It is an alternative portfolio strategy, which composites the advantages of the passive management and active management. For our empirical anaylsis, we used global stock distribution market data over the period of 1991 and 2016. Then we constructed portfolios based on firm-size, firm-value, and momentum. Finally, a regression model was set, then hypotheses were tested, analyzing the performances. Results - First, among the 15 factor-based portfolios of global, Europe, Asia-Pacific(ex Japan), US and Japan, in eight portfolios, positive excess returns are observed at 5% significance level. Further, there is another portfolio with positive excess return at 10% significance level. Second, most of the portfolios with significant excess performance show positive relationship with the market portfolio. However, the firm-value based portfolio in Asia-Pacific region shows no relationship, and the firm-value based portfolio in US shows negative relationship. Third, we confirmed that the two firm-value factor portfolios in Asia-Pacific region and US, not having positive relationship with market portfolio, provide significant excess returns. Conclusions - In this paper, we provide empirical evidences supporting that the factor-based portfolios expand the diversity of funds and improve the efficiency of investment performance. However, there is no guarantee that the efficiency will continue in the future. In addition, various constraints and costs must be considered. Nevertheless, our novel findings in the advanced financial market such as US and Asia-Pacific are very interesting and offers important implications.

• 아태비즈니스연구
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• 제13권4호
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• pp.45-59
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• 2022

Purpose - This study investigates the performance of investment strategies incorporating estimated stock market cycle based on a lead-lag relationship between business cycle and stock market cycle, thereby deriving empirical implications on risk management. Design/methodology/approach - The data period ranges from June 1953 to September 2022 and de-trended short rate, term spread, credit spread, stock market volatility are considered as major input variables to estimate business cycle and stock market cycle by applying probit model. Based on the estimated stock market cycle, two types of strategies are constructed and their performance relative to the benchmark is empirically examined. Findings Two types of strategies based on stock market cycle are considered: The first strategy is to long(short) on stocks when stock market stage is expected to be an expansion(a recession), and the second one is to long on stocks(bonds) when expecting an expansion(a recession). The empirical results show that the strategies based on stock market cycle outperforms a simple buy and hold strategy in both in-sample and out-of-sample investigation. Also the out-of-sample evidence suggests that the second strategy which is in line with asset allocation is more profitable than the first one. Research implications or Originality The strategies considered in this study are based on the estimated stock market cycle which only depends on a few easily available financial variables, thereby making easier to establish such a strategy. It implies that investors enhance investment performance by constructing a relatively simple trading strategies if they set their position on stocks or choose which asset class to buy conditioning on stock market cycle.

• 한국유통학회지:유통연구
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• 제4권1호
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• pp.71-92
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• 1999

The basic purpose of this study is to investigate how the traits of the buyer-seller transaction-relationship relate to relationship performance, including relationship performance explicitly in the proposed model. The traits examined include relational norm, formalization, market uncertainty, and relationship investment. It is hypothesized that relational norm and formalization have positive impacts on relationships performance while market uncertainty has a minus impact. In addition, it is hypothesized that relational norm has a positive moderating impact on the effect of relationship investment--the investment and efforts for maintaining a relationship to relationship performance. A mail-survey to the manufacturers of machinery and equipment about their relationships with the parts suppliers was performed. Data provided a strong support for the hypotheses. As hypothesized, relationship performance and formalization generally had positive impacts on relationship performance and formalization generally had positive impacts on relationship performance while market uncertainty showed negative impacts. Also, there is a good evidence for the positive moderating effect of relational norm to the impact of relationship investment on relationship performance.

• 통상정보연구
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• 제12권1호
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• pp.271-295
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• 2010

In this study, we investigate the relationships among organizational market orientation, learning orientation, information technology(IT) support for firm resource, IT support for strategy, and balanced scorecard(BSC) performance in export firms. The development of the research model is based on the empirical studies of strategy and resource-based view. The data from the survey was analyzed using Partial Least Squares(PLS). The results from the empirical model suggest that IT support for firm resource is effected by market orientation and learning orientation. And, IT support for strategy is enhanced by IT support for firm resource. Finally, BSC performance of export firms is effected by IT support for strategy.

• The Journal of Asian Finance, Economics and Business
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• 제2권4호
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• pp.5-11
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• 2015

This study is the first to analyze performance of Taiwanese domestic equity funds between January 2009 and October 2014, the period during which quantitative redirected capital flows toward developing economies and the Taiwanese Stock Exchange Weighted Index compounded at approximately 12.9% annually. Adopting methods endorsed by earlier research, we evaluated 15 Taiwanese equity funds' performance relative to market averages using the Sharpe (1966) and Treynor (1965) ratios and Jensen's alpha method (1968). To test market timing proficiency, we applied the Treynor and Mazuy (1966) and Henriksson and Merton (1981) regression analysis methods. Jensen's alpha method (1968) was used to measure fund managers' stock selection skills. Results revealed that funds significantly under-performed Taiwan's average annual market return and demonstrated no exceptional stock-selection skills and market timing proficiency during the era of quantitative easing.

• 수산경영론집
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• 제38권3호
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• pp.89-108
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• 2007

The purpose of the study are summarized as follows: First, it has researched the new functions of middleman in Fisheries Port Market. Second, the new functions which middleman have to perform in Fisheries Port Market consist of the origin function, marketing function, logistics function. The origin function consists of the discrimination of fish species and freshness, making the price by auction, financing, etc. Marketing function consists of various species assortment from not only fisheries port market but also non fisheries port market as frozen and import fish markets, finding the new selling markets as not broker but wholesaler, making the price and margin non through the action, processing, etc. Logistics function consist of fish stock, delivery Third, it has recognized the upcoming important problems by building up the new functions as middleman in Fisheries port Market. This study has used a questionnaire to verify 3 hypotheses. Research model, factor analysis, regression analysis. The result of this study are summarized as follows: The origin function influences positively on the effectiveness of middleman's performance in Fisheries port Market. Marketing function influences positively on the effectiveness of middleman's performance. However, logistics function did not directly influences on the effectiveness of middleman's performance.

• Journal of Korea Trade
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• 제27권1호
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• pp.159-175
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• 2023

Purpose - This paper empirically investigates the relationship between born global strategy and the accounting- and market- based financial performance of Korean firms. Further, this study identifies the characteristics of born global firms (BGs) in comparison with non-BG counterparts in terms of size, R&D, and liability. Design/methodology - Using a database of listed Korean SMEs in the manufacturing sector from 2010 to 2020, this study applies panel generalized least squares (GLS) estimation and logistic regression techniques. Findings - This study finds that BG strategy is negatively related to the firm's accounting-based financial performance, while it is positively related to the market-based financial performance. This study also finds that BGs have higher sales volume and more total assets compared to their non-BG counterparts. In addition, Korean BGs spend more on R&D, and at the same time have higher liability. Originality/value - BGs, by definition, are firms that are actively penetrating foreign markets from the early stages of their establishment. Previous studies of Korean BGs have tried to identify the determinants of BGs' rapid internationalization and their superior performance. However, most of these studies have utilized either qualitative case- or survey-based analyses with relatively limited numbers of observations. From a different perspective, this study provides more objective evidence by investigating how the BG strategy affects the financial and market performance of firms, and by characterizing BGs in terms of financial data.

• 한국산학기술학회논문지
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• 제12권9호
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• pp.3924-3935
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• 2011

본 연구는 기업가지향성, 시장지향성, 혁신성, 고객지향성 간의 인과관계와 경영성과에 미치는 영향을 살펴보고자, 기업가 시장지향성과 조직유효성 경영성과 간에 나타나는 혁신성과 고객지향성의 매개효과를 실증 분석하였다. 중소기업 임직원들로부터 받은 설문지 419부를 분석한 결과, 첫째, 기업가지향성이 시장지향성의 선행변수임이 검정되었다. 둘째, 시장지향성이 기업가지향성과 혁신성 고객지향성 간에 매개역할을 하는 것으로 나타났다. 셋째, 기업가적 시장지향성이 혁신성과 고객지향성에 긍정적인 영향을 나타냈다. 넷째, 혁신성과 고객지향성이 조직유효성과 경영성과에 긍정적인 영향을 나타냈다. 다섯째, 본 연구의 핵심이라 할 수 있는 혁신성과 고객지향성이 기업가적 시장지향성과 조직유효성 경영성과 간에 매개효과를 보였다. 이와 같은 본 연구결과는 중소기업 경영에 있어서, 기업가지향성, 시장지향성, 혁신성, 고객지향성과 같은 조직특성의 중요성을 제기함으로써, 이러한 기업문화를 조성하고 이를 고조시킬 수 있는 경영진의 리더십이 중요함을 인식시킬 수 있는 시사점을 제공할 것이다.

• 대한토목학회논문집
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• 제39권5호
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• pp.623-630
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• 2019

아시아 건설시장의 전략적 중요성이 높아지면서 기업 간 경쟁이 더욱 치열해지고 있다. 기존의 아시아 건설시장에 대한 연구는 주요 국가로의 진출전략 도출, 분야별 리스크 평가에 대한 정성적 접근이 주류를 이루었던 반면, 다수 기업의 역동적인 경쟁구도를 정량적으로 설명한 연구는 드물었다. 이에 본 연구는 국내 건설기업이 2009년부터 2017년까지 계약을 체결한 3,996건의 프로젝트 정보를 바탕으로 아시아 지역의 계약실적 구조를 분석하였다. 정태적 분석에는 시장 집중도, 동태적 분석에는 시장 이동성 및 불안정성 개념을 각각 활용하였으며, 이에 대한 수학적 모델을 소개하였다. 분석 결과, 정태적 측면에서는 아시아 건설시장에서 국내 상위 기업군의 시장 점유율 집중 현상이 나타나고 있으며, 동태적 측면에서는 산업설비 공종을 제외한 대부분의 경우 시장 지위가 약하고 안정성이 떨어지는 것으로 밝혀졌다. 본 연구에서 제시한 분석 방법론과 결과는 산업 차원의 실적에 대한 체계적 진단을 가능케 하며, 향후 경쟁전략 수립을 위한 기초자료를 제공하였다는 점에서 의의가 있다.