• Information Systems Review
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• v.17 no.1
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• pp.117-140
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• 2015

Cloud Computing has drawn attention as one of 10 IT strategic technology trends and has various advantages such as cost reduction and enhancing business flexibility. However, corporations hesitate to adopt the service because of unexpected risks. Especially compared to large firm, medium and small ones use public cloud that security risk is high. Meanwhile, real option strategy has drawn attention as the method to hedge uncertainty in IT projects. Therefore, in this study causal relationships among technical, security, relational, and economic risks of cloud service will be investigated. Eventually, this study investigates how those risks influence the intention to choose the real option about the cloud service. For this study, five hypotheses is drawn, and a survey is conducted about the medium and small firms which are currently using cloud service to examine hypotheses. Since the study is at organizational level, 287 questionnaire replies are recalculated to 120 firms. For statistical analysis, Smart PLS and SPSS Statistics18 are used. As a result, technical risk of cloud service has significantly positive influence on security risk. Second, security risk and relational risk of cloud service has significantly positive influence on economic risk. Third, economic risk of cloud service has significantly positive influence on the intention to purchase the delay option or abandon option. Based on this result, this research discussed practical and academic implications and the limitations.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.11
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• pp.650-661
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• 2020

The digital transformation of the 4th industrial revolution is leading to changes and innovations in the global economy. Various countries are focusing on reviving their manufacturing industries and economic recovery through smart factories. The purpose of this study is to empirically identify technological determinants for the successful implementation of the smart factory and to verify teose effects on manufacturing operations and the firms' operational/environmental performances. Five factors, including sensor network, platform technology, information system, intelligent automation, and safety, were defined as core technologies. The SEM analysis results of 157 small and medium-sized manufacturing firms that have implemented smart factories are as follows. First, sensor network, platform technology, and information system had significant effects on smart manufacturing operations. Second, smart manufacturing operations have improved firm performance. This study is valuable in that it has confirmed the effectiveness of government-funded projects and systemized key technologies for implementing smart factories. Meanwhile, it is helpful for practitioners to support an efficient and effective decision-making for the new adoption.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.221-234
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• 2020

The role of entrepreneurship has become important for the continuous growth (scale-up) of companies in a rapidly changing economic environment. However, research has focused mainly on business-oriented growth that emphasizes efficiency only. However, in the era of the fourth industrial revolution, people have become more important than corporate efficiency. In particular, there are few studies on SMEs. The purpose of this study is to investigate how the characteristics of human - centered organizational culture affects the business ecosystem and firm excellence of SMEs, and how business ecosystem and firm excellence affect the performance of corporations. Therefore, this study focuses on the empathy, enablement, empowerment, and engagement of the corporate culture characteristics of the enterprise and the effects of the independent variables on the business ecosystem and the flower excellence as the parameters and the business ecosystem and company excellence. The main research subjects are the causality analysis that examines the effects on the management performance. The results of the study are as follows. Empathy, enablement, empowerment, engagement have a significant impact on the business ecosystem. In addition, the engagement have a positive effect on firm excellence. The results of empirical studies on the causal relationship between business ecosystem, corporate competence, and company excellence and business performance show that business ecosystem has no statistically significant effect on business performance. Corporate excellence has a significant effect on business performance Respectively. In addition to the above findings, this study can suggest the following implications. First, it is an empirical study of small and medium-sized enterprises (SMEs) by utilizing people-oriented entrepreneurship in addition to existing research. Small and medium-sized enterprises (SMEs) are expected to have lower perceptions of people-oriented management than large corporations or public institutions, but the analysis shows that people-centered entrepreneurship has a significant impact on the business ecosystem. Second, the research results of the serial multiple mediating effect analysis show that the higher the atmosphere of entrepreneurship in a company, the higher the atmosphere of entrepreneurship, and the parameters of business ecosystem and company excellence in the effect of people-oriented entrepreneurship on management performance. It is that the path through which people-oriented entrepreneurship influences management performance was verified by verifying the mediating effect by inputting. Lastly, it is hoped that research on people-oriented entrepreneurship in Korea's SMEs will be activated, providing a theoretical basis for transforming SMEs' business models into innovative types.

• International Commerce and Information Review
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• v.16 no.5
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• pp.151-178
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• 2014

The objective of the present case study is to analysis how effectively Hilti, which is a former family firm owned and managed by a family in Liechtenstein as a tiny european country, a land sandwiched between Switzerland and Austria, has made a global market success. Liechtenstein has $160km^2$ land and about 36,000 residents. Despite its small size of country, however, Hilti Corporation doesn't view its location as a liability in its business strategy. Hilti is a global leading provider of professional power tools in building, mining, civil engineering etc. Also, Hilti is a firm with a clear vision to become the leading industry partner for construction professionals and building installations through customer focus, high quality equipment, and tools and systems specially designed for specific jobs. This study considered Hilti as a good case, which verifies that born-conditions, endogenous factors according to Michael Porters diamond model does not decisive role more for international competitiveness of firms. Lessons from Hilti are that in order to obtain and sustain the global competitiveness of small and medium-sized firms in Korean manufacturing sector under high production cost, they have to do actively innovative. Also they can give to customers newer and higher customer-values than competitors in abroad give. The case summarizes that the strategy of Hilti for the global market success is comprised of several factors: Technological and organizational innovation, and a clear customer-value oriented business strategy and its implementation. Innovation and its integration into marketing for the customers value creation is central to Hilti's Success. The present case study is expected to provide insights and implication for many firms in Korea that are seeking to secure global presence and market success.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.

• Journal of Korea Society of Industrial Information Systems
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• v.29 no.3
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• pp.107-120
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• 2024

To study the relationship between various information sources and first-to-market product innovation, this research examined how the internal and external information sources relate to first-to-market product innovation and how government regulations (economic, social and administrative) affect first-to-market product innovations, applying the perspective of Institutional Theory. For the analysis, variables used were first-to-market product innovation, internal and external information sources, and economic, social, and administrative regulations. This study was conducted based on survey data from the Korean Innovation Survey 2020 by the Science and Technology Policy Institute of Korea (STEPI). The data analyzed included small and medium-sized enterprises (SMEs) in the manufacturing industry, and a total of 586 firms were used from 2017 to 2019. By analyzing the internal and external information source and government regulations that have been relatively underexplored in previous research, this study suggests new directions and provides practical and managerial implications based on the results.

• Journal of the Korea Society of Computer and Information
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• v.28 no.7
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• pp.165-177
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• 2023

In this paper analyzed the impact of innovation of CEOs of small and medium-sized companies, which are rapidly shifting to a digital economy, on corporate performance and how data literacy performs mediating functions. It was confirmed that innovation has a positive effect on corporate performance and that data literacy partially mediates the relationship between innovation and corporate performance. Transformational leadership shows a moderating effect in the relationship between innovation and corporate performance, and transactional leadership showed no moderating effect. Laissez-faire leadership has a moderating effect in the relationship between innovation and data literacy. These results show that innovation is an effective means of improving the organization's management performance, and are expected to awaken the importance of laissez-faire leadership and contribute to the establishment of management strategies.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.173-188
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• 2020

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

• Journal of Intelligence and Information Systems
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• v.21 no.1
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• pp.47-63
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• 2015

As knowledge is paid attention as a new production factor that generates added value, studies continue to apply knowledge management to business environment. In addition, as ICT (Information Communication Technology) was engrafted in business environment, it leads to increasing task efficiency and productivity of individual workers. Accordingly, the way that a business achieves its goal has changed to one in which its individual members are willing to take part in the organization and share information to create new values (Han, 2003) and studies for the system and service to support such transition are carrying out. Of late, a new concept called 'Enterprise 2.0' newly appears. It is the extension of Wen 2.0 and its technology, which focus on participation, sharing and openness, to the work environment of a business (Jung, 2013). Enterprise 2.0 is being used as a collaborative tool to prop up individual creativity and group brain power by combining Web 2.0 technologies such as blog, Wiki, RSS and tag with business software (McAfee, 2006). As Tweeter gets popular, Enterprise Microblog (EMB), which is an example of Enterprise 2.0 for business, has been developed as equivalent to Tweeter in business circle and SaaS (Software as a Service) such as Yammer was introduced The studies of EMB mainly focus on demonstrating its usability in terms of intra-firm communication and knowledge management. However existing studies lean too much towards large-sized companies and certain departments, rather than a company as a whole. Therefore, few studies have been conducted on small and medium-sized companies that have difficulty preparing separate resources and supplying exclusive workforce to introduce knowledge management. In this respect, the present study placed its analytic focus on small-sized companies actually equipped with EMB to know how they use it. And, based on the findings, this study examined their knowledge management strategies for EMB from the point of codification and personalization. Hypothesis -"as a company grows, it shifts EMB strategy from codification to personalization'- was established on the basis of reviewing precedent studies and literature. To demonstrate the hypothesis, this study analyzed the usage of EMB by small companies that have used it from foundation. For case study, the duration of the use was divided into 2 spans and longitudinal analysis was employed to examine the contents of the blogs. Using the key findings of the analysis, this study is aimed to propose practical implications for the operation of knowledge management of small-sized company and the suitable application of knowledge management system for operation Knowledge Management Strategy can be classified by codification strategy and personalization strategy (Hansen et. al., 1999), and how to manage the two strategies were always studied. Also, current studies regarding the knowledge management strategy were targeted mostly for major companies, resulting in lack of studies in how it can be applied on SMEs. This research, with the knowledge management strategy suited for SMEs, sets an Enterprise Microblog (EMB), and with the EMB applied on SMEs' Knowledge Management Strategy, it is reviewed on the perspective of SMEs' Codification and Personalization Strategies. Through the advanced research regarding Knowledge Management Strategy and EMB, the hypothesis is set that "Depending on the development of the company, the main application of EMB alters from Codification Strategy to Personalization Strategy". To check the hypothesis, SME that have used the EMB called 'Yammer' was analyzed from the date of their foundation until today. The case study has implemented longitudinal analysis which divides the period when the EMBs were used into three stages and analyzes the contents. As the result of the study, this suggests a substantial implication regarding the application of Knowledge Management Strategy and its Knowledge Management System that is suitable for SME.

• Journal of the Economic Geographical Society of Korea
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• v.4 no.1
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• pp.19-35
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• 2001

This paper is concerned with the relationships between large firms with global reaches in their markets and subcontracting firms, mostly small and medium-sized firms. It then attempts to focus in more detail on the dynamic relational dimensions between the two. In doing so, we draw upon the secondary data and the results of interviewing survey with some senior managers. The empirical study shows that the localisation of subcontracting networks have been increasingly reinforced thanks to the increasing tendency of vertical disintegration by LC. However, it is identified that there is a tendency that local subcontractors are specialised in producing relatively low value-added and low technology-intensive electronic parts/components. Based on these results, the author suggests the implications of regional economic development in the context of innovation and learning.