• Journal of Korea Technology Innovation Society
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• v.1 no.2
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• pp.192-207
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• 1998

This paper focuses on the relationship between innovation and export performance of technology-based firms in Korea. This study analyses the relationship between innovative activity and firm's performances using a sample of 760 technology-based firms in Korea. As for the firm's performance indicators, export is employed. The empirical results support that innovation has a positive effect on firm's export performance. However, for small and medium firms, the relationship between innovative activity and export performance is an U-shape quadratic form, which shows that small firms takes a minimum innovative expenditure in order to access the abroad market. Also, with product differentiation, innovative firms tends to devot more to domestic market than to abroad market. Therefore, it can be concluded that innovative activity builds market power and accelerates export performance. And product differentiation through advertising expenditure make innovative firms less exporting.

• Journal of the Korea Safety Management & Science
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• v.10 no.3
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• pp.99-107
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• 2008

Product liability(PL) is the producer's compensation to customers for damage incurred by product defects. This paper studies on the organizational culture, promotion process, system construction, system level, product safety review, product safety assurance, system operation, and its effectiveness and necessity of recognition for the PL system of small and medium-sized firms in Gangwon-Do province. The results show that the firms have product safety regulations, but the number of firms which its employees understand the regulations is less than the number of firms which do not understand. Also the number of firms which is preparing PL prevention and insurance, and counterplan for accidents seems to be not in large numbers.

• Journal of the Korea Computer Industry Society
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• v.2 no.12
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• pp.1549-1556
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• 2001

Although the implementation of TQM principles has been proven to be a great success in many of the leading large corporations, small firms have lagged behind their larger counterparts in adapting to TQM. Because significant differences do exist between large and small companies, understanding the advantages and disadvantages of a small firm is a sine qua non. Intended to help small firms implement the principles of TQM, this paper, based on the principles of TQM, identifies the advantages and disadvantages and discusses the implementation strategies.

• Korean Business Review
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• v.13
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• pp.159-178
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• 2000

Tax assistance system in Korea is a one that is designed by the central government to achieve specific policy objectives through the tax relief for economic activities or specific industries, leading to the development of the industries, Thus, the purpose of this study is to see if the government's direct tax assistance system for small and medium manufacturing firms is effective and then to contribute to establishing necessary policies for an effective tax assistance system based on the identification of a direct assistance system that is substantially useful to those firms. T- test was performed to see if there was a difference in tax burden between small and medium manufacturing firms and small and medium non-manufacturing firms and also to see whether the direct assistance system was effective. The results obtained from the statistical analyses are as follows: (1) The tax reduction rule applied to small and medium firms was turned out to be effective based on the fact that the effective tax rates of the small and medium firms to which the rule was applied were, on the average, significantly lower than those of the Listing large corporation which did not receive the tax benefit and also on the fact that the tax savings rates of the small and medium firms which could apply the rule were, on the average, significantly higher than those of the Listing large corporation to which the rule was not applied. (2) The tax credit rule applied to small and medium manufacturing firms was also turned out effective based on the same fact as described in the case of the application of the tax reduction rule.

• KDI Journal of Economic Policy
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• v.27 no.1
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• pp.123-156
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• 2005

Strengthening the competitive edge of SMEs has become one of the most important economic issues in Korea as the bipolarization between large firms and SMEs has deepened. Accordingly, small innovative firms (referred as 'venture firms' in Korea) attract keen attention both from policy makers and academia. Also, we can sufficiently observe how the growth environment for venture firms has evolved, since it has been almost ten years after the Korean government started its support policy for venture firms. Considering this, now is the appropriate time to carry out an analysis of venture firms. From this point of view, this study looks at growth factors for venture firms to draw out policy implications. The empirical analysis shows interesting results. Firms with the following features all showed higher growth rates: firms with high R&D intensity, younger firms, bigger firms, firms using more policy loans, and firms located within and around the Seoul region. However, the empirical analysis has some limitations. The data used in the study is limited in terms of firm information and so there are some insufficiencies. Thus it is of great importance to compile the required data on firms to enable further in-depth studies.

• Management & Information Systems Review
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• v.25
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• pp.203-222
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• 2008

This thesis examines whether accounting information-earnings and book values-has the value relevance in the KOSDAQ. The study is motivated by previous studies which have examined the value relevance of accounting information. Prior researches have focused on KSE(Korea Stock Exchange). But, prior researches have not examined the value relevance of accounting information in KOSDAQ. So, this study examined the value relevance of accounting information which is disclosed by firms on KOSDAQ and whether accounting information between firms on KOSDAQ and KSE has the discriminative value relevance, underlying the expectation that KOSDAQ firms will have higher future profitability than KSE firms. In other words, book-value multiples of KOSDAQ firms is higher than book-value multiples of KSE firms and earnings multiples of KOSDAQ firms is lower than earnings multiples of KSE firms. The value relevance of accounting information is examined by a valuation framework presented by Ohlson(1995), which expresses the stock-price as a function of both earnings and book values of equity. The results indicate that accounting information of KOSDAQ has significant explanatory power for stock price over the 2005-2007 period. KOSDAQ firm are divided by Venture firms and Small to Mid size firms. KOSDAQ Venture firms have the discriminative value relevance, compared with KSE firms. But, KOSDAQ Small to Mid size firms have not the discriminative value relevance, compared with KSE firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.1
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• pp.105-125
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• 2006

This paper relates recent empirical research on the growth. Smaller and younger firms have been growing more quickly than larger and older firms, thus, generating proportionately more new jobs. It is not difficult to understand why small and medium firms receive so much attention. Because SMEs provide about 80 percent of private sector employment so SMEs performance is an important economic and social factor. Despite this, they are subject to higher risk and mobility than those at the large firms. This paper is analyzes the relationship between firm growth measured as growth in employment, sales and production and firms age, size and R&D investment. The growth and its relationship with the determinants is linked to industrial policy in Korea. Empirical results are based on an unbalanced panel data covering period 1999-2002. Results show significant relationship between growth, size and age of firm.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.135-147
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• 2016

Equity-based crowdfunding combines virtual technologies with traditional investing principles. Equity-based crowdfunding is a financing method for startups and small businesses to raise small amounts of capital from a "crowd" of investors. Small businesses can raise capital, advertise product or service, and receive feedback from crowds of investors in exchange for ownership equity in their business. This study examined the operational performance of equity-based crowdfunding in Korea. Data were collected from 125 success and failure equity-based crowdfunding of 75 firms. Results were as follows: First, success firms had a clear vision than failure firms in raising equity-based crowdfunding. Second, success firms had success experiences than failure firms in raising equity-based crowdfunding. Third, success firms had patents to technologies or products that are practical and that customers need. Fourth, success firms had three or more year long-term objectives than failure firms in raising equity-based crowdfunding. Finally, implications of the results were discussed.

• Korean small business review
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• v.38 no.3
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• pp.165-184
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• 2016

This paper aims at analysing the effects of venture business finance supporting programs on efficiency and productivity of the venture firms, on the basis of the data envelope analysis (DEA) using data of 406 firms in the 2013 Venture Business Detailed Survey of Small and Medium Business Administration. The conclusions are summarized as follows. First of all, the efficiency of government finance supported venture firms is higher than that other venture firms. The increase of productivity in venture firms enjoying government supporting programs is higher than that in venture business without government supporting programs, especially in the technical progress rather than in efficiency improvement. Also the R&D supporting programs for venture firms lead to an increase in productivity. Taking the above results into consideration, government's venture supporting programs are evaluated to be effective in terms of an increase of productivity and the proper scope for fragile venture firms.

• East Asian Journal of Business Economics (EAJBE)
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• v.6 no.2
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• pp.49-57
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• 2018

Purpose - to examine the theories related to the internationalization of multinational corporations as well as theories related to internationalization of small and medium-sized enterprises. Research design, data, and methodology - traditional theories, e.g. eclectic paradigm and behavioral theory and product life cycle etc. were examined and recent advances theories - network theory, entrepreneurship - were also examined to outline the theory of internationalization of firm. Results - the main schools of international researches are divided into two; one is the economics school, the other is the behavioral school. The economics school has considered internationalization as a pattern of investment in foreign markets explained by rational economic analysis of internalization, ownership, and location advantages. Apart from the economics approach, a theory relevant to smaller firms highlights slow and incremental overseas market commitment. Recent research on the network perspective is fast emerging and it can be applied and well explained on the internationalization of smaller firms, focusing on firm behavior in the context of a network of interorganizational and inter-personal relationships Conclusions - Small medium-sized enterprises have been recently rising, however, there has still been little consolidation of literature in internationalization and most of the relevant theories have been still focusing on explaining the globalization of multinational corporations. Little studied on the internationalization in the context of smaller firms which are distinctly differentiated from larger firms including international new ventures, which the motivation to study strongly calls for more information and studied on small medium-sized enterprises.