• Journal of Distribution Science
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• v.21 no.12
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• pp.83-89
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• 2023

Purpose: Research on spin-off and treasury stock is necessary because the market has realized that this can be utilized for major shareholder private interest. Considering the unique characteristic of a spin-off and treasury stock in the Korean stock market, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry. Research design, data, and methodology: The present study investigates literature, analyst reports, and news articles to examine the spin-off process and analyze how treasury stock magic happens. Results: Setting the exchange ratio favoring Spin-Co in the spin-off is the leading cause for reducing the minor shareholders' value. Moreover, treating treasury stock as an asset is also problematic, allowing the allocation of Spin-Co shares. This leads to an increase in the major shareholder controls of Spin-Co without any contribution from the major shareholders. Therefore, the exchange ratio should be calculated reasonably, and treasury stock from the stock repurchase should be treated as stock retirement. Conclusion: By analyzing the spin-off and how treasury stock magic occurs, this study provides recommendations to improve shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of spin-off and treasury stock.

• International journal of advanced smart convergence
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• v.11 no.1
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• pp.48-54
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• 2022

Promote the application ofscientific research and technological developmentresultsto production and social life; The commercialization of scientific and technological products through the science and technology market is an effective method to exploit intellectual property at universities and research institutes. Spin-off is a popular business model in developed countriesto deploy and commercialize scientific and technologicalresearch results. However, in Vietnam, this concept is not popular as well as the number of spin-off businesses is not much and does not work effectively. This article focuses on clarifying the shortcomings and difficulties in establishing spin-off businesses in universities, thereby proposing solutions to develop spin-off businesses to exploit assets intellect at universities in Vietnam

• International Area Studies Review
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• v.13 no.1
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• pp.287-308
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• 2009

The purpose of this research is to find out whether Japanese characteristics are resulted from the role of industrial policy or entrepreneurial spirit, which induced by the emergence and growth of Japanese universities' spin-off. In other words, this paper shows the importance of not only the policy factor in the gestation and growth of Japanese universities' spin-off, but also the entrepreneurial spirit in the combination between spin-off and growth.

• The Journal of Small Business Innovation
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• v.20 no.1
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• pp.1-18
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• 2017

This study examined whether divided and spun-off companies design and execute spin-offs to minimize tax burdens by analyzing multiple spin-off transactions in the Dongbu Group, when the Korean tax law regarding corporate restructuring was amended in July 2010. Before the July 2010 tax amendment, taxes on the capital gains arising from the qualifying spin-off were deferred to the earlier of the shares in or assets acquired by the spun-off company are disposed. This tax treatment relieves the divided company's tax burden by deferring taxes on capital gains, compared with non-qualifying spin-offs. However, if shares in or assets acquired by the spun-off company are disposed after the July 2010 tax amendment, the capital gain incurred at the time of the qualifying spin-off would be taxed again at the spun-off company, in addition to a taxation on the divided company's capital gains. This creates double taxation implications for the parties involved in the spin-off. As a result, the double taxation may outweigh the benefit from the tax deferral on the qualifying spin-off, which may make a qualifying spin-off tax unfavorable. Among the four spin-off cases in the Dongbu Group addressed in this study, a spin-off occurred before the tax amendment, whereas three spin-offs occurred after the tax amendment. Initially, we expected that the spin-off before the tax amendment would be a qualifying spin-off, and the other three spin-offs would be non-qualifying spin-offs, considering the taxation rules before and after the July 2010 tax amendment. However, based on the review of summarized balance sheets disclosed in the spin-offs' corporate filings, no capital gains arose during the four spin-offs that occurred in the Dongbu Group. Therefore, we concluded that the Dongbu Group considered non-tax factors more than tax factors while designing and executing the spin-offs. The local media posited during this period that these spin-offs may intend to resolve financial issues in the Dongbu Group, and this analysis was supported by the fact that some shares in the new spun-off companies were sold by the Dongbu Group. Our case studies provide evidence that all costs, including both tax and non-tax costs, must be considered in the course of spin-offs, in addition to the tax burdens on all parties involved in the corporate restructuring, which parallels the work of Scholes et al. (2008). This study provides implications that various aspects should be considered and reviewed in advance when the management makes decisions for effective tax planning.

• Journal of the Korean Society of Systems Engineering
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• v.19 no.1
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• pp.14-28
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• 2023

The spin-off where the principal technology developers take the lead in the active and initiative pursuit of the commercialization of technologies is increasingly drawing attention, breaking away from the traditional means through the technology transfer or licensing of the public technologies created by the developers. This study aimed to determine the reasons for such differences from the perspective of the institutional theory. The results show that only the start-up support system, profit distribution system for researchers, degree of participation in the technology marketing, entrepreneurship of researchers, the use of start-up systems affected the number of start-ups of spin-off companies. Furthermore, an analysis of success factors and a study on the exploration of success paths for the RSOs will also be required

• Progress in Superconductivity and Cryogenics
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• v.16 no.4
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• pp.17-20
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• 2014

We have investigated the effect of temperature and bias current on the stability of the inverse spin-switch effect in Permalloy(Py)/Nb/Permalloy pseudo spin-valves. The inverse spin-switch operates between two orientations of the ferromagnetic moments of Py layers; parallel (ON) and antiparallel-domain (OFF) state. Measuring time scans of the resistance changes between the ON and OFF state, ${\Delta}R_{ON-OFF}$, while alternating magnetic fields between the two states at various temperatures and bias currents, revealed that enhancement of ${\Delta}R_{ON-OFF}$ is a key factor to achieve successful operation of superconducting spin switch.

• Journal of Information Technology Applications and Management
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• v.29 no.4
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• pp.51-60
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• 2022

This study was conducted on characters who play the main character of the spin-off work based on the image in the original. Through the analysis of the original and spin-off works, the role type and characteristics according to the characters' roles were analyzed. It was analyzed that Rex, Bo Peep, and Forky, the main characters of the Toy Story spin-off works, had characteristics described in the original, which were not the main characters, and changed when they appeared in the spin-off works. First, it shows a tendency to add a new personality to play the role of the main character who solves problems and leads the story development while maintaining the existing personality characteristics in the original. Second, in order to play the main character in the spin-off work, these main characters are strongly revealed in the characteristics of the faithful type 6, and the achiever type 3, respectively. The reason why the characters' personality in the existing original have continuity is that if the personality of the existing characters change rapidly, they may contradict the audience's existing perception, preventing them from being immersed in the spin-off protagonist itself and the story development. However, the main characteristics of personality type 6 and personality type 3 are described only by considering the character's role as a helper to solve the problem and the characters' characteristics, but in order to solve the problem in spin-off, the animation producers are determined to achieve the goal. An understanding of this result will greatly help animation producers plan the character in consideration.

• 한국벤처창업학회:학술대회논문집
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• 2008.04a
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• pp.143-178
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• 2008

This study is to look into the spin-off ventures which was incorporated based on the technology developed by public research institute, but underwent difficulties confronted during the development stages focused on the growth process and the factors contributed to their success. The case study was conducted with i-Sense Co., Ltd. which is a ventures organized by professors as a form of research based spin-off venture. i-Sense Co., Ltd. is a new-technology based ventures to produce self-tester for blood sugar level which was incorporated by Prof. Cha, Keun-sik and Prof. Nam, Hak-hyun of Department of Chemistry in Kwangwoon University along with the graduate course students of the Research Laboratory of the University. The two professors operated the Chemical Sensor Research Center at the Kwangwoon University where they produced many preliminary research outputs related with bio-sensors. They also executed the service works at the specialized company they established for research development to make research fund. They established i-Sense Co., Ltd. with the aim to carry out the research they want to. But contrary to the initial intention of the founders of the company, i-Sense Co., Ltd. has grown up as manufacturing company which produces and sells the self-tester for blood sugar level and is expected to be listed by Initial Public Offering (IPO) on the KOSDAQ in 2008. This study is to analyze the foundation and the growth process of i-Sense Co., Ltd. as successful research based spin-off ventures, to find out the factors contributed to their success by enabling them to overcome the difficulties experienced during the growth process, and eventually to provide with suggestive meanings in policy and practical point of view that leaded the research based spin-off ventures to success.

• Journal of the Korean Regional Science Association
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• v.15 no.3
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• pp.53-68
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• 1999

This study aims to analyze the role of TST for regional development in terms of university-research institutes-industry interaction. In particular, it focuses on the spin-off activities from research institutes and universities and their support mechanisms. This study consists of following three sections. This study consists of following three sections. Firstly, we describe the role and characteristics of research institutes and universities as the foundation of high technology business spin-off activities in the region. Secondly, the mechanisms for active technology transfer and business incubation are identified in terms of university-research institute and industry interaction in TST. Thirdly, important lessons for the development of technopolis are suggested from the view point of experiences of TST.

• Journal of the Korean Society for Precision Engineering
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• v.19 no.3
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• pp.73-79
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• 2002

This paper presents the experimental results to verify the environmental consciousness with economic balances due to cutting fluid behaviors, effectiveness in machining process. Even though cutting fluid improves the Productivity through the cooling, lubricating effects, its environmental impact is also increased according to the cutting fluid usage. The primary mechanism considered in this study is the spin-off motion of fluids away from rotating workpiece. In this study some parameters arc adopted to analyze the productivity(tool wear), environmental impact(mist diffusion rate). The results present talc criteria for the resonable cutting fluid usage quantitative1y to develop the environmentally conscious machining process.