• Journal of Korea Trade
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• v.26 no.5
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• pp.1-22
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• 2022

Purpose - This study aims to analyze the influence of South Korea's outward foreign direct investment (OFDI) under the effect of both multinational enterprises' (MNEs) investment motivation and host country institutions. Some suggestions are put forward with regard to South Korean MNEs participating in and integrating into the fierce and changeable world of international market competition. Design/methodology - The basic hypotheses are that MNEs' investment motivations and the host country's superior institutions both boost South Korea's OFDI in those host countries. South Korea's OFDI is divided into investment choice stage and investment scale stage. A Heckman two-stage selection model is established for empirical analysis, using the panel data of South Korea's OFDI and related variables, from 2002 to 2019. Findings - (1) The influence on the investment scale of South Korea's OFDI is more regular and noteworthy than the influence on investment choice. (2) In the investment scale stage, there are obvious motivations to seek markets, labor force and superior technology, but not natural resources. (3) In the investment scale stage, the South Korea's OFDI is more obviously attracted by the host country's superior political institutions, economic institutions and legal institutions, but not cultural institutions. Originality/value - The choices of variables and uses of model expand the theoretical basis and empirical method of OFDI research. The results of the empirical study also provide some reference for the transnational investment of South Korean MNEs and the investment policy formulation of the South Korean government.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.443-453
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• 2021

Gen Z is a special generation that was born with technology, converging the best development conditions making them an important part of the future development of Vietnam's economy. Gen Z is an important part of the future development of Vietnam's economy. The purpose of this study is to identify and measure the impact of various factors affecting the business intentions of Gen Z in Vietnam during the Covid pandemic. The study did not go into the details of entrepreneurship, instead focused on explaining the impact of factors such as risk-taking, market economic trends, influencers, confidence, and family business traditions on the business intentions of Gen Z. The study was carried out using quantitative and qualitative methods with 335 data points collected online via survey links. The methods used to test the scale such as Cronbach alpha, CFA, SEM are used to examine the correlation between factors affecting the business intention of Gen Z in Vietnam. The results showed that the business intention of Gen Z in Vietnam is positively correlated and significantly influenced by confidence and risk-taking. Furthermore, the study reveals a difference in entrepreneurship of Gen Z Vietnam based on gender and education level.

• Informatization Policy
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• v.19 no.3
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• pp.3-18
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• 2012

Constitutional issue of economic order has fiercely been disputed around the world and through the ages. In Korea, there also has been endless argument on to what extent the government should intervene in the economy through regulation. Article 119 of the Constitution of the Republic of Korea has its basis on the principle of free market economy, exceptionally allowing the government to intervene and coordinate in certain situations. The Constitution empowers the government with the authority of regulation and coordination to execute the Constitutional value of guaranteeing and securing fundamental human rights. Therefore, the government, as a fair and just mediator, should perform its mission to democratize the economy as well as secure market freedom and creative initiative.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.17-25
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• 2020

Venture debt is a prominent funding tool to promote scale-up of ventures. In the growth stage, venture firms that need large-scale funding can accelerate their growth by leveraging venture debt without diluting their shares, while venture capitals can quickly recollect their investments by accelerating the growth of the ventures they invest. By supplying venture debt, banks can diversify their asset primarily concentrated on loans, and improve the return on assets. As in the case of Silicon Valley Bank, a leading venture lender, closer cooperation between the two agents is essential to supply venture debt. One is the venture capital, an equity capital supplier, and the other is the bank, a debt capital supplier. To this end, we propose "credit risk sharing venture loans" and "venture loan pooling". The former encourages banks' participation in the venture debt market where the manager of Korean Fund of Funds, KVIC and policy guarantee schemes such as KODIT and KIBO screen or partially absorbe the risks inherent in venture loans. The latter reduces the burden of banking on individual venture loans through securitization.

• Journal of Applied Tourism Food and Beverage Management and Research
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• v.8
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• pp.197-216
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• 1997

In tandem with Korea's globalization efforts, local restaurant business in growing leaps and bounds. By the year 2000, the industry is expected to soar to one of the major industries with hosting many large-scale international events. Rising to the occasion, the Korea Restaurant Industry needs change itscurrent modus operandi focusing on management skill improvement and globalizatin of its network. In Particular, they need to have their competity edge against multinational Restaurant brands both in local and overseas markets. To further develop the local industry, we need to work on the following areas. 1. Top management is required to show firm commitment to development of local brand that can be a real player in the global market. 2. To make any impact in the global market, a specific marketing strategy needs to be developed fit for each market. 3. To save initial investment expenditure, a close cooperation among local industries is prerequisite. 4. To make the industry easier to go global, local government needs to provide them with financial and taxational benefits.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.265-279
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• 2023

Purpose - The purpose of this paper is to compare and review behavioral economics models that explain stock price changes after large-scale price shocks in the Korean stock market and to find a suitable model. In this paper, among the theories reviewed, it was confirmed that the anchoring heuristics theory has high explanatory power for stock prices after large-scale stock price fluctuations. Design/methodology/approach - This paper conducts an event study on stock price shocks in which the individual stocks that make up the KOSPI200 index show more than 10% fluctuation on a daily basis. In order to materialize the abstract predictions of heuristics theories in a varifiable form, this paper uses the daily stock price index change as a reference point for availability heuristics, and uses the 52-week highest and lowest price as reference point for anchoring heuristics. Research implications or Originality - As a result of the empirical analysis, the stock price reversals did not consistently appear for changes in the daily index. On the other hand, the stock price drifts consistently appeared around the 52-week highest and the 52-week lowest price. And in the multiple regression analysis that controlled for company-specific and event-specific variables, the results that supported the anchoring heuristics were more evident. These results suggest that it is possible to establish an investment strategy using large-scale price change in Korean stock market.

• Journal of Distribution Science
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• v.12 no.12
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• pp.43-54
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• 2014

Purpose - This study examines how perceived benefits and costs of traditional market support affect relationship quality and support for a marketeer. In addition, it investigates whether support for traditional market aid programs leads to support for the government. The author developed a structural model comprising several variables, in which perceived benefits and costs comprising economic, social, and environmental costs were proposed, to affect the relationship quality (satisfaction and trust) of traditional market aid programs and the government. Consequently, marketeers satisfied and trusted by traditional market aid programs and the government would support the traditional market aid program, resulting in higher support for the government. The model proposed that customer satisfaction would improve customer loyalty and business performance. Thus, the relationship quality (satisfaction and trust) of the traditional market aid program and government was proposed as a core mediating variable between perceived benefits and costs and support. Research design, data, and methodology - To analyze the proposed model, this study investigates the scenario with a traditional marketeer. Data were collected from 331 respondents, and analyzed with SPSS/PC 18.0 and AMOS 18.0. To test the unidimensionality and nomological validity of the measures of each construct, we employed a scale refinement procedure. The result of the reliability test with Cronbach's and confirmatory factor analysis warranted unidimensionality of the measures for each construct. In addition, nomological validity of the measures was warranted from the result of correlation analysis. Results - First, perceived benefit affects the relationship quality of traditional market aid programs and government. Second, perceived costs affect the satisfaction of traditional market aid programs and government. Third, the relationship quality of a traditional market aid program affects the support of a traditional market aid program, and the relationship quality of government affects the support of government. Finally, the support of traditional market aid program affects support of government. The results confirm the findings of previous studies that local development positively influences support, based on the social exchange theory. Conclusions - The theoretical and managerial contributions of this study are as follows. First, it is the first such study, and defines mediating variables, analyzing relationship quality (satisfaction and trust) between perceived benefits and costs and support for the traditional market industry. Further, it investigates the structural relationships between them with the AMOS program. Second, while most previous studies investigating the relationship between similar variables and those of the present study analyzed how perceived benefits and costs influenced support, this study identified the transfer relationship between the support for traditional market programs and support for the government. This study confirms that support for traditional market aid program increases support for the government. Therefore, government policy makers for traditional market aid programs should explain to marketeers the benefits and costs of traditional market development in terms of economic, social, and environmental factors. At the end, limitations, further research directions, and implications are suggested.

• Journal of Distribution Science
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• v.12 no.8
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• pp.5-15
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• 2014

Purpose - The method of TV home shopping is a kind of retail method that provides the viewer with information about products and, further, sells the products to consumers through the media of television. The domestic home-shopping industry has been expanding since 1995, and there are six companies in this arena as of 2012. In this study, we evaluate the management efficiency of TV home-shopping companies and provide suggestions for improving efficiency, using the DEA (data envelopment analysis) model. Hence, we expect to contribute to the progress of the companies' efficiency and the development of the TV home-shopping industry, where deepening competition is inevitable because it is experiencing the maturing market stage in its life cycle. Research design, data, and methodology - Efficiency is the ratio of the quantity of input to the quantity of output of a product or service. It is necessary to estimate aggregate inputs and aggregate outputs, which are calculated by applying a weighting to a number of input and output factors, to measure the efficiency. The DEA model is divided into the CCR model and the BCC model. The CCR model is a basic model that assumed constant returns to scale (CRS), and the BCC model extends the CCR model to accommodate technologies exhibiting variable returns to scale (VRS), and concerns only the technical efficiency without considering the efficiency of returns to scale. In this study, we consider six companies each year from 2008 to 2012 as a DMU (Decision Making Unit) and analyze the differences in efficiency for each company in each year. Furthermore, we evaluate the operating characteristics of TV home-shopping companies, using three models, in accordance with the overall performance, profitability, and marketability of the business. Results - The result of the analysis, using DEA models, shows that Hyundai Home Shopping (2009, 2010, 2011), GS Home Shopping (2011), NS Home Shopping (2011) and CJ O Shopping (2012) possess MPSS (most productive scale size), with a score 1.0 in CCR, BCC, and scale efficiency. Particularly, Hyundai Home Shopping is shown to be the most efficient in terms of overall business performance, marketability, and profitability. The overall efficiency of the home shopping industry has displayed an increasing trend since 2008, even though it decreased marginally in 2012; further, we can observe that home shopping companies operate with increasing efficiency with the passage of time. Conclusions - Home shopping companies have focused on market expansion rather than profits, as they displayed better efficiency in marketability than increase in profitability during the period 2008-2012. In addition, the main reason for the increased efficiency in the home shopping industry is the market expansion through the revenue increase of each home shopping company. This study can be used as a reference when home shopping companies attempt to devise future strategies, as it suggests efficiency benchmarks and development levels for each home shopping company.

• Journal of Intelligence and Information Systems
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• v.22 no.4
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• pp.87-107
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• 2016

Understanding market convergence has became essential for small and mid-size enterprises. Identifying convergence items among heterogeneous markets could lead to product innovation and successful market introduction. Previous researches have two limitations. First, traditional researches focusing on patent databases are suitable for detecting technology convergence, however, they have failed to recognize market demands. Second, most researches concentrate on identifying the relationship between existing products or technology. This study presents a platform to identify the opportunity of market convergence by using product databases from a global B2B marketplace. We also attempt to identify convergence opportunity in different industries by applying Structural Hole theory. This paper shows the mechanisms for market convergence: attributes extraction of products and services using text mining and association analysis among attributes, and network analysis based on structural hole. In order to discover market demand, we analyzed 240,002 e-catalog from January 2013 to July 2016.

• Journal of Distribution Science
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• v.11 no.4
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• pp.89-97
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• 2013

Purpose - The purpose of this study is to systematically review the background of the Korean distribution promotion policy and distribution adjustment policies along with related regulations and policies. Research design, data, and methodology - Domestic distribution policy and relevant laws were examined through a review of existing research literature. The results of the development process of the domestic distribution policy, promotion policies, and adjustment policies are summarized below. Results - The results are summarized as follows. First, the purpose of the development of the domestic distribution promotion policy was to strengthen the competitiveness of the small and medium business industry through structural advancement of the small and medium industry. By expanding the managerial base for the small and medium industry, a new balance could be created in the national economy. There was a requirement for an early assistance policy for small and medium businesses as a base of these businesses in the distribution industry developed from their original model of catering to a traditional market of retail shops. Since 1996, there was a need for this early assistance policy due to the expansion and rapid growth of large scale stores causing a change in the consumption pattern for distribution markets and the decline of large enterprises. Second, the government supports small and medium business distribution through distribution promotion policies by supporting an organization promoting small business and supporting innovation in the distribution system. Third, in 1961 a business mediation system was established to protect small and medium industries. The Small and Medium Business Administration advises conglomerates to postpone acquisitions, restrain expansion of the business, or to reduce business scale if small businesses undergo an adverse effect such as decreasing demand because large companies are expanding into their areas. Fourth, the Distribution Adjustment Policy managed large-scale store regulation as follows: ① limitation on construction by urban planning ordinance, ② limitation on location based on traffic impact assessments, ③ regulation based on business guidelines by chiefs of autonomous bodies, ④ regulation on mandatory holidays and limitation of business hours. This large-scale store regulation is a policy introduced by authority to increase competitiveness of small and medium business distribution by the government. Conclusions - As discussed in this study, the distribution promotion policy and distribution adjustment policy are government distribution policies focused on the protection of the small and medium distribution businesses. This study is timely, since it was planned when the strengthening of the revisions of the Distribution Industry Development Act, aimed to protect small and medium retailers and merchants, was under discussion. The significance of this study is that it offers insights for the development of new policies in the future and an opportunity to consider the background of the distribution policy by the government.