• International Area Studies Review
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• v.15 no.1
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• pp.173-193
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• 2011

Most of the research regarding economic effects of policy loans has thus far been focused on whether policy loans can improve the financial status or the management performance of small and medium enterprises (SMEs). Unlike previous researches, this study implemented an empirical analysis focused on the contribution of policy loans to easing the liquidity restriction of investment. To analyze whether investment liquidity restriction can be alleviated or not, this study attempted an empirical analysis utilizing the nonlinear Euler equation induced through optimization of investment and GMM (generalized method of moments) as its analysis methodology. With the SMEs that received policy financing from the Small and medium Business Corporation (SBC) in 2004, this study analyzed three years of panel data before(2001~2003) and after(2004~2006) receipt of policy loans. According to the empirical results, it appears that policy loans had effects on resolving liquidity restriction of investment, implying that policy financing eases the liquidity restriction of SME investment and would contribute to the growth and development of SMEs. Further, I checked robustness of empirical results using Tobin's q model. The empirical results also support that policy loans help to resolve liquidity constraint. With these results, it is understood that the critical view to date, which has emphasized the ineffectiveness of policy financing due to it having no or insignificant economic effects, may be wrong.

• KDI Journal of Economic Policy
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• v.45 no.4
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• pp.57-77
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• 2023

The Chonsei component holds the highest level of weight (5.4%) in the composition of the Korean consumer price index (CPI). The variations in Chonsei prices are directly reflected in the CPI as a representation of cost swings. The Chonsei refers to a deposit that accumulates the costs related to housing services and is mostly affected by variations in rental rates. Nevertheless, it is important to note that Chonsei prices are also susceptible to fluctuations in interest rates, regardless of the rent prices. Therefore, if Chonsei were directly and one-to-one indexed to the CPI, they could include changes other than residential service prices. After analyzing the time series data of the Chonsei index and rent index inside the CPI, it becomes apparent that the Chonsei index displays an average annual growth rate of 2.3%, whilst the rent index reveals a growth rate of 0.9%. The observed disparity in growth rates indicates a divergence in trends between the two indices. It is posited that the Chonsei index, when capitalized, has had a more rapid increase compared to the rental index, owing to the gradual drop in interest rates. To effectively reflect fluctuations in the housing service costs, proxies for the Chonsei index were utilized in the construction of a consumer price index. The findings of our study suggest that, overall, the newly developed CPI demonstrates a comparatively lower rate of inflation when compared to the official CPI. Furthermore, the inclusion of imputed rents for owner-occupied housing in CPI amplifies this effect.

• Information Systems Review
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• v.25 no.4
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• pp.27-45
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• 2023

The importance of information security has grown alongside the development of information and communication technology. However, companies struggle to select suitable countermeasures within their limited budgets. Sönmez and Kılıç (2021) proposed a model using AHP and mixed integer programming to determine the optimal investment combination for mitigating information security breaches. However, their model had limitations: 1) a lack of objective measurement for countermeasure efficacy against security threats, 2) unrealistic scenarios where risk reduction surpassed pre-investment levels, and 3) cost duplication when using a single countermeasure for multiple threats. This paper enhances the model by objectively quantifying countermeasure efficacy using the beta probability distribution. It also resolves unrealistic scenarios and the issue of duplicating investments for a single countermeasure. An empirical analysis was conducted on domestic SMEs to determine investment budgets and risk levels. The improved model outperformed Sönmez and Kılıç's (2021) optimization model. By employing the proposed effectiveness measurement approach, difficulty to evaluate countermeasures can be quantified. Utilizing the improved optimization model allows for deriving an optimal investment portfolio for each countermeasure within a fixed budget, considering information security costs, quantities, and effectiveness. This aids in securing the information security budget and effectively addressing information security threats.

• Korean Association of Arts Management
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• no.50
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• pp.5-31
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• 2019

The main purpose of this study was to use Deep Learning based Topic Modeling and Semantic Network Analysis to examine research trend of arts management-related papers in korea. For this purpose, research subjects such as 'The Journal of Cultural Policy', 'The Journal of Cultural Economics', 'The Journal of Culture Industry', 'The Journal of Arts Management', and 'The Journal of Human Content', which are the registered journal of the National Research Foundation of Korea directly or indirectly related to arts management field. From 1988 to 2017, a total of 2,110 domestic journals' signature, abstract, and keyword were analyzed. We tried Big Data analysis such as Topic Modeling and Semantic Network Analysis to examine changes in trends in arts management. The analysis program used open software R and standard statistical software SPSS. Based on the results of the analysis, the implications and limitations of the study and suggestions for future research were discussed. And the potential for development of convergent research such as Arts & Artificial Intelligence and Arts & Big Data.

• Journal of Technology Innovation
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• v.31 no.3
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• pp.75-110
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• 2023

This paper aims at discussing the evolution of innovation theory from the beginning of the last century to present. Innovation theory has begun by Joseph Schumpeter in the beginning of the last century and his theory had not attained much attention compared to the mainstream economic theory. In the 1960s, some neo-classical economists analyzed the effect of technological change on economic growth and emphasized the role of demand in innovation process. However, in the beginning of the 1970s, Schumpeter's innovation theory, which emphasized the role of innovation and entrepreneurship in economic and social development, attained enormous attention by many liberal economists. They were called neo-Schumpeterians as they followed the theories and ideas of Schumpeter. In the middle of the 1980s, neo-Schumpeterians identified the concept of national innovation system(NIS), which is the total mobilization system of innovation resources for generating, appropriating and diffusing technological innovations. Soon this theory diffused very quickly at regional and sectoral level. As a result, there have been very active empirical studies on innovation systems in the world. Since the beginning of the 2000s the transition study have been actively carried out mainly in European countries. This study emphasizes the transition of existing innovation systems into more sustainable ones. In Korea we need to activate transition study, because there have been only few studies in this new theory.

• Information Systems Review
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• v.19 no.3
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• pp.69-89
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• 2017

In the information age, the rapid development of information technology provides people with an enriching experience yet also causes them harm because of information security (IS) issues. The IS of smartphones faces great challenges. Although many studies on IS awareness have been conducted, most of them have focused on PCs and do not consider the security issues of smartphones. In this study, we focus on those factors that affect IS awareness for both PCs and smartphones. We also analyze the differences in the impacts of certain factors on PCs and smartphones based on the proposed research model. The results are summarized as follows. First, the understanding of security technique, understanding of IS threat, and IS education have significant impacts on IS awareness for PCs and smartphones, while IS intention has a significant impact on IS awareness for PCs but not for smartphones. Moreover, IS policy has no significant impact on IS awareness. Second, PCs and smartphones show no significant differences in IS awareness, IS threat, and IS intention, but show significant differences in understanding of security technique, IS education, and IS policy.

• Journal of Technology Innovation
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• v.24 no.4
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• pp.55-99
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• 2016

The paper investigates X-project, in which the public was invited to participate in a national R&D project, examines how X-project attracted the public's attention and involved them in a national R&D project, and discusses the significance and limitations of X-project. X-project was executed by a 12 citizen-led committee, financially supported by the Ministry of Science, ICT, and Future Planning, and backed by the Science and Technology Policy Institute. People raised 6,212 questions that reflected the severe needs they experienced in their daily lives through the online and offline platforms of X-project. In addition, the committee members, scholars, experts, government officials, and citizens gathered together to select the fifty most provocative and novel of the questions raised by the public, and invited public participation to answer the questions in innovative ways. 310 research teams including professional researchers from universities and institutes, high-school students, lay persons, and corporate workers applied for X-project, and 54 of these teams were finally selected to receive funding from the government. Through planning and conducting X-project, as well as interviewing and surveying the participants in X-project and non-participants, we found that there was an enormous social consensus on the necessity of public participatory national R&D projects. People asserted that science and technology should put a greater focus on solving social problems and satisfying public needs. We also confirmed that the public could take part in national R&D projects. Most of all, we found that the questions raised by the public were very challenging, novel, and complex, and thus researchers need break-through approaches to address them. It can be also argued that through experiencing the X-project citizens can regard themselves as ones who are not only recipients of the benefits of the development of science and technology, but also contributors of the development of them. We finally argue that there are some limitations to X-project in terms of how to provide diverse incentives that attract more participation, how to develop the process in which people got involved in the project in more easy ways, and how to create new ways for lay persons and professional researchers to cooperate in solving social problems.

• Journal of Distribution Science
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• v.9 no.4
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• pp.51-61
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• 2011

The concept of Corporate Social Responsibility (CSR) was first introduced sixty years ago in the academic field. However, the phrase CSR was not explicitly stated before the 1990s in Korean business and academic researches. Recently CSR is more considered a corporate strategy than a philanthropic donation. CSR comprises contributions to local communities as well as using environmentally beneficial and humane practices. Sponsoring is one available marketing tactic used in order to communicate with the market. This study of sponsorship has concentrated on developing brand asset by accessing potential values of sporting events or star-players. However, sponsorship includes providing funds or goods to non-profit institutions as well as sports or entertainment organizations. Accordingly corporate community-specific sponsorship is defined as firms offering to provide money, goods and/or services to individuals and/or institutions within a particular community, thus establishing an interdependent relationship between the partners aspiring to gain social and economic assets. National sponsorship is typically targeted toward commonly recognized individuals and/or organizations with the intent to maximize exposure of a sponsor's brand, and is known to positively affect brand equity(community-specific sponsorship is committed to a limited local area) that a firm could benefit from by gaining a specific asset. POSCO sponsors the Jukdo Market, locate dinthe city of Pohang, tohelp revive their traditional market. Inreturn, the Jukdo Market merchant suni on display sflags with the POSCO embleminfrontof stores with in the market intending to make shopper sand merchant saware of POSCO's sponsorship. POSCO has succeeded in acquiring public support from the citizens of Pohang. However, the economic effects resulting from the cooperative relationship between POSCO and the Jukdo Market have yet to be measured by any empirical research. The purpose of this study is to assess the economic effects created by the community-specific sponsorship from the groups of merchants and shoppers, measuring its influence on the corporate image and subsequent brand loyalty, as parts of brand equity. The result of the study shows that the community-specific sponsorship of POSCO of the Jukdo Market had different influences on its corporate image and the brand loyalty of shoppers and merchants. First, the merchant group who was more frequently exposed to POSCO's flag recognized the sponsorship of POSCO more than the shopper group, and, therefore, had a better image of the company. Second, the recognition of POSCO's sponsorship had a positive influence on its corporate image, and that positive corporate image had a positive effect on brand loyalty development. However, the recognition of the sponsorship did not have a direct influence on brand loyalty. The friendly corporate image developed by the recognition of the sponsorship consequently could have had an effect on brand loyalty. Therefore, companies should not relinquish investments to corporate image development if they require more brand loyalty. Third, the influence of corporate image on brand loyalty shows stronger results in the shopper group rather than in the merchant group. Psycho-graphic factors of shoppers and merchants might give rise to the difference between the two groups.

• Journal of Technology Innovation
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• v.22 no.4
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• pp.235-259
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• 2014

New product or new technology developments are directly linked to a firm's survival and thus their performance and improvement are gaining attention in the midst of rapidly changing business environment and aggravating competition. However, despite SMEs' significance in the national economy, they are limited in terms of size and resources in possession, so the government provides a variety of supports as a policy. According to a study on the organizational life cycle, a firm's limits and difficulties differ by growth stage, so the supports need to be tailored. Based on the data from 2,575 firms that responded to the "2011 SMEs Technological Statistics," how technological capability level and deviation in the R&D process affect the R&D sales performance was studied. The result of analysis revealed that the technological capability has a positive impact on the R&D sales performance. It was also learned that the relationship between deviation in the technological capability and R&D sales performance was moderated by the government support. For the hypothesis that the government support would have a different moderating effect by growth stage for the impact the technology level has on the R&D sales performance, the empirical analysis showed a different meaningful moderating effect for each growth stage. The theoretical implications of the study are that, instead of a simple relation of dynamics that does not take the growth stages into account, it suggested a more realistic causal relationship model that reflects the complex environment the SMEs are in and that the need for measuring and using the deviation in technological capability as a research variable has been justified. The practical implications are that the government policy for supports can be tailored to a growth stage and that the guidelines have been suggested to effectively use the government funding by encouraging the SMEs in a different growth stage to adapt to the customized policy.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.4
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• pp.101-112
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• 2012

Business consulting which aims at advising overall management, comparative advantage in competitive environment, administration and so forth is deemed to be significant so that a credit union may flexibly respond to rapid and complicated financial environment. Accordingly, business consulting has been initiated and implemented in credit union since 2002, which seemingly leads to positive outcome to enhance its competitiveness. However, very few research exists which analyze the credit union's competitiveness and business performance after the business consulting. Thus, the research intends to verify how consulting influences on management performance by its various factors. With the above studies in mind, hypothesis is formed that the characteristics of a consulting comsumer and the characteristics of supplier will give a meaningful impact on management performance. The test shows the result as followings: Firstly, a primary credit union's trust and NACUFOK's expertise demonstrate that they are closely relevant to financial and non financial management performance. Secondly, support and willingness to apply states that they influences on non financial performance, while no direct impact is found to financial performance. Thirdly, NACUFOK's capability is rarely interrelated to financial and non financial performance. The present study implies that the credit union as a consulting beneficiary should participate in the consulting, accept the result, and make effort to solve the management problems. In addition, NACUFOK as a consulting supplier should initiate the organization in exclusive charge, perform the professional group, and foster the professional consultant for the development of consulting method, the improvement of consulting process, and the specialization of consultant including the enhancement of core competencies. When these perspectives are sufficient, it will be connected to the management outcomes, further, it will be boosted up the competitiveness of the Credit Union. Hopefully the present study helps to motivate the consulting of primary credit union, boost up the effectiveness of consulting, further, providing the perspective on consulting the credit union. And these may result in the indication of consulting development direction and the competitiveness of Credit Union.