• Journal of Technology Innovation
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• v.19 no.2
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• pp.25-51
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• 2011

This study examine the firms fund R&D expenditures through cash and cash equivalents under financial distress in order to avoid huge adjustment costs that can be brought after R&D expenditures cut-down. Other study divided the firms' financial condition by only firms' year. This study identifies the firms' financial condition not only by a firm's year but also by firm size and Altman's Z-Score and K-Score. The results show that there are statistically negative relationship between R&D expenditures and cash and cash equivalents when firms are under financial distress. The results are same regardless of criteria of classification of firms' financial condition, which is consistent to the hypothesis. Young and small firms and firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent compared to the other firms. We can find the new evidence when we classify the firm by Z-Score and K-Score of Altman. The firms with high possibility of bankruptcy can not fund for R&D activities from cash, but only the firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent in the condition of financial distress. The evidence suggests that firms fund R&D expenditures by cash and cash equivalent when they are under financial distress. Findings provide an implication on the management of R&D expenditures and liquidity in the firms.

• Journal of the Korea Society of Computer and Information
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• v.28 no.1
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• pp.189-199
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• 2023

This study aimed to identify the development direction of Arduino-based boards relating to artificial intelligence based on social awareness identified using big data analytical methods. For the purpose, big data were extracted through the Textom website, focusing on keywords that included 'Arduino + artificial intelligence' and 'Arduino + AI', and these data were refined and analyzed using the Textom website and the UNICET program. In this study, big data analyses, including frequency analysis, TF-IDF analysis, Degree Centrality analysis, N-gram analysis, and CONCOR analysis, were performed. The analyses' results confirmed that keywords relating to education and coding education, keywords relating to making and experience based on Arduino, and keywords relating to programs were the main keywords used in Arduino- and artificial intelligence-related Internet documents, and clusters were formed based on these keywords confirmed. The social awareness of Arduino and artificial intelligence was evaluated, and the direction of board development was identified based on this social awareness. This study is meaningful in that it identified various factors of board development based on the general public's social awareness, which was evaluated using a big data analysis method. This study may serve as a point of reference for future researchers or developers wishing to understand user needs using big data analysis methods.

• Journal of Technology Innovation
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• v.31 no.1
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• pp.149-173
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• 2023

The purpose of this paper is to analyze the effect of government R&D subsidies on business performance of SMEs in the field of Land, Infrastructure, and Transport. To this end, based on domestic and foreign literature, the performance derived through R&D was classified as primary and secondary parameters, and the commercialization program operated by the government was set as a moderating variable. Regression analysis, double mediation analysis, and moderated mediation effect analysis were used to confirm the effect of government R&D subsidy on project performance and process. As a result of this study, it was confirmed that government R&D subsidies have a significant effect on corporate management performance, and it was confirmed that the primary performance such as papers and patents and the secondary performance such as prototypes and legislative revisions have a double mediating. In addition, when the commercialization program was applied to the first and second parameters, it was confirmed that it played a moderated mediating effect. The results of this study are expected to be used when establishing government R&D support plans to expand business performance and economic effects in the future.

• Journal of Practical Engineering Education
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• v.14 no.3
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• pp.505-512
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• 2022

The purpose of this study is to synthesize effects of the living lab-based education through meta-analysis. Seven primary studies reporting the effect of living lab-based education were carefully selected for data analysis. Research questions are as follows. First, what is the overall effect size of the living lab-based education? The overall effect size refers to the effect on the cognitive and affective domains. Second, what is the effect size of the living lab-based education according to categorical variables? Categorical variables are outcome characteristics, study characteristics, and design characteristics. Results are summarized as follows. First, the overall effect size of living lab-based education was 0.347. Second, the effect size according to the cognitive domain was 1.244 for information process, 0.593 for communication, 0.261 for problem solving, and 0.26 for creativity. Third, the effect size according to subject area was shown in the order of electrical and electronic engineering 1.146, technology and home economics 0.489, artificial intelligence 0.379, and practical arts 0.168. Fourth, the effect size according to school level was 1.058 for high school, 0.312 for middle school, and 0.217 for elementary school. Fifth, the effect size by grade level was 0.295 when two or more grades were integrated and 0.294 for a single grade.

• Journal of Technology Innovation
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• v.26 no.2
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• pp.37-68
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• 2018

This study examines the effects of entrepreneurial orientation and external oriented organizational culture on the firm perfornamance focusing on mediating effects of open innovation. The survey was conducted on Korean manufacturing firms with 100-5,000 employees among listed companies and external auditing companies. The validity of the research model and hypotheses was verified through analysis of structural equation model for 283 valid responses. Empirical results show that entrepreneurial orientation positively affects both open innovation and firm's performance. The external oriented organizational culture of firms appears to be positive effects on open innovation, but the effect between the external oriented organizational culture and firm's performance shows no statistical significance. Open innovation have positive effects on firm performance. In addition, a test for mediation effects of open innovation reveals that a full mediation exists between the external oriented organizational culture and firm's performance, while there is a partial mediation effect between entrepreneurial orientation and firm's performance. This study contribute to the literature by deepening understanding on the open innovation. We propose an integrated model for examining antecedent factors, open innovation and performance.

• Journal of Technology Innovation
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• v.28 no.2
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• pp.63-100
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• 2020

This study analyzes the effectiveness of government supported R&D program for SMEs by measuring TFP improvements. We estimate TFP for Korean companies from 2011 to 2018 using Levinsohn and Petrin (2003) method which reduces endogenous problem. Then government R&D beneficiary companies were extracted from the NTIS and linked to TFP estimates. The empirical results are as follows. First, as a result of estimating production function, the contribution of TFP to value-added is more important than in the past. Second, the TFP gap between large firms and SMEs continues to wide and there is no sign of easing.(from 3.72 times in 2011 to 5.23 times in 2018). Third, SMEs beneficiaries show higher TFP level than non-beneficiaries. However their TFP was on the decline until government support. After government supported R&D program, it reverses upward. Fourth, although one-year TFP improvement of beneficiaries is bigger than non-beneficiaries, it is smaller than the control group through PSME. Because SMEs participating in government R&D programs had showed downward trend of TFP until R&D program, it is necessary to examine whether there is a fundamental discordance between the demand of SMEs for R&D program and governments policy goal. More sophisticated program design will be required to escape the recognition that government R&D programs for SMEs are just charity.

• Economic and Environmental Geology
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• v.53 no.2
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• pp.213-220
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• 2020

When CO₂ foam is injected into the saline aquifer, the relative permeability of CO₂ decreases and its viscosity increases, thereby reducing mobility in porous media and ultimately improving CO₂ storge with enhanced sweep efficiency. In general, surfactants were used to fabricate CO₂ foam. Recently, nanoparticles have been used to form stable foam than surfactant. This paper introduces CO₂ storage technology using nanoparticle stabilized CO₂ foam. If the surface of the hydrophilic nanoparticles is partially modified into a CO₂-philic portion, the particles have an affinity for CO₂ and water, thus forming a stable CO₂ foam even in deep saline aquifers under high temperature and high salinity conditions, thereby it can be stored in the pores of the rock. In terms of economics, injection method using nanopaticle-stabilized CO₂ foam is more expensive than the conventional CO₂ injection, but it is estimated that it will have price competitiveness because the injection efficiency is improved. From an environmental point of view, it is possible to inject chemical substances such as surfactants and nanomaterials into aquifers or reservoirs for specific purposes such as pollutant removal and oil production. However, some studies have shown that nanoparticles and surfactants are toxic to aquatic animals, so environmentally proven substances should be used. Therefore, further research and development will be needed to study the production and injection of nanoparticle-stabilized CO₂ foam that are environmentally safe and economically reasonable.

• Journal of Technology Innovation
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• v.18 no.2
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• pp.91-120
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• 2010

This paper examines the effect of bargaining power over intermediate goods prices on innovation and economic growth using a Schumpeterian growth model. The notion of "intermediate goods prices" broadly indicates the reward to innovators including innovative SMEs as well as intermediate goods producers that are vertically integrated to big businesses. From this viewpoint, this paper sets up a Schumpeterian growth model that incorporates the market power between final goods producers and intermediate goods producers. The results show that the reduction of intermediate goods prices slows down long-run growth rates as it erodes the reward to innovations. Lower intermediate goods prices decrease marginal productivity of capital and real interest rates. However, the harmful effect of lower profits on innovations outweighs the beneficial effect of lower interest rates. Simulations using Korea's data for various cases show that in all cases the policies that raise the share of intermediate goods producers are as powerful as the R&D subsidy policies in raising growth rates. Therefore, fair trade policies that enable intermediate goods producers-especially SMEs to obtain more fruits of innovations will be helpful for long-run economic growth.

• Journal of Technology Innovation
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• v.21 no.1
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• pp.27-57
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• 2013

The projects of agricultural R&D investments have been evaluated largely on the basis of efficiency better than equity although both criteria are equally critical in that major fund source of agricultural R&D investments is public budget. In this study, I focus on equity aspects by identifying the heterogeneous impacts of public knowledge created by R&D on farm efficiencies by farm income levels using bias-corrected DEA and quantile regression with panel data. The findings indicate that entire farms haven't been likely to be benefited evenly from public knowledge stock created by agricultural R&D, in particular high income farms can have enjoyed relatively more benefits of its in terms of efficiency gain. Those can imply agricultural R&D have functioned in the way analogue to digressive subsidies. In addition, the heterogeneous technological needs different among income level farms turns out to be main underlying factors affecting such the skewed benefit distribution of agricultural R&D over different income level farms.

• Journal of Technology Innovation
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• v.20 no.1
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• pp.45-73
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• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.