This study aims to analyze research-based spin-off companies, which are established in Innopolis to promote the commercialization of R&D outputs of public institutions. We analyzed 175 technology-based start-ups, which were founded before 2016, to examine how the companies' capabilities affect the sales growth rate. The results show that technological capability and entrepreneurial capability have positive relations with sales growth, while network capability and finance capability do not have significant associations. In addition, R&D intensity (R&D expenditure per employee) has moderating effects on the association between firm capabilities and sales growth rate since it strengthens the effect of technological capability and entrepreneurial capability but weakens the influence of network capability. This study contributes to widening the understanding of the importance of capabilities of research-based spin-off companies and their performance, and differs from most previous literature since it uses objective and quantitative data. It further suggests policy implications that the enhancement of technological and entrepreneurial capability are important for the stable growth of technology-based startups in the early stage.
Journal of the Economic Geographical Society of Korea
/
v.21
no.4
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pp.289-302
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2018
As business activities of firms for maximizing profits has resulted in increases in economic, social and environmental problems in regional geographies, they have stimulated some social activities through enhancing their public image and justifying their conducts. In fact, firms have been given concerned with a decrease in profits due to the promotion of their social activities required by local communities. However, firms are able to create shared value resulted in added value creation centering on shareholder as well as stakeholder by expanding increases in economic and social values. Therefore, the main purpose of this research is to draw an index which is able to evaluate the mechanism of virtuous circle resulted from creating shared value(hereafter CSV). At the same time, it has attempted to analyze some limits to and real effects of CSV by the index. The paper has analyzed the CSV of certificated coffee by using the index of sustainability in the Vietnamese coffee industry. The introduction of certificated coffee showed positive effects in the order of environmental, economic and social indicators. However, the structure of closed decision-making in Vinacafe, which is a state-firm, has not able to secure enough economic profits for CSV, leading to some limits to the formation of virtuous circles in the Vietnamese certificated coffee industry.
Asia-Pacific Journal of Business Venturing and Entrepreneurship
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v.16
no.3
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pp.145-158
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2021
The purpose of this study is to examine the influence of the ownership structure of unlisted firms on KOSDAQ listing. There are few studies analyzing the characteristics of listing success based on ownership structure. For startup executives, there is not enough data to refer to the ownership structure that can increase the possibility of listing. This paper examines the effects of ownership structure on IPO success through comparison between listed successful and failed companies among the companies in application for KOSDAQ listing eligibility review. The major findings are as follows; (1) Venture capital investment and shareholding have a statistically positive effect on the success of KOSDAQ listing. This results indicate that the venture capital's investment alleviate the problem of information asymmetry, and it is a valid signal for market participants. The result means the role of venture capital seems to be important when companies are listed on the KOSDAQ. (2) The largest shareholder's stake has an inverted-U shape relationship with listing success. In other words, the ownership concentration mitigates moral hazard problem, which leads to listing success. However, if the ownership concentration exceeds a certain level, the chances of success in listing will decrease due to concerns over the pursuit of private interests. The result suggests that the largest shareholder's stake reduce agency problem. This study academically contributes to the existing literature by demonstrating the ownership structure affects IPOs, and explaining the results based on agent theory and signal theory. Our results provide practical implications for companies preparing for an IPO on the KOSDAQ.
The Personal Information Protection Act, one of the revised 3 Data Laws, established a special cases concerning pseudonymous data. As a result, a personal information controller may process pseudonymized information without the consent of data subjects for statistical purposes, scientific research purposes, and archiving purposes in the public interest, etc. In addition, as a follow-up to the revised Personal Information Protection Act, a 'Guidelines for Utilization of Healthcare Data' was prepared, which deals with the pseudonymization in the medical sector. The guidelines are meaningful in that they provide practical criteria for accomplices by defining specific interpretations and examples that take into account the characteristics of healthcare data. However, the guidelines need to clarify the purpose of using pseudonymous data and strengthen the fairness of the composition of the data deliberation committee. The guidelines also require establishing a healthcare data compensation framework and strengthening the protection of rights for vulnerable subjects. In addition, the guidelines need to be adjusted for inconsistency with the Bioethics and Safety Act and the Medical Service Act. It is expected that this study will contribute to the creation of a safe environment for the utilization of healthcare data as well as the improvement of related laws and systems.
Asia-Pacific Journal of Business Venturing and Entrepreneurship
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v.16
no.6
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pp.57-68
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2021
The purpose of this study is to investigate the effect of location satisfaction of innovative start-ups, located in capital and non-capital areas, on the intention of relocation. The analysis was based on the data of a survey of 231 innovative start-ups that were founded less than 7 years ago. 10 factors related to the aspects of business management, network building, and business environment were considered as location satisfaction of start-ups. The dependent variable was whether innovative start-ups plan to relocate. First, it was confirmed that in the case of innovative start-ups in capital area, the intention to relocate was found to decrease when the location satisfactions related to the promptly provision of products and services to consumers and ease of supplying labor were increased. Second, in the case of innovative start-ups in non-capital area, it was found that the intention to relocate was found to decrease when the location satisfactions related to creating a network, convenient transportation and free and creative start-up environment were increased. In addition, it was found that the higher the sales of start-ups in non-capital area, the lower their intention to relocate while the higher firm age of start-ups in non-capital area, the higher their intention to relocate. This study has an academic contribution to examining the relationship between between the location satisfactions of start-ups and the intention to relocate, which has been rarely addressed in Korea, and to shedding light on the difference in capital and non-capital areas. Furthermore, this study has policy implications since it suggests factors that the government should consider for geographical agglomeration of start-ups.
This study analyzed the accounting conservatism of companies listed on KONEX. The analysis of the existing accounting conservatism presents the analysis results for the KOSPI market or the KOSDAQ market. However, in July 2013, Korea opened a new publicly traded market called KONEX, which has been continuously operated to increase the possibility of SMEs' financing. However, research on KONEX has not been conducted relatively actively, and the current prior research is also focused on earnings management. This study differs from previous studies in that it analyzes accounting conservatism, which is one of the accounting policies. For this purpose, the period from 2014 to 2020 was set as the analysis period, and empirical analysis was conducted using the asymmetric timeliness models, Ball and Shivakumar (2005) and Basu (1997). As a result of the analysis, conditional conservatism was also confirmed in the KONEX market. That is, it was confirmed that the timeliness of the bad news was higher than the good news. Second, no significant difference was found in the results of analyzing whether there is a difference in the conservatism of KONEX companies according to the size of the auditor. In other words, it was confirmed that the size of the auditor in the KONEX market is not a significant variable. This study expanded the existing research in that it analyzed accounting policies targeting the KONEX market.
The government has supported the innovation of private firms by intervening the market for various purposes, such as preventing market failure, alleviating information asymmetry, and allocating resources efficiently. Although the government's R&D budget increased rapidly in the 2000s, it is not clear whether the government intervention has made desirable impact on the market. To address this, the current study attempts to explore this issue by doing a systematic literature review on foreign and domestic papers in an integrated way. In total, 168 studies are analyzed using contents analysis approach and various lens, such as policy additionality, policy tools, firm size, unit of analysis, data and method, are adopted for analysis. Overlapping policy target, time lag between government intervention and policy effects, non-linearity of financial supports, interference between different polices, and out-dated R&D tax incentive system are reported as factors hampering the effect of the government intervention. Many policy prescriptions, such as program evaluation indices reflecting behavioral additionality, an introduction of policy mix and evidence-based policy using machine learning, are suggested to improve these hurdles.
Background: In recent years, studies have shown conflicting results regarding the benefits of dietary supplements in reducing healthcare expenditures. This study aimed to address this inconsistency by examining the association between supplement consumption and health expenditures using nationally representative data from the Korea Health Panel Survey (2019-2020). Methods: A 1:1 matched case-control dataset was established using propensity score matching technique based on supplement consumption. Then, total annual healthcare expenditures were compared between the two groups. In addition, a multivariate regression analysis (Proc Surveyreg) was performed to determine the association between the supplement consumption and medical costs. Results: The supplement user group spent about 1.72 million Korean won, while the non-user group spent about 1.43 million Korean won on medical services (p=0.0186). The results of multivariate regression showed that the costs were approximately 26.15% higher in the user group than in the non-user group (p=0.0004). Conclusion: Contrary to the previous studies that have shown the benefits of supplement use in reducing healthcare costs, this study showed that those who consistently consumed supplements spent more on medical services. This can be interpreted in the same context as previous studies suggesting that dietary supplement intake is a healthy behavior for managing one's health. However, we caution against drawing firm conclusions due to data limitations. Further analysis using patient-level epidemiologic data is needed.
Environmental, Social, and Governance (ESG) management may be one of the recent hot topics in corporate management. The purpose of this paper was to study the level of ESG activities of shipping companies. The shipping industry is known to have low transparency and low favorability (Yun, 2022). This study determined whether ESG activities of shipping companies known to the public or studied qualitatively were consistent with objective facts through quantitative analysis. Analysis was conducted on 8,009 firm-year KOSP I listed companies from 2010 to 2022 using ESG ratings evaluated and published by KCGS. As a result of the analysis, it was found that shipping companies had a lower level of ESG activities than non-shipping companies. Although many research studies have been done on companies' ESG activities, research on corporate social responsibility activities and ESG activities of domestic shipping companies is limited. This paper is significant in that it is the first study to quantitatively analyze ESG management status of domestic shipping companies. Shipping companies should make efforts to improve their images, improve their business performances, and increase corporate sustainability by taking the lead in proactive ESG activities rather than performing passive ESG activities due to external regulations such as IMO 2020 and IMO 2050.
The bundled discounting which the dominant undertakings engage in is problematic in terms of competition restraint. Bundled discounts generally benefit not only buyers but also sellers. Specifically, bundled discounts usually costs a firm less to sell multiple products. In addition, Bundled discounts always provide some immediate consumer benefit in the form of lower prices. Therefore, competition authorities and courts should not be too quick to condemn bundled discounts and apply the neutral and objective standard in bundled discounting cases. Cascade Health v. Peacehealth decision starts ruling from this prerequisite. This decision pointed out that the dominant undertaking can exclude rivals through bundled discounting without pricing its products below its cost when rivals do not sell as great a number of product lines. So bundled discounting may have the anticompetitive impact by excluding less diversified but more efficient producers. This decision did not adopt Lepage case's standard which does not require the court to consider whether the competitor was at least as efficient of a producer as the bundled discounter. Instead of that, based on cost based approach, this decision said that the exclusionary element can not be satisfied unless the discounts result in prices that are below an appropriate measures of the defendant's costs. By adopting a discount attribution standard, this decision said that the full amount of the discounts should be allocated to the competitive products. As the seller can easily ascertain its own prices and costs of production and calculate whether its discounting practices exclude competitors, not the competitor's costs but the dominant undertaking's costs should be considered in applying discount attribution standard. This case deals with bundled discounting practice of multiple healthcare services by the dominant undertaking in healthcare market. Under the Korean healthcare system and public health insurance system, the price competition primarily exists in non-medical care benefits because public healthcare insurance in Korea is in combination with the compulsory medical care institution system. The cases that Monopoly Regulation and Fair Trade Law deals with, such as cartel and the abuse of monopoly power, also mainly exist in non-medical care benefits. The dominant undertaking's exclusionary bundled discounting in Korean healthcare markets may be practiced in the contracts between the dominant undertaking and private insurance companies with regards to non-medical care benefits.
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