• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.3
• /
• pp.1-15
• /
• 2016

This study has analyzed predication capabilities leveraging multi-variate model, logistic regression model, and artificial neural network model based on financial information of medium-small sized companies list in KOSDAQ. 83 delisted companies from 2009 to 2012 and 83 normal companies, i.e. 166 firms in total were sampled for the analysis. Modelling with training data was mobilized for 100 companies inlcuding 50 delisted ones and 50 normal ones at random out of the 166 companies. The rest of samples, 66 companies, were used to verify accuracies of the models. Each model was designed by carrying out T-test with 79 financial ratios for the last 5 years and identifying 9 significant variables. T-test has shown that financial profitability variables were major variables to predict a financial risk at an early stage, and financial stability variables and financial cashflow variables were identified as additional significant variables at a later stage of insolvency. When predication capabilities of the models were compared, for training data, a logistic regression model exhibited the highest accuracy while for test data, the artificial neural networks model provided the most accurate results. There are differences between the previous researches and this study as follows. Firstly, this study considered a time-series aspect in light of the fact that failure proceeds gradually. Secondly, while previous studies constructed a multivariate discriminant model ignoring normality, this study has reviewed the regularity of the independent variables, and performed comparisons with the other models. Policy implications of this study is that the reliability for the disclosure documents is important because the simptoms of firm's fail woule be shown on financial statements according to this paper. Therefore institutional arragements for restraing moral laxity from accounting firms or its workers should be strengthened.

• Korean small business review
• /
• v.43 no.3
• /
• pp.91-117
• /
• 2021

The purpose of this study is to study the effect of internatioanl entrepreneurial orientation of small and medium-sized Chinese manufacturing companies on export performance. A total of 183 corporate data were used for empirical analysis for Chinese manufacturing export companies. In summary, first, international entrepreneurial orientation was shown to have a significant positive effect on export performance, second, international etrprenurial orientation was shown to have a significant positive effect on absorption capacity, and third, the stronger environmental dynamics and network capacity, the stronger international business orientation and export ability. The implications of this study are summarized as follows. It suggests that the more innovative, enterprising and risk-taking Chinese SMEs are, the better their export performance and the better their ability to absorb foreign knowledge. It also suggests that small business managers must continue to strengthen their network capabilities to improve export performance through international entrepreneurial orientation, and this relationship is further strengthened in a dynamic environment. It also suggests that the impact of firm's absorption capacity on export performance will weaken over time.

• Journal of Technology Innovation
• /
• v.25 no.4
• /
• pp.107-143
• /
• 2017

This study aims to understand the impact of internal and external environments and innovation efforts on a company's performance. First, the relationships and patterns between variables were determined through an exploratory factor analysis. Afterwards, a cluster analysis was conducted, in which the influential factors summarized in the factor analysis were classified. Finally, structural equation modeling was used to carry out an empirical analysis of the structural relationship between innovation efforts and the company's performance in the classified clusters. 7 factors were derived from the exploratory factor analysis of 40 input variables from external and internal environments. 4 clusters (n=1,022) were formed based on the 7 factors. Empirical analysis of the 4 clusters using structural equation modelling showed the following: Only independent technology development had a positive impact on the company's performance for Cluster 1, which is characterized by sensitivity to a technological/competitive environment and innovativeness. Only independent technology development and joint research had positive impacts on the company's performance for Cluster 2, which is characterized by sensitivity to a market environment and internal orientation. Joint research and the mediating variable of government support program utilization had positive impacts, while the introduction of technology had a negative impact on the company's performance for Cluster 3, which is characterized by sensitivity to a competitive environment, innovativeness, and willingness to cooperate with the government and related institutions. Independent technology development as well as the mediating variables of network utilization and government support program utilization had positive impacts on the company's performance for Cluster 4, which is characterized by openness and external cooperation.

• Korean small business review
• /
• v.41 no.3
• /
• pp.49-75
• /
• 2019

Market instability offers opportunities as well as the need for careful innovation strategies and learning for a company's survival. Companies that find new opportunities decide to carry out innovation and decide on the size of their investments by considering their position in the market they are aiming for and the intensity of competition. This study was conducted to check whether obstacles to innovation face by SMEs in the manufacturing sector vary depending on the stage of corporate growth and to identify the impact of the government support system on the decision-making process on the performance of innovation. According to the analysis, there were differences in obstacles to innovation depending on the stage of corporate growth. It was found that more innovative SMEs are, more obstacles they face, and to overcome such obstacles, they try to access government support systems more. In addition, the use of a government support system eliminated obstacles to innovation, and the positive and significant effects of investing in innovation were identified. This study is meaningful in that it explicitly approached these hypotheses by applying a multistage model to the process of innovation carried out by SMEs in the manufacturing sector.

• Korean small business review
• /
• v.43 no.3
• /
• pp.1-20
• /
• 2021

The survival period according to technological capability was analyzed for about 22,500 innovative SMEs in the service industry. The survival period was defined as the occurrence of overdue and default, and the technological capability was divided into two clusters. As a result of estimating the survival period according to technological capability through Kaplan-Meier analysis, it was confirmed that the estimated survival period of T1-T4 grade service innovative SMEs was significantly greater in both overdue and default. As a result of the analysis of the Cox proportional hazard model applying the control variable, it was confirmed that the higher technological capability, the lower the risk in the group of start-up companies. However, in the group of non-start-up companies the technological capability did not significantly affect the survival period, and the influence of the variables related to the size of the company was found to increase. Therefore, the technological capability is meaningful as additional information that has a significant effect on the survival period of innovative SMEs in the start-up companies group of service industry. In addition, it was concluded that it is necessary to reflect the technological capability when establishing the SME support and promotion policy of the start-up companies group in the service industry.

• Journal of Service Research and Studies
• /
• v.10 no.3
• /
• pp.81-101
• /
• 2020

Humanity has reached the age of service economy. A new economy requires new management. The chief executive of new management is the CEO. The results of management decision-making are reflected in the company's performance, and are the basis for future growth engines. This study empirically analyzed the effect of CEO competence, corporate orientation, and management performance of small and medium-sized mid-sized business managers on each other. In the study, a hypothesis was established between eight variables. In addition, the relationship between corporate orientation and CEO competency, which has not been studied, was also identified. Set personal effectiveness, willingness to innovate, opportunity recognition, information perception, relationship formation, business management, leadership, organizational culture, and human resource management as measures of CEO competency. After defining the operation in accordance with this study, the analysis was conducted. As a result of the analysis, corporate orientation did not produce a meaningful result in management performance. And CEO competency showed a positive (+) effect on management performance. It can be judged that the CEO variable, a management variable, had a positive effect on management performance. Also, there was a significant result in the relationship between corporate orientation and CEO competency. Innovativeness, initiative, and risk-taking have positive implications for CEO competency. Lastly, corporate orientation showed statistically significant results on management performance through the mediation of CEO competency. It is worth noting the results of this study in that the time of the study was the timing of the global pandemic (fendermic) of the COVID19 virus. In the future, in-depth research is needed on the relationship between CEO-related factors and management performance in a more changed economic environment.

• Journal of Industrial Convergence
• /
• v.20 no.11
• /
• pp.113-126
• /
• 2022

In Small and Medium-sized Enterprises(SMEs) compared to major, competence of CEO relatively has a large impact on management performance, so the biggest factor to strengthen the competitiveness is the competence of CEO. Meanwhile, a consultant is defined as a subject of execution that directly and indirectly participates in management by inducing objective and rational decision-making on various management issues and problems facing companies. The management expertise, problem-solving skills, communication skills, insights, and leadership that a consultant must have in order to perform his or her duties are the same as the role and capabilities that the CEO must have in enhancing the company's performance and competitiveness. Therefore, through previous studies, this study divided consultant competences of CEO into job competence, communication competence, learning competence, and innovation competence and tried to understand whether those competences affect corporate's innovation performance and management performance. The survey was conducted on SMEs and the analysis techniques were reliability and validity analysis, confirmatory factor analysis, and structural equation analysis. As a result, it was found that the CEO's job competence, communication competence, learning competence, and innovation competence had a significant effect on innovation performance of the company, and second, innovation performance had a significant effect on the management performance. Through, this study derived a common factor of consultant competences of SMEs CEO, and derived implications for the competence characteristics of the CEO necessary to improve the performance of SMEs.

• Journal of Information Technology Applications and Management
• /
• v.13 no.3
• /
• pp.29-57
• /
• 2006

Small and medium-sized companies (SMEs) face a number of different kinds of barriers to adopt information technology, including the lack of information, limited financial and technical resources, and absence of the well-trained work force in the realm of information technology. But application service provider (ASP)enables these SMEs to informatize. This paper is focused on studying the cases of the adoption and use of the ASP-based ERP systems that 7 SME shad adopted. The factors that influence the adoption and use of SMEs' ASP-based ERP systems are divided into the user companies that adopted the systems, the systems vendors, and environment. From the viewpoint of the user company, the successful adoption and use of the systems is significantly influenced by the clear motive of adopting the systems, the financial readiness, and the strong intention of CEO for pushing ahead with e-Business. From the systems vendor, it is influenced by the technical expertise of the vendor, the knowledge of the user company, and the experience of the systems development. From the perspective of environment, it is influenced by the push from the players in the value chains. The companies that had adopted the ASP-based ERP systems and that had extended the level of systems use had the benefits through reducing the cost, improving the internal business process, and achieving the learning and growth of the organization.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.6
• /
• pp.115-133
• /
• 2020

With the rapid changes in the industry paradigm including the 4th industrial revolution, the survival and sustainable growth of SMEs and venture capital companies are facing a more difficult environment. The organizational capabilities help these companies to overcome the difficulties, such as absorption capacity, innovation capacity, adaptation capacity. It require many interconnected functions and capabilities to increase company performance. This study is based on the research about market adaptation capacity (agility, flexibility)'s mediating effect between organizational capacity(absorption capacity, innovation capacity, adaptation capacity) and corporate performance(financial, non-financial performance). According to the results of empirical analysis, First, Absorption capacity have a significant effect on agility. Second, Innovation capacity have a significant effect on flexibility. Third, Innovation capability have a significant effect on corporate performance. Fourth, Flexibility have a significant effect on corporate performance. Fifth, The mediating effect of flexibility between organizational capability and corporate performance was verified. Finally this paper also propose some suggestions on how to increase corporate performance for SMEs.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.21 no.6
• /
• pp.696-703
• /
• 2015

This paper is a follow-up research of 'A study on the development of Safety Management Evaluation Index for Shipping Company'. It aims to develop the evaluation items of Safety Management Index(hereafter called as 'SMI') applicable to 'Safety Advantage Point', which is suggested as the sub-index of 'Safety Management Evaluation Index' function in the preceding research and also verify their adequacy. For that purpose, firstly, the 11 evaluation items were developed after collecting the practical opinions from safety management personnels in Korean shipping companies. Secondly, the survey was carried out for the verification of the adequacy of the 11 evaluation items. And lastly, its results was analysed, whether it has statistical meanings of differences in adequacy awareness amongst safety managers grouped depending on business type(coastal, ocean-going) and business capacity(number of owned-operating ships). As a result, there was no relevance between their adequacy awareness and business type of their companies. However, a difference in their adequacy awareness existed depending on their companies' business capacity(small, medium and large sized). In conclusion, when the safety management level of shipping companies is evaluated by SMI, the same indices can be applicable to both coastal and ocean-going shipping companies by a grouping of companies' business capacity.