• Asian Journal of Innovation and Policy
• /
• v.3 no.2
• /
• pp.172-192
• /
• 2014

This study aims to analyze the valuation of technology firms in the stock market to answer how before-market entities should be valuated. This study analyzes 230 market reports of 2012 for technology firms in the KOSDAQ under several hypotheses. The results are as follows: 90% used the 3 multiples methods consisting of PER multiples with 80%, PBR multiples 8.7% and EBITDA multiples 1.7%. The average of PER multiples was 15 with the range of 6.9 to 83. That of PBR multiples is 2.27. Forecasting for cash flow is not applied over 4 years, but mainly 2-3 years. The accuracy of forecasting was 18.8%, 34.4% and 8% according to the different definitions. No differences were found in the accuracy of forecasting between valuation methods, between the industries having more intangible assets and the industries having less, and between startups and general companies and between ages and listed ages.

• Journal of Information Technology Services
• /
• v.11 no.4
• /
• pp.309-333
• /
• 2012

Recently, emergence of smart-phones and Social Networking Service(SNS) would offer the market environment changes and the opportunities for new business. For the case analysis comprehensive survey were implemented. And those data were analyzed along the research framework. The late-comer firms offered differential services, maintained creative and opened corporate culture, shoed learning capabilities which means absorption and organization of external knowledge, innovative efforts to control the insurgents than early-mover firms. When we analyze these phenomena along the developmental stages of late-comer, we can perceive that the stage of late-comers firms were moving from the "tracing the path" stage to "jumping the path" stage which means the creating capabilities were more or less enhanced and the firms become more stable in terms of business operation. In business model, early-mover firms showed clear definition for each business element, especially the revenue structure, while late-mover firms seemed unstable or unclear revenue structure.

• Journal of Technology Innovation
• /
• v.13 no.3
• /
• pp.1-25
• /
• 2005

This Paper examines the effect of IT knowledge and IT communication on the operational performance of small firms. Small firms which could be defined firms with less than 50 people in total lags behind medium and large firms in computerization. In order to fill up the computerization gap resulted from size differences, Korean government has been promoting the 'Networking Small Firms' project since 2001. Survey data with 698 small firms in Korea, we could find that If knowledge and IT communication significantly contributed to the operational performance of small firms. Internal process performance is affected by individual IT knowledge, traditional communication, and e-mail communication. Customer performance is affected by above three factors, organizational IT knowledge and internet/EDI communication. Interestingly, financial performance is not affected by traditional communication but only IT knowledge and IT communication.

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 2000.11a
• /
• pp.227-245
• /
• 2000

Korean firms have attempted to catch up in the aircraft industry during last quarter century. Korean firms have built up their capabilities by moving from parts manufacturing through subassembly to system integration. The number of projects carried out and the intensity of technological effort undertaken by firms strongly influences market position and firm performance. However, successful catching up is not simply dependent on capability building within the firm. The national environment (Porter, 1990) in which firms are located plays a pivotal role. The Korean government has been effective in creating a favorable environ-ment in many areas, but has not been able to replicate this success in the aircraft industry. Opportunities for learning in the aircraft industry have been hampered by the small size of the Korean civilian aircraft market and the sophisticated requirements of military systems. A policy of domestic rivalry in airframe manufacture has created too many firms for such a small market. The ability of Korean firms to catch up in the aircraft industry depends on both the internal capabilities of firms as well as appropriate government policies and the involve- ment of government research institutions and universities over an extended period of time. There have been many studies about the catching up of developing countries in mass production (such as automobile, consumer electronics, and recently DRAM), but few in complex systems, such as aircraft.

• Journal of Korea Technology Innovation Society
• /
• v.12 no.1
• /
• pp.237-264
• /
• 2009

Many Korean companies wanted to improve technological competitiveness and business performance radically through technology leadership initiatives. In-depth case studies about successful Korean technological innovation in the technology generation stage have potential to minimize Korea and developing country firms' trial and error when they are pursuing new technological innovation in the technology generation stage. There are few studies about developing country firms' technological innovations in the technology generation stage and especially process innovation studies are far less performed compared to product innovation studies. This is an exploratory study of POSCO's FINEX process technology innovation in the technology generation stage. These are my findings from this study. Firstly, leadership innovation in the technology generation stage is not a continuous development of catch-up innovation in the technology internalization stage and only top managements can initiate highly risky leadership innovation. Secondly, developing country firms which lacked in technological capability overcomes difficulties in the early stage through complementary technological collaboration with R&D first-movers. Thirdly, this company become a technology leader in spite of late entry in technology development race with developed country firms through rapid scale-ups.

• Korea Trade Review
• /
• v.46 no.2
• /
• pp.355-368
• /
• 2021

The purpose of this study is to analyze the factors affecting innovation activities related to the introduction of the 4th Industrial Revolution technology for Korean firms faced to the severe global trade and competition environments. This paper conducted an empirical analysis using the 'The Survey of Business Activities' distributed by the Statistics Korea in 2019. According to the results of the analysis, it was found that the firm size, labor cost, R&D, and intellectual property rights had a significant influence on the firms' adoption of the 4th industrial revolution technology. It was also found that the dummy variables such as strategic alliance between companies, review of entry into a new business, transfer of main business operations, and holding of subsidiaries had statistically significant effects on innovation activities. In addition, this paper showed that the firm characteristics had impacts on innovation activities of firms by the 4th industrial revolution technology type. In order for Korean firms to adapt to the challenges by the 4th Industrial Revolution, it is important to provide policy support and an environment in line with the characteristics of the firms.

• Journal of Korea Technology Innovation Society
• /
• v.20 no.3
• /
• pp.546-575
• /
• 2017

This paper investigates the effects of public R&D support on medium-sized firms' R&D investment. The paper collects a panel dataset of Korean manufacturing firms' R&D investment and public support, and employs the DID (difference-in-differences) regression for the test of stimulating or crowding-out effect. Empirical analysis examines how the effect of public R&D support differs between small and medium-sized firms and whether firm size and technological capability moderate the effect in the sample of medium-sized firms. Empirical results show that public R&D support tends to generally stimulate private pure R&D investment for both small and medium-sized firms. Comparing the results for small and medium-sized firms, this paper finds that the stimulating effect is relatively larger and more significant for medium-sized firms, while the effect is not significant for small ones. Furthermore, the paper shows that the stimulating effect of public R&D subsidy on private R&D investment is relatively stronger for medium-sized firms with superior technological competence and the effect of tax support is greater for incompetent firms. These results suggest that public R&D policies and R&D programs, differentiated from those for existing small firms, are necessary for medium-sized firms to stimulate private R&D continuously and formulated carefully by considering firm size, technological capability and growth potential.

• Proceedings of the Technology Innovation Conference
• /
• 2004.02a
• /
• pp.202-221
• /
• 2004

Technology is the most important determination factor on firm`s competitiveness. It helps firms to secure sustainable competitive advantages. Therefore Korean electronics part firms have increased their R&D investment since the 1990s. But their R&D management capabilities seem to be low level. Empirical study was undertook to verify factors that effect on R&D performance with enhancing R&D management capabilities. To accomplish the purpose, data collected valid samples in Seoul and Kyunggi Province. Using SPSSWIN 10.0package, regression analysis was used to verify hypotheses. This study verify that important factors of 4th R&D generation effect on improving R&D performance. Therefore Korean electronics firms must learn advanced firms in developed countries. Based on learning and accumulating R&D management capabilities, Korean electronics part firms should establish their firm-specific R&D management model.

• East Asian Journal of Business Economics (EAJBE)
• /
• v.6 no.4
• /
• pp.47-57
• /
• 2018

Purpose - This paper aims to analyze the determinants of licensing behaviors of manufacturing firms empirically in non-advanced exporting countries. Research design and methodology - We try to approach licensing behavior from the perspective of innovation strategy and open innovation, and deal with two activities composing licensing, i.e. licensing-in and licensing-out using the result of Korean Innovation Survey Results - Firstly, Organizational characteristic factors, particularly the size and size related factors influence the firm behavior of licensing-out, but not in case of licensing-in. Secondly, innovation strategy influences the firm behavior of licensing-in, but not in case of licensing-out. Lastly, the determinants of licensing-in and that of licensing-out are different. Conclusions - In general, firms doing licensing-out have many complementary assets and orientation for global markets. Meanwhile, firms doing licensing-in are innovative firms utilizing patent as an appropriation mechanism. Licensing-out have relevance with product market-related factors and licensing-in have more relevance with technology market-related factors

• International Journal of Advanced Culture Technology
• /
• v.12 no.2
• /
• pp.51-61
• /
• 2024

This study analyzes and compares the roles and significance of large firms in economic growth by differentiating developmental stages. The focus is on both the role of big businesses on the road from middle- to high-income countries and the performance in their economies. By classifying the top 30 nonfinancial firms into their origin countries, we have constructed a country-level data basis covering 33 countries ranging from middle- to high-income economies for the 2001 to 2017 period. We conduct fixed effect estimation. Empirical results show that capital-intensive big businesses would be more predominant in developed economies. In terms of policy implications, the results suggest that if policymakers want to optimize the role of big businesses in economic growth, policymakers need to distinguish the income level. Policymakers also need to adjust the size distribution of firms moderately ahead of time to create the size distribution of firms needed to take the economy to the next level.