ÇÐȸÁö
Áß¼Ò±â¾÷¿¬±¸
JSBI
ÇÐȸ°ÔÀç³í¹®
 
ÇÐȸ»ç¹«±¹
±â¾÷°¡Á¤½Å°ú º¥Ã³¿¬±¸ 16±Ç 4È£ (2013³â 12¿ù)
¾Æ·¡³í¹®Áß¿¡¼­ ÁÖÁ¦ ¶Ç´Â ÃʷϺ¸±â¸¦ Ŭ¸¯ÇÏ½Ã¸é ³í¹®ÃÊ·ÏÀÇ ³»¿ëÀ» ¹Ì¸®º¸±â ÇϽǼö ÀÖ½À´Ï´Ù.
Does CEO Really Matter?: A Study on the Effect of CEO Characteristics and External Environmental Factor on Initial IPO Performance
  • - Kyungmi Chun (Yonsei University)
  • - Inn Hee Gee (Yonsei University)
  • - Ho-uk Lee (Yonsei University)
[Abstract]
This study examines the determinants of initial IPO stock performance. While previous
studies focus on financial factors, this study focuses on non-financial factors. For
non-financial factors, we consider CEO characteristics as most important factor of
internal environmental factors of firm. As external environmental factors of firm, IPO
subscription rates for institutional investors and private investors was examined. Using
data on 208 Korean firms that went public during the years 2009 to 2011, we empirically
tested how the internal and external environmental factors affect initial IPO performance.
In contrast to previous studies, our study found that CEO characteristics have no
significant effect on initial IPO performance. For external environmental factors, there
is a positive relationship between IPO subscription rates for institutional investors
and private investors and IPO firm performance. Furthermore, additional analysis
show that some of CEO characteristics variables have an effect on initial IPO performance
by interacting IPO subscription rates for institutional investors and private investors.
This study considers the initial IPO performance that was not focused on previous
studies, and empirically examines the effect of internal and external non-financial
factors of organization.
The Determinants of International New Ventures in Korea: Evidence for the Existence of Foreign Direct Investment and Export
  • - Boine Kim (Hoseo University)
  • - Kyoung Lee (Korea University)
[Abstract]
This paper raises important questions about what the main determinants in international
new venture. The aim of our empirical study is to identify international new
ventures from two points of view, foreign direct investment and export. We describe
the main independent variables: years of operation, industry, foreign ownership, firm
type, firm size, and ownership type. This empirical study is designed to determine
what independent variables impact on international new venture in terms of foreign
direct investment and export.
Our sample is based on samples of 53 firms listed in the 2005 Human Capital
Corporate Panel (HCCP) of Korea Research Institute for Vocational Education and¡¡
Training (KRIVET) data.
Our empirical results suggest that the main determinants are foreign ownership,
industry, and years of operation in case of international new venture as to foreign
direct investment. We report our findings that international new venture as to foreign
direct investment shows the characteristics of firms with no foreign ownership, service
industry, and longer years of operation. Furthermore, we find that the key determinants
are industry and foreign ownership in international new venture regarding export.
This findings suggest that international new venture regarding export shows the characteristics
of firms with service industry and no foreign ownership.
Commercialization of External Technology and Its Determinants in SMEs
  • - Seong Sang Lee (Mokwon University)
  • - Sungki Lee (Korea Institute of Intellectual Property)
[Abstract]
The benefits of external technology acquisition for a firm¡¯s performance have been
emphasized in many previous studies. In the case of SMEs, external technology may
be distinctive resource that drives their innovation and enables them to compete effectively
with lager firms. The objectives of this study are to examine whether SMEs have
successfully commercialized external technologies and what factors influence success
rate of commercialization. A data set from 192 Korean SMEs that have acquired
technology from external sources is studied. The results show that a SME¡¯s absorptive
capacity and the characteristics of the technology provider have a significant impact
on commercialization performance of external technologies. Also, the significance of
external technology acquisition in SME¡¯s innovation strategies positively influences
the success rate of commercialization. On the other hand, technology intermediary
services and employees in charge of technology acquisition have no significant impact.
This finding shows that they have a marginal effect in markets for technology, at
least for now, despite the importance of their roles.
A Strategic Innovation in Mobile Device Industry: Apple¡¯s Challenge and Others¡¯ Response
  • - Seonghoon Kim (University of Ulsan)
  • - Hyun Jun Park (Seoul National University)
  • - Choelsoon Park (Seoul National University)
  • - Ki Hwan Kwon (Sangmyung University)
[Abstract]
This teaching case illustrates the strategic innovation of Apple in the smartphone
industry. Before the entry of Apple, the market was dominated by three major players:
Nokia, Research in Motion and Samsung. These players had been increasingly competing
with each other. They had similar set of activities in customer segment of rich and
busy business people, and offered hand-held computers with fast CPUs, PDAs and
QWERTY keyboards. They defined their business as hand-held computer and focusing
more towards hardware side of the device. Apple entered the competitive market and
redefined the business in a very different way. The iPhone in 2007 entered as an
entertainment device. The features included: touch screen monitors, various applications
and contents at its own App Store and iTunes. The target customer changed towards
people who wanted to have fun while they move or during leisure time. Also, the
product was based on more towards software side. Furthermore, they actively increased
the number and quality of applications and contents at Apple App Store by attracting
numerous software and contents providers. Stimulated by the success of iPhone, existing
players actively implemented imitation strategies by changing the features and strengthening
the software side of their products.
Industrial and Corporate Level Factors on the Survival Rate of the New, Independent, and Private Korean Firms
  • - Won Jun Kwak (Soongsil University)
  • - Yeon-Cheol Park (Corporate Pension Department IBK)
  • - Ju-Young Park (Soongsil University)
[Abstract]
This study investigated how industry and firm characteristics would influence the
survival rate of newly created independent and private firms (NIPF) on the market.
The focal two industry characteristics included the entry rate and the ratio of NIPF
in industry; the focal two firm characteristics included the start-up size and added-value
ratio of NIPF. We used the 2006-2011 Census on Establishment database from the
Korea National Statistics Office. It was found that the most important element affecting
the survival rate of NIPF was the entry rate in industry: There was a negative relationship
between the firm entry rate and the firm survival rate. In addition, a firm¡¯s start-up
size was found to be positively associated with the firm survival rate. That is, the
bigger a firm was, the higher its survival rate was. The findings suggest that it is
essential to maintain the entry rate in industry at an appropriate level and that it
is crucial to increase the initial size of a new firm. Further discussion was done
for unexpected findings.