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Relation between Equity Method Stock Investment, Firm Value, and Corporate Governance
  • - Yong-Ho Cheon (Incheon National University)
  • - Juil Ban (Sangmyung University)
  • - Meong Ae Kim (Konkuk University)
[Abstract]
Using the data set of investment in equity method stocks, we examine the effect of long term equity investment on firm value and also examine how corporate governance affects such investment. We find that firm value is positively associated with the amount of cash spent in purchasing equity method stocks. The result suggests that long term investment in equities classified as equity method stock tends to be a positive NPV(net present value) project on average. We also find that firms are not less likely to invest in equity method stocks as the score of their corporate governance index for overall governance, shareholders¡¯ right protection, or income distribution increases. Regarding the magnitude of investment, firms tend to spend a smaller amount of cash in equity method stock as they have a higher score of the sub-index for shareholders¡¯ right protection. Strong shareholders¡¯ right strengthens the influence of outside shareholders and so is known to reduce agency problems of the firm¡¯s managers or owner managers. Outside shareholders such as institutional or foreign shareholders, however, have an incentive to pursue their own short-term investment profit including large dividends. As a result, they may be hesitant about firm¡¯s long term investment decision. Our empirical result gives an implication that strong governance tends to decrease long term equity investment although such investment actually increases firm value on average.
Configurations of the Manufacturing SMEs Competitiveness Factors under Globalization
  • - Zhelyu Vladimirov (Sofia University)
[Abstract]
The goal of this paper is to reveal the configurations of the manufacturing SMEs strategic competitiveness factors. These factors differ from the operational ones in the sense that they are innovation related and assume significant organisational changes. Such factors refer to product and process innovations, use of advanced technology, implementation of the IT and international standards, creation of own trademarks and patents, internationalisation, networking, use of marketing strategies, etc. By developing these factors SMEs could follow the low cost strategy, the differentiation strategy, or their combination.
The research is based on Porter¡¯s framework, resource based view, and configuration approach. Building on these theories, the paper aims to answer the research questions, related to the main factors, which determine the manufacturing SMEs competitiveness under globalization; factors¡¯ configurations in clusters; and characteristics of firms from the respective clusters.
The paper used the data of standardized questionnaire from a sample of 500 SMEs from 18 manufacturing activities in Bulgaria. The factors are extracted by exploratory factor analysis (EFA) and subsequently used for cluster analyses. The EFA resulted in ten factors, while the cluster analyses provided four clusters. The findings reveal that the third cluster exhibits the highest competitiveness and performance, while the fourth cluster takes the last place on all competitiveness indicators, including performance. The other two clusters occupy the second and the third place on competitiveness, and the third and the second place on performance respectively.
The main conclusion from the cluster analysis is that the SMEs, which wish to be competitive and to perform well, need to develop not an isolated competitiveness factors, but many of these factors together, e.g. they should follow the combination strategies. Particularly important is the use of a bundle of several strategic (innovation-related) factors. Namely the combination of well-developed strategic factors above a certain degree could assure a sustainable level of competitiveness and performance.
Innovation Trap of SMEs: Liability of Smallness, Learning and Export
  • - Dongjin Kim (Seoul National University)
  • - Ki-Chan Kim (Catholic University)
  • - Taewoo Roh (Seoul School of Integrated Sciences and Technologies)
[Abstract]
In this paper, we examine the appropriacy of the widely held positive relationship between R&D input and patent output in the SME context, and we further explore the role of how exports enhance the innovation performance of SMEs. We argue that short-term bias gives rise to the myopia of learning, and that the innovation of SMEs will be path dependent on R&D investment. We propose that path dependence creates inefficiency in innovation, which we call an ¡°innovation trap¡± of SMEs in the present paper. In addition, exports, preferred internalization strategy for SMEs, can partially alleviate the innovation trap of SMEs in that it stimulates learning by providing new knowledge and motivation to innovate. We test our theory using a database covering the innovation activities of 3,400 small and medium sized Korean firms. An inverted-U shape is presented between R&D investment and the number of patents in SMEs. Furthermore, exports moderate the inverted-U shape of innovation, which means that exports increase the number of patents held by SMEs, partially solving the ¡°innovation trap.¡±
Technological Competitiveness as a Key Performance Indicator for High-Tech SMEs
  • - Ribin Seo (Manchester Institute of Innovation Research)
  • - Heon-Deok Yoon (Soongsil University)
[Abstract]

To achieve high performance standards depends on effectively measuring and monitoring company¡¯s performance by reflecting continuously whether a firm reacts and adapts to external changes. A growing number of empirical works support key assertions of the resource-based view (RBV) literature that a firm¡¯s competitive advantage and performance originated from its unique firm-specific resources and inimitable capabilities. Most based on the literature have examined the immediate impact of resources which a firm possesses on performance, and many of them have emphasized on quantitative indicators to measure innovation performance. However, high-tech small and medium-sized enterprises (SMEs) suffering from lack of resources and managerial expertise usually requires a longer lead time from obtaining resources to achieving anticipated outcomes than expected due to high complexity and uncertainty of their research and development (R&D). During the lead time, the SMEs with insufficient ability to keep evaluating current performance measurement continuously can face a challenge to identify directions for innovation in coping with external changes.
In line with RBV, this study aims to develop a performance evaluation framework of innovation process that enables high-tech SMEs to identify the main weaknesses and take corrective measures during R&D periods. Starting from a review of the limitations and recommendations provided in the literature regarding technology and innovation management in SMEs, we propose that technological competitiveness (TC) may be a more accurate, key performance indicator of high-tech SMEs than widely accepted indicator, such as innovative product rates, patent numbers, and R&D spending. The concept of TC was developed on the basis of Korean Technology Guarantee Fund¡¯s technology rating system that measures technological superiority, marketability and feasibility of a developing technology.
In the samples of 360 Korean high-tech SMEs with the Venture Business Certificate issued by Korean Small and Medium Business Administration, the integrated research model structured with innovation capabilities (ICs), entrepreneurial orientation (EO), TC, and business performance was tested through multi-regression model. The results confirms that TC affected positively by ICs and EO should be considered a significant innovation process output that reinforces business performance of high-tech SMEs. Both of ICs£­R&D, manufacturing, marketing strategic planning, organizational management, learning, and resource allocation capability£­ and EO£­innovativeness, proactiveness, and risk-taking£­have more positively effect on TC than business performance. Lastly, TC fully mediates the weaker relationships of ICs and EO with business performance. This framework of high-tech SMEs, the ICs/EO-TC-business performance relationship, contributes to forming the input-output-outcome mechanism of their innovation process as well as deeper understanding of the value of adapting TC into a performance evaluation measurement in the process of implementing technological innovation.
Incheon International Airport¡¯s Shared Growth Strategy in the Advance to Global Airport Business
  • - Gyoung-Gyu Choi (Dongguk University)
[Abstract]
This paper examines the strategic trajectory charted by Incheon International Airport (IIA) in the turbulent environment of global airport management, with particular focus on IIA¡¯s ¡°Shared Growth Strategy.¡± In shared growth, IIA has committed to a principled and purposeful engagement with small and medium enterprises (SMEs) as it expands its business activities globally, en route to becoming a global airport management company (GAMC). The paper examines IIA¡¯s growth potential both as a regional hub and a GAMC given the industry environment and IIA¡¯s internal competencies. We further explore through cross-sectional SWOT analysis the appropriate programs for a successful shared growth strategy, and analyze IIA¡¯s recent shared growth projects and activities with SMEs. Specifically, this research focuses on technology co-development and benefits sharing, and the procurement and marketing of SME products. By partnering with SMEs, IIA can create a ¡°value slipstream¡± in order to accelerate its own growth, while reducing the ¡°foreign liability¡± of partner firms, in the highly competitive market of airport construction, operation, and ownership. This approach can provide a benchmark case for other publicly owned companies with their sights on global markets, providing insight in how to expand operations abroad while satisfying government-driven shared growth demands at home.