This study focuses on the effect of dividend tax in the firm valuation by investors. In other words, this study examines how dividend tax affects paid-in-capital component and retained earnings component of net book value. The current tax system subjects retained earnings to dividend taxes upon distribution to shareholders, while capital gains are not subjected to capital gain taxes.
In order to test the hypothesized relationship, multiple regression models are employed. The empirical tests are based on financial data of some listed small and medium firms in Korean Stock Exchange during the period between 1990 and 2001.
The result from testing the hypotheses indicates that individual investors do not give less weight to retained earnings than other paid-in capital components in valuation. This suggests that non-taxing of capital gains may provide tax shelters to individual investors.

Internet is transforming the current competitive structure and the way of doing business. Internet shopping mall industry as a representative business model is also influenced by this trend. However, there has been a little empirical study about the strategic aspect of Internet shopping malls. This study investigates the relationships between entry time, service diversity and the performance of Internet shopping mall. These relationships are also contingently tested with the internet shopping mall types classified by company backgrounds from 50 Korean Internet shopping malls; Online-based and Off-line-based. The results show that the importance of entry time and service diversity to Internet hopping mall performance may vary according to Internet shopping mall types.

This study examines the critical success factors for the transformation of the Korean SMEs into more technology-intensive ones, using a model of 'success trap' which can be defined as the organizational pathology that leads to mismatching of organizational competence with changed environmental conditions in the long run, because myopic rationalities of firms make themselves stick to the prior core competence for a short-term performance.
Based on in-depth case studies on 33 technological development projects from 9 SMEs, this study found that;
1) successful transformation into technology-intensive SMEs requires the exploration type of technology development projects;
2) the exploration type of technology development projects tends to have longer period of development time and to show lower success rate than the exploitation type of development projects;
3) initial idea of exploration type of projects comes from outside sources such as customers or technical experts, rather than from internal sources;
4) the exploration type of development projects are usually attempted when the performance level of SMEs are good and top management has a will to do against organizational resistance from the stakeholders, and;
5) SMEs tend to rely on external technological capabilities and to change organizational systems to successfully implement the exploration type of development projects.
These results offer several theoretical and managerial implications for technological capability learning of SMEs in Korea.

The textile industry in Korea is composed of the large number of small companies which need strategic collaborations for competitive advantage in the fast changing global environments. The objective of this study was to identify and examine the determinants of strategic alliance performance for textile companies. Determinants of strategic alliance performance (perceived performance and relationship continuity intention) included similarity of strategic partners (organizational compatibility, resource complementarity, and strategic value) and relationship capital (trust and commitment). A conceptual model hypothesized the mediating role of relationship capital between partner similarity and alliance performance. Data were obtained from 163 textile companies in Daegu and Gyeongbuk regions in Korea by a self-administrated questionnaire. LISREL was used to test the model. All the hypothesized effects of organizational compatibility, resource complementarity, and strategic value on trust and commitment and, in turn, on performance and relationship continuity intention were empirically proven. The results support past research in the relationships between strategic alliance performance and relationship capital.

The Korean Government has performed various policies to encourage the small and medium enterprises(SMEs). Designation of industry for SMEs is one of those policies. In principle, it restricts new entey of large enterprises to specific industries. However, on the country, the policy is said that it weakens the competitiveness of SMEs.
This study accompanies by an empirical study was states in order to analyze the effects of designation of industry weather it enforces the competitiveness of SMEs. According to this study, first, the policy works as a strong entry barrier to large enterprises which wants a new entry to the market. It protects the benefit of large enterprises which is already entered into the market rather than it does to SMEs.
Second, as the acceleration of domestic market opening under the global competition regime, the regulation on foreign investment is decreasing and imports are increasing. In current circumstances, the regulation on large enterprise entry is unfair, and does not enhance the global competitiveness of industry.
As a result, designation of industry does not much for the enforcement of competitiveness of SMEs, and is loosing its effectiveness because of market opening.

Measurement Standards(hereafter MS) investments are known to show public good characteristics and to have positive external effect as infra-technology. Accordingly MS investments have played very important role in firm's input decision. However, we have hardly seen empirical studies analyzing the effect of firm's MS investments on firm's managerial performances.
This paper aims at analyzing the effect of firm's MS investments on its managerial performances. Our empirical findings imply that 1% increase in firm's MS investments increase revenue by 0.126% while decreasing cost by 0.00819% so that 1% increase in MS investments increase firm's profit by 0.13419%. Furthermore, our empirical analyses show that firm's MS investments increase amount of other inputs into production such as measurement standard workers, general production workers, and capital goods implying that MS investments and other inputs are mutually complements.
Small and medium firms show very little MS investments than large firms because there exists too much uncertainty surrounding MS investments. The empirical results of this paper proves that there exists significant positive effect of MS investments on firms' managerial performances. This paper provides small and medium firms with useful evidence for effectiveness of MS investments.

The purpose of this study is to investigate the differences of organizational effectiveness by configuration of organizational culture. The questionnaire method was adopted to collect the data for this study. Employees and middle managements from 138 small manufacturing firms were taken part in this study.
The major findings from this study are summarized as follows: First, the organizational culture of these firms is divided into two as managing contradiction style culture and incompetent style culture. Second, the firms with managing contradiction style culture are more effective than the firms with incompetent style culture in the respect of organizational commitment, organizational satisfaction and productivity.
These findings give us some implications: First, the fact that the organizational culture of these firms is divided into two means that the complex and contradictive cultural factors are emphasized spontaneously rather than one of their contradictive factors. Second, the fact that the firms with managing contradiction style culture are more effective than the firms with incompetent style culture is provide evidence that when the complex and contradictive cultural factors are emphasized spontaneously, their firms show a good effectiveness.

This article analyzes the differences of ERP performances depending on the degree of ERP implementation success. This study divided ERP implementation variables into nine factors and ERP performance variables into four factors of management function through factor analysis. The general factor means binding up several factors into a common factor. For this study, the empirical tests such as Anova and Manova were conducted.
The test results are as follows. In the hypothesis 1, the difference of general ERP performance from the other eight factors except for 'ERP teamwork and composition' factor (p<0.1) showed the very significant result of p<0.01. The test of the hypothesis 2 showed that the higher the success degree of general ERP implementation was, the stronger the ERP performances in four management functions appeared. In the 'H3' analysis of general implementation success and general performance, the significant result between the fine group and the other two groups was found in general ERP performance.

Recently women's social position and participation of economic activity have been increased. In this social and economic context, the study of woman‘s start-up firm is very significant. This study investigated the environmental factors and the characteristics of woman CEO. And it has analyzed the relation among the environment factors, CEO characteristics and performance, based on the moderating effects of collaborated activities.
The empirical study has been carried out with 106 woman's start-up firms. The important results are as follows. Internal environmental factors and managerial competences have positive effects on the firm performance. Technology and social-oriented collaborative activities have moderating impacts on the relationships between internal environments and performance. Only technology-oriented collaborative activities moderate the effects between managerial competences and performance.

Given the importance of adoption of the IOS (Interorganizational System) and the "much-slower-than-anticipated" growth of IOS adoption, especially in small- and medium firms, this study aimed to identify the key determinants of small- and medium-sized firms' IOS usage. Based on prior research on IT/EDI adoption in various organizations, the model that incorporates 9 factors that are hypothesized to have influence on the IOS usage decision was developed and empirically tested on data collected from 114 small- and medium-sized firms' top management. The results show that perceived financial costs are found to be major impediments to usage intention, and perceptions of relative advantage, compatibility, risk are also important determinants of IOS usage intention in small- and medium-sized firms. Implications of these findings are discussed for researchers and practitioners.

In the long-term aspect, culture sponsorship is very safe and positive method of communication for increasing brand image and preference. but because of getting positive performance, we need to investment of time and cost.
Like this, in situation of definitely not verifying even efficiency, it is too difficult to plan long term investment. However there are not so many a case study about sponsorship and a paper about efficient measurement.
Therefore in this paper, we are verifying culture sponsorship is the effective marketing strategy. If effective, with combination of brand image attitude and culture sponsorship attitude, we are verifying our brand is suitable for some culture sponsorship.