중소기업연구 41권 1호 (2019년 03월)
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The Effects of Perceived Characteristics of Mobile SNS for the Agricultural and Food on Consumer Attitude and Purchase Intention
  • - Eun-Ju Ahn (Hoseo Graduate School of Venture)
  • - Dong-Woo Yang (Hoseo Graduate School of Venture)
[Abstract]
The purpose of this study is to contribute to the revitalization of the 6th industry by presenting suggestions on how to utilize agricultural food mobile SNS and how to purchase intention. In this study, the mobile SNS, which is rapidly emerging as a new marketing channel, was applied to the agricultural and food sector to conduct a empirical analysis. First of all, the characteristics of agricultural food-related mobile SNS that affect the purchasing intent of agricultural food were derived, and the indirect effects of consumer attitudes were analyzed in relation to the perceived characteristics of the mobile SNS for the agricultural food and the purchase intention. First, information quality and ease of access have a significant effect on cognitive attitude (+), and playfulness, information quality, ease of access have a significant effect on emotional attitude (+), and playfulness, interactivity have a significant effect on an acting attitude (+). Second, information quality, accessibility, and playfulness have a significant effect on purchase intention (+), and the quality of information has the greatest influence. Third, it was analyzed that information quality, interactivity, ease of accessibility, and playfulness have an indirect effect of consumer attitude in the path of purchase through consumer attitude. From the results of this study, it was confirmed that efforts to improve the quality of information in the case of mobile SNS related to agricultural and food products are needed first, that to improve the purchasing intent, we need to establish a mobile SNS operating strategy and marketing strategy for enhance consumer attitudes in a favorable. On the other hand, related education and system cooperation methods should be prepared to enable agricultural and food companies to use mobile SNS as a marketing tool.
The Impact of SMEs’ Financing Strategies on Firm Valuation: Choice Competition between Retained Earnings and Debt
  • - Juil Lee (Yonsei University)
  • - Sang-Joon Kim (Ewha Womans University)
[Abstract]
This study investigates how SMEs’ (small and medium-sized enterprises) financing strategies affect firm valuation. Given that information asymmetry is engaged in firm valuation in the stock market, investors interpret the meanings of debt financing depending on how SMEs construct the portfolio of financing strategies (retained earnings vs debt financing), thereby making investment decision. Specifically, given that SMEs’ debt financing has two meanings in the market signals, called “benefit” and “cost”, this study postulates that firm valuation will be differently made by investors, depending on how they interpret the meanings of debt financing under choice competition between retained earnings and debt financing. In this study, we argue that under choice competition, as a SME’s debt proportion increases, the “cost” signal outweighes the “benefit” signal, thereby decreasing firm valuation. Moreover, the effect of such signal can be contingent on the SME’s characteristics-firm visibility. These ideas are examined using 363 U.S. SMEs ranging from 1971 to 2010. The fixed-effects models estimating Tobin’s q show that under choice competition, a SME’s debt proportion has a negative impact on firm valuation and that the firm’s high visibility mitigates the effect of “cost” signal. In conclusion, this study sheds new light on how investors’ interpretations of SMEs’ financing strategies affect firm valuation.
Consumer Behavior for Regional Shopping Facilities and its Impact on Small Businesses
  • - Ki Dong Shin (Gyeonggi Research Institute)
  • - Ju-Young Park (Soongsil University)
[Abstract]
Recently, as the number of shopping facilities has increased, such as complex shopping malls, warehouse type superstores, large fashion outlets, and so on, the conflicts over the opening of large stores between neighboring municipalities are increasing. However, current regulations on the opening of large-scale stores, such as the impact analysis on commercial area, do not adequately reflect the characteristics of new type shopping facilities. In this study, we tried to suggest a rational policy alternative with more realistic suitability by analyzing the characteristics of 'regional shopping facilities' beyond the scope of the municipalities, and analyzing the impact on the regional merchants.
The main results of the study are summarized as follows. First, unlike previous researches, which are limited to small business sector, this study presents the results of comprehensively comparing and analyzing the impact on the detailed sectors of the whole distribution market, including the large distribution sector and online distribution sector. Second, in this study, we calculated the total (average) amount of market penetration rate of existing shopping facilities by the entire regional shopping facilities in the Seoul metropolitan area, and this is considered to be of great value in relation to the recognition of problems at the whole level of the metropolitan area and the search for alternative solutions.
Relationship between R&D Investment and Firm Value by Characteristics of CEO:Focused on Venture Business
  • - Yi-Jin Kim (Chonnam National University)
  • - Jeong-Eun Kim (Chonnam National University)
  • - Seong-Il Jeon (Chonnam National University)
[Abstract]
his study used age, education, major, working period as CEO’s characteristics and examine relationship between these characteristics and R&D Investment. Furthermore this study examined how CEO should react in terms of R&D investment, which is effected by CEO’s characteristic in the market. The empirical results are following. (1) When CEO’s age are young, they spend much money for R&D investment. And R&D investment which is determined by young CEO has a positive effect on relation of firm value. (2) A higher educational background has a positive effect on R&D investment and will create higher firm value. (3) When CEO’s major is competitive in the same industry, it has a positive relationship with R&D investment and its firm value is bigger than though. (4) When CEO working period is long, they showed active to R&D investment. On the other hand, the firm value decreased.
This study focused on analyzing the relationship between characteristics of CEO and R&D Investment, furthermore, how R&D investment which effected by CEO’s characteristic is contributing in creating the firm value. This results indicate that CEO’s characteristics reflect R&D investment and value of venture business. Therefore, CEO’s characteristics should be considered financial information and firm value in the market.
A Conceptual Synthesis Model of the Entrepreneurship and Entrepreneur with Perspectives of Job and Competence Model
  • - Choonwoo Lee (University of Seoul)
[Abstract]
The concepts of entrepreneurship are very various. So many researchers are confused or not sure of the concepts of entrepreneurship. Some entrepreneurship researches has defined the entrepreneurship as ‘self-employment. This study try to set a comprehensive conceptual model of concepts of entrepreneurship through classification of word and phrase with job analysis and competence model. Several concepts of entrepreneurship which important prior researchers, had defined are analysed into ‘subject’, ‘object’, ‘verb’, ‘goal and behavioral results’ with content analysis. Also, Several concepts of entrepreneur which important prior researchers had defined, are analysed into ‘individual psychological traits’, ‘competence and ability’, ‘motive’, and ‘function or job (business).’ This study suggests a integrated conceptual model of entrepreneurship based on analysed results.