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Compared to non-family firms, family firms face less severe agency problem due to the separation of ownership management because family members keep their h on manager by directly involving management, but more severe agency problems that arise between controlling non-controlling shareholder. Family firms decide the degree of earnings management in relative intensity of the former to the latter agency problem
The purpose of this study is to compare the difference of earnings management to test the predicting power of accounting information on future cash flow between family firms non-family firms. The sample consists 16,898 unlisted manufacturing companies under obligation of external audit. It is classified into 9,741 family firms 7,157 non-family firms. The discretionary accrual, earnings management index is measured by performance-matched adjusted Jones model. The forecasting error of future cash flow is estimated by using Cohen(2004) model.
The results confirm that the degree of earning management of non-family firms is stronger than that of family firms. The family firms measured as dummy variable is significantly negative with the earnings. Also, The accounting information of family firms shows stronger ability than that of non-family firms in forecasting future cash flow. The family firms is significantly negative with the forecasting error of cash flow. These results is robust in different year. We show that family firms report better quality earnings.

This study analyzes gasoline price determination station exits. We set an estimation equation reflecting competition, costs, individual characteristics. We find district competition is significant but nearby competition is not. Multiple products br are both significant. Since l price varies over a large range, it does not affect gasoline price linearly. We uses semiparametric regression to see its effect. We find its effect is little at lower l price, modest at mode price range, strong at upper prices. But gasoline price is flat or decreases at highest price. It explains why gas stations on high priced l exit not meeting necessary return on l investment.

Although the definition of SMEs is very important for SMEs supporting policies, there have not been much research. We try to find better definition of SMEs by examining the SMEs’ current situation in Korea other countries, the stards of SMEs, rationale for supporting SMEs, the history of change of SMEs’ definitions, foreign definitions of SMEs effects of definition change on firms’ tax burden. We utilize the newly available enterprise-based industry census data to find quantitative stards of SMEs.

In the era of global competition, Small Medium-sized Enterprises(SMEs) are facing steep competition from large firms rising prices for the scarce natural resources such as oil minerals. SMEs are in a more difficult position as they have limited resources compared to the large firms. SMEs in Korea are very important for national economy：they provide a substantial portion of job employment support large manufacturers as suppliers in the upstream processes of the industry supply chains. Thus, it is essential to enhance the competitive power of the SMEs for the healthy long term development of Korean national economy.
Germany is well known to be one of the leading industrialized nations with many industries having the world class competitive power. SMEs played an important role for Germany becoming a world class industrialized nation, the supportive government policy for SMEs is considered one of the reasons behind. Perhaps Germany can provide a good example for Korea to emulate in this regard.
This paper reviews compares the SMEs of Korea Germany in terms of their roles the development history, examines the policies by the two governments from the past to the present, draws implications for Korean SME policy development in the future.

This study analyzes three Korean local development cases, in the perspective of their sustainability, to identify problems suggest key success factors. In this process, community-based development models SLEN(Sustainable Local Enterprise Network) were reviewed to examine the cases. According to the models, local development activities should achieve economic as well as social missions to retain sustainability, that is followed by the ownership of the projects. The study identified several problems of the project, including heavy dependence on local central government funds of the projects’ investment operation similar business models pursuing industry cluster. To achieve the sustainability of the projects, the local development projects should build a virtuous cycles of reinvestment in financial capital, human capital, especially, social capital as SLEN suggested. Also they should align public goals with local development goals to maximize the utilization of public financing aids.

The purpose of this study is to investigate the effects of situational factors on store-type choice to address how the types of internet shopping malls influence the relationship between the service characteristics factors customers' loyalty. The results show that perceived the risk factor influence positively on the choice possibility of specialty mall the urgency factor influence negatively on the on the choice possibility of specialty mall. the information factor influence significantly on the loyalty of specialty mall, whereas the product assortment factor influence significantly on the loyalty of complex mall.

This paper examines the effects of marketing support programs of local government on the performance of small medium-sized enterprises. Despite various marketing support programs for local SMEs, there are few studies on the effectiveness of support programs initiated by local governments. Based on 183 firm-level data, results shows that programs for access to domestic markets are positively associated with local firm performances. However, export support programs have non significant independent relationships negative interaction effect with domestic marking programs on performance. External marketing programs have no interaction effects with SMEs’ internal capabilities. Finally this paper suggests policy implications for local governments to improve effectiveness of support programs.