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A Study on the Effect of Foreign Direct Investment on Korean Manufacturing Firms
  • - Lim Chae Un (Korea Research Council for Industrial Science & Technology)
  • - Kim Wan Min (Pukyong National University)
  • - Choi Cui Yun (Pukyong National University)
[Abstract]
This study focuses on the effect of foreign direct investment on Korean manufacturing firms, especially on the evacuation of industry as the enterprises moved production capacity to the foreign countries.
According to the analysis, it was found that labor-intensive industries, such as textile and clothing, toy, and wig industries, tend to be evacuated by those domestic industries. However, foreign direct investment contributed a positive role to the domestic industries in general. Also, the possibility of outflow of R&D capability was not significant.
In conclusion, foreign direct investment should be invested with the restructuring and solid foundation of domestic industry in order to get a positive effect on the nation industry in long term perspectives.
A study on the settlement of ISO 9000 certification in small and medium firms
  • - Lee Hong Woo (Kyungpook National University)
  • - Lee Jin Choon (Kyungil University)
  • - Lee Jae Sung (Kyungpook National University Graduate School)
[Abstract]
The purpose of this study is investigating problems of failing the settlement of ISO 9000 certification within the so many companies which introduced it recently, and suggesting some alternatives to solve them.
This study used a questionnaire in order to surveying the motives of acquiring the certification, the problem in the process of settlement, and the changes resulted from the certification.
As results, it is found that most of success factors and problems of the certification settlement is caused from the internal sources and that extending the exe cuting period is an effective means to promote the settlement process. Also the will of management is a determinant of the certification settlement.
A Study on the Perception and Attitude to the Internationalization of the Top Managers of the Korean, Japanese and German Small and Medium sized Enterprises
  • - Park Chong Eui (Chungwoon University)
[Abstract]
The purpose of this paper is to examine the question: what are the factors that enable the small and medium-sized enterprises to start and sustain as going-concern in the world markets. This question is approached on the basis of the study originally proposed by Dichtl, that is, an approach problem in the relative efficiency of small firms.
The strategy orientation of small firms in the foreign markets is being forced by the market to be more flexible, at the same time, more specialized, and producing higher-quality goods.
This paper, especifically, had examined the influence of internal and external factors in the internalization in viewing the perception and attitude of the top. A survey was conducted by mailing questionnaires to 800 manufacturing firms. Based on 125 responses, the perception and attitude of the top management in the internalization were tested.
Based on the research results, this study suggests that the change of top management in the internalization be needed. In addition, limitations and suggestion for further study are noted.
Strategic Choice, Strategic Intent, Organizational Competence, and Small and Medium Sized Electronic Firms Performance in Exports to the U.S.
  • - Lee Jang Ho (Sogang University)
[Abstract]
We ran a multiple regression analysis to test how strategic choice, strategic intent, and organizational competence influenced firm performance in exports to the U.S., using small-and-medium sized electronic firms as a sample. Analysis results suggest that strategic choice and organizational competence in particular are important factors affecting firm performance in exports to the U.S. as measured by the export intensity. Strategic intent of firms was not found to have impacts on firm performance in exports to the U.S. To compete successfully with host country firms in their own markets, firms must possess superior capability that can earn economic rents that are large enough to counter the higher cost of serving foreign markets. Analysis results suggest that firms must seek to develop organizational competence which has the characteristics of value, rareness, inimitability and are non-substitutable in order to outperform their rivals in the U.S. market.
Characteristics of Successful High Tech Ventures ; An Empirical Study
  • - Lee Jang Woo (Kyungpook National University)
  • - Chang Soo Duck (Kyungpook National University)
[Abstract]
A main purpose of this study is to identify success factors of technology-based small ventures (venture companies) in Korea. It s successful technology-based ventures by some criteria and compare with other samples according to the characteristics of entrepreneur, environment, competitive strategies, resource capabilities, and organizational structure, which have been considered as the key success factors for venture business by the existing literature. Based on the results, common characteristics of successful ventures could be summarized as follow; First, most of successful venture companies were founded by highly educated entrepreneurs. They started up their business with technical competence in their major fields of study. They have less experience in managerial activities or prior company but higher level of need-for-achievement. Second, they perceived higher level of environmental hostility and emphasized the innovative differentiation strategy and the efficient resource acquisition from the outside. Third, they possessed superior technological competence and financing capability.
The Financial Characteristics between Small and Medium sized Firms in Manufacturing Industries
  • - Kwak Sung Ho (Small & Medium Business Corporation)
[Abstract]
Past literature studies have found evidence that financial ratios differ across different size firms. But many of the studies examines the difference between large and the public small-medium sized firms. This paper examines the difference of financial ratios between the private small-sized firms and medium-sized firms in the Korean manufacturing industries. 314 firms were used for the sample of this study from 1995 to 1996 fiscal year. The sample data was drawn from Small and Medium Industry Promotion Corporate(SMIPC) database. The useful 23 financial ratios ed in this paper included leverage ratios, liquidity ratios, profitability ratios, activity ratios and productivity ratios.
This paper analyzed mean difference of financial ratios between two groups by Nonparametric test. The results indicate that there are significant differences for financial ratios between groups. These differences are apparent for leverage ratios, activity ratios and productivity ratios during two fiscal year. These findings suggest that financial analysts, lenders should be sure to identify the difference of financial ratios not only between the large and the small-medium sized firms but also between the small and the medium-sized firms. And when examining these ratios for comparison purposes, an appropriate industry average ratios should be used.
Classifications of Financial Ratios Characteristics of Small Size Firms
  • - Kim Jong Doo (Catholic University of Daegu)
[Abstract]
This paper examines the differences of the financial ratios among small, medium and large firms and proves that the difference of financial factors between small and medium firms is more significant than the difference between medium and large firms.
The 24 ratios of the 33 financial ratios examined are significantly different among the three groups. The small and medium firms are different significantly at the 21 ratios, medium and large firms are different significantly at 12 ratios, small and large firms are different significantly at 21 ratios. These results explain the difference between the small and medium firms is more significant than that between medium and large firms.
Factor analysis reduces the 33 variables to a much smaller set of 8 factors. Factor matrix explains the 8 factors as profitable factor, leverage factor, current factor, turnover factor, financial cost factor, factor of income to stockholder's equity, productivity factor, growth factor.
The leverage factor, financial cost factor and productivity factor are significantly different at 5% level between small and medium firms. The leverage factor of small firms is greater than that of medium firms. The financial cost factor and the productivity factor are smaller than those of medium firms. Three factors, leverage factor, current factor and productivity factor, are found to be different between small and large firms at 5% level. The current factor and factor of income to stockholder's equity are different between medium and large firms.
These results prove that the characteristics of small firms are significantly different to those of medium and that small firms can not be classified as same group with medium firms.
Analysing the Use of the Website in Korean Firms
  • - Kim Seung Woon (Chonbuk National University)
[Abstract]
While commercial applications of the Internet proliferate, particularly in form of business sites on the World Wide Web, business use of them is still relatively insignificant. The objective of this research is to investigate how Korean firms develope, operate and use their website at the present and what strategy they have for the future.
This research includes two surveys of firms with website, listed on the Korean Stock Exchange and listed on the KOSDAQ. The first survey examined the WWW pages and evaluated the purpose of use and components of website. The second survey used a web questionnaire to webmaster in those firms to investigate the website development, operations and success measures. The firms made mainly use of the Web for publicity, advertising. The main future developments were seen to be : more interaction with users, the addition of function on on-line selling and customer support and increase use of multi-media.
An Empirical Test on The Investment Behaviors and Performances of Venture Capital Firms in Korea
  • - Lee Suk Kyoo (Sejong University)
[Abstract]
This paper aims to deduce and test hypotheses why differences of recognition about obstacle factors in investment activities and preferences about industry diversity and geographic scope of target firms exist among venture capital firms, and what differences in performances exist in various investment behaviors.
The major findings of this study are as follow.
First, larger venture capital firms prefer greater industry diversity than do smaller venture capital firms. Second, the firm-based venture capital firms prefer less industry diversity and broader geographic scope than the financial institute-based venture capital firms. Third, venture capital firms which concentrate upon the early venture stage prefer less industry diversity, and have better record of earnings than others. Finally, these findings of this study will furnish new viewpoints and strategic perspectives to venture capitalists, policy makers, and other interesting groups in Korea for the better decision making.
A Study of Credit Evaluation on Small Company Focused on the Information Type, Evalustion Techniques, and Industrial Characteristics
  • - Gim Gwang Yong (Soongsil University)
  • - Jung Su Yong (Graduate School of Soongsil University)
[Abstract]
This exploratory paper is for empirical studying for small corporate credit evaluation by firm size, data types, date mining techniques, and industry characteristics. The paper is also studying the possibility of the using expertise of credit evaluation through AHP survey. The result shows that small companies need their own credit evaluation systems, using of non-financial information, new evaluation techniques like neural network, and expert's knowledge.
An Analysis on the Determinants of Foreign Direct Investment of Korean Small and Medium Sized Firms
  • - Kim Kee Young (Kwangwoon University)
  • - Chung Haing Deuck (Kwangwoon University)
[Abstract]
The purpose of this paper is to analyze the determinants of foreign direct investiment(FDI) of both Korean small and medium sized firms and large firms, and to derive some of the implications for foreign involvement strategies of small and medium sized firms. The empirical results show that large firms are more inclined to make FDI than small and medium sized firms, and small and medium sized firms which have low R&D intensity invest abroad actively. When the determinants of FDI are analyzed by investment region, the results indicate that small and medium sized firms tend to make technology-oriented FDI in North America and market-oriented FDI in Southeast Asia. Above results provide some implications for FDI strategies of small and medium sized firms, direction of cooperation with large firms, and the government policy of supporting small and medium sized firms.
A Case Study on the Building Information Infrastructure for Smsll and Medium Firms of a Conglomerate Group Based on Reuse
  • - Park Kwang Ho (Hanyang University)
[Abstract]
This paper presents a case study on strategies and methods to build information infrastructure for small and medium firms of a conglomerate group. The strategies and methods were set up based on previous relevant research that provide information infrastructure models. The fundamental approach is based on reuse. The reuse strategies and methods give rise to four different areas: outsourcing, methodology, system, knowledge sharing. Each of these detailed strategies and methods are mapped into the information infrastructure models. Three small and medium firms of D group in Korea adopted the approach and have successfully constructed the information infrastructure. Detailed description of the construction processes is provided. It is hoped that this case study not only proves the practicability of the findings of the previous research on information infrastructure for small and medium firms. but also provides practical insights on strategies and methods for those who plan to build the information infrastructure.
A Study for the Improvement of the Financial Support System for Small Firms
  • - Kong Myung Jai (Keimyung University)
[Abstract]
This paper tries to search for the new direction of the financial support policy for small firms. For that purpose, the previous financial supporting systems for small and medium firms are evaluated. Then, the problems of the financial polices for small firms are analyzed. One of the most serious problems is no financial policies especially for small firms because all the relevant policies are being pursued under the name of small and medium firms.
This paper calls an attention that if financial polices for firms are to be made properly, small firms should be clearly distinguished from medium firms. The characteristics of small firms are distinct from medium firms. So the approach to small firms should be different from one to medium firms.
Based on this recognition, several policy tools are suggested. Qualified commercial bills issued by firms should be guaranteed through establishing the systemized channels such as bills guaranteeing system. On the other hand, loans from financial institutions should be based not by collateral, but by credit. This change of practice is absolutely necessary. If government policy has to keep regulating loans toward small and medium firms, the loan regulation should be separated as one for medium firms and the other for small firms. On the other hand, citizens bank may be specialized for small firms, while small and medium firm bank can be specialized for medium firms for the effective allocation of limited funds.
The Evaluation of Twenty Years Results of Small Business Studies
  • - Yong Se Jung (Ajou University)
[Abstract]
This study aims to contribute to evaluate the research activities, to find the problems and to suggest the direction of the KASBS(Korean Association of Small Business Studies) by content analysis of 265 papers published in the Review of KASBS.
The number of papers was small until 1990 but increased significantly thereafter. The authors are concentrated in less than twenty universities and institutes, and the authors who published more than three papers are only 27 persons. The most popular research subjects were economics and policy related to SMEs during the first half period, but it became the management of SMEs during the '90s. The number of papers classified by discipline is ordered such as international business/export, strategic management, production management and quality control in the management field and it is SMI policy, trade and globalization in the economics and policy field. Until '90s the more frequently adopted research method had been qualitative and descriptive analysis, but it was changed to quantitative and empirical studies in the last ten years.
In brief, KASBS has achieved its objectives set at the time of establishment such as to develop academic research, to promote the communication and discussion for the link between industry and academy, and to contribute to develop theory and policy for the SMEs. But the number of researchers, the quality of the papers, the distribution and exploitation of the research results have to be increased and strengthened in the future.
Future Directions in Small Business Management Education
  • - Chee Yong Hee (Sogang University)
[Abstract]
Course offerings in small business management and entrepreneurship by colleges and universities should be increased and diversified in order to meet high student demand. It is also necessary to develop teaching methods which are most appropriate for the transfer of creative managerial skills and knowledge to students. The use of pedagogical tools such as case studies, field projects, business plan preparations, computer simulations, guest lectures, consulting assignment, and the interviewing of entrepreneurs is recommended. In addition to this, a separate major program for small business management and entrepreneurial studies is needed, so that courses in the field can be offered under an integrated framework. The separate grogram makes it less likely that overlaps will develop in the curriculums. The lack of professors and doctoral students will also be addressed by a separate program, as this program will motivate and encourage more to pursue small business management and entrepreneurship studies as their specialized field.
A Brief History of the Korean Association of Small Business Studies
  • - Moak Ho Boum (Sum Moon University)
[Abstract]
This article presents a brief History of the Korean Association of Small Business Studies for the past 20 years. In particular, social economic background, and the Process of the Foundation of the Association are introduced. Also included are the titles of the papers presented, and special lectures held.