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학회지논문 목차 LIST |
아래논문중에서 주제 또는 초록보기를 클릭하시면 논문초록의 내용을 미리보기 하실수 있습니다 |
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- Won-Kyu Kim (Korea Institute for Industrial Economics and Trade)
- Jin Woong Kim (Dong-A University)
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[논문다운받기]
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This study investigates the relationship between the ratio of SMEs and the economic performances such as industrial growth and employment growth using Korean 30 industries during 1992~2009. The ratio of SMEs based on the number of firms has maintained about 99% since 1990s. And SME ratio based on the number of employees has also increased by about 80%. However, according to our empirical results, there is no sufficient evidence that the relationship between the SME ratio and economics performances is significantly positive. On the contrary to this, our empirical results provide that the ratio of small business having less than 20 or 50 employees is positively correlated with economic performances, significantly. Therefore, our analyses imply that the policy maker focuses on the small business for efficiency and supports innovation in the medium sized business aspects to the industrial growth and job creation.
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- Kyong Ran Seo (Industrial Bank of Korea)
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[논문다운받기]
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Financing problems of SMEs are constantly appearing because of the behavior of financial institutions and financial transactions. It is these things that concentrated collateral loans, short-term funds under management, financing supply disruptions when the economic cycle is down. Recently, The government is considering the introduction of a relationship banking for initial start-up SMEs and micro SMEs to smooth supply of funds. In this study analyzed the relationship banking case into the United States, Japan, Germany. As a result, the following implications derived. First, We should be focused on initial start-up SMEs and micro SMEs as a relationship banking's target layer and government policy must be linked. Second, We should be actively used local-based financial institutions. Third, At the same time we will need to be enlarged in the role of large commercial banks. Fourth, We should be cultured bank's non-financial services in various business consulting skills. Fifth, We should expand on audit ability and discretion to the bank branches. Sixth, we need to take advantage of a variety of soft information when credit rating and a review at the time of loan. Finally, settlement of the Korean SME relationship banking requires a lot of effort and time. It may be possible when SMEs and financial institutions need to grow together as partners.
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- Wook-Hee Chang (Duksung Women’s University)
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[논문다운받기]
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This paper could contributed substantially to the related literature in terms of the first empirical evidence in Korea. Two hundred twenty five sample observations were applied to analyze the impact of consulting effect on probability of getting jobs for the retired workers. Recently the retirement of the baby-boom generation has been substantially increased, bring about the unemployment problem of the old generation. Many Companies started to provide outplacement consulting services. Nevertheless, it is hard to find the empirical evidence studied over the issue, mainly due to lack of the proper data availability.
The main findings are addressed as follows. The effectiveness of outplacement consulting services was set to a substantial re-employment. First, the rate of finding new jobs depends on the retired employee’s will and confidence for finding the new jobs and their self-efficacy. Second, a sample of retired workers who were consulted by the professional consultant has been shown higher rate of succeeding in getting new jobs than a sample of without consulting. It was found that retiree’s career target and document preparations were influential factors for finding new jobs. Finally, it was shown that the variables measured by consultants are more effective rather than those measured by retirees themselves. According to this empirical results, professional consultants' support are proved to be effective in promoting the rate of finding new jobs for the retired workers.
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- Unjung Shin (Dongguk Business School)
- Taekyung Park (Yeungnam University)
- Dongwoo Ryu (Yeungnam University)
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[논문다운받기]
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Growing attention is being paid to intangible capital, or organizational capital during the succession process in family businesses. It is crucial that a family business takes a understanding of the importance of organizational capital which is accumulated in it and explores its role to play in the relationship between key antecedents of succession process and consequences. This study aims to examine the effects of the successor’s willingness to take over and leader-successor relationship on the perceived succession process satisfaction, with a particular focus on the moderating effect of organizational capital. Building on literature review regarding the family firm, succession and organizational capital, hypotheses are developed and tested using multiple regression analyses with 125 samples collected from South Korean family businesses. Results show that both of antecedents are found to significantly affect the consequence. They also indicate that the associations are significantly moderated by the intangible capital, respectively. Findings imply that successor’s willingness to takeover and leader-successor relationship should be taken into account as key preconditions for the perceived satisfaction with the succession process. Emphasis is also placed on the significance of the accumulated organizational capital within a family business. This suggests thus that organizational capital which includes firm-specific culture, knowledge-know and knowledge-based business practices must be well managed and utilized in order to develop a satisfactory succession process in family businesses. The present study in theory also contributes to moving forward our understanding of succession-related predictors in family businesses by suggesting the significance of an organization-level construct like organizational capital. Limitations and suggestions for future research are presented.
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- Sung Tai Kim (Cheongju University)
- Myoung Kyu Kim (Cheongju University)
- Byung In Lim (Chungbuk National University)
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[논문다운받기]
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Recently, the number of self-employment has increased as the baby boomers who were born in 1955~1963 started to retire increasingly in Korea. The problem is such that the competitiveness of self-employment business does not go along with an increase in the number of businesses. Especially, the entry of a self-employed businessman into a franchise-typed entrepreneurship has increased rapidly.
This paper analyzes the problem of self-employed businessmen who participate in franchise business in a restaurant industry in Korea, using the Economic Census data released by the Statistics Korea in 2011. We focus on the success possibility of self-employed businessman who entered the restaurant industry through franchising schemes.
We estimated the sales functions and the profit functions for the nine substructural restaurant industries including Korean restaurant, Chinese restaurant, Japanese restaurant, Chicken specialized restaurant, etc. Main findings of our empirical analyses are as follows. First, other things being equal, joining in the franchising makes the sales of business entity increase. On the other hand, the franchise participation, other things being equal, makes the profit of it decrease. Therefore, franchise business may not be a good way out for self-employment business in restaurant industry in Korea.
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- Young-Hun Hwang (Seoul Nat’l University)
- Jin-Mo Kim (Seoul Nat’l University)
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[논문다운받기]
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The Causal Relationship among R&D Performance, Informal Learning, Learning Motivation, and Supportive Learning Environment of R&D Workforce in Small and Medium-Sized Enterprises.
The purpose of this study was to identify a causal relationship among R&D performance, informal learning, learning motivation, and supportive learning environment of R&D workforce in small and medium-sized enterprises (SME). The target population of the study was every R&D researchers in 407 SMEs that included in KCCI (Korea Chamber of Commerce and Industry)’s R&D workforce reports. 202 of 214 data were analyzed using proportional stratified sampling by manufacturing business.
The major findings of the study were as follow : First, informal learning of R&D workforce in SME has direct effect on R&D performance positively. Second, learning motivation and supportive learning environment has direct effect on informal learning positively. Third, supportive learning environment has direct effect on learning motivation positively. Forth, learning motivation has partial mediation effect on the path of supportive learning environment and informal learning. Fifth, informal learning has full mediation effect on the path of supportive learning environment and R&D performance, learning motivation and R&D performance.
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- Taekeun Cho (Industrial Bank of Korea)
- Jong-il Ahn (Industrial Bank of Korea)
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[논문다운받기]
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This study estimates the speed of adjustment of Korean small and medium enterprises (SMEs) to the target debt ratio when they are apart from the optimal debt ratio. For estimation, we apply the dynamic panel data model, namely, system GMM of Arellano and Bover (1995), which estimates equations in levels as well as in first-differences. The estimation shows that Korean SMEs consider the distance between optimal and observed debt ratio as main factor when they determine the speed of adjustment. That is, the explanatory variable distance, defined as the absolute difference between optimal leverage ratio and observed debt ratio, is negatively related to the speed of adjustment, implying that Korean SMEs adjust faster if their observed debt ratio is not far from the target, and vice versa.
The average of adjustment speed toward target debt ratio turned out to be 0.7210. This result seems relatively high than other overseas and domestic studies. From this, we can easily infer that a firm will take around one year and 5 months, to cover the gap to the target. The proportion of observations in the interval is 93.38%, meaning the most of Korean SMEs show rational financial behavior. Also, Korean SMEs reduce the debt more strongly when they are in the over-levered than increase the debt when they are in the under-levered. The optimality ratio is around 1, implying the observed debt ratio is very close to the target. This means that Korean SMEs keep the finance status in not allowing the large gap between the observed and target debt ratio.
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- Jeong Un Choi (DeaGu University)
- Sung Ook Park (Kyung Hee University)
- Hyung Jong Na (Kyung Hee University)
- Hyuck Jun Song (Duksung Wemen’s University)
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[논문다운받기]
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This paper investigates whether and how SMEs and venture companies manage earnings. This study compares and analyzes whether SMEs and venture companies use real earnings management or accruals earnings management. Also, we examine whether stock market listing affects the earnings management of SMEs and venture companies.
Dechow and Skinner (2000) define accruals earnings management as manager’s earnings management using changes in accrual estimation or accounting treatments. Accrual earnings management does not have real effects thus there are no direct costs but there is a risk of the auditor requiring adjustments. Roychowdhury (2006) defines real earnings management as manager’s earnings management by conducting suboptimal real activities. Real earnings management has costs to firm value but does not violate GAAP and thus the firm does not face risk in the auditing process.
SMEs and venture companies are smaller and have weaker finances. Thus the manager faces many restrictions that also limit earnings management. Therefore, SMEs and venture companies may face greater cost of increasing production or discretionary spending of SG&A expenses. Thus SMEs and venture companies would be more likely to take the risk of violating accounting rules than conduct real earnings management.
We find that both SMEs and venture companies conduct lower level real earnings management. The results are consistent for both listed and non-listed firms except accruals earnings management. This results suggests that SMEs and venture companies prefer accruals earnings management generally compared to real earnings management, which incur real costs, regardless of whether they are exchange listed.
The contribution of this study is two-fold. First, we provide useful information about whether and how SMEs and venture companies conduct earnings management by examining both accruals earnings management and real earnings management. Second, we provide useful insight into whether listing affects the earnings management method of SMEs and venture companies.
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- Bum-Jin Park (Soonchunhyang University)
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[논문다운받기]
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The aims of this study are to verify how a credit rating agency reflects a venture capitalist type, being a major shareholder, in the process of credit rating and whether its evaluation for earnings management changes depending on the presence of the venture capitalist in ownership structure. The results of this study are as follows. First, it is seemed that the credit rating agency regards the increase of major shareholder's ownership of the venture firm as a positive determinant of credit rating. This result may be interpreted that it supports the convergence of interest hypothesis. On the other hand, when the major shareholder of the venture firm is the venture capitalist, rather than a individual, it may have received relatively better credit rating. Especially, it should have been evaluated more positively when financial institutions, which have the excellent information analysis power is the major shareholder. Meanwhile, it shows that earnings management is negatively associated with the credit rating. In particular, the credit rating agencies are likely to assess earnings management more negatively when the first shareholders are financial institutions or the second shareholders are corporate venture capitalist. Although the above useful results present, this study has the limitation that it cannot be convinced the venture capitalist is always a good monitor to firm's management due to their conspiracy possibility for pursuing their private interests at the expense of outside shareholders. However, this study could not suggest the substantial evidence of this possibility. In the Future, this study hopes that many researchers find the more role of the venture capitalist in venture firms with their enhanced methodology.
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- Hahyuk Sung (Korea Investors Service)
- Seunghwan Oh (Seoul National University)
- Inha Oh (Konkuk University)
- Jeong-Dong Lee (Seoul National University)
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[논문다운받기]
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Venture Capital is a key driving force for start-ups, growth, job creation and innovation activities of venture companies. The role of government in venture capital market as financial intermediaries investing in start-up and innovative companies going through an equity gap is different from that of private venture capital such as individual, corporate and institutional venture capital. This difference could have important implications in their investee’s performance to be successfully financed and nurtured for start-ups, growth, profitability, innovativeness and productivity. Despite the very significant involvement of government money in the venture capital market in Korea, the role played by government and its effects have not been definitely addressed so far in the previous literature. So, this paper attempts to both analyze and evaluate the effect of government financing to the venture capital fund on the firm’s performance. Moreover, we compare the difference of performance between government venture capital and private venture capital in Republic of Korea. Methodologically, propensity score matching (PSM) method is used for reducing the ion bias. The results indicate that venture firms which were funded by government have no different characteristics comparing with the firms which were funded by private sector. This result means that government has no discriminative ion mechanism for choosing the venture firms, although government investment to the venture capital has the different purposes comparing with private venture capital. In the respect of firm's performance, there is no difference between government venture capital and private venture capital. This indicates that the government needs to focus rather on fundamental goal of government venture capital.
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