 |
| Small and medium-sized enterprises (SMEs) often face significant constraints due to limited financing access, mainly from information asymmetry and high risks. This study examines how SME innovation activities reduce the cost of capital by mitigating information symmetry in the capital market. Using longitudinal panel data, this study analyzes the relationship between SME patents, as a proxy of technological innovation, and the cost of debt capital by considering the moderators of firm age, high technology sectors, and conglomerate-affiliation. The results provide evidence that SME patents significantly reduce the cost of debt capital. These effects are accentuated when the firm age is young and where SMEs are in high technology sectors and attenuated when firms are conglomerate-affiliated. These findings suggest that innovation activities play a vital role in mitigating information asymmetry and uncertainty in the capital market, which in turn helps SMEs alleviate their financing burdens. |
 |
|
|
| This study empirically examines whether the characteristics of the IT industry affect discretionary revenue. To measure discretionary revenue, Stubben's (2010) model, Caylor's (2010) model, and Giedt's (2017) model are used. Specifically, first, this study examines whether the IT industry is more likely to use revenue management to increase corporate valuation than other industries. Second, revenue information is important for valuation of startups in the IT industry due to the large investment costs in the early stage of the business. Thus, discretionary revenue is examined for startups in the IT industry. The results show that the IT industry uses revenue management more than other industries, and that startups in the IT industry use revenue management more than other companies. The significance of this study is that it examines specific industries where there is an incentive to make discretionary management to revenue for revenue's own sake, as opposed to traditional earnings management using discretionary accruals, which is a broader measure of earnings management. |
|
|
|
| This study aims to identify the characteristics of SME support projects and to ascertain the impact of regional innovation capabilities on regional growth. We categorize support projects designed to enhance the technological innovation of regional SMEs into four types: technology development projects, technology utilization projects, infrastructure projects, and cooperation projects. We then identify the mutual effects of regional innovation capabilities on regional economic growth through the quantitative and diversity aspects of support projects. The quantitative aspect is gauged by the number of support projects of a given type, while the diversity aspect is evaluated by the diversity (entropy) of regional support projects of a given type. The results of a panel analysis of 17 metropolitan cities and provinces indicate that a higher number of support projects of all types has a positive impact on regional growth. Second, regions that are supported by a variety of types of support projects exhibit higher economic growth rates. Third, the positive impact of the number and diversity of support projects on regional growth is reinforced in regions with a higher willingness to innovate. This study considers the policy effects of support projects in conjunction with regional innovation capabilities. This approach enables the design. |
|
|
중소기업연구
