Developing new market through differentiation strategy is the preliminary requirement of SME for maintaining competitive advantage and long-term survival. Compared to the brand of large size enterprise, that of SMEs are received little customers interests and recognitions which leads to limited number of retail stores, and high level of customer perceived risk. Due to these circumstances, SMEs should focused their human resources, rather than material resources, on the sales area to increase the possibility of sales opportunities,
Based on job demand and resource model, this study develops and tests a model that incorporates the interaction effects of role stressors (role ambiguity and role overload) and salesperson's personal traits (entrepreneurship orientation and boundary spanning creativity) on his/her adaptive selling behaviors through work engagement. As unique types of job demand, role ambiguity and role overload were proposed as a leading factor of salesperson's adaptive selling behavior through work engagement. However, entrepreneurship orientation and boundary spanning creativity were also suggested as job resources, encouraging salesperson's adaptive selling behavior. This study also examines the interaction effect of salespersons role stressors and personal traits to identify the buffering and encouraging effects of salesperson's motivations.
All measures were adapted from or developed based on prior research. Cross-sectional data for this study were collected from 1620 salespeople of multi-level marketing company. To analyze the data, a structural equation model procedure using LISREL 8.5 and hierarchical moderated regression were employed.
Results show that role ambiguity and role overload reduces salespeople's work engagement. This results shows that role stressors can be viewed as job demands for salesperson. Next, we found the positive effect of work engagement on salesperson's adaptive selling behavior. The results of moderating effects show that entrepreneurship orientation reduces the negative effect of role ambiguity on work engagement. We also found that a negative effect of role overload on work engagement was decreased when salesperson has higher boundary spanning creativity. These results support the notion that salesperson's personal traits (entrepreneur orientation and creativity) can be regarded as unique job resources for sales employees.

In Korea, small and medium-sized enterprises (SMEs) play an pivotal role in the national economy, accounting for 99.9% of all enterprises, 87.5% of total employment, and 47.6% of production. Despite their crucial role in the national development, most of SMEs suffer from a lack of R&D related resources. Public R&D institutes can provide SMEs with valuable supplementary technological knowledge and help them build technological capacity. In this regard, the study aims to analyze what drives SMEs to conduct R&D collaboration with public R&D institutes. Building on previous literatures, the study establishes and tests a research model using binary logistic regression analysis for data collected from 1,024 Korean SMEs in ICT sectors. According to the results, the important factors for forming R&D collaboration are R&D capability by means of R&D workforce, preference for open innovation (inside-out, outside-in), and trust relationship. We also discuss implications for encouraging private-public R&D collaboration.

This research analyzed the effect of intangible asset and corporate real estate information on stock value of medium and small firm in Korea based on 1,874 KOSDAQ-listed, KONEX-listed, K-OTC-listed companies for the period 1995 to 2015 in terms of market efficiency, using Feltham and Ohlson (1995)'s model. And This research compared and analyzed the effect of intangible asset and corporate real estate information on stock value between large firm and medium and small firm. The aim of this research is to expand research related to value relevance of other information and provide empirical tools for stock manager and Chief utive Officer of medium and small firm. The main findings were as follows. First, intangible asset and corporate real retention information exerted a significant positive (+) effect on stock price. This means that intangible asset and corporate real information influences on stock price positively. Second, in large firm both possession real estate and investment real estate information appeared to have significant positive (+) effects on stock price while in medium and small firm possession real estate information appeared to have significant positive (+) effects on stock price, but investment real estate information appeared to have insignificant negative (-) effects on stock price. This means that possession real estate information influences on stock price positively, but investment real estate information does not influences on stock price positively. Third, in large firm earnings on dispositions of corporate real estate appeared to have significant positive (+) effects on stock price, while appeared to have significant negative (-) in medium and small.

The following contents contains an analysis of the status quo and structural risk factors regarding the use of crowdfunding as a means of equity financing for startups. A potential solution involving the implementation of a more active, wider-scale platform is also included.
Equity based crowdfunding takes place through an internet platform which pools in investments from the masses. It is a low-cost and efficient solution which works to the advantage of small scale startups that have difficulties relying strictly on traditional sources of finance. Despite such advantages, the equity based crowdfunding is yet facing a number of issues due to its structural imperfections. Issues regarding adverse ion, insufficient monitoring, investor protection mechanisms, investor rights protection, and the conflict of interests between investors and the platform need to be resolved. Developed countries in the Euro region have recently started to tackle such risks through implementing platforms that are more active and of wider-scale. Korea is lagging in this aspect due to a lack of awareness.
Thus, the dissertation illustrates how a more hospitable platform may foster active long-term growth of Korea's crowdfunding industry and makes relative suggestions regarding implementation.

The objective of this study is to understand of venture capital syndication effect and investment performance of government-owned banks, which play an important role as a public venture capital in Korea venture industry. Despite of significant role of government-owned bank in the venture capital market in Korea, its effects have not been definitely addressed so far in the previous literature. This study attempts to analyze and evaluate the effect of syndicated investment between government-owned banks and private venture capital based on company’s exit performance, includes IPO, M&A, court receivership and write-off.
Survival analysis results by using Cox’s proportional hazard model were mostly consistent with the hypotheses, based on dataset consisted of 435 companies which participated in Korean governmental R&D program for core material and parts from 2000 to 2010.
Main results of this study are as follows. First, it took shorter time to successful exit with total funding size increase. Second, syndication between government-owned bank and private venture capital increases investments for early stage hi-tech venture firms with successful exit performance. Third, it took longer time to successful exit with number of venture capital and proportion of government-owned bank investment increases. Fourth, investment of prominent experienced venture capital made no significant difference in successful exit for investee companies, while it made significant difference in negative exit.

This study investigates the contribution of credit guarantees to the enhancement of BIS capital adequacy ratio for banks. I calculate the estimated BIS capital adequacy ratio based on certain assumptions and compare it to the actual BIS capital adequacy ratio. Next, I analyze the contribution of credit guarantees to the increase of BIS capital adequacy ratio for 9 years from 2006 to 2014. To analyze it, I adopt the panel regression analysis.
The BIS capital adequacy ratio of domestic banks climbs by 0.26%p in 2014 due to credit guarantees. The increase in the BIS capital adequacy ratio thanks to credit guarantees at the Industrial Bank of Korea is the biggest. The credit supply capacity of banks created by credit guarantees amounts to nearly KRW 43 trillion in 2014.
The results of panel regression analysis show the significance of credit guarantee variables. These mean that credit guarantees increase the BIS capital adequacy ratio and have the effect to the creation of credit supply capacity for banks.