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This study assessed the efficiency and productivity of R&D service firms using Data Envelopment Analysis (DEA) and Sequential Malmquist Productivity Index (SMPI), while analyzing the factors that affect the productivity change of R&D service firms using the panel regression model. This study selected labor, capital, tangible assets and total assets as input variables, whereas, sales and operating profit where used as output variables for DEA and SMPI. Also, in this research, intangible assets, industrial property rights, capital adequacy ratio, in-addition to selling and administrative expenses were considered as factors influencing the productivity change of R&D service firms, based on existing empirical studies. In the empirical analysis, data on 66 R&D service firms from the last three years (2015 to 2017) were used. Results showed that CCR efficiency was 0.529, 0.474, and, 0.481, in 2015, 2016 and 2017, respectively, while BCC efficiency, in R&D service firms, was 0.599, 0.551 and 0.548 in 2015, 2016 and 2017, respectively. Even though, productivity, technology and scale efficiency increased by 6.0%, 15.4% and 2.1%, respectively, technical efficiency and pure technical efficiency decreased by 8.1%, and 10.1%, respectively in the same period. Panel regression analysis showed that intangible assets and industrial property rights had a positive effect on productivity change, while capital adequacy ratio, and selling and administrative expenses had a negative effect on productivity change. Finally, industrial property rights had a positive impact on efficiency change, whereas, capital adequacy ratio had a negative impact on efficiency change. Also, intangible assets, and selling and administrative expenses had no significant effect on efficiency change in R&D service firms. The results of this study will contribute to improve the efficiency and productivity of R&D service firms in practice. In addition, this study provides policy implications for the government to grow R&D service firms.

There has been a long-run debate on the effect of environmental performance on financial performance and firm value. Proponents of environmentally friendly management argue that investments and efforts of improving environmental performance induce firms to have physical assets, technological innovations, better human resources, and good reputation, etc. As a result, firms can have competitive advantages by increasing sales and profit as well as environment protection. However, opponents of environmentally friendly management advocate that firms cannot take full benefit of investments and effort in environmental matters in the real world. Previous empirical papers that investigate the relationship between environmental performance and financial performance (or firm value) failed to find a consistent results because of several problems including limited measurements of environmental and financial performances, endogeneity, and omitted variables. This study examines the effect of corporate environmental performance on its financial performance and firm value in Korea. Whereas prior empirical studies examined the effect mainly focused on accounting measures, current study uses financial measures of stock returns and operating performance, and firm value of Tobin’s Q with longer sample period and larger sample firms. Also, this paper deliberately uses fixed-effects panel regression models with 1-year lag to alleviate the endogeneity problem. We use the environmental performance score from the Korea Economic Justice Institute (KEJI) from 2009 to 2014 for gauging corporate environmental performance. We find that the firms with higher environmental performance score have insignificantly lower stock returns compared with the firms with lower score. However, we report that the firms with higher environmental performance score have higher operating performance and firm value compared to the firms with lower score, which is consistent with previous empirical studies. Moreover, the results of various panel regression models clearly show that the environmental performance factor have a positive impact on firm value. Our findings suggest that corporations are able to improve financial performance and firm value by investing in environmental initiatives although firms bear the whole costs of environmental activities.

The purpose of this study is to investigate the relationship between R & D investment and the firm‘s value in the Korean stock market and to investigate the moderating effect of R & D expenditure increase. The empirical analysis period covered in this study is 7 years from 2011 to 2017, and the total number of sampled firms is 6,811. The sample covered in this study is extracted from all listed companies on the Korea Securities Dealers Automated Quotation(KOSDAQ) except for the financial industry. Many of previous studies showed that there is a close relevance between R&D investment and the firm’s value, but they did not conduct them by combining the two of analyses of time-series and cross-section and time lag analysis. Thus panel data analysis and time lag analysis were used here while considering matters of time differences. Also, the moderating effects presented in this study are first presented in this field of study. The result of the empirical analysis can be summarized as the following. First, all variables excluding the sales growth rate and debt ratio make statistically meaningful factors explaining firm value. Second, R&D expenditure, net working capital ratio, company scale, and signs of regression coefficient to advertising expenses all go in line with the theory. The regression coefficient signs concerning ROA, equity ratio of a large shareholder show negative value. The purpose of this study is to investigate the relationship between R & D investment and the firm‘s value in the Korean stock market and to investigate the moderating effect of R & D expenditure increase. The empirical analysis period covered in this study is 7 years from 2011 to 2017, and the total number of sampled firms is 6,811. The sample covered in this study is extracted from all listed companies on the Korea Securities Dealers Automated Quotation(KOSDAQ) except for the financial industry. Many of previous studies showed that there is a close relevance between R&D investment and the firm’s value, but they did not conduct them by combining the two of analyses of time-series and cross-section and time lag analysis. Thus panel data analysis and time lag analysis were used here while considering matters of time differences. Also, the moderating effects presented in this study are first presented in this field of study. The result of the empirical analysis can be summarized as the following. First, all variables excluding the sales growth rate and debt ratio make statistically meaningful factors explaining firm value. Second, R&D expenditure, net working capital ratio, company scale, and signs of regression coefficient to advertising expenses all go in line with the theory. The regression coefficient signs concerning ROA, equity ratio of a large shareholder show negative value.

This paper empirically examines the effects of innovation activities and firm size on export shares for Korea's listed and registered manufacturing companies using financial data over the period 2000-2016. In estimating quantile regression models for export performance, it controls for sample selection problem caused by distributional heterogeneity of exports by employing the quantile estimation procedure. Empirical results confirm that for all firms, export shares are positively associated with innovation actvities on average, implying that the larger the R&D investment is, the higher the export share is. However, quantile regression results show very different form those of traditional regression methods. The export effects of innovation activities are the largest at 50 percent quantile in the conditional distribution of exporting; the largest at the lower end of the export distribution for the small and medium sized firms, but at the higher end for the large firms. This implies that government R&D subsidy would have a stronger effect on exports at the lower quantile of the distribution for small and medium sized firms. This confirms that R&D investment should be a highly significant factor for enhancement of competitiveness in exporting markets and essential sources of economic growth. Second, estimated results show that firm size can have positive effect on export, but they can not support the hypothesis of inverse U-shaped relationship between firm size and export. The quantile regression results show that firm size effects should have no significant patterns for small and medium sized firms but should have the U-shaped pattern for large firms.

The psychological well-being(PWB: Ryff, 1989) is important theory because of contribute to an individual's enhancing the positive affect, contentment, and happiness. The study of psychological well-being has been guided by two primary conceptions of positive functioning. First, Bradburn's (1969) seminal work, distinguished between positive and negative affect and defined happiness as the balance between the two. Second, primary conception, which has gained prominence among sociologists, emphasizes life satisfaction as the key indicator of well-being. The convergence of these multiple frameworks of positive functioning served as the theoretical foundation to generate a multidimensional model of well-being(Ryff, 1989, 1995) so that PWB consist of 6 dimensions are self-acceptance, positive relationships with other people, autonomy, environmental mastery, purpose in life, and personal growth which is attained by achieving a state of balance affected by both challenging and rewarding life events. The aim of this research was to investigate the effects of individualistic value orientation (IVO), collectivistic value orientation(CVO) on the employees’ PWB. Also we test the moderating effects of person-job fit(PJF), person-organization fit(POF) between those of relationship. IVO-CVO are one of the cultural value orientations should be conceptualized as residing within a culture whether the focus is exclusively on representations of the self more specially broader values and belief systems. We draw the these IVO-CVO are critical determinants of PWB which dispositional approach such as trait activation theory and reflected context of person-environment fit as interaction between IVO-CVO and environment(organization, job). PJF defined the relationship between a person’s characteristics and those of the job or tasks that are performed at work and POF, which addresses the compatibility between people and entire organizations. Based on literatures, we proposed direct, and moderating effect hypothesis. To test hypothesis, total of 312 questionnaires, multi souce which self-report and supervision report, were used for analysis. The results are as follows. First, CVO have significantly positive impact on PWB, but IVO does not. Second, PJF have significantly positive impact on PWB, but POF does not. Third POF have moderate relationship between IVO, CVO and PWB. Base on the results, this study CVO and PJF is critical determinant of PWB that Individuals with strong CVO and match the requirement of job are likely to engage in psychological states that are beneficial to the their happy working life. Both of strong IVO, CVO employee amplify PWB that organization should more pay attents to their goal, value to matching the employees.

One possible way to understand the situation of GM Korea's which received ₩810 billion from the Korean government in 2018, is to know how GM has managed its global strategy and to evaluate whether the strategy has produced good results. We looked at the failure of ‘World Car’ strategy, M&A strategy and the failure of it, and the rise of Korea GM. We saw that GM’s trial of selling Opel after GM’s bankruptcy and the strategic reduction of GM Korea’s production ability as a result of the reversal of the decision. As a result of such failures, GM had to sell Europe GM and had come to close the Gunsan factory in Korea. We can summarize the GM’s new strategy as follows. In the North American market, low oil prices and high tariffs are favorable for light commercial vehicles. The second strategy is to raise relatively high profits through cheap cars in the Chinese market. All other markets are virtually withdrawn or passive. From this point of view, GM Korea’s production capacity is not important, and the 2018 ROK-US FTA renegotiation has also contributed to this strategic goal. As a result of the renegotiation, first, GM defended the US market from Korean auto-makers, because Korean automobile companies that have developed pickup trucks for the US market will not be able to sell them to the US market till 2040. The second is that the US auto-makers can export to Korea 50,000 units per brand per year without being regulated by Korea, so GM can sell cars as much as that of have been sold in Korea. According to the contract which was agreed between GM and Peugeot, GM will be able to enter the European market again from the beginning of August 2020. Looking at the above, the goal of GM want to get through GM Korea is expected as follows. First, improve cash flow by securing subsidies from Korean government. Second, they will close one or more factories including Gunsan factory. Third, GM Korea will lower its cost structure through labor negotiations. Fourth, maintain the research manpower until 2020 and carry out model changes to be put into European market after summer 2020. Finally, by 2020, it will hire a new worker at the time of entry into production and will try to re-enter the European market with significantly lowered labor cost. In other words, at least until 2020, it is expected that GM Korea will reorganize its company as a research-centered organization and maintain its production capacity minimum. So, it is necessary to impose certain legal obligations on the management of multinational corporations in Korea. In other words, it is necessary to make a law to force the intellectual property right made by the investment of a corporation in Korea to belong to a Korean subsidiary.

The abusive supervision of supervisors has been a problem for a long time in the organizational culture of Korean companies. Recently, researches on the causes of the deviations within the organization and of the decrease in the organization satisfaction are due to the abusive supervision of supervisors are ongoing and becoming an issue. There are few studies that have identified the antecedents that may influence the non-abusive supervisory behavior. Several previous studies have suggested that the abusive supervision should be relaxed because it has a negative impact on the performance of the organization, but there is currently a lack of research that examines which characteristics affect the abusive supervision of supervisors. The relationship between supervisors' abusive supervision and organizational commitment to be studied in this study has been found in several studies, but researches on authoritarian tendency or organizational fairness as antecedent variables that may affect the abusive supervision are relatively insufficient. Furthermore, organizational commitment is becoming increasingly important as a way to increase the productivity of employees who are in charge of major duties in the field. Nonetheless, there is a lack of research on the relationship between organizational commitment and the abusive supervision of supervisors, and the abusive supervision of supervisors and characteristics of supervisors. In this sense, this study presented authoritarian tendency and recognition of organizational fairness. First of all, this study argues that the authoritarian tendency has a negative effect on organizational commitment, and as societies that have a greater power distance, like Korea, place importance on organizational rank and hierarchy, even if supervisors' open remarks or unilateral and unfair behavior occurs publicly, they have an organizational atmosphere that implicitly tolerate those situations, so it can be said that the damage of abusive supervision not exposed is more serious. In other words, in the organizational culture in which supervisor's abusive supervision is considered as their inherent rights to exercise anytime or anywhere, they can treat their organizational members in a more impersonal manner. In this situation, if organizational members recognize organizational unfairness, they will have dissatisfaction and anger inside them, and as a result, they will make their ceaseless efforts to recover the organizational fairness, but if it turns out that restoring the fairness is difficult, they may engage in negative or dysfunctional behaviors against their assailants. Therefore, this study selected supervisors' authoritarian tendency and recognition of organizational fairness as antecedent variables that may affect the abusive supervision with the aim of examining the cause-and-effect relationship between them. In addition, this study will examine the degree of the effects of supervisors' abusive supervision on the organizational commitment as a mediator.

We analyze productivity and profitability of incremental innovation group and radical innovation group after classifying companies which received R&D support from government into pharmaceutical industry, medical device industry and food industry. Growth Leading Industry is the industry which plays the role of the engine for the future growth. This industry has low percentage in the regional industries but is expecting high growth rate. Thus, investment focused on technology innovation is important in this industry. We define this industry as radical innovation group. Next generation pharmaceutical industry, IT medical device industry, and bio food industry are in this industry. Flagship Industry is the industry in which the proportion of the industry in the region is high but the growth rate is slowing down, stagnating or declining. We define this industry as incremental innovation group. Biotechnology, electronic medical devices and clean health food industry are in this industry. The indicators for productivity analysis are 'Sales revenue per employee', 'Added value per employee' and 'Value added ratio'. The indicators for growth analysis are 'Employee growth rate', 'Total assets growth rate', 'Net income growth rate', 'Operating profit growth rate' and 'Net sales growth rate'. Various comparative results between incremental innovation group and radical innovation group are provided. The results of the study, incremental innovation maintained a stable performance of the organization, but did not achieve a high level of performance. Radical innovations show high levels of performance, although the performance of the firm is not stable. Incremental innovation showed low performance with low technical level, and radical innovation showed high performance with high technical level. Incremental innovation is highly efficient but low in effectiveness, and radical innovation is low in efficiency, but high in effectiveness. The reason is that radical innovation is highly uncertain about performance, and Incremental innovation is low uncertainty about performance.

The goal of this study is to investigate the effect of goal-focused leadership(GFL) & on affective organizational commitment by examining the moderating role of Leader-Member Exchange(LMX). Previous research has found a positive relationship between goal-focused leadership and organizational effectiveness. However, empirical analysis has not yet demonstrated the relationship between goal-focused leadership and organizational effectiveness moderating through Leader-Member Exchange. This study hypothesized as follows: Hypothesis 1 : Goal-focused leadership will be positively related to affective commitment. Hypothesis 2 : LMX will be positively related to affective commitment. Hypothesis 3 : LMX will moderate the relationship between goal-focused leadership and affective commitment Data were collected from 350 employees from a variety of companies. Hierarchical regression analysis was used to test these hypotheses. This study shows that goal-focused leadership with the moderating role of Leader-Member Exchange affective organizational commitment positively. Future discussions and practical implications are discussed.

The controversy over the audit fees has continued between auditors and auditee by Korea. The differences between the two groups are causing controversy. The Audit-Data in Korea Auditreport is a valuable resource suitable for the environment of Korea. The issue of estimating proper Audit Fees is a research topic that has been actively conducted overseas. Therefore, it is a subject of more active research in Korea. The results of this study. First, the usefulness of Audit-Data was verified by explaining the audit fee using Audit-Data. These results were intended to present meaning as data that could be fully utilized in studies related to the characteristics of auditors as well as research on audit fees. The study also combined new variables based on previously validated data. Some supported the theory of research assuming that audit fees are adequately explained as characteristics of auditors using combined variables. This outcome is determined as a result of the previous data verification model proving that the results are sufficiently descriptive in the study of audit and maintenance determinants. In addition, the text of the study indicates that Big4 has a significant negative correlation with audit fees, which may be evidence of academia's opinion on the independence of auditors. The limitations of the study. The biggest problem is the reliability of data using unused data. Also, There was a lack of rationale in using Audit-Data to combine new variables. And the data is collected directly by researchers, so it is impossible to rule out the possibility of errors occurring in the collection process. Finally, as a characteristic of the auditee, a detailed analysis of whether the model is a reasonable research model for Korean studies with geographical differences from the sample selection period was necessary. This study used data not used in other studies to identify new variables related to the characteristics of auditors. Therefore, we expect to make a lot of contributions in that we have opened the opportunity to utilize new data. This study attempted to adequately explain the audit fees. In the course of the process, Audit-Data was first validated to have a significant impact on audit fees. This process offers a high possibility of presenting meaning as a new variable that can be considered as a characteristic of auditors in the relationship of audit risks, providing the opportunity to fully utilize Audit-Data, which has not yet accumulated much data. In particular, the process of validating and using Audit-Data in the study and combining it into a new variable eventually provided empirical evidence to identify the auditor's characteristics, and it is expected that further continued and accumulated such new findings will lead to more findings about the auditor's characteristics.

The purpose of this paper is to examine the effects of social entrepreneurial educations in the Korean universities on the students’ social entrepreneurial intentions and actual social venture creation activities. Since social enterprises were allowed to be established by law in 2007 in Korea, the number of social economic organizations, including co-operatives, community enterprises and self-support enterprises as well as social enterprises, have increased rapidly. It is time to evaluate the situation in social entrepreneurial educations in universities which are aimed to facilitate social economic organizations and examine whether the educations meet stake-holders’ expectations in terms of education effectiveness. For the purpose mentioned above, this study is based on the two kinds of survey, the one for university level and the other for individual level. The results of the first survey from the answered 24 universities imply that social entrepreneurial educations in the universities seems to remain in initial stage in that they have insufficient teaching and research human resources and less-effective teaching methodology. This situation is in contrast to the fact that most of the universities are well furnished with hardwares and practices regarding entrepreneurial education. The quick transition from education focusing on general knowledge of entrepreneurship to education fostering mind-set of entrepreneurs to enhance students’ entrepreneurial intention and actual venture creation activities. The results of the second survey from the answered 178 university students show that taking social entrepreneurship classes, especially taking two classes, seem to decrease the level of fear of failure while taking those classes may not enhance significantly the level of entrepreneurship held by students. social entrepreneurial educations in the universities seems to remain in initial stage in that they have insufficient teaching and research human resources and less-effective teaching methodology. It means that entrepreneurial education may contribute to decrease the level of fear of failure rather than to enhance the level of entrepreneurship in a short time. Also it is shown that both taking a class and taking two classes increase the level of entrepreneurial intentions and actual venture creation activities. Also the fact that students’ plural classes enrollment have its own positive effects on entrepreneurial intentions and actual venture creation activities recommends universities to enlarge the e ntrepreneurial programs for their students.

While the participation rate of women in economic activities are becoming higher globally, Korea is still at the lowest level among OECD countries with only a slight increase. The importance of female entrepreneurship is emphasized in terms of enabling non-economically active women to be called economically active people through entrepreneurship rather than reemployment in the period of the 4th Industrial Revolution, contributing to the innovation growth of the national economy, and thus business creation as a part of women's economic activities can be an alternative for changes and growth of Korean economy. Previously, studies on female entrepreneurship have been focused on its status, support policy, the relationship between entrepreneur's characteristics and performances, and training. In order to reinvigorate female entrepreneurship, understanding of general phenomena of business creation is necessary, which in turn requires a study on the entrepreneurial intention, the starting point of entrepreneurial behaviors. Hence, in this study, a research model was designed on the basis of theory of planned behavior, social capital and social support for factors affecting the entrepreneurial intention of female entrepreneurs, and its verification attempted. For this purpose, interviews and an online survey were conducted on 150 potential female entrepreneurs, and the collected data were analyzed using statistical programs, SPSS 23.0 and AMOS 23.0. The analysis showed that attitude, subjective norm, perceived behavioral control and social capital had a significant impact on entrepreneurial intention while social support did not. As a result of this study, it is interpreted that the ability to utilize active social interaction among female entrepreneurs in the Korean society where networking is important is needed. It is expected that the findings of this study can be utilized as basic data that suggest a direction of new development to build a smooth support system for female startup companies, and contribute to the growth of female entrepreneurs.