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According to the endogenous growth theory by Romcer(Romer, 1986, 1990), the stock of knowledge by research and development(R&D) and human capital has an increasing marginal productivity and growth rate can be increasing over time, in contrast to the models where capital exhibits diminishing marginal productivity. In line with this, this paper examined the effect of R&D investment and human capital on firm growth, focusing on the sustainable growth of small and medium-sized enterprises(SMEs) and large firms. In this study, we first found the human capital influenced positively on the sales growth of high-growth SMEs and high-growth large firms. In particular, we found the human capital of high-growth SMEs more influenced on firm growth than that of high-growth large firms. Second, we also found the human capital influenced on the sales growth of high-growth SMEs and high-growth large firms that exceed the average of R&D intensity more positively than their counterparts that do not. In particular, we found the human capital of high-growth large firms that exceed the average of R&D intensity more influenced on firm growth than that of high-growth SMEs that exceed the average of R&D intensity. The results of this study have a important implication. Firms could expect learning effect of human capital from the R&D activities and that could help the firms grow continuously in both high-growth SMEs and high-growth large firms. One of the limitations of this study is the time lag between R&D activities(innovation) and their commercial success. However, it is expected that R&D activities(innovation) will indeed pay off on average in the long-term(Coad & Rao, 2008). In line with this, many previous studies include one-year time lag between innovation activities(R&D) and firm growth(e.g., Coad & Rao, 2008; Coad et al., 2016; García-Manjón & Romero-Merino, 2012). In particular, Coad et al.(2016) performed additional test in order to examine the relationship between the R&D and firm growth with longer time lag, and found the results are generally similar to the results of one-year time lag. We also analyzed longitudinal data and multiple industry to overcome this limitation, as previously suggested and tested(e.g., Davidsson & Wiklund 2006; García-Manjón & Romero-Merino, 2012; Liu et al. 1999; Weinzimmer et al. 1998; Yang & Huang 2005).

This study examines the institutional investor’s trading behavior around corporate’s capital expenditure announcements in terms of free cash flow hypothesis and the investment opportunities hypothesis. Jensen(1986) argues that managers will invest free cash flow in wasteful investments rather than pay it out to shareholders. The potential agency costs of capital expenditure are arguably higher for high-free cash flow firms. On the other hand, capital expenditure by low-free cash flow firms increase the chance the firm will seek new external financing. Free cash flow agency costs may depend on the firm's investment opportunities. Prior research shows that market reaction to a capital expenditure announcement is related to a firm’s investment opportunities, Tobin's q. Tobin's q is the ratio of the market value of the firm's assets to their replacement cost. There are evidences somewhat weak, supportive of the free cash flow hypothesis in explaining capital expenditure announcement-period returns. So, we investigate whether investment opportunities and free cash flow play an important role in explanation of the market response to such announcements. In other words, we tests the market response on capital expenditure announcements through investment opportunities hypothesis and free cash flow hypothesis. Most of the existing research on this area has used U.S data, but little is known about Korean evidence. Using KOSPI data over the period of 2000-2013, this paper mostly analyses the samples separated by Tobin's q and free cash flow. The main results are as follows; First, institutional investors tend to buy shares in the disclosure of capital expenditures by companies with many future investment opportunities and vice versa. But this relation is not significant in the OLS analysis. Second, low-free cash flow and high-q firms have a significant positive abnormal trading volume around the disclosure of capital expenditures, meanwhile high-free cash flow and low-q firms have an significant negative abnormal trading volume. But analysis for personnel investor’s trading volume shows insignificant relation with free cash flow or future investment opportunities. These results mean that institutional investors sell shares for companies with relatively small free cash flows and many future investment opportunities, while buy shares for those with relatively large free cash flows and little future investment opportunities.

This research aims to analyze the small-medium size port competitiveness in the ASEAN-SAARC such as port of Leam Chabang in Thailand, port of Klang in Malaysia, port of Manila in Philippines, port of Ho Chi Minh City in Vietnam, port of Tanjung Priok in Indonesia, port of Colombo in Sri Lanka and port of Jawaharlal Nehru in India for establishing investment direction of Korea. ASEAN-SAARC is significant place in that it can be an economic diversification region to overcome Korea’s export-dependent economic structure and an alternative to addressing political and security factors not only the hegemonic war between China and the U.S but also the trade war between Korea and Japan. This study is established by Entropy and TOPSIS for the evaluation of port competitiveness based on the six main factors such as port facility, port location, port productivity, port cost, port service and socioeconomic stability. The result showed that no. of sail to Busan new port is ranked the most important factor with 0.14230, the revenue of import and export is the second with 0.11870 and the third with 0.11624 is unloading fee. While the berth productivity with 0.00620 was the worst valueless factor, terminal area is the 16th with 0.01103 and the volume of container with 0.02331 is ranked the 15th. In TOPSIS analysis, port of Klang was ranked top port with 0.67979 while port of Manila with 0.16119 was the worst competitive port comparing with other ports in the ASEAN-SAARC. This study suggests that port of Ho Chi Minh City is the most valuable port for Korea's investment among ASEAN-SAARC ports because not only it has a comparative advantage in port location, port productivity, port cost and port service but also Vietnam is most important country with trade of Korea. Therefore Korea should consider the investment to the port of Ho Chi Mich City for the purpose of improving productivity in Busan new port and connectivity with Vietnam through expanding port facilities such as depth extension and unloading equipment.

This paper, based on Structural Equation Modeling (SEM), surveys over 600 undergraduates studying in the Sanya University, the most typical private university in Hainan Province, to figure out main factors influencing entrepreneurial intention of this kind of students studying in private universities in the Province. Entrepreneurship have been considered as key factors for achieving economic development goals by a company, a region, or even a country. Scholars from all over the world studies diversified aspects, including national entrepreneurial environment, the relationship between innovation and socio-economic development and other macro matters, as well as characteristics of entrepreneurs, entrepreneurial motivation, entrepreneurial education, entrepreneurial process, teams, performance and intention and other micro problems, of which all result in fruitful achievements. However, the decision to start a business is the result of several interacting factors. Based on summarizing opinions, this paper focuses on studying the relationship among entrepreneurial education, motivation, support environment and intention of undergraduates in private universities. Results show that entrepreneurial education has a distinctively positive impact on entrepreneurial motivation, which significantly positively influences the entrepreneurial intention. Furthermore, entrepreneurial support environment surrounding universities plays a positively mediating role between entrepreneurial motivation and intention. Meanwhile, although entrepreneurial education has no striking effect on entrepreneurial intention, the motivation bridges the two. Therefore, private universities should continue improving entrepreneurial education, reinforcing undergraduates’ entrepreneurial motivation, and collaborating with local government, industries and relevant institutions for sound entrepreneurial support environment, in order to underpin the students’ entrepreneurial intention.

This study analyzed the relationship between productivity change and market power in 12 commercial banks in 2010-2017. We analyzed the change in productivity and divided it into efficiency change and technology change, and analyzed how productivity, efficiency and technology change are related to market power, and analyzed the relationship with determinants. The results can be summarized as follows. First, there was a positive relationship between productivity change and market power. In other words, productivity decreases as market power decreases. According to the additional analysis of these causes, the relationship between efficiency change and market power has a negative relationship, but the relationship between technology change and market power has a positive relationship. In the case of efficiency change, it was analyzed similarly to the existing research results. As market dominance weakens, competition intensifies, improving the inefficiency of individual banks. In the case of technological change, the lower market power means a negative effect on technological progress, which is the opposite of the change in efficiency. This may mean that if the competition in the existing market is fierce, we can focus on the short-term results rather than investing in long-term technological developments and advancements such as IT and financial systems. Taken together, the entry into foreign capital banks can increase the efficiency of China's banking industry by improving inefficiency, but it can mean that productivity is reduced by declining technological changes. Second, the capital asset ratio (CAR) used as an indicator of capital stability was positively related to efficiency change and negatively related to technological change. Increasing CAR seems to have a positive effect on efficiency improvement, but has a negative impact on technological progress, indicating that an appropriate level of indicator management is needed. Third, ownership structure has a positive effect on technological change. This may indicate that state-owned commercial banks can invest in technology development and development rather than competition. On the other hand, it has a negative effect on the efficiency change, which may mean that the state-owned commercial bank is useful for technological change but internal inefficiency may occur.

Recently, the presence of aggressive behavior from superior so-called 'Gabjil(being bossy)' in workplace has become a major social issue. Various types of negative behavior by supervisors are being reported in the media and it cause massive financial losses as well as negatively affect the company's reputation. Scholars also began to study with interest and most of the previous research revealed that abusive supervision would cause negative behavior of subordinates. However, there has been limited study on the how an individual's values affect the relationship between abusive supervision and subordinate's behavior. Since personal values would have a profound effect on member's behavior in organization, more attention should be needed by scholars on the influences of value in workplace. This study is designed in order to investigate the relationship between abusive supervision and interpersonal deviance as well as the moderating effect of traditionality. The study was conducted based on the survey of 318 Korean employees in various industries. The collected data were analyzed with SPSS23 and AMOS18. The results of this study are described below. First, we found that abusive supervision significantly increase interpersonal deviance. Second, we saw that traditionality moderated the effect of abusive supervision on interpersonal deviance. Specifically, traditionality moderated the above relationship such that they were stronger among high traditionalists than among low ones. These findings indicated evidence that traditionality is important factor between negative leadership and employee's behavior. This research further supports recommendations and managerial implications for regulating and avoiding negative behavior in workplace.

This paper analyzes the effect of major diversity of club members on the start-up club effectiveness by focusing on the mediating effect of the conflict among the club members. Results of empirical analysis using data from 1,012 start-up club members are as follows. First, it has been shown that the major diversity of the start-up club members has a positive influence on conflicts among club members. These results are consistent with previous studies emphasizing the negative effects of diversity. When educational backgrounds of the club members are varies, the efficiency of decision-making and communication among the members is deteriorated and the coherence of the clubs is hindered, which may lead to conflicts among the club members. Second, the major diversity of club members has a negative effect on the effectiveness of start-up club. In other words, these results show that when the educational backgrounds of club members are diverse, members with different major backgrounds may have difficulty in developing complementary knowledge, which can have a negative impact on organizational effectiveness. Third, conflicts among club members have a negative effect on club effectiveness. These results are consistent with previous studies that focused on the negative aspects of conflict. In other words, conflict can interfere with organizational effectiveness of start-up club by causing tensions among members and breaking relations among the club members. Finally, the major diversity of the members showed a positive effect on the conflict, but a significant negative effect on the club effectiveness. Even when considering the conflict as a mediator, major diversity still has a significant negative effect on club effectiveness. Thus, conflict could be confirmed to be playing a role of a partial mediator in the relationship between the major diversity of the startup club members and the effectiveness of the startup club.

In many previous studies, the leader’s narcissism has been treated as a factor that has negative consequences for the organization due to its negative personality characteristics, but in recent studies, narcissism has been analyzed to have both negative and positive aspects. On the other hand, this study examined whether the leader's narcissism would have a negative or a positive effect on the subordinate’s job engagement, which has recently been noted as a result of the emergence of positive psychology. And job engagement can play an important role in improving the productivity of the organization. Because in an organization with a high level of job engagement to the task of its members, members are willing to make the necessary efforts to help the organization succeed, the organization can improve productivity and profitability, which makes it more likely to achieve their strategic goals. In addition, the mediation effect of team commitment was verified to determine what mechanisms the leader's narcissism affected the subordinate’s job engagement. And this study examined how the leader’s narcissism affects the subordinate’s team commitment according to the situation factor called conflict between the leader and the subordinate. So, it was conducted an empirical study on 158 pairs of leader and subordinate of military organizations. In the military, other factors(such as environment, age, differences in experience within the organization, etc.) except for personality(Narcissism) that may affect individual behavior are relatively well-controlled and can positively work to improve the internal validity of research. And for this reason, many studies have made military organizations a major study in relation to leadership. And the results showed that the leader’s narcissism had a significant positive effect on the subordinate’s job engagement, and their relationship was completely mediated by team commitment. Also, when the conflict between the leader and the subordinate is low, by confirming that the leader’s narcissism has a positive influence on the subordinate’s team commitment, this study supported past studies there can be both bright and dark sides in narcissism and the narcissism could be expressed in a positive or negative way depending on the contextual factors. In addition to this point, this study also provides the following implications. First, we could see that even narcissism of the same leader could have a different effect on the team commitment of the subordinate by verifying the mediation effect of team commitment in mechanisms from the narcissism of the leader to the attitude and behavior of the subordinate. Second, by identifying the moderation effect of conflict in the relationship between leader narcissism and subordinate's job engagement, we will be able to expand the existing study of moderating factors on narcissism's influence. Third, each corporate will need institutional efforts to recognize the existence of narcissist leaders and enable them to function positively in the organization. For example, it may be more appropriate to find ways that can contribute to the organization by using a variety of methods, such as 360 degree feedback and assessment centers, rather than ostracizing leaders with strong narcissistic tendencies. Finally, considering his performance and relationships with members when evaluating narcissist leaders at the organizational level, appropriate assessments and rewards could motivate the narcissist leader to have a positive relationship rather than a conflict with the subordinate, and consequently the narcissist's leadership could have a positive effect on the subordinate.

Recently, middle-sized firm is gaining attention as the main player that can lead the new business ecosystem, and the government is also striving to nurture middle-sized companies through various policies for them. However, there is a mix of positive and negative views on the government's support for middle-sized companies. Based on this issue, this paper explores how government R&D support for middle-sized enterprises, a new economic player, will effect. Through this, we will draw out various suggestions and make the direction of government policy for middle-sized businesses in the future. For the analysis, we secured the entire 3,558 firms’ list that were recognized as middle-sized companies in 2016 and obtained the details of government R&D support based on data from 2012 to 2016 from the National Science & Technology Information Service(NTIS). After that we merged corporate financial data to establish unbalanced panel data. Methodologically, matching method and difference in difference(DID) are used simultaneously to resolve the selection bias problem arising from the assessment of public policies. These data and methodologies were applied to look at the increase in sales, asset growth, employment growth, and investment in R&D expenditure of companies that received government R&D support. The results of the analysis shows that the government R&D beneficiaries had the effect of increasing assets and increasing expenditure in R&D, but did not have a statistically significant effect until four years after support in sales growth and creating employment. In other words, government R&D support for middle-sized companies has an additionality effect in firm’s R&D expenditure, but no tangible effects have been seen in economic and social performance such as sales growth and job creation that government R&D support is ultimately aimed at. The fact that the government R&D support does not lead to sales growth and job creation of middle-sized companies shows that improvement of policy is needed. In the future, government support for middle-sized firms have to be targeting such as companies that are able to create new products or new markets. That is, the companies having sufficient capabilities to enter the global value chain must be main target of public support. This requires a system improvement to select companies that can grow into global or unicorn companies, and developing new evaluation indicators(i.e. exports growth, increaing in global market share) to measure business performance.

Although the concept of LMX has been introduced for more than 40 years, many team-level researches utilizing it have not been conducted. Also, despite the dyadic relationship between LMX and its subordinates, researches about the effect of LMX on the leader are insufficient. This study explored this problem by focusing on the different effects of team level LMX, LMX quality and LMX differentiation. Generally, since LMX quality affects attitudes and behaviors of members, this study explains the effect on self-efficacy at the individual level. Team level LMX and LMX differentiation, on the other hand, are team-level variables that will affect team-efficacy rather than an individual self-efficacy. Further, these team-level LMX variables will affect not only the positive factors, but also certain negative factors. A high Team level LMX means the leader treats and cares about the members individually. In this case, the leader will be under pressure. This study explains the different effects of LMX on the level of analysis and verifies the effects of LMX on the leader's time stress as well as its advantages. Through this process, this paper is meaningful to study the effectiveness of LMX at various levels and to suggest new perspectives.