• Journal of Digital Convergence
• /
• v.17 no.3
• /
• pp.73-78
• /
• 2019

Recently, there is a need to introduce a Korean-style restriction sandbox system that exempts or suspends existing regulations so that new products or services based on new technologies can be commercialized without restrictions. In response, the government reorganized the relevant statutes to promptly check regulations centering on four fields, including industrial convergence, ICT, FinTech, and regional innovation growth, and to allow experimental, proof and market releases by setting certain conditions(zone, period, scale, etc.). However, despite the same regulatory sandbox application, depending on the nature of the field applied, differences in application subject, whether application of regulatory specifics, system of push ahead decision-making and whether support of financial and taxation are shown. This research is intended to present efficient operation measures for successful settling of Korean-style regulation sandboxes by comparing and analyzing, centering on the Industrial Fusion Promotion Act in the Industrial Convergence Field, ICT field's Information and Communication Convergence Act, FinTech field's Financial Innovation Act and Regional Special Zone Act in the Regional Innovation and Growth Sector.

• Asian Journal of Innovation and Policy
• /
• v.4 no.1
• /
• pp.76-102
• /
• 2015

Drawing upon the resource-based-view of a firm, we investigate the moderating role of operations efficiency on the link between environmental and financial performance. Extant literature has highlighted that operations efficiency is closely associated with the environmental/financial performance of firms, but no empirical study has investigated how operations efficiency affects the link between environmental and financial performance. We argue that operations efficiency could act as a moderator of this relationship. To test the hypothesized relationships, we have used available secondary quantitative UK data, namely data on the environmental/financial performance of Britain's most admired companies. By employing moderated regression analysis, we have found strong evidence for the moderating impact of operations efficiency. Our results are useful to managers in that they show that improvements in operations efficiency in a company can also help improve environmental/financial performance and vice versa.

• Asian Journal of Innovation and Policy
• /
• v.12 no.1
• /
• pp.001-026
• /
• 2023

This paper dealt with the Korean manpower policy in science and technology, focusing on the contents and tools of the Special Act and its Master Plans. After briefly introducing the historical development of the Korean manpower policy from the 1960s to the present, it discussed and analyzed the Special Act and Plans from the framework of personnel development, distribution, utilization and infrastructure. Korea's science and technology manpower policy has focused on fostering and supplying manpower in line with the country's industrial growth strategy. In the early stage of industrial development during the 1960s and 1980s, government research institutes were direct and effective tools for nurturing S&T manpower. Since the 1990s, the importance of university research has increased. The government fostered graduate research manpower through the research-oriented university policy of the BK21 program. After the IMF financial crisis in 1997, the tendency of students to avoid careers in science and technology led to enacting the Special Act (2004) governing the field of S&T human resources. The Special Act has contributed to leveling up the university education system in science and engineering and sophisticated the policy to include entrepreneurship training, spin-off startups, industry-university cooperation, and offering degree programs. The Special Act and the regularly revised Master Plans have been essential tools in systematically managing the science and technology manpower policies of the Korean government.

• The Journal of Small Business Innovation
• /
• v.19 no.1
• /
• pp.1-16
• /
• 2016

The whole world enters into the financial revolution called crowdfunding. The United States, Italy, the United Kingdom and Japan have already legally allowed equity crowdfunding. South Korea also enacted equity crowdfunding in July 2015 for the purpose of efficient financing for startups and SMEs. This study reviews their crowdfunding regulations in terms of offering and investment limitations, requirements for intermediaries and requirements for issuers. And then, we raise several points about Korean crowdfunding and suggest amendment of regulations to promote fund raising through crowdfunding.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.5
• /
• pp.75-89
• /
• 2021

Currently, small business owners are facing a situation where it is difficult to run their business in the existing way due to the spread of digital technology and the prolonged COVID-19. As a necessary competency for them, this study focused on digital literacy and examined the relationship between digital literacy and individual and market characteristics, business performance of small business owners. The specific research purpose is to examine the effect of entrepreneurial characteristics, which are individual factors, and market characteristics, which are environmental factors, on business performance and the mediating effect of digital literacy. In previous studies, various factors explaining the business performance of small business owners were reviewed, and innovation and self-determination, which are entrepreneurial characteristics of small business owners, and market competition and growth were derived as independent variables, and financial and non-financial performance were set as dependent variables. The hypothesis was established as digital literacy was expected to play a role in mediating the relationship between independent and dependent variables. For empirical research, a survey was conducted on small business owners across the country, and the analysis results are summarized as follows. It was found that the innovation and self-determination of small business owners had a positive (+) significant effect on financial and non-financial performance. In addition, it was confirmed that the degree of competition in the market had no significant effect on financial and non-financial performance, and that the growth of the market had a significant positive (+) effect on financial and non-financial performance. In the case of the mediating effect of digital literacy, it was confirmed that innovation had a partial mediating effect on non-financial performance, and digital literacy had a complete mediating effect on the effect of market competition on financial and non-financial performance. Finally, it was confirmed that digital literacy has a partial mediating effect on the effect of market growth on non-financial performance. Looking at the results, it can be seen that the entrepreneurial characteristics of small business owners, which correspond to innovation and self-determination, directly act as a factor to increase business performance, and market characteristics indirectly increase digital literacy to achieve results. Based on the above research results, the implications and limitations of the study and future research directions were presented together.

• Journal of Venture Innovation
• /
• v.6 no.3
• /
• pp.61-72
• /
• 2023

In December 2020, the Fair Trade Act related to South Korea's separation of industrial capital was amended, and it was announced that the amendments would come into effect one year later, on December 30, 2021. The amendment's content involved breaking the previous principle of separating industrial capital from financial market penetration, allowing for the ownership of shares in general holding companies, small business startup investment companies, and technology business finance specialist companies. While the previous law was based on total issued shares' ownership, there were fluctuations in the subsequent trends of annual establishment and investment counts, as well as strategic investment counts of CVC (Corporate Venture Capital) before and after the law's amendment. CVC and IVC (Independent Venture Capital) are characterized differently based on their investment purposes, fund management types, and investment types. In this regard, the relaxation of the separation of industrial capital law is expected to have a positive impact on the future of the venture investment ecosystem and innovation ecosystem. In this study, we analyze the trends in the establishment count, investment count, and strategic investment count of domestic CVC from 2018, before the law amendment, to May 2023. Using 2021, the year the amended separation of industrial capital law was implemented, as a reference point, we examine changes in the trend. The analysis results indicate a significant increase in domestic CVC in 2021 compared to the previous year, along with an increase in investment counts, strategic investment counts, and the amount of investment in strategic investments. Based on these findings, this study suggests directions for further research related to future domestic CVC investment, strategic investment, and the activation of the venture investment market.

• Asia pacific journal of information systems
• /
• v.32 no.3
• /
• pp.630-655
• /
• 2022

This paper examines the integrated QR code payment service (QRIS) adoption by retailers in Indonesia. Indonesia started its cashless journey in 2017 by using electric money in card form. As the country keeps developing, Indonesia has planned to integrate its payment towards a cross-border payment using QR codes by 2025 in the South East Asian region. Facing government vision, MSMEs that act as the significant economy wheel in Indonesia was required to be prepared to face the multi-cultural, multi-currency, and the new tech innovation for doing transactions. However, as a developing country, Indonesia faced significant problems with its infrastructure, which made it hard for merchants to access digital payment. As infrastructure was a common problem for developing countries, Indonesia also faced financial inclusion, lack of digital knowledge, a high amount of cash use, and socialization that made low digital payment penetration. Therefore, as there was a need to increase digital payment penetration for ASEAN integrated payment, this study found that merchant compatibility, facilitating conditions, trust, and relative advantages are drivers for MSMEs using this payment method. Further, this research provides propositions for banks, financial institutions, and governments to develop and evolve towards a cashless ecosystem, especially for a country lacking infrastructure.

• Journal of the Korea Institute of Information Security & Cryptology
• /
• v.21 no.6
• /
• pp.119-132
• /
• 2011

Mobile devices such as smart phones have brought big changes to be called as 'mobile big bang' against which we can't go. Mobile banking service and MTS(Mobile Trading System) are freely available at any time, anywhere and we are able to activate communications between financial company staffs out of the office and take care of business works even remotely by using mobile devices. Mobile devices are approaching as 'smart mobile innovation' to improve an enterprise productivity and competitiveness, but threats which engaged in unfair trading behaviors or unwholesome business works in finance companies are increasing and the customer's information can be leaked out by using the nonpublic official information and mobile devices. Therefore, we have to analyze the potential problems and take the necessary countermeasures with preemptive steps to protect the customer's information and improve the financial trading soundness and fairness. In this paper, we would like to suggest countermeasures and threats against using the financial company's mobile devices focusing on the financial investment companies by 'Capital Market and Financial Investment Business Act'.

• Journal of Climate Change Research
• /
• v.9 no.2
• /
• pp.181-195
• /
• 2018

On December 12, 2015, the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) adopted the Paris Agreement, in which several developed and developing countries all committed to participating in the reduction of greenhouse-gas (GHG) emissions. South Korea has submitted an intended nationally determined contribution (INDC) proposal with a target to cut down 37% greenhouse gas business as usual (BAU) until 2030 in preparation for the 2030 GHG BAU. Under the post-2020 regime, which will be launched from 2021 as the agreement entered into force early, it is expected that efforts to support GHG reduction and adaptation to climate change in developing countries will be accelerated with the utilization of technologies and financial resources of developed countries. South Korea has established the Basic Plan for Climate Change Response and the Basic National Roadmap for Greenhouse Gas Reductions by 2030 to promote the response to climate change at the government level. The Ministry of Science and ICT, as the National Designated Entity designated by the UNFCCC, has come up with middle and long-term strategies for climate technology cooperation. South-Korea has an abundance of energy-consuming industries to support its export-oriented industrial structure; it is thus expected that achieving the GHG reduction target will incur a considerable cost. Moreover, in order to meet the reduction target (11.3%) of the intended nationally determined contribution proposed by South Korea, it is necessary for South Korea to actively promote projects that can achieve GHG reduction achievements, and financial resources are needed as leverage to reduce risks that can occur in the early stages of projects and attract private sector investment. This paper summarizes the theoretical discussions on climate finance and conducted a comparative analysis on the status of the funds related to climate change response in the UK, Germany, Japan and Denmark. Through this, we proposed the legal and policy tasks that should be carried forward to raise public funds that can be used for creation of new industries related to climate change as well as to reduce GHG emissions in South Korea. The Climate Change Countermeasures Act, which has been proposed by the National Assembly of South-Korea, stipulates the establishment of funds but there is no additional funding except for general account. In this regard, it is also possible to take measures such as the introduction of carbon tax or the collection and use of royalties through technology research and development projects for climate change, such as Industrial Technology Innovation Promotion Act. In addition, since funds are used in various fields such as domestic greenhouse gas reduction, technology development, and overseas projects, it is necessary to establish a system in which various ministries cooperate with the operation of the fund.

• Informatization Policy
• /
• v.28 no.3
• /
• pp.95-111
• /
• 2021

To achieve a data-driven policy decision-making system, the Ministry of Strategy and Finance has formed a marketing team and is actively building upon it. This system, currently under construction, will enable data-driven financial tasks beyond simple financial administration. The U.S. has already enacted The Foundations for Evidence-Based Policymaking Act in the process of similar pursuits. Since last year, the data-driven system administrative law has been enacted in Korea, and a legal framework has been established for data-driven administrative work. The next-generation budget accounting system to fulfill its role as a data-driven system needs public policy support to operate. Innovation and transformation are needed in various areas such as data management, legal system, and installation of related systems. Accordingly, it is very timely to analyze the financial systems and policies of advanced countries such as the U.S. and U.K., which already have established and operates such a financial system. By benchmarking and applying existing financial information systems to the next-generation budget accounting system, a better system will result. In this study, major developed countries, including the U.S., U.K., France, and Canada were benchmarked and analyzed in terms of the main elements of data governance: public policy, systems, legal framework, promotion system, and service level. It was discovered that the role and direction of the national fiscal policy system that the people favor should be able to respond quickly to the recent difficult economic crisis environment such as the digital transformation trend and COVID-19.