DSpace Community: KAIST College of BusinessKAIST College of Businesshttp://hdl.handle.net/10203/222024-02-29T11:00:09Z2024-02-29T11:00:09ZConfigurational paths for SMEs' innovation: focusing on information resources, absorptive capacity, and government supportPark, YoungwookChung, YanghonSon, Hosunghttp://hdl.handle.net/10203/3178542024-01-16T06:00:17Z2024-02-01T00:00:00ZTitle: Configurational paths for SMEs' innovation: focusing on information resources, absorptive capacity, and government support
Authors: Park, Youngwook; Chung, Yanghon; Son, Hosung
Abstract: The purpose of this study is to reveal the paths of how absorptive capacity and government support combine for SMEs to create innovation performance based on external information resources. In addition, this study investigates the configurational paths for SMEs' innovation creation depending on their industrial environment by comparing analyses of industry types. This study used data from 1,421 Korean SMEs in the manufacturing sector based on the 2018 Korea Innovation Survey data and conducted a fuzzy-set qualitative comparative analysis (fsQCA). The results show that four product innovation paths and two process innovation paths in the high-tech industry, and six product innovation paths, and four process innovation paths in the low-tech industry exist. This study presents the academic contributions by identifying the configurational paths of the factors based on the resource-based view, dynamic capability, and contingency theory. In addition, it shows that by comparing industry types that reflect technological characteristics, the direction of innovation activities and the path to generating innovation performance vary depending on the business environment to which SMEs belong. Therefore, managers and policy makers must consider the different industrial environments of SMEs when combining external information resources, government support, and internal absorptive capacity to create innovation.2024-02-01T00:00:00ZIs the zero-leverage policy value-enhancing?Jiang, WenwenKang, JangkooKim, Hwa-Sunghttp://hdl.handle.net/10203/3180082024-02-13T05:00:13Z2024-02-01T00:00:00ZTitle: Is the zero-leverage policy value-enhancing?
Authors: Jiang, Wenwen; Kang, Jangkoo; Kim, Hwa-Sung
Abstract: Incompatible with standard capital structure theories, zero-leverage (ZL) firms are becoming increasingly common in recent decades. In this study, we examine whether shareholders consider a firm's ZL policy value -enhancing or value-reducing. Using Faulkender and Wang's (2006) methodology, we find that shareholders place a positive value on the event of a firm switching to zero debt. Furthermore, this valuation is not affected by whether the firm faces a managerial entrenchment problem, but is affected significantly by whether it is financially constrained before becoming debt-free. We find that shareholders place no value on a financially constrained firm following a ZL policy, but place a positive value on an unconstrained firm doing so, indicating that they only consider the latter as a value-enhancing policy. We also show that our finding still holds even when conducting an event study with short-term event windows. We infer that shareholders' positive valuation on financially unconstrained firms is related to the financial flexibility of ZL policies.2024-02-01T00:00:00ZThe Role of Advertising in High-Tech Medical Procedures: Evidence from Robotic SurgeriesYoon, Tae JungKim, TI Tongilhttp://hdl.handle.net/10203/3152592023-11-27T09:00:51Z2024-01-01T00:00:00ZTitle: The Role of Advertising in High-Tech Medical Procedures: Evidence from Robotic Surgeries
Authors: Yoon, Tae Jung; Kim, TI Tongil
Abstract: <jats:p> Hospital advertising has grown more than five-fold in the last two decades. However, hospital advertising has been understudied, unlike detailing and advertising for prescription drugs. This study introduces a customer-centric view to this market by investigating the role of advertising in patients’ choice of high-tech medical procedures, with a focus on robotic surgery. The authors analyze approximately 140,000 individual patient records and television advertising data from Florida during 2011-2015 to investigate how hospital advertising of robotic surgery affects patients’ choice of robotic surgery over more conventional laparoscopic and open surgeries. Using a variation of a Designated Market Area border identification strategy, the authors find that this advertising leads to more robotic surgery choices. The advertising effect is especially strong for Medicaid patients, whose socioeconomic status tends to be lower. While robotic surgery is associated with a shortterm health benefit (i.e., reduced length-of-stay), it does not affect long-term health benefits and comes at a higher cost than other forms of surgery. Thus, understanding the effect of advertising robotic surgery has significant health, cost, and marketing implications for different stakeholders in the healthcare industry, such as patients, healthcare providers, surgical robot manufacturers, insurance providers, and policymakers. </jats:p>2024-01-01T00:00:00ZThe groupwise-pivotal referral auction: Core-selecting referral strategy-proof mechanismJeong, Seungwon (Eugene)Lee, Joosunghttp://hdl.handle.net/10203/3178632024-01-17T03:00:18Z2024-01-01T00:00:00ZTitle: The groupwise-pivotal referral auction: Core-selecting referral strategy-proof mechanism
Authors: Jeong, Seungwon (Eugene); Lee, Joosung
Abstract: We introduce the groupwise-pivotal referral (GPR) mechanism for auctions where buyers can participate through referrals. Each buyer's type consists of a valuation and referable buyers. Unlike the second-price auction (SPA), the Vickrey-Clarke-Groves (VCG) mechanism provides referral incentives. However, VCG is not budget-feasible. In contrast, under complete information, GPR is core-selecting, implying efficiency and budget feasibility. Under incomplete information, bidders refer truthfully and have no incentive to underbid in GPR. Furthermore, GPR's ex-post revenue outperforms both VCG and SPA, not just in equilibrium but also when bidders do not use weakly dominated strategies.2024-01-01T00:00:00Z