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|dc.identifier.citation||산업경영시스템학회지, v. 39, No. 4, Page. 26-39||en_US|
|dc.description.abstract||Korea’s main manufacturing industries, which have led its economy for the past three decades, are faced with a serious downturn and loss of competitive advantages due to the current economic depression, China’s rise, and the drop of oil prices. Korean business firms must adopt the paradigm shift in their value strategies, along with a government-led industrial restructuring in order to gain sustainable competitive advantages. Business firms allocate their limited resources between value creation and value appropriation, however, what effect does strategic emphasis on value creation versus value appropriation have on a business firm's financial performance? This paper empirically addresses this issue by examining the effect of shifts in strategic emphasis on stock return. Furthermore, this study examines appropriate choices of strategic emphasis to gain differential financial performance. The data set used in this regression analysis comes from the KISLINE database of NICE Information Service. The variables that form the basis of this analysis are stock return, ROA, and Strategic Emphasis [(advertising expenditures-R&D expenditures)/ assets]. The interactive effect with situational factors regarding the firm and the type of technological environment in which the firm is operating was also analyzed. Our results show that investors acknowledge a shift of strategic emphasis as a sign of stock valuation. In comparison to US, Korean business firms have weak value creation capabilities in high-technology industries, and weak value appropriation capabilities in low-technology industries. This proves Korean firms are fast followers in the global market. Our findings suggest that Korean firms have to adopt a balanced value strategy, nurturing value creation and developing value appropriation for overcoming the current economic downturn and becoming a first mover in the dawn of “Industry 4.0.”||en_US|
|dc.title||가치전략 중점의 변화가 재무성과에 미치는 영향||en_US|
|dc.title.alternative||The Financial Impact Generated by Shifts in Value Strategic Emphasis||en_US|
|dc.sector.daehak||COLLEGE OF BUSINESS AND ECONOMICS[E]||-|
|dc.sector.department||DIVISION OF BUSINESS ADMINISTRATION||-|
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