2. Theoretical framework
2.1 The innovation phenomenon and degree
- 하나 이상의 분야에서 일어나는 혁신은 이질적이므로
그것의 특징에 따라 나누어 접근하는 것이 최선
(Gatignon et al, 2002)
→ 그러므로, 혁신의 정도에 따라 Radical innovation 과 Incremental innovation으로 구분
Ownership gives the owner two important rights to its property.
☞ Dispose of it.
☞ Claim the profits from its use.
Problems
‘principal-agent problem’
‘free-ride’
‘soft budget constraint’
☞ ‘principal-agent problem’
Even if there are some firms which are managed by their majority owners but most of them are managed by hired managers because th
Unfavorable Aspects
Limitation in the expansion of number of stores
The corporate has to undertake the risk of failure wholly
▶Reduce costs
No marketing expense
Simple utilities
Less personnel costs
▶Less market entrance risk
▶Reserved commercial region
▶Royalty cost
▶High initial fixed cost
▶Little sense of ownership
successful management : increasing numbe
The problem :
Hygiene factors – the environment!
Motivation factors – the work self!
KIA Motors concentrates on solutions about Hygiene factors.
KIA Motors almost focuses on lower factors.
They don’t achieve the motivation.
Multi-dimensional evaluation
Fairness and objectivity
Enhance the sense of ownership
Communication between managers and su
investors
Continental Law
Concentrated Ownership
Power focus on
internal stakeholders
Financing mostly through loans
Regulations to protect
internal stakeholders
1.Under Common Law
Long-term capital from the capital market
The market monitors the corporate governance
2.Professional Management Style
Investors own the company
Managed by hired CEOs