THE ROLE THAT INNOVATION AND STRATEGY PLAYS IN VALUE DRIVER THEORY TO CREATE ENTERPRISE VALUE

Paul Wendee,Fiona Sussan 글로벌지식마케팅경영학회 2018 Global Marketing Conference Vol.2018 No.07

The Theory of Value Drivers, or Value Driver Theory (Wendee, 2011), is useful in understanding the value creation process in any enterprise. Innovation and strategy are important components in the value creation process. This research, which is based on Value Driver Theory, explored the role that innovation and strategy have in the value creation process and how they are employed in creating enterprise value. Value Driver Theory was discovered using two different, but compatible, research methodologies. The qualitative study used to discover Value Driver Theory explored the effect of business value drivers on the valuation of businesses in the United States and proposed a theory of value drivers. The Value Driver Theory study used two research methods – grounded theory and the Delphi method - to explore the effect of business value drivers on the valuation of businesses in the U.S. and to propose a theory of value drivers. In addition to a list of 72 individual value drivers, which includes innovation and strategy, the theory of value drivers presents a comprehensive value driver possibilities frontier and value driver chain, both of which are part of and are used to explain the theory of value drivers. The theory of value drivers is comprised of 28 propositions that work in concert with the possibilities frontier, the value driver chain, and other elements that are described in the paper. The Value Driver Theory paper differs from other studies as follows: First, the paper significantly extends the notions, ideas, and concepts from previous studies on value drivers. Second, the paper creates a comprehensive classification scheme for value drivers and has identified many more characteristics and properties of value drivers than previous studies. Third, the study identified 72 specific value drivers through the literature review and the Delphi study. Fourth, the paper consolidates the material from the literature review and the result of the research conducted through the Delphi and grounded theory studies and codifies it into the theory of value drivers. Subsequent to the publication of the paper on Value Driver Theory, new conceptual frameworks and tools have been developed to enhance the usefulness of Value Driver Theory in evaluating the enterprise value creation process. These conceptual frameworks and research tools were explored in the current study in general terms; and particularly as to how they relate to and enhance the use of innovation and strategy in the value creation process.

경영전략이 경영성과에 미치는 영향: 가치동인과 성과측정치의 매개효과

임태종,김달곤,이상완 한국회계정책학회 2011 회계와 정책연구 Vol.16 No.3

This study examines the effects of alignment among business strategy, value drivers and performance measures on organizational performance. Many firms are adopting strategic performance measurement system(PMS). It provides information that allows the firms to identify the strategies which offer the highest potential for achieving the firm’s objectives and align management processes. Effective PMS requires measures to reflect the activities and outcomes that are important in enhancing performance. The performance measures must be aligned with its strategy and value drivers. Value driver is long-term strategic goals. Organizational performance is expected to be higher when value drivers and performance measures are aligned with the firm's strategy. This study has found little support for the hypotheses. The mediation effect of value drivers and performance measures between business strategy and performance was partially existent. Overall, only the mediator of environment-related value driver and measure was found. The reasons for this results are as below. First, the extent of alignment between business strategy and value drivers was very low. Second, the extent of alignment between value drivers and performance measures was very low. Particularly, the measurement gaps between value driver and performance measure were significantly different. Therefore, the companies need to reestablish the alignment among business strategy, value drivers and performance measures. 본 연구의 목적은 경영전략과 가치동인, 성과측정치 간에 어떤 관계가 있으며, 그 관계가 경영성과에 어떤 영향을 미치는지를 살펴보는 것이다. 가치동인은 경영전략을 수행하기 위해 필요한 장기적인 경영목표이며, 성과측정치는 그 가치동인에 일치하는 단기적인 성과지표를 말한다. 전략정렬의 관점에서 보면 경영전략과 가치동인, 성과측정치가 잘 정렬되어 있어야 하며, 그 결과가 경영성과에 반영될 것으로 기대한다. 본 연구에서 사용하고 있는 변수는 여러 가지 인데, 경영전략은 유연화, 혁신, 유지전략을 사용하고 있다. 가치동인은 총 10개의 지표에 대해 그 중요성을 측정하였으며, 성과측정치도 가치동인과 동일한 항목으로 측정하여 각각을 하나의 변수로 사용하였다. 그리고 경영성과는 인지된 성과로 측정하였다. 연구결과 경영전략과 경영성과간의 관계에서 가치동인과 성과측정치 모두 매개변수의 역할을 하는 것은 환경성과지표 뿐이었다. 이러한 결과가 나타난 이유를 추가분석해 본 결과 크게 두 가지의 이유가 있는 것으로 나타났다. 첫째, 경영전략과 가치동인간에 관계가 잘못 설정되었기 때문이다. 경영전략에 일치해야 하는 핵심가치동인 가운데 일부는 관련성이 없거나 반대 방향으로 나타났다. 둘째, 가치동인과 성과측정치 간에 방향성은 일치하였다. 그러나 그 크기에서는 다르게 나타났다. 가치동인으로서 중요하지만 성과측정치로는 중요성이 낮은 경우 혹은 그 반대의 경우도 있었다. 따라서 전략정렬의 관점에서 현재의 성과측정시스템에 대한 재검토가 필요할 것으로 생각된다.

상표자산이 구매의도에 미치는 영향: 중국패션시장에서

이동해,최영로 한국유통과학회 2015 유통과학연구 Vol.13 No.7

Purpose – Global trends play a part to change the structure of the fashion industry. In particular, companies attempting to conduct innovative marketing centering on such products as SPA brands are growing into global companies. SPA stands for "Specialty Store Retailer of Private Label Apparel", meaning its activities are fully integrated from manufacturing through sales, including material procurement design, product, distribution, inventory management, and final sales. For this reason, more understanding of individual corporate profitability is very sensitive to consumer’s attitudinal changes. The effects that corporate marketing activities on customer lifetime value through brand attitude were analyzed based on a structural equation model. Rust suggested value equity, brand equity, and relationship equity as customer equity driver. The study examines Chinese consumer because China is the fastest growing fashion market in the world. Research design, data, and methodology – The survey targeted Chinese college student age 20s. Only respondents who had purchased SPA brands in the past year were included for this research. A total of 303, except for 47 missing data of 350 distributed questionnaires were included in this research. The questionnaire is consists of six part to measure value, brand, relationship equity, attitude toward brand, purchase intention and demographic characteristics. This research conducted exploratory factor analysis and reliability test. To verify research hypotheses, structural equation model test was conducted. As for customer equity, diversified models in consideration of the scope of acquisition data, a method of collection of data, influencing factor, and predictability were suggested based on a net present value model. However, the history of customer equity study is relatively short, and sufficient empirical analyses have not been conducted, so more integrated analysis is required. In this study, the concept of driver suggested by Rust was applied to figure out the effects that consumer’s attitude has on customer equity. The customer equity driver suggested by them consists of brand equity, value equity, and relationship equity. Results - This study reveals that value equity and brand equity have a positive influence on relationship equity. And, relationship equity has a positive influence on purchase intention through brand attitude. However, value equity and brand equity do not influence on brand attitude. Conclusion – The results of this research generated following implications. First, SPA brands need to take advantage of their value equity such as perceived low price and up-to-date fashion style to attract Chinese young consumer. Second, strong brand equity promises dominants position in the competitive market. As Chinese fashion market grows rapidly, SPA brands can consider branding strategy such as flagship store and celebrity marketing enhancing brand image. Third, the core concept of customer equity strategy is to maintain a relationship with their expecting and existing customers. The relationship equity is built by brand equity and value equity. When SPA brands serves product and service meet with individual customers, customers have intimacy to the brands.

데이터베이스 자산의 가치평가를 위한 가치동인 분석 연구

강주현,변정은 한국IT서비스학회 2019 한국IT서비스학회지 Vol.18 No.1

Data can be considered a core driver of the Fourth Industrial Revolution, and databases are needed to create value by efficiently obtaining, storing and analyzing the data. However, there are currently no adequate valuation methods to handle databases. This study aims first, to understand databases as the subject of valuation and analyze value drivers of databases, and second, to propose a database valuation model based on this finding. To this end, we derive value drivers of databases from the characteristics and value criteria of databases observed in previous studies. Based on survey data from 396 database service firms we verify the value drivers through linear regression analysis. We find that the annual growth rate in database capacity and the data types positively affect sales of databases and offer ways to utilize them when estimating the cash flow, which is the variable to apply the discounted cash flow method-based income approach. This study contributes empirical insights into how to valuate databases considering their value drivers.

The Accuracy of Various Value Drivers of Price Multiple Method in Determining Equity Price

YOOYANYONG, Pisal,SUWANRAGSA, Issara,TANGJITPROM, Nopphon Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.1

Stock price multiple is one of the most well-known equity valuation technique used to forecast equity price. It measures by multiplying "the ratio of stock price to a value driver" by a value driver. The value driver can be earning per share (EPS), sales or other financial measurements. The objective of price multiple technique is to evaluate the value of assets and compare how similar assets are priced in the market. Although stock price multiple technique is common in financial filed, studies on the application of the technique in Thailand is still limited. The present study is conducted to serve three major objectives. The first objective is to apply the technique to measure value of firms in banking sector in the Stock Exchange of Thailand. The second objective is to develop composite price multiple index to forecast equity prices. The third objective is to compare valuation accuracy of different value drivers of price multiple (i.e. EPS, Earnings Growth, Earnings Before Interest Taxes Depreciation and Amortization, Sales, Book Value and Composite Index) in forecasting equity prices. Results indicated that EPS is the most accurate value drivers of price multiple used to forecast equity price of firms in baking sector.

웹교통량을 이용한 한국과 일본 e-비즈니스 기업의 가치결정 요인 연구

이제경,염동호 한국동북아경제학회 2004 동북아경제연구 Vol.16 No.3

The main purpose of this study is to confirm the possibility of web-traffic that affects e-business firms in Korea and Japan as the value drivers and to analyze effectiveness of web-traffic on the value of e-business firms as time goes by. For this purpose, the web-traffic was used as a major factor to the value of e-business firms, and it was investigated for the influences on the value of firms. Also, for analyzing the time effects, the financial information and the web-traffic of e-business firms registered at KOSDAQ (Korea) and JASDAQ (Japan) for the past 4 years (2000~2003) were used to evaluate and to analyze those factors to affect the value of e-business firms annually. Using the meaning of multiple regression methodology based on the financial information and the web-traffic from 25 Korean e-business firms and 24 Japanese e-business firms, the results are as follows: Differ from the non e-business firms, the regression analysis about the value of e-business firms is more progressed with adding web-traffic as a factor than considering financial information only. Besides, 4 factor of web-traffic (number of unique visitor, number visit, page view and site duration visit) was verified as a value diver to explain intrinsic value of e-business firms. Some distinguished facts were studied particularly in the case of Japan that the value of e-business firms was more increased with the site visit duration than with number of visitors. On the other hand, the efficient result of the affection from web-traffic with time change for e-business firms was not obtained on annual regression analysis (2000-2004).

데이터거래 활성화를 위한 데이터상품가치 평가모델 연구

김수진(Sujin Kim),이정현(Junghyun Lee),박천웅(Cheonwoong Park) 한국콘텐츠학회 2021 한국콘텐츠학회논문지 Vol.21 No.12

국내 데이터 거래시장은 구매데이터의 불합리한 가격책정이 데이터 거래 시의 주요 애로사항으로 지속적으로 언급되고 있다. 이는 상품정보 및 사용경험 부족으로 인해 데이터상품의 가치를 제대로 평가할 수 없는데서 발생한 문제로, 데이터 거래소는 거래활성화를 위해 가격 외에 수요자가 데이터상품의 가치를 종합적으로 판단할 수 있는 정보 제공이 필요하다. 데이터 가치평가에 주로 적용되는 원가기반, 수익기반, 시장기반 평가방법은 공급자 관점에서의 가치평가결과인 가격정보만 수요자와 공유가능하기 때문에 거래 및 유통을 활성화하기 위한 데이터가치평가방법으로는 부족한 점이 있다. 본 논문은 데이터거래 이해관계자(거래소, 공급자, 수요자)가 공통된 시각으로 데이터상품의 가치를 판단하고 공유할 수 있는 측정가능한 가치평가방법을 개발하는 것을 목표로 한다. 이를 위해 해외 데이터거래소 및 관련 연구에서 중요하게 생각하고 있는 데이터상품의 가치 동인을 파악하고, 가치동인별로 정량적 측정이 가능한 평가방식을 도출하였다. 또한, 거래용 데이터상품을 활용하여 평점표 형식의 평가기준을 개발하고, 상대적 가치비교가 가능하도록 계층화분석(AHP)을 통해 가치평가지수를 개발하였다. 실제 데이터상품에 평가기준을 적용할 결과, 개별 데이터상품의 특성에 따라 가치평가 값이 차별화됨에 따라 가치비교도구로 활용가능함을 알 수 있었다. In the domestic data exchanging market, unreasonable pricing of purchase data is consistently mentioned as a major obstacle in data trading. This is a problem caused by the inability to properly evaluate the value of data products due to lack of product information and experience in using them. In order to activate trading, the data exchanges need to provide information that allows consumers to comprehensively judge the value of data products in addition to prices. The cost-based, income-based, and market-based methods, which are mainly applied to data valuation, are insufficient as data valuation methods to stimulate trading and distribution because only price information, a result of valuation from a suppliers point of view, can be shared with consumers. This study aims to develop a measurable valuation method that allows data trading stakeholders (exchanges, suppliers, and consumers) to judge and share the value of data products from a common perspective. To this end, we identified the value drivers of data products, which are considered important in overseas data exchanges and related research, and derived an evaluation method that can quantitatively measure each value driver. In addition, evaluation criteria in the form of a rating table were developed using data products for transactions, and a value evaluation index was developed through stratification analysis (AHP) to enable relative value comparison. As a result of applying the evaluation criteria to actual data products, it was found that the evaluation values were differentiated according to the characteristics of individual data products, so it could be used as a relative value comparison tool.

전조등 조도변동에 대한 운전자의 인식연구

김기훈(Gi-Hoon Kim),김현지(Huyn-Ji Kim),안옥희(Ok-Hee An),임태영(Tae-Young Lim),민재웅(Jae-Woong Min),임준채(Jun-Choe Lim),강병도(Byung-Do Kang),김훈(Hoon Kim) 한국조명·전기설비학회 2007 조명·전기설비학회논문지 Vol.21 No.10

측정 결과와 분석을 바탕으로 전조등 밝기변화의 한계값과 운전자의 안전성을 고려한 평가 알고리즘을 개발하였다. 심리 평가에 의한 전조등 밝기변화의 한계값은 주관적 평가를 토대로 밝기 변화, 눈 깜박임, 불쾌감 등에 대한 값을 제시하였고, 또한, 시인성 측정에 의한 한계값은 차량을 장애물의 위협 없이 안전하게 정지하기 위한 한계값을 제시하였다. Based on the measurement results, a limit value for the change of the brightness of the headlamp, and an estimation algorithm considering the driver's safety was developed Limitation values concerning being uncomfortable, blinking, and brightness change were indicated based on a subjective estimation of the psychological estimation. Also a safety estimation algorithm and a limitation value for stopping safely without the threat of obstacles to the vehicle were indicated by the perception measurement.

Identifying Driving Factors of Technological Innovation to Create Sustainable Value in Metal Manufacturing SMEs

Ni Luh Putu Hariastuti,Pratikto,Purnomo Budi Santoso,Ishardita Pambudi Tama 대한산업공학회 2022 Industrial Engineeering & Management Systems Vol.21 No.1

One of the keys to the company’s success in achieving sustainability is the application of technological innovation. Technological innovation plays a crucial role in creating manufacturing values and excellence. It is necessary to understand what are the key drivers of implementing technological innovations that can support the achievement of competitive advantage and sustainability in manufacturing companies, including Small and Medium Enterprises (SMEs). With all the limited capacities and resources, technological innovation becomes challenging for SMEs, especially to deal with dynamics and uncertainties in the business environment. This study aims to determine the key drivers of the application of technological innovation in manufacturing SMEs to support the achievement of sustainable competitive advantage. The case study was conducted in metal manufacturing SMEs in Indonesia. This study uses Interpretive Structural Modeling (ISM) in determining the contextual relationship between the identified key drivers. Based on the results, it is known that among the eleven key drivers, three drivers belong to the dependent cluster, four belong to the linkage cluster, and the rests belong to the independent cluster. In addition, the results of this study show that factors related to management support and commitment, government regulations, collaborative support, as well as the application of artificial intelligence, are the main key drivers that need to be prioritized for the successful application of technological innovation towards sustainability. The findings of this study are intended to assist managers and practitioners, especially those engaged in metal manufacturing SMEs, to develop a strategic plan for creating sustainable manufacturing values, in the context of technological innovation.

조건부가치측정법을 이용한 화물자동차 휴게소의 사회적 가치 분석

김호일 ( Kim Hoil ),박민영 ( Park Minyoung ) 한국로지스틱스학회 2020 로지스틱스연구 Vol.28 No.3

In 2003, with the strike of the Freight Solidarity, the government has been planning to increase the number of freight car break facilities in five-year increments since the establishment of the first basic plan in 2009 in order to increase the welfare facility for freight truck drivers. Through this, we are planning to expand freight car rest facilities mainly in areas with high demand for freight cars, such as ports and industrial cities, and major transportation routes. As of the end of August 2019, 53 freight car rest areas and 21 public car stops were in total. It is in operation. However, while the lorry service business has a high social contribution, such as improving the well-being of truck drivers, reducing traffic accidents, and improving the quality of life of local residents, the positive perception of logistics workers and local residents is relatively low due to lack of publicity. The problem was exposed. In addition, compared to the interest and support of the government in the early stages of the project, recently, the lack of interest from the central government and local governments and the decrease in the support budget have limited the efforts to expand the network of freight cars. Against this background, the purpose of this study is to re-evaluate the lorry service projects that have been underway and to quantify the social value of the locomotive service projects based on surveys of truck drivers and local residents. The research results provide an opportunity to re-recognize the importance of the freight car rest area business in the future, and provide basic data to seek future development directions.