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Venture Capital Investment and the Performance of Newly Listed Firms on KOSDAQ (벤처캐피탈 투자에 따른 코스닥 상장기업의 상장실적 및 경영성과 분석)

  • Shin, Hyeran;Han, Ingoo;Joo, Jihwan
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.2
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    • pp.33-51
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    • 2022
  • This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

A Study on the Status of Startups and Their Nurturing Plans: Focusing on Startups in Seongnam City (스타트업 실태 및 육성방안에 관한 연구: 성남시 스타트업을 중심으로)

  • Han, Kyu-Dong;Jeon, Byung-Hoon
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.5
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    • pp.67-80
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    • 2022
  • This study was conducted to derive policy measures such as fostering and supporting by examining the actual conditions of domestic startups. The subject of this study was the start-ups located in Seongnam-si, where Pangyo Techno Valley, which is the highest-level innovation cluster in Korea and is evaluated as a start-up mecca. Startups were defined as startups under 7 years old based on new technologies such as IT, BT, and CT, and the subjects of the study were selected. This can be seen as a step forward from previous research in that it embodies the concept of a startup that was previously abstract in a quantitatively measurable way. As a result of the analysis, about 94% of startups are distributed in the so-called "Death Valley" growth stage, and startups above scale-up, which means full-scale growth beyond BEP, account for about 6%. appeared to be occupied. He cited the problem of start-up funds as the biggest difficulty in the early stages of startups, and cited the loan evaluation method that prioritizes sales or collateral in raising funds as the biggest problem. In addition, start-ups rated the access to private investment capital such as VC, AC, and angel investors at a low level compared to policy funds, which are public funds. Most startups showed a lot of interest in overseas expansion, and they chose matching overseas investors such as overseas VCs as the biggest support for overseas expansion. The overall competitiveness in the overseas market was 49.6 points, which is less than 50 points out of 100, indicating that the overall competitiveness was somewhat inferior. It was analyzed that public support and investment in overseas sales channels (sales channels, distribution networks, etc.) should be prioritized along with enhancement of technological competitiveness in order for domestic startups to increase their competitiveness in overseas markets as well as in the domestic market.

A Study on Kiosk Satisfaction Level Improvement: Focusing on Kano, Timko, and PCSI Methodology (키오스크 소비자의 만족수준 연구: Kano, Timko, PCSI 방법론을 중심으로)

  • Choi, Jaehoon;Kim, Pansoo
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.4
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    • pp.193-204
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    • 2022
  • This study analyzed the degree of influence of measurement and improvement of customer satisfaction level targeting kiosk users. In modern times, due to the development of technology and the improvement of the online environment, the probability that simple labor tasks will disappear after 10 years is close to 90%. Even in domestic research, it is predicted that 'simple labor jobs' will disappear due to the influence of advanced technology with a probability of about 36%. there is. In particular, as the demand for non-face-to-face services increases due to the Corona 19 virus, which is recently spreading globally, the trend of introducing kiosks has accelerated, and the global market will grow to 83.5 billion won in 2021, showing an average annual growth rate of 8.9%. there is. However, due to the unmanned nature of these kiosks, some consumers still have difficulties in using them, and consumers who are not familiar with the use of these technologies have a negative attitude towards service co-producers due to rejection of non-face-to-face services and anxiety about service errors. Lack of understanding leads to role conflicts between sales clerks and consumers, or inequality is being created in terms of service provision and generations accustomed to using technology. In addition, since kiosk is a representative technology-based self-service industry, if the user feels uncomfortable or requires additional labor, the overall service value decreases and the growth of the kiosk industry itself can be suppressed. It is important. Therefore, interviews were conducted on the main points of direct use with actual users centered on display color scheme, text size, device design, device size, internal UI (interface), amount of information, recognition sensor (barcode, NFC, etc.), Display brightness, self-event, and reaction speed items were extracted. Afterwards, using the questionnaire, the Kano model quality attribute classification of each expected evaluation item was carried out, and Timko's customer satisfaction coefficient, which can be calculated with accurate numerical values The PCSI Index analysis was additionally performed to determine the improvement priorities by finally classifying the improvement impact of the kiosk expected evaluation items through research. As a result, the impact of improvement appears in the order of internal UI (interface), text size, recognition sensor (barcode, NFC, etc.), reaction speed, self-event, display brightness, amount of information, device size, device design, and display color scheme. Through this, we intend to contribute to a comprehensive comparison of kiosk-based research in each field and to set the direction for improvement in the venture industry.

Analyzing the Socio-Ecological System of Bees to Suggest Strategies for Green Space Planning to Promote Urban Beekeeping (꿀벌의 사회생태시스템 분석을 통한 도시 양봉 활성화 녹지 계획 전략 제시)

  • Choi, Hojun;Kim, Min;Chon, Jinhyung
    • Journal of the Korean Institute of Landscape Architecture
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    • v.52 no.1
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    • pp.46-58
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    • 2024
  • Pollinators are organisms that carry out the pollination process of plants and include Hymenoptera, Lepidoptera, Diptera, and Coleoptera. Among them, bees not only pollinate plants but also improve urban green spaces damaged by land use changes, providing a habitat and food for birds and insects. Today, however, the number of pollinating plants is decreasing due to issues such as early flowering due to climate change, fragmentation of green spaces due to urbanization, and pesticide use, which in turn leads to a decline in bee populations. The decline of bee populations directly translates into problems, such as reduced biodiversity in cities and decreased food production. Urban beekeeping has been proposed as a strategy to address the decline of bee populations. However, there is a problem asurban beekeeping strategies are proposed without considering the complex structure of the socio-ecological system consisting of bees foraging and pollination activities and are therefore unsustainable. Therefore, this study aims to analyze the socio-ecological system of honeybees, which are pollinators, structurally using system thinking and propose a green space planning strategy to revitalize urban beekeeping. For this study, previous studies that centered on the social and ecological system of bees in cities were collected and reviewed to establish the system area and derive the main variables for creating a causal loop diagram. Second, the ecological structure of bees' foraging and pollination activities and the structure of bees' ecological system in the city were analyzed, as was the social-ecological system structure of urban beekeeping by creating an individual causal loop diagram. Finally, the socio-ecological system structure of honey bees was analyzed from a holistic perspective through the creation of an integrated causal loop diagram. Citizen participation programs, local government investment, and the creation of urban parks and green spaces in idle spaces were suggestedas green space planning strategies to revitalize urban beekeeping. The results of this study differ from previous studies in that the ecological structure of bees and the social structure of urban beekeeping were analyzed from a holistic perspective using systems thinking to propose strategies, policy recommendations, and implications for introducing sustainable urban beekeeping.

Analysis of the Case of Separation of Mixtures Presented in the 2015 Revised Elementary School Science 4th Grade Authorized Textbook and Comparison of the Concept of Separation of Mixtures between Teachers and Students (2015 개정 초등학교 과학과 4학년 검정 교과서에 제시된 혼합물의 분리 사례 분석 및 교사와 학생의 혼합물 개념 비교)

  • Chae, Heein;Noh, Sukgoo
    • Journal of Korean Elementary Science Education
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    • v.43 no.1
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    • pp.122-135
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    • 2024
  • The purpose of this study was to analyze the examples presented in the "Separation of Mixtures" section of the 2015 revised science authorized textbook introduced in elementary schools in 2022 and to see how the teachers and students understand the concept. To do that, 96 keywords were extracted through three cleansing processes to separate the elements of the mixture presented in the textbook. In order to analyze the teachers' perceptions, 32 teachers at elementary schools in Gyeonggi-do received responses to a survey, and a survey of 92 fourth graders who learned the separation of the mixture with an authorized textbook in 2022 was used for the analysis. As a result, as for the solids, 54 out of 96 separations (56.3%) showed the highest ratio, and the largest number of cases were presented according to the characteristics of the development stage of students. It was followed by living things, liquids, other objects and substances, and gasses. By analyzing the mixture, the structure and the interrelationships between the 96 extracted keywords were systematized through the network analysis, and the connection between the keywords, which were a part of the mixture was analyzed. The teachers partially responded to the separation of the complex mixture presented in the textbook, but most of the students did not recognize it. Because the analysis of the teachers' and students' perceptions of the seven separate categories presented in the survey was not based on a clear conceptual perception of the separation of the mixture, but rather they tended to respond differently for each characteristic of each individual category, it was decided that it was necessary to present clearer examples of the separation of the mixture, so that the students could better understand the concept of separation of mixtures that could be somewhat abstract.

The Narrative Inquiry on the Identity and Role of Local Cultural Art Director as a Local Resident: Focus on C Region Crafts Biennale (지역민인 지역문화예술 감독의 정체성과 역할에 관한 내러티브 탐구 - C지역 공예비엔날레를 중심으로 -)

  • Sa, Yuntaek
    • Korean Association of Arts Management
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    • no.50
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    • pp.101-146
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    • 2019
  • After the enactment of the Local Culture Promotion Act in 2014, the government has been continuously trying to find the direction of the local culture that reflects the local life and conforms to the local people's emotions. In response to these efforts, the Organizing Committee for the C Region Biennale has uniquely formed the Biennale Artistic Director as a local artist who includes the historical, ecological and emotional characteristics of the C region. Therefore, I sought to explore the perception of the identity and role of the local cultural arts director through the narratives of the research participants who were appointed as the local residents of the C region and the director of the Craft Biennale. For the study, six local cultural arts directors were selected as research participants, and their identity as a local cultural arts director and its role were explored, focusing on their narratives. In this process, various types of data such as photographs, documents, in - depth interviews, and conference materials were collected and narrative was analyzed based on deterministic events. The results of the investigation are as follows. The idea of the identity of the local cultural arts directors was found to be in three directions. First, it is the view that the symbolic role of the artistic supervisory system of the 10 persons guarantees the identity. Second, the identity of local cultural arts directors was recognized as a role to find ways to be localized by developing and debating cultural and artistic discourses in various regions. Third, the participants had a concern and affection for local cultural arts, not one-time but continuous, and recognized it as their identity. The directors who participated in the interviews showed that the discourse of cultural arts in various regions were developed and discussed, and they wanted to find ways to be localized. The roles of local cultural arts directors recognized by research participants in connection with their identity are as follows. First, it should be the subject of systematic and long-term planning that can close the year and connect with the art events of the following year. Second, it should play a role of academic / research that can derive the identity of social and cultural ecological analysis connected with the area. Third, local arts professionals are required to act as cultural brokers, ie local culture professionals, who can create a venue for international cultural exchanges. Research on the form of local government supervision as a mediator of local cultural arts is to find out the origin of the identity of local artists and to establish a methodology for the direction of culture and art as a subject of local people. In addition, there is a need for continued interest and research in providing a reflection on the communication and meaning of the desirable local culture, and suggesting the system for cultivating local cultural arts intermediaries.

Clinical Features and Associated Factors of Macrolide-Unresponsive Mycoplasma pneumonia and Efficacy Comparison Between Doxycycline, Tosufloxacin and Corticostreoid as a Second-Line Treatment (마크로라이드 불응성 마이코플라즈마 폐렴의 임상 양상 및 연관 인자와 2차 치료제로서 doxycycline, tosufloxacin 및 corticosteroid의 효능 비교)

  • Han Byeol Kang;Youngmin Ahn;Byung Wook Eun;Seungman Park
    • Pediatric Infection and Vaccine
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    • v.31 no.1
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    • pp.37-45
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    • 2024
  • Purpose: This study aimed to examine the clinical features and determinants of macrolide-unresponsive Mycoplasma pneumoniae pneumonia (MUMP) and to assess the differences in the time to fever resolution between doxycycline (DXC), tosufloxacin (TFX) and corticosteroid (CST) as second-line treatment. Methods: We retrospectively analyzed the medical records of patients under the age of 18 who were admitted to Nowon Eulji University Hospital between July 2018 and February 2020, diagnosed with mycoplasma pneumonia. Macrolide resistance was confirmed by detecting point mutations in the 23S rRNA gene. MUMP was clinically defined by persistent fever (≥38.0℃) lasting for 72 hours or more after the initiation of macrolide treatment. In cases of MUMP, patients were treated with an addition of CST, or the initial macrolide was replaced either DXC or TFX. Results: Out of 157 cases of mycoplasma pneumonia, 83 cases (52.9%) did not respond to macrolides. Patients with MUMP exhibited significantly higher C-reactive protein (CRP) levels (3.2±3.0 vs. 2.4±2.2 mg/dL, P=0.047), more frequent lobar/segmental infiltrations or pleural effusions (56.6% vs. 27.0%, P<0.001; 6.0% vs. 0.0%, P=0.032), and a higher prevalence of 23S rRNA gene mutations (96.4% vs. 64.6%, P<0.001) when compared to those with macrolide-susceptible M. pneumoniae pneumonia. In terms of second-line treatment, 15 patients (18.1%) responded to CST, 30 (36.1%) to DXC, and 38 (45.8%) to TFX. The time to defervescence (TTD) after initiation second-line treatment was significantly shorter in the CST group compared to the DXC (10.3±12.7 vs. 19.4±17.2 hours, P=0.003) and TFX groups (10.3±12.7 vs. 25.0±20.1 hours, P=0.043), with no significant difference observed between the DXC and TFX groups (19.4±17.2 vs. 25.0±20.1 hours, P=0.262). Conclusions: High CRP levels, the presence of positive 23S rRNA gene mutation, lobar or segmental lung infiltration, and pleural effusion observed in chest X-ray findings were significant factors associated with macrolide unresponsiveness. In this study, CST demonstrated a shorter TTD compared to DXC or TFX. Further, larger-scale prospective studies are needed to determine the optimal second-line treatment for MUMP.

Problem Analysis of the Experiments Illustrating pH Effects on Enzyme Activities in High School Science Textbooks - Focus on Starch-Iodine Reaction - (고등학교 과학 교과서에서 "pH가 효소의 작용에 미치는 영향" 실험의 문제점 분석 -녹말과 요오드 반응을 중심으로-)

  • Ji, Jae-Hwa;Jeong, Dae-Hong
    • Journal of The Korean Association For Science Education
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    • v.29 no.8
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    • pp.923-933
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    • 2009
  • In this study, analysis was carried out on science experiment in high school textbooks, illustrating 'the effect of pH on enzyme activity.' Five of the total 16 science textbooks introduced in this experiment, and the experimental conditions therein were analyzed. Textbook analysis revealed that pH of below 3 was used for 'acidic condition' and that of over 11 was used for 'basic' condition. Using the experimental conditions described in the textbooks, review experiments were performed. Buffering effect with the addition of saliva was found in the pH region around 7 when buffer solution was not used to control pH as was in the textbooks. The enzyme activity experiments were performed controlling pH from pH 2 to 13 with buffer. The color of the sample was blue from pH 2 to 4, and then disappeared from pH 5 to 8, reflecting that starch was digested owing to enzyme activity. In pH 9 light blue color appeared, indicating de-activation of enzyme under this basic condition. However, the blue color of the sample became lighter at pH 10 and disappeared from pH 11, which was different from the expected behavior anticipating dark blue color due to de-activation of enzyme under strong basic condition. These results can wrongly influence students to interpret that enzyme can be activated in this pH condition. So, we analyzed the reason for the color of the sample turning light blue in pH 10 and disappeared from pH 11. The analysis resulted that ${I_3}^-$ and/or ${I_5}^-$ subunits of polyiodides within the starch helix in starch-iodine complex, showing blue, decreases above pH 10 due to disproportionation to HOI, ${IO_3}^-$, and $I^-$ by the reaction with $OH^-$.

Analysis of the Effectiveness of a University Affiliated Science-Gifted Educational Program: The Case of C Gifted Education Center (C 영재교육원을 통해 살펴본 대학부설 과학영재교육원 프로그램 효과성 분석)

  • Han, Ki-Soon;Yang, Tae-Youn
    • Journal of The Korean Association For Science Education
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    • v.29 no.2
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    • pp.137-155
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    • 2009
  • The purpose of the present study was to analyse the effectiveness of a gifted education program. To analyse the effectiveness of an education program for the gifted affiliated with a university, the study carried out a quasi-experimental design to compare the 153 gifted students who enrolled in an education center for the gifted and the 131 potentially gifted students who were nominated by teachers for their high achievements and interests in science but without any education services for the gifted. These two groups of students were compared in the aspects of problem finding ability in science, motivation, self regulation, science-related attitudes, and science anxiety through the pre- and post-treatment settings. The results indicated that the gifted group showed a significant improvement in originality and elaboration of problem-finding ability, but the potentially gifted group showed significant decrease in most variables of problem finding. Related to motivation and self-regulated learning, gifted students showed an increase in cognitive strategy use and decrease in intrinsic value, but the potentially gifted students showed significant decreases in most variables related to motivation and self-regulation, except intrinsic value. Related to the scientific attitudes and science anxiety, there were no significant changes between pre- and post-tests in the gifted group, but significant decreases in most variables were found in the potentially gifted group. The results of paired t-test and Ancova indicate that significant differences between the gifted and the potentially gifted groups are mainly due to the significantly lowered performance in post tests in the potentially gifted group, rather than a significant increase in gifted group.

Seasonal Variation in Species Composition and Abundance of Shallow Water Fishes at Taean Beaches, in the Yellow Sea of Korea (태안 해빈 천해 어류 종조성의 계절 변화)

  • Noh, Hyung-Soo;Youk, Kwan-Su;Hwang, Hak-Bin;Lee, Tae-Won
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.14 no.3
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    • pp.145-154
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    • 2009
  • Seasonal variation in species composition and abundance of shallow water fish from the Hakampo and Yeonpo beaches in Taean in the western coast of Korea were determined by the analysis of monthly samples collected by a beach seine from January to December, 2007. A total of 30 species, 964 individuals and 10,564.1 g of fish were collected from the Hakampo beach, and a total of 46 species, 4,447 individuals and 28,622.4 g of fish from the Yeonpo beach. The juveniles of coastal fish such as Chelon haematochelius, Paralichthys olivaceus, Repomucenus lunatus, Sebastes schlegelii and Takifugu niphobles were predominated in abundance. And the juveniles of pelagic migrants such as Konosirus punctatus, Sardinella zunasi and Engraulis japonicus were abundantly collected between summer and autumn. The fish collected were mainly composed of small-sized species and juveniles. C. haematochelius and migrant fish were young of the year, and commercially important fish such as S. schlegeli, P. olivaceus, Pleuronectes yokohamae and Hexagrammos otakii were 1 to 2 years old juveniles. It is considered that they use the shallow water as a nursery ground until they move out to the deeper water. The number of species and abundance were lower in the fine sand Hakamp beach than in the muddy sand Yeonpo beach where some Zostera marina were also found. In Yeonpo beach the adult of Gymnogobius mororanus preferred to live in the muddy shallow water and Syngnathus schlegeli living in the sea grass were also abundantly collected in spring in addition to resident fish and pelagic migrants in warm months. The resident species were more abundance in the Taean beach than in the beach located in the southern part of the west coast of Korea where the juveniles of pelagic migrants were more abundant.