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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 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.

The Effect of Entrepreneurial Knowledge Acquisition on Entrepreneurial Intention via Entrepreneurial Self-Efficacy: The Moderated Mediation Effect of Family Entrepreneurship Background (창업지식습득이 창업자기효능감을 매개로 창업의도에 미치는 영향: 창업자 가족배경의 조절된 매개효과를 중심으로)

  • Lee, Juyon
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.4
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    • pp.219-232
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    • 2022
  • Empirical studies on entrepreneurial intentions have been conducted from various perspectives over the past few decades. The unemployment rate has increased as the global economy stagnates in the aftermath of the COVID-19 pandemic, and entrepreneurship is emerging as an alternative to job creation. Although numerous antecedent variables have positive effects on entrepreneurial intention, this study focuses on entrepreneurial self-efficacy as an individual factor and the entrepreneur's family background as an environmental factor. This study analyzed the survey results of 300 global respondents through the online survey platform Prolific. The respondents were screened by asking a question about having had entrepreneurial education. Since the effects of entrepreneurial self-efficacy on entrepreneurial intention have been proved in numerous domestic studies, this study aims to generalize these results by investigating global samples. The moderated mediation analysis was performed using PROCESS to verify the research hypotheses. This research investigated the effect of entrepreneurial knowledge acquisition on entrepreneurial intention via entrepreneurial self-efficacy and the moderated mediation effect of the family background of entrepreneurs. The results of this study are summarized as follows. First, acquisition of entrepreneurial knowledge had a positive effect on entrepreneurial intention. Second, entrepreneurial self-efficacy mediated the relationship between entrepreneurship knowledge acquisition and entrepreneurial intention. Third, the entrepreneurship family background moderated this relationship. Specifically, when the family entrepreneurship background is strong (vs. weak), the positive effect of entrepreneurial knowledge acquisition on entrepreneurial intention via entrepreneurial self-efficacy significantly increased. The implications of this study are as follows. First, in the process of preparing for a own business, entrepreneurial education is a necessary condition to improve the entrepreneurial intention. Second, the higher the level of acquisition of entrepreneurial knowledge, the more positive attitudes toward entrepreneurial intention can be induced. Third, strong family background of entrepreneurship further promotes entrepreneurship intention by increasing entrepreneurial self-efficacy. In conclusion, in order to revitalize entrepreneurship, it is important to provide various entrepreneurial education programs. These educational programs will be able to improve entrepreneurial self-efficacy by providing more opportunities for students to acquire entrepreneurial knowledge, and thereby promote entrepreneurial intention. In addition, it is important to develop and provide advanced educational curriculum for those who have start-up business experiences in their families.

A Study on The Effect of Psychological State occurred by the Organizational Change and Public Service Motivation on the JobAttitude: A comparison before and after the Implementation of Relocation of Electric Power Public Corporation to Local Areas (조직변화에 따른 심리상태와 공공봉사동기가 직무태도에 미치는 영향 조사연구: 전력공기업의 지방 이전 실시 전후의 비교)

  • Lee, Joon Tae
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.3
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    • pp.147-163
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    • 2022
  • The relocation policy of public Institutions throughout provincial areas that implemented for the purpose of "balanced national development" finished in 2019 with the last relocation of the Korea Institute of Science & Technology Evaluation and Planning, which moved to Chungbuk Innovation City. Electric power public corporations also completed relocation program over eight regions across the nation. This study was conducted empirically to identify the structural relationship between the public service motivation and job attitude. In this, the relationship of organizational change, particularly occurred by the regional relocation, with the psychological state of these organization members (experienced direct changes and got substantial impacts in various aspects such as psychological, economic and living environment, etc.,) was studied. This study aims to seek early organizational stabilization ideas for electric power public corporations after relocation, and to present some implications that can contribute to the secondary relocation of public institutions to local areas. This study shows the statistically significant relationship between the psychological state occurred by relocation and organizational commitment. The result shows that the higher the expectation levels, the higher the degree of organizational commitment, while anxious psychological state has no relation with that. Additionally, expectation level has no significant functional relation with turnover intention. Followings are the major conclusions revealed in this study; The stronger the anxious psychological state, the higher the turnover inducement goes up. The higher the expectation levels, the higher the public service motivation grows, and the higher the anxiety psychological state, the public service motivation lowers. The organizational commitment grows according to the public service motivation proportionally, but the turnover inducement intention is weak. The moderating effect of public service motivation between the expectation of organizational change and turnover intention was not significant, but it was analyzed that the moderating effect of public service motivation formed a significant relationship with other anxiety psychology. The expectation levels of employees of electric power public corporations has grown up after moving to provincial areas. Relationship between the expectation mind and the turnover inducement has decreased after local relocation.

COVID-19 Rapid Antigen Test Results in Preschool and School (March 2 to May 1, 2022) (유치원·학교 구성원의 코로나19 신속항원검사 결과(2022년 3월 2일부터 5월 1일까지))

  • Gowoon Yun;Young-Joon Park;Eun Jung Jang;Sangeun Lee;Ryu Kyung Kim;Heegwon Jeong;Jin Gwack
    • Pediatric Infection and Vaccine
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    • v.31 no.1
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    • pp.113-121
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    • 2024
  • Purpose: In response to the surge in coronavirus disease 2019 (COVID-19) omicron variant cases, we have implemented preemptive testing for preschool and school. The purpose is to quickly detect COVID-19 cases using a rapid antigen test (RAT) kit so that normal school activities can continue. Methods: The results entered in The Healthcare Self-Test App were merged with the information on the status of confirmed cases in the COVID-19 Information Management System by Korea Disease Control and Prevention Agency (KDCA) for preschool and school of students and staffs March 2 to May 1, 2022 to analyze the RAT positive rate and positive predictive value of RAT. Results: In preschool and school 19,458,575 people were tested, weekly RAT positive rate ranged from 1.10% to 5.90%, positive predictive value of RAT ranged from 86.42% to 93.18%. By status, RAT positive rate ranged from 1.13% to 6.16% for students, 0.99% to 3.93% for staffs, positive predictive value of RAT ranged from 87.19% to 94.03% for students, 77.55% to 83.10% for staffs. RAT positive rate by symptoms ranged from 76.32% to 88.02% for those with symptoms and 0.34% to 1.11% for those without symptoms. As a result of preschool and school RAT, 943,342 confirmed cases were preemptively detected, before infection spread in preschool and school. Conclusions: RAT was well utilized to detect confirmed cases at an early stage, reducing the risk of transmission to minimize the educational gap in preschool and school. To compensate for the limitations of RAT, further research should continue to reevaluate the performance of RAT as new strains of viruses continue to emerge. We will have to come up with various ways to utilize it, such as performing periodic and repeated RAT and parallel polymerase chain reaction.

Stone Industry of Domestic and Foreign in 2021 (2021년 국내외 석재산업 동향 분석)

  • Kwang-Seok Chea;Namin Koo;Junghwa Chun;Heem Moon Yang;Ki-Hyung Park
    • Korean Journal of Mineralogy and Petrology
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    • v.37 no.1
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    • pp.1-11
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    • 2024
  • World stone production in 2021 stood at 162.5 million tons, up by 7.5 million tons, or 4.8 percent, compared to the previous year when the production came in at 155 million tons. Six top countries with the most of stone production were China, India, Turkey, Brazil, Iran and Italy and these six countries accounted for 72.8 percent of total production in the world. Stone exports stood at $21.68 billion in 2021, up by $2.3 billion from the previous year. Exports of raw materials and processed stones stood at 54.4 million tons, up by 2.98 million tons from the previous year. In terms of aggregate exports, exports of natural stones increased by $2.3 billion to $21.7 billion while exports of artificial stones rose $2.6 billion to $13.6 billion in 2021 compared to the previous year. The average price of stone (Code: 68.02) was up by $65.2 per ton to $794.82. The price of board, processed stone, an ingredient for building materials, increased by $3.52 per square meter to $42.96 per square meter. Recycling was always the problem as the volume of the total quarry was 333.5 million tons, of which only 28.8 percent were finished products and the remaining 71.2 percent were waste generated from stone extraction and processing. Korea's stone exports stood at $1.97 million in 2021, down 38.3 percent on year, while imports were up 8.6 percent to $758.9 million. Stone exports are expected to grow to 66.1 million tons in 2025, while usage is expected to reach 108.92 million tons, or 2 billion square meters.

Association between Risk of Obstructive Sleep Apnea and Subjective Health and Health-Related Quality of Life of the Korean Middle-Aged and Elderly Population (한국 중고령층의 폐쇄성 수면무호흡증 위험과 주관적 건강 및 건강 관련 삶의 질 간의 연관성)

  • Nu-Ri Jun;Min-Soo Kim;Jeong-Min Yang;Jae-Hyun Kim
    • Health Policy and Management
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    • v.34 no.2
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    • pp.141-155
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    • 2024
  • Background: This study aimed to identified the relationship between the risk of obstructive sleep apnea, subjective health, and health-related quality of life among the middle-aged and elderly population in Korea. Methods: Adults aged 40 or older were extracted from the total 22,559 respondents to the 2019-2020 Korea National Health and Nutrition Examination Survey VIII, and secondary analysis was conducted on a total of 6,659 middle-aged and elderly people with no missing values. Logistic regression analysis and multiple regression analysis were conducted to examine the relationship between obstructive sleep apnea risk factors and subjective health as well as quality of life. Results: The subjective health status decline in the high-risk group compared to the non-risk group for obstructive sleep apnea was statistically significantly higher, with an odds ratio of 1.84 (p<0.001). The health-related quality of life was also statistically significantly lower by 0.02 points (β, -0.02; p<0.001). As a result of subgroup analysis on specific variables, the association between the risk of obstructive sleep apnea and subjective health and health-related quality of life was statistically significant depending on gender, sleep time, presence of depression, household income, and number of household members. Based on the obstructive sleep apnea risk group, women had a higher correlation with low subjective health and lower health-related quality of life scores than men. Sleeping time of more than 8 hours or less than 6 hours was more associated with low subjective health and lower health-related quality of life score than sleeping time of 6-8 hours. Patients with depression were more likely to have low subjective health than those without depression. The lower the household income level and the smaller the number of household members, the higher the association with low subjective health and the lower the health-related quality of life score. Conclusion: It is essential to recognize that the risk of obstructive sleep apnea not only directly affects sleep disorders but also impacts individuals' subjective health and quality of life. Consequently, social support and education should be provided to raise awareness of this issue. Particularly, programs for preventing and managing obstructive sleep apnea should target vulnerable groups such as women, individuals in single-person households, low household income, and those with depression, aiming to improve their subjective health and quality of life.

Comparative Analysis of Freshwater Fish Species in Civilian Control Zone in South Korea: A Comparison between Direct Survey Results and Indirect Assessment via eDNA (우리나라 민간인통제구역 내 수계 어류에 대한 비교분석: 직접조사 결과와 eDNA를 통한 간접조사 결과 비교)

  • Soon-Jae Eum;Naeyoung Kim;Min-A Seol;Ji Young Kim
    • Korean Journal of Ichthyology
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    • v.35 no.4
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    • pp.224-235
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    • 2023
  • South Korea is the only divided nation globally, marked by a military demarcation line establishing demilitarized and civilian control zones, ensuring national security. Consequently, these areas exhibit relatively minimal ecological disruption compared to other regions. However, the threat to safety persists due to the presence of unexploded ordnances and landmines, imposing significant constraints on ecological research. To address this, we conducted a comparative study utilizing eDNA analysis as a supplementary and alternative approach within three points of the "Road of Peace" - Inje, Yanggu, and Hwacheon courses, located within the civilian control zone. Direct surveys and indirect eDNA sampling were carried out in May, July, and September of 2022. Genetic material obtained from the samples underwent amplification, library preparation, MiSeq sequencing, and subsequent ASV generation for indirect analysis. These results were then compared with the findings of direct surveys. Our findings revealed the detection of eDNA for both observed species at the Yanggu-1 point, and for two out of four species at Yanggu-2. Hwacheon-1 displayed the detection of eDNA for one out of one observed species, whereas Hwacheon-2 yielded seven out of twelve, Hwacheon-3 showed four out of six, and all one observed species at Hwacheon-4 exhibited eDNA detection. Consequently, approximately 69% of the fish species identified through direct surveys were confirmed by indirect eDNA analysis. It is necessary to verify if certain fish species, such as the continental trout and catfish, have genetic information registered in the NCBI database. Additionally, it is believed that further marker development research utilizing different genetic sequences is essential. Given the limitations imposed by the hazardous nature of the surveyed civilian control zone, eDNA analysis proves to be a suitable supplement for fish research in the area.

Estimation of the Surface Currents using Mean Dynamic Topography and Satellite Altimeter Data in the East Sea (평균역학고도장과 인공위성고도계 자료를 이용한 동해 표층해류 추산)

  • Lee, Sang-Hyun;Byun, Do-Seong;Choi, Byoung-Ju;Lee, Eun-Il
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.14 no.4
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    • pp.195-204
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    • 2009
  • In order to estimate sea surface current fields in the East Sea, we examined characteristics of mean dynamic topography (MDT) fields (or mean surface current field, MSC) generated from three different methods. This preliminary investigation evaluates the accuracy of surface currents estimated from satellite-derived sea level anomaly (SLA) data and three MDT fields in the East Sea. AVISO (Archiving, Validation and Interpretation of Satellite Oceanographic data) provides a MDT field derived from satellite observation and numerical models with $0.25^{\circ}$ horizontal resolution. Steric height field relative to 500 dbar from temperature and salinity profiles in the East Sea supplies another MDT field. Trajectory data of surface drifters (ARGOS) in the East Sea for 14 years provide another MSC field. Absolute dynamic topography (ADT) field is calculated by adding SLA to each MDT. Application of geostrophic equation to three different ADT fields yields three surface geostrophic current fields. Comparisons were made between the estimated surface currents from the three different methods and in-situ current measurements from a ship-mounted ADCP (Acoustic Doppler Current Profiler) in the southwestern East Sea in 2005. For offshore areas more than 50 km away from the land, the correlation coefficients (R) between the estimated versus the measured currents range from 0.58 to 0.73, with 17.1 to $21.7\;cm\;s^{-1}$ root mean square deviation (RMSD). For coastal ocean within 50 km from the land, however, R ranges from 0.06 to 0.46 and RMSD ranges from 15.5 to $28.0\;cm\;s^{-1}$. Results from this study reveal that a new approach in producing MDT and SLA is required to improve the accuracy of surface current estimations for the shallow costal zones of the East Sea.

High-Resolution Paleoproductivity Change in the Central Region of the Bering Sea Since the Last Glaciation (베링해 중부 지역의 마지막 빙하기 이후 고생산성의 고해상 변화)

  • Kim, Sung-Han;Khim, Boo-Keun;Shin, Hye-Sun;Uchida, Masao;Itaki, Takuya;Ohkushi, Kenichi
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.14 no.3
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    • pp.134-144
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    • 2009
  • Paleoproductivity changes in the central part of the Bering Sea since the last glacial period were reconstructed by analyzing opal and total organic carbon (TOC) content and their mass accumulation rate (MAR) in sediment core PC23A. Ages of the sediment were determined by both AMS $^{14}C$ dates using planktonic foraminifera and Last Appearance Datum of radiolaria (L. nipponica sakaii). The core-bottom age was calculated to reach back to 61,000 yr BP. and some of core-top was missing. Opal and TOC contents during the last glacial period varied in a range of 1-10% and 0.2-1.0%, and their average values are 5% and 0.7%, respectively. In contrast, during the last deglaciation, opal and TOC contents varied from 5 to 22% and from 0.8 to 1.2%, respectively, with increasing average values of 8% and 1.0%. Opal and TOC MAR were low ($1gcm^{-2}kyr^{-1}$, $0.2gcm^{-2}kyr^{-1}$) during the last glacial period, but they increased (>5 and >$1gcm^{-2}kyr^{-1}$) during the last deglaciation. High diatom productivity during the last deglaciation was most likely attributed to the elevated nutrient supply to the sea surface resulting from increased melt water input from the nearby land and enhanced Alaskan Stream injection from the south under the restricted sea-ice and warm condition during the rising sea level. On the contrary, low productivity during the last glacial period was mainly due to decreased Alaskan Stream injection during the low sea-level condition as well as to extensive development of sea ice under low-temperature seawater and cold environment.