• Journal of Korea Entertainment Industry Association
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• v.15 no.8
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• pp.91-106
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• 2021

The purpose of this study is to define the process of leading to self-realization and social solidarity through the process of contents planning, production, and distribution as Contents Activism, and to categorize specific execution steps. Based on this, we try to analyze concrete cases to find out the social meaning and effect of the practice of Contents Activism. As for the research method, after examining the differences between traditional activism and Contents Activism through a review of previous studies, the implementation process of Contents Activism was categorized into 7 steps. By applying this model, this study analyzed two cases of Contents Activism. The first case is the 100 laps challenge in the backyard planned by an elderly man ahead of his 100th birthday in early 2020, when the fear of COVID-19 spread. Sir Tom Moore, who lives in the UK, challenged to walk 100 laps in the backyard to help medical staff from the National Health Service as COVID-19 infections and deaths increased due to a lack of protective equipment. His challenge, which is difficult to walk without assistive devices due to cancer surgery and fall aftereffects, drew sympathy and participation from many people, leading to global solidarity. The second case analyzes the case of 'The Unfreedom of Expression, Afterwards' by Kim Seo-kyung and Kim Woon-seong, who were invited to the 2019 Aichi Triennale special exhibition in Japan. The 'Unfreedom of Expression, After' exhibition was a project to display the Statue of Peace and the lives of comfort women in the Japanese military, but it was withdrawn after three days of war due to threats and attacks from the far-right forces. Overseas artists who heard this news resisted the Triennale's decision, took and shared photos in the same pose as the Statue of Peace on social media such as Twitter and Instagram, empathizing with the historical significance of the Statue of Peace. Activism, which began with artists, has expanded through social media to the homes, workplaces, and streets of ordinary citizens living in various regions. The two cases can be said to be Contents Activism that led to social practice while solidifying and communicating with someone through contents.

• The Mathematical Education
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• v.62 no.3
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• pp.435-455
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• 2023

This study primarily focused on the development of an Explainable Artificial Intelligence (XAI) model to discern and analyze papers with significant impact in the field of mathematics education. To achieve this, meta-information from 29 domestic and international mathematics education journals was utilized to construct a comprehensive academic research network in mathematics education. This academic network was built by integrating five sub-networks: 'paper and its citation network', 'paper and author network', 'paper and journal network', 'co-authorship network', and 'author and affiliation network'. The Random Forest machine learning model was employed to evaluate the impact of individual papers within the mathematics education research network. The SHAP, an XAI model, was used to analyze the reasons behind the AI's assessment of impactful papers. Key features identified for determining impactful papers in the field of mathematics education through the XAI included 'paper network PageRank', 'changes in citations per paper', 'total citations', 'changes in the author's h-index', and 'citations per paper of the journal'. It became evident that papers, authors, and journals play significant roles when evaluating individual papers. When analyzing and comparing domestic and international mathematics education research, variations in these discernment patterns were observed. Notably, the significance of 'co-authorship network PageRank' was emphasized in domestic mathematics education research. The XAI model proposed in this study serves as a tool for determining the impact of papers using AI, providing researchers with strategic direction when writing papers. For instance, expanding the paper network, presenting at academic conferences, and activating the author network through co-authorship were identified as major elements enhancing the impact of a paper. Based on these findings, researchers can have a clear understanding of how their work is perceived and evaluated in academia and identify the key factors influencing these evaluations. This study offers a novel approach to evaluating the impact of mathematics education papers using an explainable AI model, traditionally a process that consumed significant time and resources. This approach not only presents a new paradigm that can be applied to evaluations in various academic fields beyond mathematics education but also is expected to substantially enhance the efficiency and effectiveness of research activities.

• Journal of the Korean Institute of Landscape Architecture
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• v.50 no.6
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• pp.110-123
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• 2022

Namsan Park in Seoul was designated as a "grand park" in 1954 and is currently operated as an 'Urban Nature Park Area' and four 'neighborhood parks.' However, despite the park's historical and cultural value as an urban park, it has been discussed mainly from a perspective revolving around notions of a mountain or a city wall. To ensure a comprehensive exploration of Namsan Park's history, this study examined public records at the Seoul Metropolitan Archives (SMA), which houses the city's permanent records for preservation and organization. To this end, documents in the SMA Database (DB) were analyzed, yielding 1,359 records concerning Namsan Park. Based on the contents, general characteristics of the urban park were identified through production periods, record types, and disclosure types. Then, essential keywords concerning organizations, people, geographical areas, subjects, and business functions were examined. Finally, the contents and characteristics of Namsan Park in public records were scrutinized, focusing on specific spaces. This research also uncovered important information, such as park drawings, photos, planting lists, plant parcel lists, and significant discussions and decisions regarding the operation and management of the park. Although the public records do not contain a comprehensive history of Namsan Park, it was possible to check the primary historical changes and deliberation processes pertaining to the park's history. Therefore, continuous research intended to interpret and describe public records is expected to identify many implications. In addition, because the public records showed heterogeneous characteristics that center on specific periods and events, an essential task is to advance collaboration and networking with various related institutions, designers, researchers, and citizens.

• Journal of Venture Innovation
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• v.3 no.2
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• pp.147-175
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• 2020

This study analyzed the effects that digital experience factors influence on purchase intention and the purchase. The study targeted an online shopping mall with a strong digital experience value among industries. The research model was derived by adding variables to independent and mediating variables according to the industry context of online shopping which is based on the theoretical background and previous studies. Product variety, price efficiency, convenience and conversation were used by terms of digital marketing mix as independent variables. Personalization has been very important factor in online shopping malls, and therefore added as a independent variable. Flow has been added as a mediating variable. Purchase and purchase intention has been used as dependent variables. For empirical testing of established research models and generalization of research results, research was conducted on online shopping malls where digital experiences are important. To do this, a survey was conducted for existing users of online shopping malls. In hypothesis testing, the hypothesis was established that product diversity, price efficiency, convenience, conversation and personalization influenced the intention to purchase online shopping. In particular, the product diversity and conversation variable were tested as the most influential factors on purchase intention. For price efficiency and personalization there were no statistically significant effect. Flow has been shown to be a partial mediator between Product variety and purchase intention in online shopping. In particular, in the case of personalization, it was tested to have a significant influence on purchase intention only when there was a flow experience called pleasure and immersion. This is because the flow experience of pleasure and immersion has played a full mediating role and significantly has affected the purchase intention, because the consumers themselves have to carry out the overall purchase journey without human help due to the nature of online. In the digital experience economy, since consumers are mostly digital consumers, where communication and sharing are the basics, they have been conducting digital word-of-mouth communication and sharing naturally before purchasing. Based on these results, theoretical and practical implications were suggested.

• Journal of Intelligence and Information Systems
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• v.17 no.1
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• pp.53-69
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• 2011

Vision and voice-based technologies are commonly utilized for human-robot interaction. But it is widely recognized that the performance of vision and voice-based interaction systems is deteriorated by a large margin in the real-world situations due to environmental and user variances. Human users need to be very cooperative to get reasonable performance, which significantly limits the usability of the vision and voice-based human-robot interaction technologies. As a result, touch screens are still the major medium of human-robot interaction for the real-world applications. To empower the usability of robots for various services, alternative interaction technologies should be developed to complement the problems of vision and voice-based technologies. In this paper, we propose the use of accelerometer-based gesture interface as one of the alternative technologies, because accelerometers are effective in detecting the movements of human body, while their performance is not limited by environmental contexts such as lighting conditions or camera's field-of-view. Moreover, accelerometers are widely available nowadays in many mobile devices. We tackle the problem of classifying acceleration signal patterns of 26 English alphabets, which is one of the essential repertoires for the realization of education services based on robots. Recognizing 26 English handwriting patterns based on accelerometers is a very difficult task to take over because of its large scale of pattern classes and the complexity of each pattern. The most difficult problem that has been undertaken which is similar to our problem was recognizing acceleration signal patterns of 10 handwritten digits. Most previous studies dealt with pattern sets of 8~10 simple and easily distinguishable gestures that are useful for controlling home appliances, computer applications, robots etc. Good features are essential for the success of pattern recognition. To promote the discriminative power upon complex English alphabet patterns, we extracted 'motion trajectories' out of input acceleration signal and used them as the main feature. Investigative experiments showed that classifiers based on trajectory performed 3%~5% better than those with raw features e.g. acceleration signal itself or statistical figures. To minimize the distortion of trajectories, we applied a simple but effective set of smoothing filters and band-pass filters. It is well known that acceleration patterns for the same gesture is very different among different performers. To tackle the problem, online incremental learning is applied for our system to make it adaptive to the users' distinctive motion properties. Our system is based on instance-based learning (IBL) where each training sample is memorized as a reference pattern. Brute-force incremental learning in IBL continuously accumulates reference patterns, which is a problem because it not only slows down the classification but also downgrades the recall performance. Regarding the latter phenomenon, we observed a tendency that as the number of reference patterns grows, some reference patterns contribute more to the false positive classification. Thus, we devised an algorithm for optimizing the reference pattern set based on the positive and negative contribution of each reference pattern. The algorithm is performed periodically to remove reference patterns that have a very low positive contribution or a high negative contribution. Experiments were performed on 6500 gesture patterns collected from 50 adults of 30~50 years old. Each alphabet was performed 5 times per participant using $Nintendo{(R)}$ $Wii^{TM}$ remote. Acceleration signal was sampled in 100hz on 3 axes. Mean recall rate for all the alphabets was 95.48%. Some alphabets recorded very low recall rate and exhibited very high pairwise confusion rate. Major confusion pairs are D(88%) and P(74%), I(81%) and U(75%), N(88%) and W(100%). Though W was recalled perfectly, it contributed much to the false positive classification of N. By comparison with major previous results from VTT (96% for 8 control gestures), CMU (97% for 10 control gestures) and Samsung Electronics(97% for 10 digits and a control gesture), we could find that the performance of our system is superior regarding the number of pattern classes and the complexity of patterns. Using our gesture interaction system, we conducted 2 case studies of robot-based edutainment services. The services were implemented on various robot platforms and mobile devices including $iPhone^{TM}$. The participating children exhibited improved concentration and active reaction on the service with our gesture interface. To prove the effectiveness of our gesture interface, a test was taken by the children after experiencing an English teaching service. The test result showed that those who played with the gesture interface-based robot content marked 10% better score than those with conventional teaching. We conclude that the accelerometer-based gesture interface is a promising technology for flourishing real-world robot-based services and content by complementing the limits of today's conventional interfaces e.g. touch screen, vision and voice.

• Journal of Intelligence and Information Systems
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• v.26 no.1
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• pp.135-149
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• 2020

Artificial intelligences are changing world. Financial market is also not an exception. Robo-Advisor is actively being developed, making up the weakness of traditional asset allocation methods and replacing the parts that are difficult for the traditional methods. It makes automated investment decisions with artificial intelligence algorithms and is used with various asset allocation models such as mean-variance model, Black-Litterman model and risk parity model. Risk parity model is a typical risk-based asset allocation model which is focused on the volatility of assets. It avoids investment risk structurally. So it has stability in the management of large size fund and it has been widely used in financial field. XGBoost model is a parallel tree-boosting method. It is an optimized gradient boosting model designed to be highly efficient and flexible. It not only makes billions of examples in limited memory environments but is also very fast to learn compared to traditional boosting methods. It is frequently used in various fields of data analysis and has a lot of advantages. So in this study, we propose a new asset allocation model that combines risk parity model and XGBoost machine learning model. This model uses XGBoost to predict the risk of assets and applies the predictive risk to the process of covariance estimation. There are estimated errors between the estimation period and the actual investment period because the optimized asset allocation model estimates the proportion of investments based on historical data. these estimated errors adversely affect the optimized portfolio performance. This study aims to improve the stability and portfolio performance of the model by predicting the volatility of the next investment period and reducing estimated errors of optimized asset allocation model. As a result, it narrows the gap between theory and practice and proposes a more advanced asset allocation model. In this study, we used the Korean stock market price data for a total of 17 years from 2003 to 2019 for the empirical test of the suggested model. The data sets are specifically composed of energy, finance, IT, industrial, material, telecommunication, utility, consumer, health care and staple sectors. We accumulated the value of prediction using moving-window method by 1,000 in-sample and 20 out-of-sample, so we produced a total of 154 rebalancing back-testing results. We analyzed portfolio performance in terms of cumulative rate of return and got a lot of sample data because of long period results. Comparing with traditional risk parity model, this experiment recorded improvements in both cumulative yield and reduction of estimated errors. The total cumulative return is 45.748%, about 5% higher than that of risk parity model and also the estimated errors are reduced in 9 out of 10 industry sectors. The reduction of estimated errors increases stability of the model and makes it easy to apply in practical investment. The results of the experiment showed improvement of portfolio performance by reducing the estimated errors of the optimized asset allocation model. Many financial models and asset allocation models are limited in practical investment because of the most fundamental question of whether the past characteristics of assets will continue into the future in the changing financial market. However, this study not only takes advantage of traditional asset allocation models, but also supplements the limitations of traditional methods and increases stability by predicting the risks of assets with the latest algorithm. There are various studies on parametric estimation methods to reduce the estimated errors in the portfolio optimization. We also suggested a new method to reduce estimated errors in optimized asset allocation model using machine learning. So this study is meaningful in that it proposes an advanced artificial intelligence asset allocation model for the fast-developing financial markets.

• Journal of Intelligence and Information Systems
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• v.23 no.4
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• pp.147-168
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• 2017

There have been many studies on accurate stock market forecasting in academia for a long time, and now there are also various forecasting models using various techniques. Recently, many attempts have been made to predict the stock index using various machine learning methods including Deep Learning. Although the fundamental analysis and the technical analysis method are used for the analysis of the traditional stock investment transaction, the technical analysis method is more useful for the application of the short-term transaction prediction or statistical and mathematical techniques. Most of the studies that have been conducted using these technical indicators have studied the model of predicting stock prices by binary classification - rising or falling - of stock market fluctuations in the future market (usually next trading day). However, it is also true that this binary classification has many unfavorable aspects in predicting trends, identifying trading signals, or signaling portfolio rebalancing. In this study, we try to predict the stock index by expanding the stock index trend (upward trend, boxed, downward trend) to the multiple classification system in the existing binary index method. In order to solve this multi-classification problem, a technique such as Multinomial Logistic Regression Analysis (MLOGIT), Multiple Discriminant Analysis (MDA) or Artificial Neural Networks (ANN) we propose an optimization model using Genetic Algorithm as a wrapper for improving the performance of this model using Multi-classification Support Vector Machines (MSVM), which has proved to be superior in prediction performance. In particular, the proposed model named GA-MSVM is designed to maximize model performance by optimizing not only the kernel function parameters of MSVM, but also the optimal selection of input variables (feature selection) as well as instance selection. In order to verify the performance of the proposed model, we applied the proposed method to the real data. The results show that the proposed method is more effective than the conventional multivariate SVM, which has been known to show the best prediction performance up to now, as well as existing artificial intelligence / data mining techniques such as MDA, MLOGIT, CBR, and it is confirmed that the prediction performance is better than this. Especially, it has been confirmed that the 'instance selection' plays a very important role in predicting the stock index trend, and it is confirmed that the improvement effect of the model is more important than other factors. To verify the usefulness of GA-MSVM, we applied it to Korea's real KOSPI200 stock index trend forecast. Our research is primarily aimed at predicting trend segments to capture signal acquisition or short-term trend transition points. The experimental data set includes technical indicators such as the price and volatility index (2004 ~ 2017) and macroeconomic data (interest rate, exchange rate, S&P 500, etc.) of KOSPI200 stock index in Korea. Using a variety of statistical methods including one-way ANOVA and stepwise MDA, 15 indicators were selected as candidate independent variables. The dependent variable, trend classification, was classified into three states: 1 (upward trend), 0 (boxed), and -1 (downward trend). 70% of the total data for each class was used for training and the remaining 30% was used for verifying. To verify the performance of the proposed model, several comparative model experiments such as MDA, MLOGIT, CBR, ANN and MSVM were conducted. MSVM has adopted the One-Against-One (OAO) approach, which is known as the most accurate approach among the various MSVM approaches. Although there are some limitations, the final experimental results demonstrate that the proposed model, GA-MSVM, performs at a significantly higher level than all comparative models.

• Journal of Intelligence and Information Systems
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• v.19 no.4
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• pp.55-79
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• 2013

In this paper, we propose a hybrid genetic algorithm (HGA) approach to effectively solve the reverse logistics network with centralized centers (RLNCC). For the proposed HGA approach, genetic algorithm (GA) is used as a main algorithm. For implementing GA, a new bit-string representation scheme using 0 and 1 values is suggested, which can easily make initial population of GA. As genetic operators, the elitist strategy in enlarged sampling space developed by Gen and Chang (1997), a new two-point crossover operator, and a new random mutation operator are used for selection, crossover and mutation, respectively. For hybrid concept of GA, an iterative hill climbing method (IHCM) developed by Michalewicz (1994) is inserted into HGA search loop. The IHCM is one of local search techniques and precisely explores the space converged by GA search. The RLNCC is composed of collection centers, remanufacturing centers, redistribution centers, and secondary markets in reverse logistics networks. Of the centers and secondary markets, only one collection center, remanufacturing center, redistribution center, and secondary market should be opened in reverse logistics networks. Some assumptions are considered for effectively implementing the RLNCC The RLNCC is represented by a mixed integer programming (MIP) model using indexes, parameters and decision variables. The objective function of the MIP model is to minimize the total cost which is consisted of transportation cost, fixed cost, and handling cost. The transportation cost is obtained by transporting the returned products between each centers and secondary markets. The fixed cost is calculated by opening or closing decision at each center and secondary markets. That is, if there are three collection centers (the opening costs of collection center 1 2, and 3 are 10.5, 12.1, 8.9, respectively), and the collection center 1 is opened and the remainders are all closed, then the fixed cost is 10.5. The handling cost means the cost of treating the products returned from customers at each center and secondary markets which are opened at each RLNCC stage. The RLNCC is solved by the proposed HGA approach. In numerical experiment, the proposed HGA and a conventional competing approach is compared with each other using various measures of performance. For the conventional competing approach, the GA approach by Yun (2013) is used. The GA approach has not any local search technique such as the IHCM proposed the HGA approach. As measures of performance, CPU time, optimal solution, and optimal setting are used. Two types of the RLNCC with different numbers of customers, collection centers, remanufacturing centers, redistribution centers and secondary markets are presented for comparing the performances of the HGA and GA approaches. The MIP models using the two types of the RLNCC are programmed by Visual Basic Version 6.0, and the computer implementing environment is the IBM compatible PC with 3.06Ghz CPU speed and 1GB RAM on Windows XP. The parameters used in the HGA and GA approaches are that the total number of generations is 10,000, population size 20, crossover rate 0.5, mutation rate 0.1, and the search range for the IHCM is 2.0. Total 20 iterations are made for eliminating the randomness of the searches of the HGA and GA approaches. With performance comparisons, network representations by opening/closing decision, and convergence processes using two types of the RLNCCs, the experimental result shows that the HGA has significantly better performance in terms of the optimal solution than the GA, though the GA is slightly quicker than the HGA in terms of the CPU time. Finally, it has been proved that the proposed HGA approach is more efficient than conventional GA approach in two types of the RLNCC since the former has a GA search process as well as a local search process for additional search scheme, while the latter has a GA search process alone. For a future study, much more large-sized RLNCCs will be tested for robustness of our approach.

• Journal of Intelligence and Information Systems
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• v.20 no.3
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• pp.19-43
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• 2014

The Pareto principle, also known as the 80-20 rule, states that roughly 80% of the effects come from 20% of the causes for many events including natural phenomena. It has been recognized as a golden rule in business with a wide application of such discovery like 20 percent of customers resulting in 80 percent of total sales. On the other hand, the Long Tail theory, pointing out that "the trivial many" produces more value than "the vital few," has gained popularity in recent times with a tremendous reduction of distribution and inventory costs through the development of ICT(Information and Communication Technology). This study started with a view to illuminating how these two primary business paradigms-Pareto principle and Long Tail theory-relates to the success of virtual knowledge collaboration. The importance of virtual knowledge collaboration is soaring in this era of globalization and virtualization transcending geographical and temporal constraints. Many previous studies on knowledge sharing have focused on the factors to affect knowledge sharing, seeking to boost individual knowledge sharing and resolve the social dilemma caused from the fact that rational individuals are likely to rather consume than contribute knowledge. Knowledge collaboration can be defined as the creation of knowledge by not only sharing knowledge, but also by transforming and integrating such knowledge. In this perspective of knowledge collaboration, the relative distribution of knowledge sharing among participants can count as much as the absolute amounts of individual knowledge sharing. In particular, whether the more contribution of the upper 20 percent of participants in knowledge sharing will enhance the efficiency of overall knowledge collaboration is an issue of interest. This study deals with the effect of this sort of knowledge sharing distribution on the efficiency of knowledge collaboration and is extended to reflect the work characteristics. All analyses were conducted based on actual data instead of self-reported questionnaire surveys. More specifically, we analyzed the collaborative behaviors of editors of 2,978 English Wikipedia featured articles, which are the best quality grade of articles in English Wikipedia. We adopted Pareto ratio, the ratio of the number of knowledge contribution of the upper 20 percent of participants to the total number of knowledge contribution made by the total participants of an article group, to examine the effect of Pareto principle. In addition, Gini coefficient, which represents the inequality of income among a group of people, was applied to reveal the effect of inequality of knowledge contribution. Hypotheses were set up based on the assumption that the higher ratio of knowledge contribution by more highly motivated participants will lead to the higher collaboration efficiency, but if the ratio gets too high, the collaboration efficiency will be exacerbated because overall informational diversity is threatened and knowledge contribution of less motivated participants is intimidated. Cox regression models were formulated for each of the focal variables-Pareto ratio and Gini coefficient-with seven control variables such as the number of editors involved in an article, the average time length between successive edits of an article, the number of sections a featured article has, etc. The dependent variable of the Cox models is the time spent from article initiation to promotion to the featured article level, indicating the efficiency of knowledge collaboration. To examine whether the effects of the focal variables vary depending on the characteristics of a group task, we classified 2,978 featured articles into two categories: Academic and Non-academic. Academic articles refer to at least one paper published at an SCI, SSCI, A&HCI, or SCIE journal. We assumed that academic articles are more complex, entail more information processing and problem solving, and thus require more skill variety and expertise. The analysis results indicate the followings; First, Pareto ratio and inequality of knowledge sharing relates in a curvilinear fashion to the collaboration efficiency in an online community, promoting it to an optimal point and undermining it thereafter. Second, the curvilinear effect of Pareto ratio and inequality of knowledge sharing on the collaboration efficiency is more sensitive with a more academic task in an online community.

• Journal of Intelligence and Information Systems
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• v.26 no.3
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• pp.51-69
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• 2020

Now, it is a stylized fact that a small number of technology firms such as Apple, Alphabet, Microsoft, Amazon, Facebook and a few others have become larger and dominant players in an industry. Coupled with the rise of these leading firms, we have also observed that a large number of young firms have become an acquisition target in their early IPO stages. This indeed results in a sharp decline in the number of new entries in public exchanges although a series of policy reforms have been promulgated to foster competition through an increase in new entries. Given the observed industry trend in recent decades, a number of studies have reported increased concentration in most developed countries. However, it is less understood as to what caused an increase in industry concentration. In this paper, we uncover the mechanisms by which industries have become concentrated over the last decades by tracing the changes in industry concentration associated with a firm's status change in its early IPO stages. To this end, we put emphasis on the case in which firms are acquired shortly after they went public. Especially, with the transition to digital-based economies, it is imperative for incumbent firms to adapt and keep pace with new ICT and related intelligent systems. For instance, after the acquisition of a young firm equipped with AI-based solutions, an incumbent firm may better respond to a change in customer taste and preference by integrating acquired AI solutions and analytics skills into multiple business processes. Accordingly, it is not unusual for young ICT firms become an attractive acquisition target. To examine the role of M&As involved with young firms in reshaping the level of industry concentration, we identify a firm's status in early post-IPO stages over the sample periods spanning from 1990 to 2016 as follows: i) being delisted, ii) being standalone firms and iii) being acquired. According to our analysis, firms that have conducted IPO since 2000s have been acquired by incumbent firms at a relatively quicker time than those that did IPO in previous generations. We also show a greater acquisition rate for IPO firms in the ICT sector compared with their counterparts in other sectors. Our results based on multinomial logit models suggest that a large number of IPO firms have been acquired in their early post-IPO lives despite their financial soundness. Specifically, we show that IPO firms are likely to be acquired rather than be delisted due to financial distress in early IPO stages when they are more profitable, more mature or less leveraged. For those IPO firms with venture capital backup have also become an acquisition target more frequently. As a larger number of firms are acquired shortly after their IPO, our results show increased concentration. While providing limited evidence on the impact of large incumbent firms in explaining the change in industry concentration, our results show that the large firms' effect on industry concentration are pronounced in the ICT sector. This result possibly captures the current trend that a few tech giants such as Alphabet, Apple and Facebook continue to increase their market share. In addition, compared with the acquisitions of non-ICT firms, the concentration impact of IPO firms in early stages becomes larger when ICT firms are acquired as a target. Our study makes new contributions. To our best knowledge, this is one of a few studies that link a firm's post-IPO status to associated changes in industry concentration. Although some studies have addressed concentration issues, their primary focus was on market power or proprietary software. Contrast to earlier studies, we are able to uncover the mechanism by which industries have become concentrated by placing emphasis on M&As involving young IPO firms. Interestingly, the concentration impact of IPO firm acquisitions are magnified when a large incumbent firms are involved as an acquirer. This leads us to infer the underlying reasons as to why industries have become more concentrated with a favor of large firms in recent decades. Overall, our study sheds new light on the literature by providing a plausible explanation as to why industries have become concentrated.