• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.37-50
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• 2023

Venture capital invests the necessary capital and supports management and technology in promising small and medium-sized venture companies in the early stages of start-up with promising technology and excellent manpower. It plays a role as a key player in the venture ecosystem that realizes profits by collecting the investment through various means after growth. Venture capital's job is to recruit various investors(LPs) to invest in small and medium-sized venture companies with growth potential through the formation of venture investment funds, and to collect investment as companies grow, distribute and reinvest. The main tasks of venture capitalists, which play the most important role in venture investment, are finding promising companies, corporate analysis and evaluation, investment screening, follow-up management, and investment recovery. Venture capital's success indicators are fund formation and return on investment, and venture capitalists are rewarded with annual salary, performance-based incentive, and promotion with work performance such as investment, exit, and fund formation. Compared to the recent rapidly growing venture investment market, investment manpower is insufficient, and venture capital is making great efforts to foster manpower and establish infrastructure and systems for long-term service, but research has been conducted mainly from a quantitative perspective. Accordingly, this study aims to empirically analyzed the impact of investment experience, delegation of authority, job fit, and peer relationships on fund formation and return on investment according to the characteristics of the venture capital industry. The results of these empirical studies suggested that future venture capital needs a job environment and manpower operation strategy so that venture capitalists with high job fit and investment experience can work for a long time.

• Journal of Technology Innovation
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• v.17 no.1
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• pp.1-48
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• 2009

Recently we have found some symptoms that R&D fiscal incentives might not work well what it has intended through the analysis of current statistics of firm's R&D data. Firstly, we found that the growth rate of R&D investment in private sector during the recent decade has been slowdown. The average of growth rate (real value) of R&D investment is 7.1% from 1998 to 2005, while it was 13.9% from 1980 to 1997. Secondly, the relative share of R&D investment of SME has been decreased to 21%('05) from 29%('01), even though the tax credit for SME has been more beneficial than large size firm, Thirdly, The R&D expenditure of large size firms (besides 3 leading firms) has not been increased since late of 1990s. We need to find some evidence whether fiscal incentives are effective in increasing firm's R&D investment. To analyse econometric model we use firm level unbalanced panel data for 4 years (from 2002 to 2005) derived from MOST database compiled from the annual survey, "Report on the Survey of Research and Development in Science and Technology". Also we use fixed effect model (Hausman test results accept fixed effect model with 1% of significant level) and estimate the model for all firms, large firms and SME respectively. We have following results from the analysis of econometric model. For large firm: i ) R&D investment responds elastically (1.20) to sales volume. ii) government R&D subsidy induces R&D investment (0.03) not so effectively. iii) Tax price elasticity is almost unity (-0.99). iv) For large firm tax incentive is more effective than R&D subsidy For SME: i ) Sales volume increase R&D investment of SME (0.043) not so effectively. ii ) government R&D subsidy is crowding out R&D investment of SME not seriously (-0.0079) iii) Tax price elasticity is very inelastic (-0.054) To compare with other studies, Koga(2003) has a similar result of tax price elasticity for Japanese firm (-1.0036), Hall((l992) has a unit tax price elasticity, Bloom et al. (2002) has $-0.354{\sim}-0.124$ in the short run. From the results of our analysis we recommend that government R&D subsidy has to focus on such an areas like basic research and public sector (defense, energy, health etc.) not overlapped private R&D sector. For SME government has to focus on establishing R&D infrastructure. To promote tax incentive policy, we need to strengthen the tax incentive scheme for large size firm's R&D investment. We recommend tax credit for large size film be extended to total volume of R&D investment.

• Asia pacific journal of information systems
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• v.18 no.4
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• pp.57-81
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• 2008

Knowledge is an essential strategic weapon for sustaining competitive advantage and is the key determinant for organizational growth. When knowledge is shared and disseminated throughout the organization, it increases an organization's value by providing the ability to respond to new and unusual situations. The growing importance of knowledge as a critical resource has forced executives to pay attention to their organizational knowledge. Organizations are increasingly undertaking knowledge management initiatives and making significant investments. Knowledge sourcing is considered as the first important step in effective knowledge management. Most firms continue to make an effort to realize the benefits of knowledge management by using various knowledge sources effectively. Appropriate knowledge sourcing strategies enable organizations to create, acquire, and access knowledge in a timely manner by reducing search and transfer costs, which result in better firm performance. In response, the knowledge management literature has devoted substantial attention to the analysis of knowledge sourcing strategies. Many studies have categorized knowledge sourcing strategies into intemal- and external-oriented. Internal-oriented sourcing strategy attempts to increase firm performance by integrating knowledge within the boundary of the firm. On the contrary, external-oriented strategy attempts to bring knowledge in from outside sources via either acquisition or imitation, and then to transfer that knowledge across to the organization. However, the extant literature on knowledge sourcing strategies focuses primarily on large organizations. Although many studies have clearly highlighted major differences between large and small firms and the need to adopt different strategies for different firm sizes, scant attention has been given to analyzing how knowledge sourcing strategies affect firm performance in small firms and what are the differences between small and large firms in the patterns of knowledge sourcing strategies adoption. This study attempts to advance the current literature by examining the impact of knowledge sourcing strategies on small firm performance from a holistic perspective. By drawing on knowledge based theory from organization science and complementarity theory from the economics literature, this paper is motivated by the following questions: (1) what are the adoption patterns of different knowledge sourcing strategies in small firms (i,e., what sourcing strategies should be adopted and which sourcing strategies work well together in small firms)?; and (2) what are the performance implications of these adoption patterns? In order to answer the questions, this study developed three hypotheses. First hypothesis based on knowledge based theory is that internal-oriented knowledge sourcing is positively associated with small firm performance. Second hypothesis developed on the basis of knowledge based theory is that external-oriented knowledge sourcing is positively associated with small firm performance. The third one based on complementarity theory is that pursuing both internal- and external-oriented knowledge sourcing simultaneously is negatively or less positively associated with small firm performance. As a sampling frame, 700 firms were identified from the Annual Corporation Report in Korea. Survey questionnaires were mailed to owners or executives who were most erudite about the firm s knowledge sourcing strategies and performance. A total of 188 companies replied, yielding a response rate of 26.8%. Due to incomplete data, 12 responses were eliminated, leaving 176 responses for the final analysis. Since all independent variables were measured using continuous variables, supermodularity function was used to test the hypotheses based on the cross partial derivative of payoff function. The results indicated no significant impact of internal-oriented sourcing strategies while positive impact of external-oriented sourcing strategy on small firm performance. This intriguing result could be explained on the basis of various resource and capital constraints of small firms. Small firms typically have restricted financial and human resources. They do not have enough assets to always develop knowledge internally. Another possible explanation is competency traps or core rigidities. Building up a knowledge base based on internal knowledge creates core competences, but at the same time, excessive internal focused knowledge exploration leads to behaviors blind to other knowledge. Interestingly, this study found that Internal- and external-oriented knowledge sourcing strategies had a substitutive relationship, which was inconsistent with previous studies that suggested complementary relationship between them. This result might be explained using organizational identification theory. Internal organizational members may perceive external knowledge as a threat, and tend to ignore knowledge from external sources because they prefer to maintain their own knowledge, legitimacy, and homogeneous attitudes. Therefore, integrating knowledge from internal and external sources might not be effective, resulting in failure of improvements of firm performance. Another possible explanation is small firms resource and capital constraints and lack of management expertise and absorptive capacity. Although the integration of different knowledge sources is critical, high levels of knowledge sourcing in many areas are quite expensive and so are often unrealistic for small enterprises. This study provides several implications for research as well as practice. First this study extends the existing knowledge by examining the substitutability (and complementarity) of knowledge sourcing strategies. Most prior studies have tended to investigate the independent effects of these strategies on performance without considering their combined impacts. Furthermore, this study tests complementarity based on the productivity approach that has been considered as a definitive test method for complementarity. Second, this study sheds new light on knowledge management research by identifying the relationship between knowledge sourcing strategies and small firm performance. Most current literature has insisted complementary relationship between knowledge sourcing strategies on the basis of data from large firms. Contrary to the conventional wisdom, this study identifies substitutive relationship between knowledge sourcing strategies using data from small firms. Third, implications for practice highlight that managers of small firms should focus on knowledge sourcing from external-oriented strategies. Moreover, adoption of both sourcing strategies simultaneousiy impedes small firm performance.

• Journal of Korean Society of Forest Science
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• v.89 no.5
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• pp.618-629
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• 2000

This study was carried out to investigate ecological niche of Quercus acuta communities in Bogildo-island from July to October, 1998. This island is occupied by a subtropical evergreen broad-leaved forests. The study on community ecology of Q. acuta, mostly dominant species of subtropical forests, is very important for successful forest management. Sampling areas were selected in 16 quadrats, dominated by Q. acuta to examine the vegetation characteristics(plant identification, D.B.H.) and environmental elements (microtopography, altitude, slope degree, aspect, illumination and soil physicochemical properties). On the basis of data from field surveys, importance values were calculated for the dominance of Q. acuta and volume growth was analyzed by tree ring widths. The results obtained were as follows ; 1. The lists of vascular plants in the investigations were identified as 54 families, 91 genera, 113 species, 9 varieties, 1 formae. It appeared that 45 kinds were evergreen, 6 kinds(Camellia japonica, Ligustrum japonicum, Eurya japonica, Smilax china, Trachelospermum asiaticum var. intermedium, Carex lanceolata) were commonly observed in all plots and 5 species(Cinnamomum japonicum, Ardisia japonica, Cymbidium goeringii, Dryopteris bissetiana, Viburnum erosum) were most highly observed in all plots(over 80%). 2. The dominating species per strata were, Quercus acuta, Castanopsis cuspidata sp. Quercus salicina, Pinus thunbergii, Prunus sargentii in tree layer, Camellia Japonica, Ligustrum japonicum, Quercus acuta, Eurya japonica, Castanopsis cuspidata sp. in subtree layer, Camellia japonica, Ligustrum japonicum, Smilax china, Cinnamomum japonicum, Viburnum erosum in shrub layer and Trachelospermum asiaticum var. intermedium, Ardisia japonica, Carex lanceolata, Camellia japonica(seedlings), Quercus acuta(seedlings) in herb layer, all in descending orders. 3. Quercus acuta could be suggested as shade intolerant tree, considering the distribution in southern, western, nothern and eastern slopes in the descending orders. 4. Mean relative illumination in the forest is 0.89 % and it is relatively low in brightness. 5. Sustainment of Quercus acuta community couldn't be confirmed by judging from their reverse J curve in even-aged forest, as shown in D.B.H. distribution analysis. 6. The result of annual ring width analysis(mean ; 2.44 mm) showed three stages, such as a gentle increasing(1~12 year ; 2.04 mm), a relatively steep increasing(13~22 year ; 2.95 mm) and decreasing or stagnating(23 year after ; 2.41 mm).

• Journal of Global Scholars of Marketing Science
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• v.19 no.1
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• pp.37-46
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• 2009

The Census Bureau of the Department of Commerce announced in May 2008 that U.S. retail e-commerce sales for 2006 reached $ 107 billion, up from $ 87 billion in 2005 - an increase of 22 percent. From 2001 to 2006, retail e-sales increased at an average annual growth rate of 25.4 percent. The explosive growth of E-Commerce has caused profound changes in marketing channel relationships and structures in many industries. Despite the great potential implications for both academicians and practitioners, there still exists a great deal of uncertainty about the impact of the Internet channel introduction on distribution channel management. The purpose of this study is to investigate how the ownership of the new Internet channel affects the existing channel members and consumers. To explore the above research questions, this study conducts well-controlled mathematical experiments to isolate the impact of the Internet channel by comparing before and after the Internet channel entry. The model consists of a monopolist manufacturer selling its product through a channel system including one independent physical store before the entry of an Internet store. The addition of the Internet store to this channel system results in a mixed channel comprised of two different types of channels. The new Internet store can be launched by the independent physical store such as Bestbuy. In this case, the physical retailer coordinates the two types of stores to maximize the joint profits from the two stores. The Internet store also can be introduced by an independent Internet retailer such as Amazon. In this case, a retail level competition occurs between the two types of stores. Although the manufacturer sells only one product, consumers view each product-outlet pair as a unique offering. Thus, the introduction of the Internet channel provides two product offerings for consumers. The channel structures analyzed in this study are illustrated in Fig.1. It is assumed that the manufacturer plays as a Stackelberg leader maximizing its own profits with the foresight of the independent retailer's optimal responses as typically assumed in previous analytical channel studies. As a Stackelberg follower, the independent physical retailer or independent Internet retailer maximizes its own profits, conditional on the manufacturer's wholesale price. The price competition between two the independent retailers is assumed to be a Bertrand Nash game. For simplicity, the marginal cost is set at zero, as typically assumed in this type of study. In order to explore the research questions above, this study develops a game theoretic model that possesses the following three key characteristics. First, the model explicitly captures the fact that an Internet channel and a physical store exist in two independent dimensions (one in physical space and the other in cyber space). This enables this model to demonstrate that the effect of adding an Internet store is different from that of adding another physical store. Second, the model reflects the fact that consumers are heterogeneous in their preferences for using a physical store and for using an Internet channel. Third, the model captures the vertical strategic interactions between an upstream manufacturer and a downstream retailer, making it possible to analyze the channel structure issues discussed in this paper. Although numerous previous models capture this vertical dimension of marketing channels, none simultaneously incorporates the three characteristics reflected in this model. The analysis results are summarized in Table 1. When the new Internet channel is introduced by the existing physical retailer and the retailer coordinates both types of stores to maximize the joint profits from the both stores, retail prices increase due to a combination of the coordination of the retail prices and the wider market coverage. The quantity sold does not significantly increase despite the wider market coverage, because the excessively high retail prices alleviate the market coverage effect to a degree. Interestingly, the coordinated total retail profits are lower than the combined retail profits of two competing independent retailers. This implies that when a physical retailer opens an Internet channel, the retailers could be better off managing the two channels separately rather than coordinating them, unless they have the foresight of the manufacturer's pricing behavior. It is also found that the introduction of an Internet channel affects the power balance of the channel. The retail competition is strong when an independent Internet store joins a channel with an independent physical retailer. This implies that each retailer in this structure has weak channel power. Due to intense retail competition, the manufacturer uses its channel power to increase its wholesale price to extract more profits from the total channel profit. However, the retailers cannot increase retail prices accordingly because of the intense retail level competition, leading to lower channel power. In this case, consumer welfare increases due to the wider market coverage and lower retail prices caused by the retail competition. The model employed for this study is not designed to capture all the characteristics of the Internet channel. The theoretical model in this study can also be applied for any stores that are not geographically constrained such as TV home shopping or catalog sales via mail. The reasons the model in this study is names as "Internet" are as follows: first, the most representative example of the stores that are not geographically constrained is the Internet. Second, catalog sales usually determine the target markets using the pre-specified mailing lists. In this aspect, the model used in this study is closer to the Internet than catalog sales. However, it would be a desirable future research direction to mathematically and theoretically distinguish the core differences among the stores that are not geographically constrained. The model is simplified by a set of assumptions to obtain mathematical traceability. First, this study assumes the price is the only strategic tool for competition. In the real world, however, various marketing variables can be used for competition. Therefore, a more realistic model can be designed if a model incorporates other various marketing variables such as service levels or operation costs. Second, this study assumes the market with one monopoly manufacturer. Therefore, the results from this study should be carefully interpreted considering this limitation. Future research could extend this limitation by introducing manufacturer level competition. Finally, some of the results are drawn from the assumption that the monopoly manufacturer is the Stackelberg leader. Although this is a standard assumption among game theoretic studies of this kind, we could gain deeper understanding and generalize our findings beyond this assumption if the model is analyzed by different game rules.

• The Journal of Fisheries Business Administration
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• v.16 no.1
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• pp.91-124
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• 1985

Mariculture is contrasted with inland aqua-culturing fisheries. It is defind as the Industry of rearing Aquaorganism in limited coastal area relatively shallow in depth. Then, It's coming into being realization of Mariculture in it is long in history that Mariculture was realized in Korea. But it is from the early part of 1960s, that this industry has normally developed. Owing to 200 miles economy-zone problems of coastal countries, the development of deep sea fishing was limited, so the Korean Government has now appreciated the importance of cultured industries in the field of coastal fisheries. And the Korean Mariculture the output of which was only 18, 000 M/T in '60s attained 540, 000M/T in 1980s, has now occupied its relative importance in Korean Fisheries Industry. So the purpose of this report is to suggest the prospect of technical development of mariculture in the future of Korea, through the analysis of the various problems that affect upon the individual management '||'&'||' fishing ground utilization, along with the appreciation of "how to extend of those technical innovation" and "how the fishermen's technique level is extended at this stage. According to this study, the result is summarized as follows. First, Maricultural technique is classified into 8 sub-techniques as follows, as shown in fig. 1.Fig. 1. The Formation structure of mariculture technique Second, the change of technical method of mariculture in coastal area of Korea has made as 5 stages; 1) Scattering of culturing organism 2) Culturing by putting stone and installing bamboo 3) Culturing by installing rope and seeding 4) Culturing of putting objectives in cages 5) Culturing fish by feed Third, the maricultural fisheries of Korea has about 70 years long in history. It began from 1910s. But at that time there was no special technique in aquaculture and its technique was confined in searching out the object of species. The species was laver, oyster ect.Forth, although realization of mariculture in Korea has been long time, it is of late from 1960s that this has been industrial with normal development, and its technique of mariculture has mainly has developed from 1970s. Its result not only contributed to the high growth in Korean ecconomy along with the well balanced development between industires, but also it played a great role for the resolution of nation's food problem. Especially maricultural production has shown its sustained annual increase of 13.8% during the last 20 years. So the portion of mariculture among total fisheries stucture was extended from 4.1% in the early 1960s to 22.4% in 1980s.Fifth, it could be safely said that such development in maricultural field is resulted from the activity of aquacultural institutes such as Fisheries Reseach '||'&'||' Development production of major kinds such as Oyster, Sea-mustard, and Laver etc. As well as in the innovation of aquaculturing method with synthetic fiber utilization. FRDA has played important role in the efficient propargation of new aquacultural technique.Sixth, as for the change in aquaculture structure and its during period between 1970s and 1980s, the private management participation shown 25% increase from household number of 45, 173 to 56, 268 in total number. And in the respect of the management scale, of their management decreased, while it showed an increase in relative large scale management, the increase over 3 employees compared with other fisheries field between '70s and 80s. This must be an major trait to be recorded, Now the data above mentioned are shown as in table 1 and 2.Table 1. The maricultural fishing ground development situation in 982.Table 2. The mariculture management as seen in the employmnet size in high seasion.Owing to the technical innovation, of the mariculture in coastal area new income of fishermen increased and it also is true that the number of fishermen participating in its industrialization increased. But the problem being from now on is the self-discharge of the destruction fishing ground considered resulted from rapid expansion in aquaculture industry and the preventive system of sentility of fishing ground. sentility of fishing ground.

• Korean Journal of Occupational Health Nursing
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• v.6 no.2
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• pp.144-155
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• 1997

In December 1990, Occupational Safety and Health Law was amended to reinforce employer's responsibilities on employees' health and safety. Among the amended law it was important to expand the role of an occupational health nurse to the role of an occupational health manager. An occupational health manager should take charge of coordinating periodic health examination and environmental hazard evaluation, providing primary care, monitoring employees' health status, giving the workplace walk-through, selecting safe protection equipment, providing health information, counseling and health education, independently. This position of occupational health nurse is equivalent to the role of doctors or occupational hygienists. In 1991, government made a master plan to prevent occupational disease and injury. Under the plan, Korea Industrial Nursing Association (KINA) was established in 1994 with the purpose of improving health services and upgrading career opportunities for members. Therefore, this study was designed to analyze the transition of occupational health nursing education with the changes of law and policy in Korea between 1991 and 1996. In details, it was to analyze the rate of school providing occupational health nursing practice based lecture, lecture hours, lecture contents in undergraduate curriculum, program contents of graduate school, kinds of continuing education, etc. For this purpose, we conducted survey two times. In February 1991, baseline study was conducted with all nursing programs in Korea (19 BSN programs and 43 nursing departments of junior college). From April to May in 1996, the second survey was conducted with all nursing programs (38 BSN programs and 69 junior colleges). The first response rate was 66.1% and the second was 40.6%. Structured questionnaires were mailed to the deans or the community health nursing faculties. In the case of graduate school, telephone survey was conducted with 10 school of public health or environmental health area. Data from the yearbook of Industrial Safety Training Institute (ISTI), the history of Korea Industrial Health Association, and the journals of KINA were also included in the analysis. As the results, we found that there were remarkable improvement in undergraduate and graduate programs, obligatory as well as voluntary continuing education in terms of occupational health nursing expertise between 1991 and 1996. 1) The number of school providing occupational health nursing practice-based lecture was increased with the rate from 7.3% to 25.6%. The rate of school giving over 15 class-hours was increased from 33.3% to 46.6%. 2) Content areas were composed of introduction of occupational health, occupational epidemiology, industrial hygiene, occupational disease and injury, law and policy, health education, concept of occupational health nursing, role of occupational health nurse, occupational health nursing process, etc. Of content areas, occupational health nursing process was more emphasized with the increased rate from 43.9% to 88.4%. 3) In the case of graduate school, occupational health programs were increased from 4 to 10. One of them has developed occupational health nursing program as an independent course since 1991. 4) The law increased educational hours from 28 hours to 36 hours for introductory course at the time of appointment, and from 14 hours to 24 hours every 2 years for continuing education. Course contents were Occupational safety and health law, introduction of occupational health, health education methodology, planning and evaluation, periodic health exam, occupational disease care, primary care, emergency care, management, industrial environment evaluation, etc. In 1996, Korea Industrial Nursing Association has begun to provide continuing education after Industrial Safety Training Institute. 5) Various educational programs in voluntary base were developed such as monthly seminar, CE articles, annual academic symposium, etc. It was shown that changes of law and policy led rapid growth of occupational health nursing education in various levels. From this trend, it is expected that occupational health nurse expertise be continuously to be enhanced in Korea. Legal and political supports should proceed for the development of occupational health nursing in early stage.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.66 no.2
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• pp.120-129
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• 2021

Securing a range of wheat resources is of particular importance with respect to wheat breeding, as it provides a broad genetic foundation. Although wheat breeders have used different wheat germplasms as material resources in current breeding systems, the traits of most germplasms collected from foreign countries differ from the unique traits that have evolved in the Korean environment. In this study, conducted over a 2-year period (2018 and 2019), we therefore evaluated the agricultural traits 1,967 wheat germplasms collected not only in Korea but also worldwide. During the period from sowing to February, the average temperature in 2019 was greater than 1℃, whereas from March to June, the average temperature was approximately 0.9℃ higher in 2018. Compared with the growth recorded in 2018, the stem length in 2019 increased by approximately 20 cm in 2019, and there were notable differences heading date and maturation between 2018 and 2019. In 2019, the heading dates of 973 and 713 wheat resources were earlier and later than those in 2018, respectively. Moreover, stem length was found to be highly correlated with the heading date and maturation. In Korea, where the rainy season and tine of rice transplantation overlap with the time of wheat harvest, early flowering time with high grain yield has been the most important selection target with respect to wheat breeding. We anticipate that the findings of this study will provide would use a foundation for the selection of elite materials and the development of resource core-sets for Korean wheat breeding programs.

• Journal of the Korean Society for Marine Environment & Energy
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• v.15 no.1
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• pp.9-18
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• 2012

Annual power consumption of our country is positioned in the upper percentile in the world, and because the proportion of fossil power generation is high, which ranks the 10th $CO_2$ emission country. In this regard, government has established and is implementing the National Energy Basic Plan to realize to get out of fossilization in energy supply while focusing on securing the technology for renewable energy as well as its commercialization in order to reduce greenhouse gas. Resource recovery technology for deep seawater thermal energy which is one of renewable energies is newly getting attention domestically as well as in overseas for securing resources and environmental improvement as a core technology for multilateral use of marine resources for low carbon and green growth. Economic feasibility analysis was conducted for the research and development as follows on the use of ocean thermal energy conversion and seawater air conditioning. First, in the case of power generation using deep seawater and warm discharge water from ocean thermal energy conversion plant of 1MW level, it is judged that the economic feasibility is insufficient but the feasibility will be significantly improved if we consider not only power generation but also drinking water and certified emission reduction by developing the power plant to the size for commercialization. Second, the economic feasibility for the use of deep seawater as air conditioning for the power plant of 1,000RT level turned out to be very good. Especially, when we consider certified emission reduction, it will be possible to secure sufficient economic feasibility. When we use it in connection with ocean thermal energy conversion, water conversion and agricultural and fishery use, it is judged that economic ripple effect will be significant and therefore it will be necessary to conduct research and development for early commercialization, distribution and diffusion of deep seawater energy.

• Journal of Life Science
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• v.28 no.11
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• pp.1339-1346
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• 2018

In Korea, edible mushrooms are produced largely on commercial artificial media, so the annual production of spent mushroom substrate (SMS), as a by-product of the mushroom industry, is estimated at over 200 million tons. This SMS is assumed to contain abundant fungal mycelia and pre-fruiting bodies, as well as various nutritive and bioactive compounds that are presently discarded. This study examined the physico-chemical, nutritional, and enzymatic characteristics of uninoculated sterilized medium (USM) and SMS of shiitake mushrooms with the aim of developing a high-value added product from SMS. The contents of crude protein, crude lipid, and ash were higher after the third SMS harvest ($SMS-A-3^{rd}$) than in USM or $SMS-A-1^{st}$. The contents of Ca, Mg, and P in $SMS-A-3^{rd}$ were 2.95, 2.35, and 2.1-fold higher compared than in USM. No As or Cd was detected in USM or SMS. The pH, Brix, and acidity were 4.6, 20.0, and 1.4, respectively in $SMS-A-3^{rd}$, but 5.6, 6.0, and 0.0, respectively, in USM. These results suggest a highly active production of soluble components and organic acids in $SMS-A-3^{rd}$. The distinct color differences noted for USM, $SMS-A-1^{st}$, and $SMS-A-3^{rd}$ could be used as a mycelial growth indicator. Enzyme activity assays using the APIZYM system showed that SMS is a potent source of hydrolysis-related enzymes, especially esterase (C4) and ${\beta}$-glucuronidase. Our results suggested that the SMS of shiitake has a high potential for use in environmental, agricultural, and stock-breeding industries, for example, as active ingredients for sewage treatment, waste-polymer degradation, and feed additives.