• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.15-24
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• 2017

The major goal of this paper falls on developing new rational valuation model, to help companies and investors in the early stage of growth as to preparing and negotiating valuation of investment, by applying new reasonable discount indexes of calculating Discount Cash Flow in valuation of the start-up which has been recognized the critical fatal flaws of DCF with them. There are three specific studies done in this paper. First, this paper found the solid and viable bases of rational discount indexes as to applying DCF in valuing companies in the early growth stage with reviewing the previous studies including Berkus method, Scorecard Method, and Risk factor Summation method classified the most effective tools of valuing pre-revenue generating companies. Second, this paper quoted and analyzed the previous models and studies, so called, 'DCF-Prime' of applying DCF method as to value companies in the early growth stage by taking all risk factors innate to the companies in the early growth stage as the discount rate Beta coefficient. Third, this paper propose more viable and solid valuation models, so called, 'DCF-Plus'of combing all validated valuation factors in Berkus, Scorecard, and Risk Factor Summation methods into applying separate discount bracket after DCF Valuation over the companies in the early growth stage instead of taking them as the factors of discount rate, beta coefficient, like the previous model of DCF-Prime. DCF-Plus mainly developed in this paper will not only provide more rational valuation bases as to investment negotiation between companies and investors in the early growth stage, but also providing more accountable guidelines to companies in the early growth as to prepare investment raising and accelerating their company's value by themselves.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.4
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• pp.77-85
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• 2014

A goal of Bizcool entrepreneurship education targeting on the youth falls on letting understand the process of starts-up, enhance entrepreneurship will and their business creativities rather than training trivial starts-up skills such as writing business plan for successful starts-up. The effects of education enable Bizcoo students to recognize rightly the concept of starts-up training and lead to spread out demand for entrepreneurship education. The feedback check-up for how entrepreneurship education affects students getting through of it is necessary and possible to bring its' improvement alternatives. Despite of such highlight, not many measuring tools and indexes of evaluating an effectiveness of entrepreneurship education are developed and studied up until. This research suggests for the optimal indexes for them. In specific, this research 49 the first question sets of evaluating an effectiveness of entrepreneurship education classified 3 large categories and 11 following sub categories each of them such as entrepreneurship orientation, creativity, entrepreneurship preparing activities etc,. representing embedding education effects though entrepreneurship education. This research carry out the empirical survey research utilizing driven question sets against 5 different Bizcools sampling 287 students. The survey research delivers the final 3 large categories and 8 following sub categories(Innovativeness, risk-taking, problem-solving potent, cooperative decision-making potent, efficient behavior capacity, data collecting potent, career search, starts-up search and preparation), and 38 measuring indexes by search and confirming factor analysis. This research never drop the confidence test over each indexes and obtain the proper figures. Last but not least, this research confirm the gap between starts-up club members and non members as to an effectiveness of entrepreneurship education and 9 different indexes.

• The Journal of Society for e-Business Studies
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• v.17 no.4
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• pp.69-93
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• 2012

Various influence-related relationships in Social Network Services (SNS) among users, posts, and user-and-post, can be expressed using links. The current research evaluates the influence of specific users or posts by analyzing the link structure of relevant social network graphs to identify influential users. We applied the concept of mutual interactions proposed for ranking semantic web resources, rather than the voting notion of Page Rank or HITS, to blogosphere, one of the early SNS. Through many experiments with network models, where the performance and validity of each alternative approach can be analyzed, we showed the applicability and strengths of our approach. The weight tuning processes for the links of these network models enabled us to control the experiment errors form the link weight differences and compare the implementation easiness of alternatives. An additional example of how to enter the content scores of commercial or spam posts into the graph-based method is suggested on a small network model as well. This research, as a starting point of the study on identifying influential users in SNS, is distinctive from the previous researches in the following points. First, various influence-related properties that are deemed important but are disregarded, such as scraping, commenting, subscribing to RSS feeds, and trusting friends, can be considered simultaneously. Second, the framework reflects the general phenomenon where objects interacting with more influential objects increase their influence. Third, regarding the extent to which a bloggers causes other bloggers to act after him or her as the most important factor of influence, we treated sequential referencing relationships with a viewpoint from that of PageRank or HITS (Hypertext Induced Topic Selection).

• The Journal of Fisheries Business Administration
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• v.17 no.2
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• pp.65-106
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• 1986

1, The Purpose of Study This is a study on the Evaluation of the operating of Fisheries Extension Services of Korea, for performing the activities such as guiding fisheries technique as well as offering industrial information to the fishermen in fishing village. By doing so, the Fisheries Extension Sevices(FES) can materialize the continued growth of fisheries, the social and economic development of fishing village, and the increase in income by enhancing the knowledge level of Fishermen, etc. In performing fisheries policy, this activity plays a great role on the research and development activity, and it has become practical since 1976 in Korea. In order to meet immediately with the problem of fisheries technical innovation and rapid environmental changes surrounding the fisheries, the fishermen should not only enhance their scientific and comprehensive capacity in fisheries technique but abtain various effective information. Generally, as most of all the fishemen are poor in the managerial structure and scattered in fishing villages, they have little opportunity in the contact of information. As a result, it is nessessary for the FES to perform the fishing business by the extension service officials who has received special training and acquired fisheries know-how in these fields. And yet, FES is under the unfullfilled circumstance in such factors as manpower, technical know-how, equipment, and the service system etc., which is required in promoting the social, economic development of fishing village and in resolving the high technique demand of fisherman. This study on the fisheries extension services have been studied from those backgrounds. 2. Research Method The data of collecting methods which were necessary in carrying out this study was adopted by the questionaire research on the present extension service activity, through the subject of the extension services (driving agency of the work and the officials), the object(fishemen) and the 3rd observers to the extension services (the authorities concerned). The research sample was taken by the sampling extraction of total 1, 774 men from the above 3 groups. And the research was carried out from August, 1986 to October, 1986, supported from the Fisheries Extension Office (FEO) located in field during the research process. In this study, the levels of the extension operating were determined and estimated in accordance with the extension service method, morale of extension service officials and the extension service system, etc. through the collected data of the research questionaire paper. And based on this result, the essential conditions of the extension services were grasped, and also we tried to present the various activity plan necessary to promote the operating of the extension services. The questionaire research data was calculated by the computer center of National Fisheries University of Pusan, and the total result was again tried on the one demension analysis along with two dimension analysis to search out the relativity between the questionaire, and the statistical test was done $\chi$$^2$test in significance level of l~5%. 3. Contents of Study This study consists of 7 chapters and the contents are as follows : Chapter I : The object and method of the study Chapter II : The assessment and analysis of the extension services Chapter III : The contents and method of the extension services Chapter IV : Analysis of the essential conditions for the extension services Chapter V : The evaluation of activities of extension services Chapter Ⅵ : Conclusion.4. Results and RecommendationTherefore, the results of this study estimated by logical process and analysis are as follows : 1) Most of Korean fishing villages and coastal fishermen have shown much concerns about fisheries technique and social changes, thus many of them were confronted with new problems on how to adapt and to meet changes. 2) Majority of fishermen estimated FEO as an organization of specific technologies with all the thing concerning the fisheries technique in general. Therefore the fishermen wanted to utilize the FEO as an adaptable method for the modern fisheries techniques as well as the environmental changes. 3) In contrast with the fast changes of the fisheries technique, the complexity and variety of technical system and the broadness of fishing village and fishermen, it was revealed that the necessary factors such as the facilities, manpower, budget, and the level of applying techniques of the FEO located in field were highly insufficient. Accordingly, the guiding efficiency was low and the extension services did not provide full solution to the various request from fishermen. 4) It is possible to classify the activation factor for the extension service into two large dimension ; personal dimension relevant to guidance officials and work dimension relevant to the organization. And it was found that the activation level of the work dimension was far lower than the personal dimension between them. So, the activation should be done first in the dimesion to promote the activation of the extension services. 5) The extension services officials are now demoralized in general, thus it is necessary to take reality into consideration : the expense of activity, the adequate endowment of activity scope and the reasonable operation of the position class, etc to enhance its morale. However, in order to do the FES activation, first of all, the systems should be established which is lain unsettled stage until now. And there must be change in the understanding of government i.e. the fisheries extension services are the essential policy subject to build up the base of fisheries growth and modernize the fisheries management. And it should be driven positively with the recognition of the "lasting project".g project".uot;.

• Journal of Intelligence and Information Systems
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• v.22 no.2
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• pp.81-96
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• 2016

As the internet has become widespread and easy to access everywhere, it is common for people to search information via online search engines such as Google and Naver in everyday life. Recent studies have used online search volume of specific keyword as a measure of the internet users' attention in order to predict disease outbreaks such as flu and cancer, an unemployment rate, and an index of a nation's economic condition, and etc. For stock traders, web search is also one of major information resources to obtain data about individual stock items. Therefore, search volume of a stock item can reflect the amount of investors' attention on it. The investor attention has been regarded as a crucial factor influencing on stock price but it has been measured by indirect proxies such as market capitalization, trading volume, advertising expense, and etc. It has been theoretically and empirically proved that an increase of investors' attention on a stock item brings temporary increase of the stock price and the price recovers in the long run. Recent development of internet environment enables to measure the investor attention directly by the internet search volume of individual stock item, which has been used to show the attention-induced price pressure. Previous studies focus mainly on Dow Jones and NASDAQ market in the United States. In this paper, we investigate the relationship between the individual investors' attention measured by the internet search volumes and stock price changes of individual stock items in the KOSDAQ market in Korea, where the proportion of the trades by individual investors are about 90% of the total. In addition, we examine the difference between industries in the influence of investors' attention on stock return. The internet search volume of stocks were gathered from "Naver Trend" service weekly between January 2007 and June 2015. The regression model with the error term with AR(1) covariance structure is used to analyze the data since the weekly prices in a stock item are systematically correlated. The market capitalization, trading volume, the increment of trading volume, and the month in which each trade occurs are included in the model as control variables. The fitted model shows that an abnormal increase of search volume of a stock item has a positive influence on the stock return and the amount of the influence varies among the industry. The stock items in IT software, construction, and distribution industries have shown to be more influenced by the abnormally large internet search volume than the average across the industries. On the other hand, the stock items in IT hardware, manufacturing, entertainment, finance, and communication industries are less influenced by the abnormal search volume than the average. In order to verify price pressure caused by investors' attention in KOSDAQ, the stock return of the current week is modelled using the abnormal search volume observed one to four weeks ahead. On average, the abnormally large increment of the search volume increased the stock return of the current week and one week later, and it decreased the stock return in two and three weeks later. There is no significant relationship with the stock return after 4 weeks. This relationship differs among the industries. An abnormal search volume brings particularly severe price reversal on the stocks in the IT software industry, which are often to be targets of irrational investments by individual investors. An abnormal search volume caused less severe price reversal on the stocks in the manufacturing and IT hardware industries than on average across the industries. The price reversal was not observed in the communication, finance, entertainment, and transportation industries, which are known to be influenced largely by macro-economic factors such as oil price and currency exchange rate. The result of this study can be utilized to construct an intelligent trading system based on the big data gathered from web search engines, social network services, and internet communities. Particularly, the difference of price reversal effect between industries may provide useful information to make a portfolio and build an investment strategy.

• Asia pacific journal of information systems
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• v.20 no.3
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• pp.139-166
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• 2010

The supply chain management (SCM) systems have emerged as strong managerial tools for manufacturing firms in enhancing competitive strength. Despite of large investments in the SCM systems, many companies are not fully realizing the promised benefits from the systems. A review of literature on adoption, implementation and success factor of IOS (inter-organization systems), EDI (electronic data interchange) systems, shows that this issue has been examined from multiple theoretic perspectives. And many researchers have attempted to identify the factors which influence the success of system implementation. However, the existing studies have two drawbacks in revealing the determinants of systems implementation success. First, previous researches raise questions as to the appropriateness of research subjects selected. Most SCM systems are operating in the form of private industrial networks, where the participants of the systems consist of two distinct groups: focus companies and vendors. The focus companies are the primary actors in developing and operating the systems, while vendors are passive participants which are connected to the system in order to supply raw materials and parts to the focus companies. Under the circumstance, there are three ways in selecting the research subjects; focus companies only, vendors only, or two parties grouped together. It is hard to find researches that use the focus companies exclusively as the subjects probably due to the insufficient sample size for statistic analysis. Most researches have been conducted using the data collected from both groups. We argue that the SCM success factors cannot be correctly indentified in this case. The focus companies and the vendors are in different positions in many areas regarding the system implementation: firm size, managerial resources, bargaining power, organizational maturity, and etc. There are no obvious reasons to believe that the success factors of the two groups are identical. Grouping the two groups also raises questions on measuring the system success. The benefits from utilizing the systems may not be commonly distributed to the two groups. One group's benefits might be realized at the expenses of the other group considering the situation where vendors participating in SCM systems are under continuous pressures from the focus companies with respect to prices, quality, and delivery time. Therefore, by combining the system outcomes of both groups we cannot measure the system benefits obtained by each group correctly. Second, the measures of system success adopted in the previous researches have shortcoming in measuring the SCM success. User satisfaction, system utilization, and user attitudes toward the systems are most commonly used success measures in the existing studies. These measures have been developed as proxy variables in the studies of decision support systems (DSS) where the contribution of the systems to the organization performance is very difficult to measure. Unlike the DSS, the SCM systems have more specific goals, such as cost saving, inventory reduction, quality improvement, rapid time, and higher customer service. We maintain that more specific measures can be developed instead of proxy variables in order to measure the system benefits correctly. The purpose of this study is to find the determinants of SCM systems success in the perspective of vendor companies. In developing the research model, we have focused on selecting the success factors appropriate for the vendors through reviewing past researches and on developing more accurate success measures. The variables can be classified into following: technological, organizational, and environmental factors on the basis of TOE (Technology-Organization-Environment) framework. The model consists of three independent variables (competition intensity, top management support, and information system maturity), one mediating variable (collaboration), one moderating variable (government support), and a dependent variable (system success). The systems success measures have been developed to reflect the operational benefits of the SCM systems; improvement in planning and analysis capabilities, faster throughput, cost reduction, task integration, and improved product and customer service. The model has been validated using the survey data collected from 122 vendors participating in the SCM systems in Korea. To test for mediation, one should estimate the hierarchical regression analysis on the collaboration. And moderating effect analysis should estimate the moderated multiple regression, examines the effect of the government support. The result shows that information system maturity and top management support are the most important determinants of SCM system success. Supply chain technologies that standardize data formats and enhance information sharing may be adopted by supply chain leader organization because of the influence of focal company in the private industrial networks in order to streamline transactions and improve inter-organization communication. Specially, the need to develop and sustain an information system maturity will provide the focus and purpose to successfully overcome information system obstacles and resistance to innovation diffusion within the supply chain network organization. The support of top management will help focus efforts toward the realization of inter-organizational benefits and lend credibility to functional managers responsible for its implementation. The active involvement, vision, and direction of high level executives provide the impetus needed to sustain the implementation of SCM. The quality of collaboration relationships also is positively related to outcome variable. Collaboration variable is found to have a mediation effect between on influencing factors and implementation success. Higher levels of inter-organizational collaboration behaviors such as shared planning and flexibility in coordinating activities were found to be strongly linked to the vendors trust in the supply chain network. Government support moderates the effect of the IS maturity, competitive intensity, top management support on collaboration and implementation success of SCM. In general, the vendor companies face substantially greater risks in SCM implementation than the larger companies do because of severe constraints on financial and human resources and limited education on SCM systems. Besides resources, Vendors generally lack computer experience and do not have sufficient internal SCM expertise. For these reasons, government supports may establish requirements for firms doing business with the government or provide incentives to adopt, implementation SCM or practices. Government support provides significant improvements in implementation success of SCM when IS maturity, competitive intensity, top management support and collaboration are low. The environmental characteristic of competition intensity has no direct effect on vendor perspective of SCM system success. But, vendors facing above average competition intensity will have a greater need for changing technology. This suggests that companies trying to implement SCM systems should set up compatible supply chain networks and a high-quality collaboration relationship for implementation and performance.

• Journal of the HCI Society of Korea
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• v.9 no.2
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• pp.41-51
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• 2014

In mobile content services like apps for smart mobile devices in specific, there has been a growing interest in evaluating UX quality to make sure that it provides better experience to users and consequently, secures competitiveness in a market. In that sense, usability testing has been considered as one method that enables designers and design managers to evaluate UI quality before they launch their service. However, those designers have been faced with a following fundamental question to be answere d : Is good UX design a good business? In other words, can well-designed service, which has good usability, actually satisfy target users and improve competitiveness in a market? There is no doubt that usability is one important factor perceived by users. However, it has a limit in terms of evaluating UX quality in macro level, as it mostly focuses on ease of use and efficiency of performing tasks, but does not cover other possible experiential factors, which also can be perceived by users, such as market situation and preexistence experience. Therefore, this research aims to identify key experiential factors in using mobile content services, and establish service UX index model that enables to measure perceived user satisfaction, and identify how UX design contributes to the satisfaction in quantitative way.

• Journal of the Korean Society of Clothing and Textiles
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• v.30 no.3 s.151
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• pp.470-480
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• 2006

Consumer may perceive needs of certain product information online rather than the number of pieces of information available for decision making. In addition, consumers may seek information that is more relevant to apparel category. Moreover, involved consumers intensify information seeking and seek certain information. The purpose of this study is to identify the perceived importance weight of each information cue when shopping apparel via the Internet, to investigate the differences of the perceived importance weight of product information cues in product category, and to examine the relationship between apparel involvement and the perceived importance weight of product information cues. This study employed a single-factor within-subjects design experiment that simulated online purchase situation for two product types, Jeans and a Shirt. A total of 125 college students participated in this study. Results indicated that selected information such size available, price, style, color description, item measurement, stock available, and item quality (in sequence) can be considered as global cues to judge product quality and influence purchase decision regardless of product category. The significant multivariate effects for product category on the perceived importance weight of product information cues were found. Personalization, fiber content, and fabric structure were product specific information cues. Consumers' product involvement significantly influenced the perception of information weight. Therefore, product information can be personalized based on consumer involvement

• The Journal of the Korea Contents Association
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• v.14 no.4
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• pp.110-122
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• 2014

Korea's film industry has been growing over the last 10 years, and there has been much attention to the antecedents of film box office sales both academic and business communities. So far, previous research which explained success factors of film or movie mainly focused on 3 stages, production, distribution and screening. However, these 3 steps are heavily vertically integrated in Korea's firm industry unlike United States. Almost 130% of movie theaters are multiplex chain and operated by film production companies such as CJ and Lotte Entertainment In this situation, film sales are likely to he affected by movie theaters own facilities or location factors rather than movie contents. Based. on resource-based view and S-C-P paradigm, the authors examined "whether movie theater's facilities factors and trade area factors such as accessibility, competitive situation, and population have effect to movie theater's sales revenues. The results showed that the average occupancy of theater is the most important factor to movie theaters sales in both large and small cities. In large cities, movie theater's facilities factors which included vibration seat special sound system, premium movie theater, VIP lounge are relatively important than trade area factors. In contrast, in small cities, location factors and accessibility are the most important factors to movie theaters sales. We discuss the managerial and theoretical implication for the results and the specific limitations are suggested at the end of the paper.

• Journal of Distribution Science
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• v.10 no.12
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• pp.35-43
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• 2012

Purpose - This study analyzes the effects of types of leadership on the employees of Italian restaurants, its efficacy, and organizational citizenship behavior, utilizing a causal assessment model. In this study, independent variables such as the type of leadership perceived in the manager or chef by an Italian restaurant's employees, and its efficacy were parameters, and the organizational citizenship behavior and organizational effectiveness were the variables representing the results in the hypothesis. The study aimed to draw implications by verifying the leadership via efficacy and the impact on organizational citizenship behavior of Italian restaurants. Research design, data, methodology - For the purpose of this analysis, specific questionnaire items were configured according to the theory and efficacy of the study. From a questionnaire used in organizational citizenship behavior comprising 22 questions, six were modified to suit the research purpose of this study. The configured questionnaire comprised 5 parts and 40 items. A Likert (Likert) 5-point scale was utilized to measure responses to the questionnaire items from the employees of an Italian restaurant in Seoul who participated in the survey. For data collection, 400 questionnaires were distributed, and 344 collected. Factor analysis and reliability verification were conducted using SPSS18.0 and AMOS18.0. A covariance structure analysis was conducted to test the research hypotheses. Results - Based on the results of the analyses, the summary and suggested implications of the research are as follows: The covariance structure analysis used to analyze the kind of effect transformational and transactional leadership styles in Italian restaurant employees had on self-efficacy, group-efficacy, and organizational citizenship behavior, indicated that among the characteristics of transformational leadership (such as, idealized influence, inspirational motivation, individual consideration, and intellectual stimulation), idealized influence and individual consideration had a positive influence on self-efficacy. Idealized influence, individual consideration, conditional reward, and management by exception also positively influenced self-efficacy and altruistic and conscientious behavior (organizational citizenship behavior). Conclusions - Results suggest that with regard to self-efficacy and group efficacy, managers in different departments and chefs should provide team members with a vision for the future, increase their confidence in their abilities, and build their trust in the organization. By evaluating employee performance and experiences, management can demonstrate leadership and encourage organizational citizenship behavior through enjoyable, voluntary participation. Transformational and transactional leadership is effective in group processes that include social-exchange relationships, self-efficacy and group efficacy, and organizational citizenship behavior. However, as this research study utilizes only self-reported data, it has several limitations, such as a vulnerability of errors caused by the various experiment types. A significant limitation of this study is the lack of potential for the duplication of results. The covariance structure analysis, however, provides complementation to limit the impact of errors from self-reporting studies. A future study can extend this research by utilizing different data collection methods.