• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.5
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• pp.2096-2109
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• 2012

This study investigates empirical issues that have received little attention in the previous research in the Korean capital market. It is to find any financial determinants on the capital structure for the firms listed in the KOSDAQ(Korea Securities Dealers Automated Quotation). Another test is performed to find any possible discriminating factors by utilizing a robust methodology, which may distinguish between the firms belonging the 'prime section' and the 'venture section' in terms of their financial aspects. Moreover, the null hypothesis that the changing trend or movement of a firm's capital structure with respect to its industry mean (or median) may be random, is also tested. For the book-value based debt ratios, size(INSIZE), growth(GROWTH), Market to book value of equity(MVBV), volatility(VOLATILITY), market value of equity (MVE) and section dummy (SECTION) showed their statistically significant effects on the book-value based leverage ratios, respectively, while size(INSIZE), growth(GROWTH), market value of equity(MVE), beta(BETA) and section dummy (SECTION) showed their statistically significant effects on the market-value based leverage ratios. This study also found an interesting result that a firm belonging to each corresponding industry has a tendency for reversion toward its mean and median leverage ratios over the five-year tested period.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.19 no.5
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• pp.25-32
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• 2019

The purpose of this study is to investigate how to make a proper investment in ICO in the market. Previously, companies used to borrow money from banks or to obtain investments from venture capital (VC) and angel investors, but now ICOs are used as a new type of funding and financing model. The ICO sells the tokens or coins created on the blockchain openly online to raise the necessary funds, and provides the market value by paying the tokens or coins as much as the investment amount. According to this study, the limitations of the ICO market are (1) difficulties in evaluating the company, (2) uncertainties in investments, (3) lack of legal safeguards, and (4) measures to secure corporate stability after recruitment. At present, there is no way to cope with this systematically since the ICO is not protected in the legal framework. Nevertheless, we investigated the ways to make proper investment in the existing ICO market. In investing in ICO, investors should (1) consider investment methods and profitability, and (2) verify and judge investment fraud through various channels (ex. Homepage, composition team profile, etc.) and make investments based on this. This study will contribute to the formation of a healthy ICO market by understanding the newly emerged ICO market and studying the considerations when investing in it, thereby contributing to the right investor training and reducing the mass production of consumer damages caused by fraud. The limitation of this study is that the domestic ICO has not yet been examined in the legal framework, so further research is needed when policy changes occur in the future.

• Journal of Service Research and Studies
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• v.10 no.4
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• pp.89-100
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• 2020

The smart factory is an important axis of the 4th industrial revolution. Smart factory is a system that induces the maximum efficiency and effectiveness of production using the IoT and intelligent sensing systems. The product lifecycle management technique is a method that can actively reflect the consumer's requirements in the smart factory and manage the entire process from the consumer to the post management. There have been many studies on product lifecycle management, but studies on how to organize product lifecycle management knowledge domains in preparation for the era of the 4th industrial revolution were insufficient. This study analyzed the opinions of a group of experts preparing for the 4th industrial revolution in terms of product lifecycle management. The impact of the 4th industrial revolution on the detailed knowledge areas of product lifecycle management was investigated. The changes in product lifecycle management were summarized using a qualitative data analysis technique for a group of experts. Based on the opinions of experts, the product lifecycle management, which consists of a total of 30 detailed knowledge areas, was prepared to supplement or prepare for the 4th industrial revolution. This study investigates changes in product lifecycle management in preparation for the 4th industrial revolution in the knowledge domain of the existing defined product life cycle management. In future research, it is necessary to redefine the knowledge domain of product life cycle management suitable for the era of the 4th industrial revolution and investigate the perception of experts. Considering the social culture and technological change factors of the 4th industrial revolution, the scope and scope of product life cycle management can be newly defined.

• Journal of Venture Innovation
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• v.1 no.2
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• pp.47-59
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• 2018

With the recent, rapid changes in the socio-economic environment, organizations of today are now required to present a framework of realistic consumer behaviors based on psychology, economy, and finance, in order to understand their investing customers. Stock investors show differences in terms of their decisions or evaluations in the process of investing. This is due to what is called the 'framing effect.' The decision frames of the investors are defined differently, and, as a result, this affects the decisions made by the investors. Preceding studies on stock investment rarely touched the topic of the effect of message framing on market participants in their stock investment, especially regarding the differences in terms of their risk management behaviors based on the message framing in stock investment. Therefore, the purpose of this study is to examine the influence of stock investment message framing on market participants in their investment decision making and empirically validate whether this message framing effect has a moderating effect on the factors of investment satisfaction. For this, 494 participants with stock investment experiences were interviewed from May 1 to 26, 2018, and the results were used as the data for the empirical analysis. The analysis of the data was conducted using SPSS 22.0 statistical analysis software. The results of this study were as follows; First, of the stock investment behavioral factors, the stock comprehension, recommendation by others for a stock, and the degree of risks of a stock affected stock investment satisfaction in a positive manner. And, of the behavioral factors of stock investment, stock comprehension, stock brand, recommendation on the stocks from others, past performances, and risk levels of stocks affected the intent of continued stock investment in a positive manner. Second, message framing turned out to affect stock investment satisfaction in a positive manner, and it also had a significant moderating effect to the relationship between the stock investment behavior and stock investment satisfaction. Third, message framing was found to affect continued stock investment intent significantly, with a significant moderating effect in the relationship between stock investment behavioral factor and continued stock investment intent.

• Knowledge Management Research
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• v.24 no.1
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• pp.245-271
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• 2023

The change to the data economy requires a new analysis beyond ordinary research in the management field. Data matching refers to a technique or processing method that combines data sets collected from different samples with the same population. In this study, statistical matching was performed using random hotdeck and Mahalanobis distance functions using 2020 Survey of Korea Venture Firms and 2020 Korea Innovation Survey datas. Among the variables used for statistical matching simulation, the industry and the number of workers were set to be completely consistent, and region, business power, listed market, and sales were set as common variables. Simulation verification was confirmed by mean test and kernel density. As a result of the analysis, it was confirmed that statistical matching was appropriate because there was a difference in the average test, but a similar pattern was shown in the kernel density. This result attempted to expand the spectrum of the research method by experimenting with a data matching research methodology that has not been sufficiently attempted in the management field, and suggests implications in terms of data utilization and diversity.

• Journal of Venture Innovation
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• v.4 no.2
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• pp.29-42
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• 2021

The stress on finding a job is also increasing in a situation where the difficulty in finding a job is aggravating due to the COVID-19 pandemic. In this study, the major satisfaction of college students was subdivided into subject satisfaction and relationship satisfaction, and the relationship between these and job-seeking stress was investigated. In addition, We tried to find out whether there is a difference in the influence relationship between these majors according to their current major, that is, whether they majored in a science, engineering major or a social science major. The population for the study was the students currently enrolled in the 4th grade, and the research sample was obtained from students of H and N universities in the metropolitan area. A total of 220 people were analyzed, 110 people from science and engineering and 110 from social sciences. For analysis, SPSS 24.0 and Process Macro 5.0 were used. The empirical analysis results are as follows. First, subject satisfaction had a negative (-) effect on job-seeking stress. Second, relationship satisfaction also had a significant negative (-) effect on job-seeking stress. Third, there was a significant difference between science, engineering students and social science students in the effect of subject satisfaction on job-seking stress. Fourth, in the effect of relationship satisfaction on job-seeking stress, there was also a significant difference between science, engineering students and social science students. Therefore, the higher the satisfaction with the major you are majoring in, the lower the job-seeking stress, and the extent of this decrease is social science students were larger than science, engineering students. It is necessary to be cautious in generalizing the results of this study, which was made in the context of the COVID-19 pandemic. Based on the empirical analysis results, the academic and practical implications of this study are presented.

• Journal of Venture Innovation
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• v.6 no.4
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• pp.99-111
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• 2023

This study aims to confirm that consumers' satisfaction with online shopping websites has changed to a phenomenon different from the past. In other words, in a situation where the use of e-commerce is expanding worldwide after the pandemic and various types of commerce such as mobile commerce and social commerce are formed, the consumer's information processing and decision-making process are meaningful in examining the behavior that has been changed based on the perceived motivation level of consumers by the new environment according to the consumption value and personal characteristics perceived by the consumer. In other words, the purpose of this study was to investigate the effect of consumption value and need for cognition on the satisfaction toward online websites as a mediating role in the trust of the website. As a result of testing Hypothesis 1, not only the hedonic value of the consumer for the website but also the utilitarian value had a positive influence on the satisfaction toward the website, and in particular, the utilitarian value showed a relatively greater influence than the hedonic value. However, the negative relationship between the need for cognition and satisfaction was found to be at a significant level under one-sided verification. In Hypothesis 2, only the utilitarian value among the consumption values of 2-1 showed a positive effect on satisfaction through a mediating role of trust. It was confirmed that the utilitarian value among the consumption values was an important factor in the satisfaction toward the website. The significance of this study is that, unlike previous research results, not only consumption value based on senses and emotions but also utilitarian value has a greater influence. Therefore, utilitarian value and need for cognition have a stronger influence on satisfaction if they play a mediating role based on the trust of the website used by consumers. These findings reflect the current market trend of online consumption, and they are helpful in the management and strategy of online websites based on consumer behavior understanding and major factors.

• Journal of Venture Innovation
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• v.6 no.4
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• pp.63-81
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• 2023

The purpose of this study was to utilize the Photovoice qualitative research method targeting university students. Through this method, we aimed to understand the perceptions of environmental issues, environmental barriers, and eco-friendly behaviors among university students. By employing the Photovoice methodology, we sought to share the perspectives of university students on eco-friendly behaviors, explore the motivations and manifestations of these behaviors, and reflect on their significance. The ultimate goal was to provide practical suggestions for fostering eco-friendly behaviors through an in-depth examination of the visual narratives and reflections of university students. Under the overarching theme of the environment, participants were given the opportunity to individually select and explore three specific sub-themes: 'My Concept of the Environment,' 'Environmental Barriers in My Life,' and 'My Eco-friendly Behaviors.' Participants engaged in the process of capturing photographs from their daily lives related to each theme, expressing their thoughts and perspectives through the selected images. Subsequently, they shared and discussed their insights, actively listening to the opinions of others in the group. The results of this study revealed several key findings. Firstly, participants assigned meaning to the photographs they selected by directly capturing aspects related to the environment, such as 'waste,' 'discomfort,' 'fine dust=environmental pollution,' and 'indifference.' Secondly, participants attributed meaning to the selected photographs related to environmental barriers, associating them with concepts like 'invisibility,' 'apathy,' 'social stigma,' 'inefficiency,' and 'compulsion.' Lastly, participants ascribed significance to photographs selected in the context of eco-friendly behaviors, with themes like 'recycling,' 'energy conservation,' 'reuse,' and 'reducing the use of disposable items.' Based on these research findings, the confirmation of the V-A-B (Values-Attitudes-Behavior) model was established. It was observed that consumers structure a hierarchical relationship between their personal values, attitudes, and behaviors. The study also identified clear impediments in consumers' daily lives hindering the practice of eco-friendly behaviors. In light of this, the research highlighted the need for strategies to address the discomfort or inconvenience associated with implementing environmentally friendly consumer behaviors. The implications of the study suggest that interventions or solutions are necessary to alleviate barriers and promote a more seamless integration of eco-friendly practices into consumers' daily routines.

• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.77-90
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• 2023

This study aims to investigate the potential of alternative credit assessment through Social Networking Sites (SNS) as a complementary tool to conventional loan review processes. It seeks to discern the impact of SNS usage characteristics and loan product attributes on credit loan repayment. To achieve this objective, we conducted a binomial logistic regression analysis examining the influence of SNS usage patterns, loan characteristics, and personal attributes on credit loan conditions, utilizing data from Company A's credit loan program, which integrates SNS data into its actual loan review processes. Our findings reveal several noteworthy insights. Firstly, with respect to profile photos that reflect users' personalities and individual characteristics, individuals who choose to upload photos directly connected to their personal lives, such as images of themselves, their private circles (e.g., family and friends), and photos depicting social activities like hobbies, which tend to be favored by individuals with extroverted tendencies, as well as character and humor-themed photos, which are typically favored by individuals with conscientious traits, demonstrate a higher propensity for diligently repaying credit loans. Conversely, the utilization of photos like landscapes or images concealing one's identity did not exhibit a statistically significant causal relationship with loan repayment. Furthermore, a positive correlation was observed between the extent of SNS usage and the likelihood of loan repayment. However, the level of SNS interaction did not exert a significant effect on the probability of loan repayment. This observation may be attributed to the passive nature of the interaction variable, which primarily involves expressing sympathy for other users' comments rather than generating original content. The study also unveiled the statistical significance of loan duration and the number of loans, representing key characteristics of loan portfolios, in influencing credit loan repayment. This underscores the importance of considering loan duration and the quantity of loans as crucial determinants in the design of microcredit products. Among the personal characteristic variables examined, only gender emerged as a significant factor. This implies that the loan program scrutinized in this analysis does not exhibit substantial discrimination based on age and credit scores, as its customer base predominantly consists of individuals in their twenties and thirties with low credit scores, who encounter challenges in securing loans from traditional financial institutions. This research stands out from prior studies by empirically exploring the relationship between SNS usage and credit loan repayment while incorporating variables not typically addressed in existing credit rating research, such as profile pictures. It underscores the significance of harnessing subjective, unstructured information from SNS for loan screening, offering the potential to mitigate the financial disadvantages faced by borrowers with low credit scores or those ensnared in short-term liquidity constraints due to limited credit history a group often referred to as "thin filers." By utilizing such information, these individuals can potentially reduce their credit costs, whereas they are supposed to accrue a more substantial financial history through credit transactions under conventional credit assessment system.