• Asian Journal of Innovation and Policy
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• v.3 no.2
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• pp.172-192
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• 2014

This study aims to analyze the valuation of technology firms in the stock market to answer how before-market entities should be valuated. This study analyzes 230 market reports of 2012 for technology firms in the KOSDAQ under several hypotheses. The results are as follows: 90% used the 3 multiples methods consisting of PER multiples with 80%, PBR multiples 8.7% and EBITDA multiples 1.7%. The average of PER multiples was 15 with the range of 6.9 to 83. That of PBR multiples is 2.27. Forecasting for cash flow is not applied over 4 years, but mainly 2-3 years. The accuracy of forecasting was 18.8%, 34.4% and 8% according to the different definitions. No differences were found in the accuracy of forecasting between valuation methods, between the industries having more intangible assets and the industries having less, and between startups and general companies and between ages and listed ages.

• Asian Journal of Innovation and Policy
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• v.4 no.1
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• pp.35-54
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• 2015

The purpose of this study is to compare the valuation of technology firms in the KOSPI and KOSDAQ. This study analyzed 224 market reports for KOSDAQ firms and 602 reports for KOSPI firms. We compare the two markets under 3 definitions on the accuracy of stock price forecasting. Findings are as follows: Although PER multiples is the most used method of valuation, KOSDAQ valuation more heavily relies on the method than KOSPI valuation. In stock market, the period of earnings forecasting is mostly 2-3 years. Multiples of KOSDAQ is generally higher than those of KOSPI. Even for technology firms, valuation in KOSPI mostly relies on earnings of the company, but that in KOSDAQ mostly relies on relative price. In stock price forecasting, generally overestimation prevails. Moreover, forecasting of KOSPI reports is more accurate than that of KOSDAQ reports. ROE and COE of KOSDAQ firms are generally higher than those of KOSPI firms.

• Journal of Distribution Science
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• v.14 no.4
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• pp.13-20
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• 2016

Purpose - This paper attempts to determine the importance of financial sustainability and the impact of Selling, General and Administrative Expenses (SG&A) on the financial sustainability of the IT industry. Research design, data, and methodology - Primarily the impact of SG&A expenditure on the sales revenue, assets, gross margins and profit is ascertained. After that the impact of SG&A expenditure, sales revenue, assets, gross margins and profit on the financial sustainability i.e., return on assets is worked out. Finally the impacts of financial sustainability i.e., return on assets on total enterprise value and market valuation multiples are found out. Results - The empirical result shows that SG&A expenditure most strongly impacted sales revenue, assets, gross margins and profit positively. Financial sustainability impacted in mixed manner with SG&A expenditure, sales revenue, assets, gross margins and profit. Assets and gross margins have weak positive impact on financial sustainability. Sales revenue has no impact on financial sustainability. Finally financial sustainability had moderate positive impact on total enterprise value and had no impact on market valuation multiples. Conclusions - SG&A expense has moderate positive impact on the financial sustainability and magnitude is very low.

• The Journal of Industrial Distribution & Business
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• v.8 no.2
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• pp.33-38
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• 2017

Purpose - The objective of the current research is to explore success factors of the 'Night Markets' in Korea. Unlike other countries, where the markets are culturally established based upon various socioeconomic factors, the night markets are relatively new phenomena in Korea and are created by the government's support. Since the first introduction in 2011, now there are 34 Night Markets that are operating or are in the process of operation. Some of them attract nearly 100,000 customers a day, while some are discontinued shortly after the introduction due to lack of visitors. Its influence on the customers' behavioral motives of engaging in various activities in the night markets is increasing. However, because of its brief history in Korea, not much of research has cast attention on them. It is imperative to figure out the success factors of the night markets, so that other night markets can learn the secret of successful operation of the markets. Research design, data, and methodology - The research is based upon both qualitative and quantitative data. Data are collected from multiples levels of the night market related parties. Four groups are chosen: customers, night market sellers, sellers' union and government officers who are in charge of the market. Conventional survey formats are employed for customers and night market sellers. For night market union and government officers, survey and in-depth focus group interview methods are applied. Of the night markets in operation, commonalities of successful or well established ones are elaborated. Results - Night Market operation success factor are sought utilizing Porter's The Competitive Advantage of Nations model (1990). Results are shown that successful night markets commonly have satisfactory 'Factor Conditions.' Specifically, established night markets have either nearby big cities or tourist attractions in common. While these have fair 'Firm Strategy/structure/rivalry,' and 'Related and supporting industries,' they commonly demonstrate weakness in 'Demand conditions.' Conclusions - A successful night market incurs new customers not only to the market itself but also to the traditional periodical market the night markets are within. Government support to the night market can be justified where the circulation of new customer to the night market and the night market to the periodical market mechanism is in effective.

• The Journal of Art Theory & Practice
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• no.2
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• pp.169-190
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• 2004

The purpose of this article is to delve into the problems of originality of the artwork by examining issues of reproduction within the contemporary art market. In contemporary arts, especially in terms of art production and consumption, we can't overlook society and its economic structure and its connection with of capitalism. As the purity of art creation has turned into an exchange value, art, especially an object as artwork, has fallen into the status of production in an economic marketing system. Walter Benjamin mainly referred to that point in his thesis Das Kunstwerk im Zeitalter seiner technischen Reproduzierbarkeit, which originated the sociology of plastic arts. This thesis, published in 1936, traced how the artistic functions of photograph and movie had been changed through the social development. His main concerns were movie and photograph but what I am concentrating from his point of view, is that even in the field of plastic arts, the manufacture of reproduction has been practiced as a primary method within the social and political contexts and development. Though I am referring to this in the main body of this article, reproduction in contemporary art strongly needs a new definition since it has been spread all over like a newest virus, not only by collector's personal taste or hut also by commercial circulations of these reproductions to the public. This relates to Benjamin's argument about the value of an exhibition at a museum(Ausstellungswert). Since the function of an artwork has been one of cultural industry, the manufacturing of reproduction raises unexpected problems, such as, the originality of the artwork, the value of an exhibition at a museum, its achievement as documentary and as a territory of art criticism. In this point of view, I want to inquire into the value and criteria of an exhibition in contemporary art through the review of the definitions and the intrinsic attributes of reproduction. Somehow in a broad sense, the reproduction is a product coming out of representation or copy (replica) of an original art work or an model. Therefore, the problems it presents differ from the Simulacre, which is an image without an original one. In terms of the Meanings of reproduction, we can distinguish it as reproductions, copies, and productions. These types of reproductions are not the original artworks reflected by the creative intention of the artists. For example, a publishing company reproduced some of lithographs of Salvador Dali in the 1960s. They are commercial copies in the form of representation or reproduction with no artistic and creative intention of the artist. However, In despite of this theoretical basis, reproductions of the famous artists are still displayed without any verification for of the public's quest for the artworks. Moreover, many commercial companies that are planning to exhibit art works of the world-famous artists only for their profits keep trying to speak ill of and judging by the law the honest art critics' articles which discuss the true values of exhibition. If freedom of expression is one of the ideals of democracy, even the judgment of the originality of the artworks should be freely expressed.