• Korean small business review
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• v.39 no.2
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• pp.89-107
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• 2017

This study investigates the effect of risk avoiding activities and characteristic of venture capital on the financial performance of invested companies. Based on the review on the literature, we present staged financing, syndicated investment and preferred stock investment as the measurements for risk avoiding activities. Types and age of venture capital were chosen as the variables for characteristic. The financial performance data of the invested companies was derived from their publicly announced yearly financial report. Data were analysed using logistic regression technique. The result show that syndicated investment and independent venture capital have positive influence on the growth of sales revenue and asset of the invested companies. Age of venture capital appears to be positively associated with growth of sales revenue. Staged financing and preferred stock investment, however, have no impact on any financial growth and profitability. Activities and characteristic of venture capital show no influence on the profitability.

• Plant Journal
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• v.8 no.3
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• pp.42-48
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• 2012

Under traditional analysis of the capital budgeting, NPV, it is assumed that management cannot react to deviation from the expected scenario of cash flow at the time of evaluation. In practice, however, it is less likely that the expected scenario will come true when new information arrives and uncertainty is resolved. Uncertainty and risk can be influenced through 'managerial flexibility', which becomes a central instrument for value creation. Real option framework including option to defer, option for staged investment, option to alter, option to abandon, option to switch, etc. takes this managerial flexibility into account. Therefore, it is more appropriate to use real option method to evaluate the project than the traditional DCF(discounted cash flow) tool if the firm has high volatility of the expected returns.

• Journal of Technology Innovation
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• v.26 no.4
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• pp.29-56
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• 2018

The purpose of this research is to examine whether investment portfolio composition affects the technological performance of corporate venture capital (CVC). The stages of investment are categorized from "start-up/seed", "early", and "expansion", to "later" stage. We posit and test that the investment stage composition in a portfolio is highly correlated with the growth potential and downside risk of the portfolio, which in turn influences an investor's innovation performance. To test this hypothesis, we used negative binomial panel regression with 21 years of deal data from 70 cases of CVC. The results show that there is an inverted U shaped relationship between investment portfolio composition and technological performance. This means that the more seed or early stage investment within the investment portfolio, the higher the innovation performance; however, if the amount of seed or early stage investment is over a certain level, the performance decreases. Further, this study finds that the external partners of a venture negatively moderate the inverted U shaped relationship between portfolio composition and innovation performance. We believe that corporate planners, venture capitalists, and policy makers will be helped by these results showing that companies can maximize their investment performance by considering the investment stage and progress of investments.

• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.211-246
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• 2008

This paper evaluates the role of Korean government in the venture capital industry, in particular in the stages of fund-raising and venture investment. Utilizing data from Korean Venture Capital Association (KVCA), the analysis is conducted for the venture boom and post-boom periods separately. Empirical results show that the government played a significant role in the fund-raising stage in both venture boom and post-boom periods. When it comes to the investment stage, however, the empirical results indicate that the government did not accomplish expected roles. In particular, the government failed to induce investments in the outside funds of which the government had a larger stake toward early-staged firms and guide common stock investments during the venture boom period. The empirical outcomes also show that the government has not properly increased venture investments on high-tech industries during the post-boom period. This paper argues tentative reasons why the policy failures were observed in relation to the policy implications and provide several pieces of supporting evidence.

• Journal of Korea Entertainment Industry Association
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• v.14 no.3
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• pp.191-200
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• 2020

Companies are seeking to maximize profits through exports and imports in the ultra-fast, ultra-high-speed modern society. It is only possible to sustain its survival if it targets the global market, not based on any specific region. The K-POP group is also targeting overseas markets in a manner similar to the various global strategies used when companies make inroads into foreign markets, including exports, contracts and direct investment. The K-POP group is engaged in various forms of activities, ranging from simple forms of performance (export) that are visited and staged by an invitation from a certain foreign country to series performances (license) by an invitation from a local promoter and tour performances using its capabilities. The K-POP group is seeking to go beyond the art of single-stage performances and make a systematic plan and make inroads into foreign countries in the form of direct investment suitable for each foreign country. The K-POP group made inroads into overseas markets in the form of simple performances from the late 1990s to 2005, when 'Korean Wave' was first introduced. Group H.O.T., etc. are typical examples. Since then, it has sought to enter overseas markets in the form of franchises by accepting overseas members by 2018, starting with Super Junior in 2005. Since then, the K-POP group in the form of joint investment attempted as group IZ*ONE in 2018 appeared, and a voice story came out in September 2018 when South Korea's JYP Entertainment and Tencent of China joined forces. Unlike K-POP Group, which has entered foreign markets with a global strategy based on the existing export method (H.O.T.), 'Boystory' is a representative group that is made with joint investment, which is a direct investment method. In February 2020, RBW released 'D1Verse,' a five-member group selected by Vietnam's reality show, as a joint investment-type group. This shows the possibility that domestic and foreign companies will release a group in the form of joint investment in order to pursue both globalization and localization.

• The Korean Journal of Community Living Science
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• v.15 no.4
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• pp.113-125
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• 2004

The objective of this study was to analyze the evaluation of the rural resident's on their community at view of community life satisfaction. The specific purposes of this study were to identify the degrees of community life satisfaction, consciousness of rural community according to the individual variables. The data were gathered from 1,870 rural residents by the structured interview in the 187 communities sampled by multi-staged cluster stratified sampling method in November, 2003. The major findings of this study were as follows; first, the degree of the rural residents'community life satisfaction was generally low, especially the rural residents were dissatisfied with the opportunities of leisure and education environment in their communities, and by half were satisfied with housing environment. Second, as consciousness of rural community, the degree of rural resident's joining at community meeting was high, and openness to the outside residents' was high. third, the most important factor for consciousness of rural community were community organization, good neighbor. As result of this study, the following conclusion and recommend can be drawn. First, the level of rural resident's community life satisfaction is overall low. Especially it is needed policy efforts and priority investment for advancing satisfaction on leisure and education environment in rural community. Second, to foster rural resident's community consciousness, community orgaruzatlon Is first of all supported and activated. Through viability of these community organization, rural resident's participation in community welfare will be enhanced