• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.145-158
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• 2021

The purpose of this study is to examine the influence of the ownership structure of unlisted firms on KOSDAQ listing. There are few studies analyzing the characteristics of listing success based on ownership structure. For startup executives, there is not enough data to refer to the ownership structure that can increase the possibility of listing. This paper examines the effects of ownership structure on IPO success through comparison between listed successful and failed companies among the companies in application for KOSDAQ listing eligibility review. The major findings are as follows; (1) Venture capital investment and shareholding have a statistically positive effect on the success of KOSDAQ listing. This results indicate that the venture capital's investment alleviate the problem of information asymmetry, and it is a valid signal for market participants. The result means the role of venture capital seems to be important when companies are listed on the KOSDAQ. (2) The largest shareholder's stake has an inverted-U shape relationship with listing success. In other words, the ownership concentration mitigates moral hazard problem, which leads to listing success. However, if the ownership concentration exceeds a certain level, the chances of success in listing will decrease due to concerns over the pursuit of private interests. The result suggests that the largest shareholder's stake reduce agency problem. This study academically contributes to the existing literature by demonstrating the ownership structure affects IPOs, and explaining the results based on agent theory and signal theory. Our results provide practical implications for companies preparing for an IPO on the KOSDAQ.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.27-63
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• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

• Korea Trade Review
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• v.41 no.1
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• pp.41-66
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• 2016

This paper analyzes the firms value and the business performance before and after Chinese firms got listed in the U.S. First of all, it was separated into term before U.S listed and after listed, and looked whether there was any change in the Tobin'Q. After listed, as time went on Tobin'Q decreased more. In terms of net sales growth rate, it dropped significantly after U.S IPO. Operating profits and net profits rate increased more after being listed in large corporation, but in small corporation cases, it produced an opposite effect on debt ratio and net interest cost. Interest burden continued to fall after being listed in small corporation, and it couldn't find the investment profitability, nor could it utilize ROE, ROI variable. ROE, ROI continued to fall after being listed, but current ratio and quick ratio increased significantly in small corporation. From this results, we can infer that the financial liquidity showed signs of improvement after being listed.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2021.10a
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• pp.458-460
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• 2021

The provision and application of public safety network in Korea is still insufficient for security response to the mobile app of public safety network in the stages of development, initial construction, demonstration, and initial service. The available terminals on the Disaster Safety Network (PS-LTE) are open, Android-based, dedicated terminals that potentially have vulnerabilities that can be used for a variety of mobile malware, requiring preemptive responses similar to FirstNet Certified in U.S and Google's Google Play Protect. In this paper, before listing the application service app on the public safety network mobile app store, we construct a data set for malicious and normal apps, extract features, select the most effective AI model, perform static and dynamic analysis, and analyze Based on the result, if it is not a malicious app, it is suggested to list it in the App Store. As it becomes essential to provide a service that blocks malicious behavior app listing in advance, it is essential to provide authorized authentication to minimize the security blind spot of the public safety network, and to provide certified apps for disaster safety and application service support. The safety of the public safety network can be secured.

• Journal of Korean Library and Information Science Society
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• v.11
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• pp.143-173
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• 1984

This study has been done to review the historical development of the cataloging system of books with emphasis on those in England and the U. S. The findings can be summarized as follows: (1) In 1844, Sir Panizzi invented what seems to be the first of its kind in history to list the inventory systematically at the British Museum. It is believed to be a complete system consisting of 91 articles. (2) A comparatively systematic system was developed in America by Jewett. in 1852. Composed of only 39 articles, the system is considered a renovative one worked out with due regard to the infrastructure of a library. (3) In 1876, a classic system based on a lexicographical order was set up by Cutter. Rated as the best one that was designed by an individual, the theory has since exercised widespreading effects on cataloging. (4) American and British library scientists collaborated in printing several editions of numerous volumes on the principles of classification, but they are not believed fully successful in establishing a consistent and compressive system. Their efforts found significance rather in their being the first international collaboration and setting a foundation upon which the international system of today has been developed. (5) The ALA Rule, published concurrently in ALA and LC in 1949, had two parts in its classification, the list of authors and that of titles. Its scientific classification has completed the cataloging of books in its developmental stage. (6) The 1967 American-British Rules integrated the cataloging systems published under separate covers by authors and titles. The system as well as the 1961 Paris System has greatly contributed to the standardization of bibliographical description throughout the English-speaking countries. The International Standard Book Description standardized Bibliographic system has enabled the librarians in different countries to exchange their bibliographical sources easily, helped to overcome the language barrier in listing and contributed to the efficient reading of bibliographical records through machines. (7) The second edition of the Angelo-American cataloging Rules, promulgated in 1978 under the influence of the international standard bibliographical description, was the one in which all the previous Rules were revised to have their strong points. The adoption of punctuation system to employ the computerized data processing and the standardization of description are expected to improve the cataloging system not only in the English speaking countries but in the Universal Bibliographic Control as well.