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Venture Capital Investment and the Performance of Newly Listed Firms on KOSDAQ (벤처캐피탈 투자에 따른 코스닥 상장기업의 상장실적 및 경영성과 분석)

  • Shin, Hyeran;Han, Ingoo;Joo, Jihwan
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.2
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    • pp.33-51
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    • 2022
  • This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

A research on priority of the role and function of industrial high school recognized by industrial education specialist (공업계열 고등학교 역할과 기능의 우선 순위에 관한 공업교육 전문가 인식)

  • Oh, Seung-gyun;Kim, JinSoo
    • 대한공업교육학회지
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    • v.33 no.2
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    • pp.97-119
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    • 2008
  • The purpose of this research is to clarify the elements of the function of the role of industrial high schools that its experts perceived. The content of this research is verify the function element required for the performance of the role of specialized education through content validity ratio(CVR). This research adopted the method of literature research and Delphi method, which is to collect and come to an agreement of the opinions of the 26 research panels. The first round is constructed by the semi-constructed questionnaire for the analysis of the opinions of the panels by inductive method. The second round is to categorize the result of the first one into 7 domains, and asked each category by Likert's 5 scale checklists, and statistically analyzed mean, medium, standard deviation, and quartile. The third round is to statistically analyze Mean, standard deviation, medium, and validity ratio(CVR) to reassure the opinions of the panels on the basis of the result of the first one. The categorized contents of the function required for the performance of the specialized education in this research is 'in-service visit and in-service training', 'licence acquiring education', 'employment counseling and job employment information', 'custom-made education connected with industry', 'career education' and 'enhancement of basic career competency'. The panels are divided into professors, teachers, professionals, and policy administrators, and they verified the validity rate of the function role and priority of emphasis. The result showed that the tendency of the education is converting from physical function-centered education to education of emotional attitude and competence of thought.

A Study on the Well-being Related Awareness and Dietary Life Pattern in Urban Housewives (도시 주부들의 웰빙에 대한 인식과 식생활유형에 대한 연구)

  • Park, Young-Sim;Myung, Choon-Ok;Lee, Ki-Wan;Nam, Hae-Won
    • Journal of the Korean Society of Food Culture
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    • v.20 no.5
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    • pp.574-583
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    • 2005
  • To investigate the importance and practice of well-being related dietary life pattern such as purchasing food materials, food habits and eating out, a survey was conducted by questionnaire and 5-point Likert score in Seoul and Gyeonggi-Do, September, 2004 and April, 2005. The responses of 732 housewives who were over 40 years were analyzed by SPSS package program. The results were as follows. Most of them were 40-49 years(74.4%), graduated highschool (66.6%) and their family type was nuclear family type(81.4%). Almost half of them had full-time job (37.1%) and part time job (15.4%). The average importance score of 'food habits', 'purchasing food materials' and 'eating out' were $4.15{\pm}0.91,\;4.06{\pm}0.96\;and\;3.25{\pm}1.01$ respectively. But the average practice score of 'food habits' was greater($3.58{\pm}1.06$) than 'purchasing food materials ($3.19{\pm}1.19$)' and 'eating out($2.54{\pm}1.05$)'. Among 5 types of 'food habits', the type of 'cut down on eating fast food' had the greatest score of importances ($4.31{\pm}0.97$) but the difference between importance and practice was greatest(0.94). Also 'consume home-made food rather than processed or ready to food' showed great scores in importance ($4.28{\pm}0.87$) and practice($3.87{\pm}1.04$). 'Consume fruits and vegetables rather than meats' and 'avoid heavy use of oils' had the importance score of $4.04{\sim}4.19$. But the practice score of 'avoid heavy use of oils' was the lowest($3.39{\pm}0.97$). Among four types of purchasing of food materials, 'purchase domestic agricultural food' was greatest($4.37{\pm}0.78$) and 'don't purchase genetically modified food' 'purchase organic food' and 'purchase whole grain products' were also great ($3.92{\sim}3.99$). But the practice score of 'purchase organic/low chemical foods($2.77{\pm}0.98$)' and 'don't purchase genetically modified food($2.99{\pm}1.41$)' were lowest. 'Go to well being restaurant' in three types of 'eating out' showed greatest in importance($3.35{\pm}0.96$) but the practice score($2.47{\pm}0.10$) was lower than the importance score. Also 'choose menu with comparing calories' had the lower score in practice($2.45{\pm}1.06$) rather than importance score($3.22{\pm}1.03$). In regarding to 'food habits', the importance score were significantly affected by type of food expense (p<0.05) and health status (p<0.05). The importance score of 'purchase food materials' were significantly affected by the type of food expense (p<0.001), type of residence(p<0.05), and self assessment of weight(p<0.05). Monthly income, especially more 400 million won, was the commonly significant effector in practice score of 'purchase food materials' and 'eating out'.

A Study on the New Branding and Customer Integration of the M&A Process : Focused on the Brand Name and Membership System of Two Companies (인수합병 과정의 브랜드 및 고객 통합에 관한 연구 : 백화점의 브랜드 네임 및 회원 통합을 중심으로)

  • Kim, Gyu-Bae
    • Journal of Distribution Science
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    • v.10 no.6
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    • pp.27-37
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    • 2012
  • Many studies have focused on the importance of organizational integration when companies try to achieve growth through mergers and acquisitions (M&A). However, there has been little research that focuses on the new branding or customer base integration of the M&A process, despite the fact that this integration is very important for achieving M&A goals and business performance in industries such as retail. The purpose of this study is to provide an M&A case study of the retail industry, focused especially on the new branding and customer integration of two department stores. This study examined key integration processes in terms of brand name and membership systems of both companies by examining how the merged company achieved its new branding and the integration of its membership systems. The methodology of this research is the case study, which is used in both normative and empirical studies for distribution research in Korea. This research analyzes the case of both new branding and customer membership systems of the two companies. The new branding initiatives of this case centered on decision making including brand extension and brand naming. The customer membership integration of the two companies is analyzed on the basis of the customer reward programs that include both financial and service rewards. This study shows the success factors of new branding and customer integration in the M&A process in terms of achieving marketing goals and business performance as follows: First, companies should identify the integration areas by analyzing the brand and membership of both companies and make a balanced decision for both the customer and company. Second, the goals of new branding and membership integration in the M&A process should not emphasize business efficiency from a short-term perspective but rather should consider brand power and business synergy from a long-term perspective. Third, the post-merger integration process of the brand or customer areas requires not only the organized execution of integration tasks but also follow-up programs for changes in business strategy and marketing-related programs to realize the synergy effects of integrated organization. Although this study provides a detailed review and analysis of the new branding and customer integration processes in post-merger integration and in identifying the primary decision-making areas of these processes, there are some limitations requiring further research that may overcome or compensate for these limitations. The suggested future research areas are as follows: First, since this research is a case study of only one M&A, it makes few theoretical contributions such as new propositions or theories or possibilities for generalization. This limitation can be overcome through further research using multiple cases, which may lead to new propositions. Second, the methodology of this study lacks sufficient rigor in terms of its analytic approach because this case study was developed and analyzed descriptively. Further research is needed to compensate for these limitations, such as using a theory-based approach or comparative analysis approach that makes case analysis more systematic.

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New Perspectives on Sunday School of Korean Church for Next Generation (다음 세대와 한국교회 주일학교의 새 전망)

  • Kim, Jeong Joon
    • Journal of Christian Education in Korea
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    • v.67
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    • pp.11-44
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    • 2021
  • In the early 21st century, the global COVID-19 pandemic, which has arisen during the development of the technological science of the Fourth Industrial Revolution, has been a great challenge in all fields including politics, economy, industry, education and religion in Korean society. To prevent the spread of the COVID-19 epidemic, the Korean government announced 'social distancing guidelines,' focused on the 'prohibition of three conditions'(crowd, closeness, airtight) for safety reasons. These quarantine guidelines made it more difficult for Korean churches and Sunday schools to operate. In general, looking at the statistical data of the major denominations of the Korean Church in the second half of the 20th century, shows that the Church has entered a period of stagnant or declining growth. Data also show that the number of students attending Sunday School is decreasing. The researcher identified four causes of the crisis faced by the Korean church and Korean Sunday school entering the 21st century. These trends are influenced by the tendencies of postmodernism, the deconstruction of modern universalism, the certainty and objectivity of knowledge, and the grand narrative and worldview of diffusion. Moreover, it is a phenomenon in which the young population decreases in contrast to the increasing elderly population in the age of population cliff in Korean society. Sunday Schools are also facing a crisis, as the youth population, who will become the future heroes of the Korean church, is declining. Finally, constraints of Church and Sunday school education activities are due to COVID-19 Pandemic. As analysis shows the loss of the Church's educational vision and a decrease in the passion for education. Accordingly, the researcher suggests four new strategies for the next generation of Korean Sunday schools, whose ranges from 200 members or less; this range covers the majority of Sunday School program run by churches in Korea. First, in the age of postmodernism, a time of uncertainty and relativism, Christian Societies requires teachers who are certain of absolute Christian truth and faith. Second, in an era of declining population cliffs for younger generations, a shift to a home-friendly Sunday school paradigm is needed. Third, during the COVID-19 pandemic, educational activities must appropriately utilize face-to-face and non-face-to-face communication. Finally, even in difficult times, Korean Sunday school should nevertheless remember the Lord's great commandment(Matthew 28:18-20) and restore the vision and passion of education to announce and teach the gospel. The researcher hopes that this study will provide small, positive steps in rebuilding Korean Sunday school educational activities for future generations in difficult times.

1970s Korean film and landscape of Others -with 'family community' and 'death' motif (1970년대 한국 영화와 타자들의 풍경 -'가족'과 '죽음' 모티프를 중심으로)

  • Han, Young-Hyeon
    • Journal of Popular Narrative
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    • v.25 no.4
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    • pp.429-465
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    • 2019
  • This paper analyzed the ways in which "others" were reproduced in Korean movies in the 1970s. In the midst of the social changes of the era, such as urbanization due to rapid industrial modernization, many people became laborers for industry in order to obtain the fruits of modernization.But the landscape of others, which was inevitably produced in the process of constructing such subjects, has been limited to analysis that is focused on gender and youth discourse. This article aims to extract the landscape of others in the 1970s by adopting a different perspective. The way in which the other is present can be divided into the following two categories. First, in 1970s film, the family community, in contrast with 1960s film, has disintegrated and cracked, due to the inability of others to enter or leave the community. The desperate perception that the family community can no longer function as a stable foundation or center of the constitution, and that it cannot have a sense of security and belonging,is revealed through the way the others are wandering in and out of the community. Second, 'Death' is an element of social life in the violence of the national ideology of the 1970s, and the everyday exceptional state. The way in which the 'other' is completely eliminated from the normal subjectivity requested by the state and is deported in film reflectshow everyday death or potential death is part of life of the 1970s. Normal life pursued through rapid urbanization and industrialization leads to the death of the other beings, but the way of existence of others is the desperate reality of the 1970s, when the boundaries of the state that provide stability and belonging are broken. As a result, the landscape of others in the 1970s reveals a violent reality that destroys the perfect middle class family discourse that industrial modernization was oriented around in the 1970s, and that produced masses of others who caused numerous deaths. In spite of regime censorship, Korean films were popularly revealing the violence of life brought in by the 1970s, following a detour of representation.

A Study of Industrial Patients from Selected General Hospitals in the Kyung Pook and Taegu City Areas (일부지역 산업재해환자 실태 연구 -대구, 경북지역 일부 종합병원 중심으로-)

  • 허춘복;남철현
    • Journal of Environmental Health Sciences
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    • v.17 no.2
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    • pp.78-94
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    • 1991
  • The purpose of this study is to research the actual conditions of industrial accident patients and to produce worker satisfaction and a rational and effective counter measure pain. Direct interviews with 179 cases (in and out patients) were carried out during a three month period from April to July 1990, at six hospitals two general hospitals Sun Lin and Sung Mo in Po Hang, and four general hospitals in Taegu Kyung Pook University Hospital, Dong San Medical Center, Young Nam Medical Center and Catholic Hospital. The results of this study are summarized as follows: 1. Among the 179 cases, 51.6 % were male and 48.4 % were female. The two largest age groups were 30~39, 31.8 % and 20~29, 27.4 %. Among the 179 cases, 51.6% were married, the largest family number was 2 to 3, 41.1% and 4 to 5, 25.6%. Educationally, graduation from high school was the largest group, 46.4% among the patients, followed by middle school and primary school. The largest group income level was from 40~69만원, 45.2%. The largest group of patients who worked over 50 hrs. a week was 52.0%. The largest group of patients who worked less than 1 year was 44.7%, of the patients in work places of less than 100 people, 60.3% were injured and in work places of 100~299 people, 20.1% were injured. In manufacturing, the lagest group injured was 55.3%, the next group was transport, stroage, communication. The largest group of production workers injured was 40.2%. 2. The cause of injury in the largest group was facility problems, 33.5%. The next group was unsafe habits, 30.2% a lack of safety knowledge, 17.9% and insufficient supervision, 12.3%. The 30~39 year age group was head the highest number of injuries, 40.4% work places with more than 10 yeras of work, 44.4% work palces with more than 1000 people, 56.3% and mining accidents, 80.0%. Among these groups the highest cause of injury was due to facility problems. 3. The accident pattern showed machinery injuries 28.5% as the largest group, followed by falls & falling objects 17.3%, fire & electric 15.1%, struke by an object 14.5%, followed by overaction and vehicular accidents. The accident pattern showed 46.4 % among workers over the 50 year age group, workers in the 5~10 year group, 50.0 % places employing more than 1000 workers, 35.3 % : construction 73.7%, and construction workers 57.1%, among these fall & falling objects caused the greatest number of injuries. 4. The largest group of injuries was fractures 54.8%, trauma 14.5%, amputation 11.7%, open wound, and burns. The largest number of fractures occurred in people in the 30~39 year age group, 63.2 % over 10 years of work, 55.6% in work places of 300~400 people, 63.6% construction 63.2% and general workers 57.2 %. 5. The largest group of injuries was upper extremity 45.3%, lower extremity 24.0%, trunk 18.5 % and head or neck 12.2%. Of these groups, upper extremity injuries were the highest in those less 20 years old 75.0%, less than 1 years of work 59.5%, in work places of 500~999 people 60.0%, manufacturing 56.6 % and production workers 55.6%. 6. Periods of injury showed 34 people injured in September, to be the largest followed by October, 32 August, 22 people July, 19 people and the lowest December, 2 people. During the week, Friday had the largest group injured, 35 people followed by Saturday, 26 people and the lowest was Wednesday, 17 people, During the day 1400 hours had the largest group injured, 38 people followed by 800 hours, 31 people. 7. On a basis of 5 as the highest mark, the average, according to worker satisfaction showed facility safety 3.55, work environment 3.47, income 3.44, job 3.21 and treatment 2.98. 8. The correlation between general characteristics and injury showed that age was directly correlated to the duration of work(r=.2591) p<0.01, age was directly correlated to industry (r=2311) p<0.01, and the duration was directly correlated to occupation(r =.4372) p<0.001.

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Wetland Function Evaluation and Expert Assessment of Organic Rice-Fish Mixed Farming System (유기농 벼-담수어 복합영농의 습지기능평가 및 전문가 조사)

  • Nam, Hongsik;Park, Kwanglai;An, Nanhee;Lee, Sangmin;Cho, Junglai;Kim, Bongrae;Lim, Jongahk;Lee, Changwon;Choi, Seonu;Kim, Changhyun;Kong, Minjae;Son, Jinkwan
    • Journal of Wetlands Research
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    • v.20 no.2
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    • pp.161-172
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    • 2018
  • A mixed farming system that includes organic rice production and freshwater fish farming is being called into attention in Korean agricultural industry and rural areas in order to improve farm management and environmental conservation. This study was conducted to evaluate the environmental and ecological value of such mixed farming practices. Expert assessment and rapid assessment method (RAM) of wetland evaluation were employed for this study. Experts have responded that biodiversity conservation including amphibian and reptile habitat (2.39), aquatic insect habitat (2.36), Fishery habitat (2.34), vegetation diversity (2.13), avian habitat (2.05), and experience and education were the most important function of mixed farming. The wetland function evaluation conducted using modified RAM indicated that rice-fish mixed system showed improvements in most of the evaluated functions, compared to the conventional rice paddies. The overall wetland function of rice paddies in rice-fish mixed system was greatly improved as compared with the conventional rice paddies. Rice paddies are known to play an important role in biodiversity maintenance, and provide ecosystem services such as climate modulation and carbon reduction. Rice-fish mixed system of farming may not only improve various ecosystem services of rice paddies, but may increase farm income through value added fish farming, as well as promotion of social services such as education and maintenance of tradition. Additional research is needed for quantitative analysis of the values gained from the most improved wetland function when mixed farming system is actually put into practice, and to utilize the results in advertising of the organic rice, and in various sectors such as food, education and direct payment policy.

An Empirical Study on Classification, Business Type, Organizational Culture on Performance of Korean IT SMEs·Venture (중소·벤처기업의 업종, 영업형태, 조직문화가 기업성과에 미치는 영향에 관한 연구: 삼원분산분석(3-way ANOVA)을 중심으로)

  • Roh, Doo-Hwan;Hwang, Kyung-Ho
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.14 no.2
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    • pp.221-233
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    • 2019
  • In Korea, small and medium sized domestic enterprises(SMEs) play an pivotal role in the national economy, accounting for 99.9% of all enterprises, 87.9% of total employment, and 48.3% of production. and SMEs was driving a real force of the development of national economy in many respects such as innovation, job creation, industrial diversity, balanced regional development. Despite their crucial role in the national development, most of SMEs suffer from a lack of R&D capabilities and equipments as well as funding capacity. Public R&D institutes can provide SMEs with valuable supplementary technological knowledge and help them build technological capacity. so, In order to effectively support SMEs, government and public R&D institutes must be a priority to know about the factors influencing the performance related to technology transfer and technological collaborations. In particular, SMEs are not only taking up a large portion of the national economy, but also their influence in politics and economy so strong that raising the competitiveness of small and medium-sized companies is a national policy goal that must be achieved in order to achieve sustained economic growth. For this reason, it is necessary to look specifically at the relationship between concepts such as the environment, strategy, and organizational culture surrounding the enterprise to enhance the competitiveness of SMEs. The paper analyzes 665 companies to find out which organizational culture affects their performance by classification and type of business of SMEs. This study demonstrated that when SMEs seek consistency in their external environment, strategies, and organizational structure to maintain their continued competitiveness. According to three-way analysis of variance (3-way ANOVA) indicates that classification of industries in SMEs has statistically significant main effects, but the type of business and organizational culture do not have significant effects. However, the company's organizational performance (operating profit) of SMES were found to differ significantly in comparison between groups according to classification standards of industries, and therefore adopted some parts. In addition, an analysis of the effect of interaction between the three independent variables of small and medium-sized enterprises has shown that there are statistically significant interaction effects among classification, types of business, and organizational cultures. The results shows that there is an organizational culture suitable for each industry classification and type of business of an entity, and is expected to be used as a basis for establishing promotion policies related to the incubation and commerciality of small and medium-sized venture companies in the future.

Gangneung Haksan Odokttegi Heritage and Performance Contents (강릉학산오독떼기유산과 공연콘텐츠)

  • Lee, Chang-Sik
    • (The) Research of the performance art and culture
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    • no.38
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    • pp.249-275
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    • 2019
  • Gangneung farm song is important for the ritualistic labortheatricals. Especially, in the theatrical process program, the songsof weeding, such as Haksan Odokkteggi and Ssadae, were alsoincluded to represent the agricultural ritualistic prayer for goodharvest. The use of Gangneung farm song is attractive in termsofthe circumstances. There is no chance of success as a plan simplyfor local events. As a comprehensive art, Gangneung farmsongshould simultaneously revitalize locality, representability andglobality. In this context, three directions are suggested dependingon the development progress. The second direction to the thirddirection are mainly oriented toward government-local authoritycentered support, but, in particular, the third direction should aimtobe an open archive in which the public and the contents prosumercan participate. In the production of the traditional content, OSMUmust be endlessly recreated and spread through 'diversity' and'interrelationships'. The contents utilization was discussed based on the transmissiondetails and analysis evidence of Gangneung Haksan Odokttegi. Thediversification of the way of performing farm song and the folk songs that can induce interest were proposed. Furthermore, basedon the fact that 12 songs classified into 8 work types, there-creation of the contents that focus on the playful aspect of theperforming arts was also proposed. In addition to suggestingthedesirable discourse of the performance groups, the experienceprogram development, education, public relations andcommunication reinforcement based on the narrating principlesoffarm songs, and the development and execution of farmsongprograms based on the tradition and the event demands wereproposed. While mentioning the necessity of value creation, thevitality of performing arts skills that put emotion, imagination, fun, sympathy, and etc. on the original form and the model of farmsongs should be supplemented to Gangneung Haksan Odokttegi. The independent transmission aspect of Gangneung Arirangisalso positive. There are difficulties of reduction of traditionalitydueto the designation, standardized transmission, lack of developmentof voluntary performances, and demonstration-centeredtransmission. Narrowly, we focused on the education andvitalization directions in terms of the capacity building of theconservation council itself. By embodying the essential value of theagricultural literature that farm songs possess, it can bringimpression of all worlds, all lives, communication and sharing, anddraw inspiration from the humanistic view of the world andemotion. The reconstitution of agricultural heritage, theconstruction of a storytelling linked with the concrete objects suchas Beomil National Preceptor, Gulsansa, FlagpoleSupport(Dangganjiju), Seokcheon, Hakbawi rock, and etc., andtheestablishment of fusion type farm song museum were proposed. In terms of culture industry, we requested active support fromtheinstitutions including local governments and various farmsongstorytelling creation projects.