• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.5 no.4
• /
• pp.1-34
• /
• 2010

Recently, failure rates of Kosdaq IPO firms are increasing and their survival rates tend to be very low, and when these firms do fail, often times backed by a number of governmental financial supports, they may inflict severe financial damage to investors, let alone economy as a whole. To ensure investors' confidence in Kosdaq and foster promising and healthy businesses, it is necessary to precisely assess their intrinsic values and survivability. This study investigates what contributed to the failure of IPO firms and analyzed how these elements are factored into corresponding firms' stock returns. Failure risks are assessed at the time of IPO. This paper considers factors reflecting IPO characteristics, a firm's underwriter prestige, auditor's quality, IPO offer price, firm's age, and IPO proceeds. The study further went on to examine how, if at all, these failure risks involved during IPO led to post-IPO stock prices. Sample firms used in this study include 98 Kosdaq firms that have failed and 569 healthy firms that are classified into the same business categories, and Logit models are used in estimate the probability of failure. Empirical results indicate that auditor's quality, IPO offer price, firm's age, and IPO proceeds shown significant relevance to failure risks at the time of IPO. Of other variables, firm's size and ROA, previously deemed significantly related to failure risks, in fact do not show significant relevance to those risks, whereas financial leverage does. This illustrates the efficacy of a model that appropriately reflects the attributes of IPO firms. Also, even though R&D expenditures were believed to be value relevant by previous studies, this study reveals that R&D is not a significant factor related to failure risks. In examing the relation between failure risks and stock prices, this study finds that failure risks are negatively related to 1 or 2 year size-adjusted abnormal returns after IPO. The results of this study may provide useful knowledge for government regulatory officials in contemplating pertinent policy and for credit analysts in their proper evaluation of a firm's credit standing.

• Journal of Technology Innovation
• /
• v.22 no.4
• /
• pp.235-259
• /
• 2014

New product or new technology developments are directly linked to a firm's survival and thus their performance and improvement are gaining attention in the midst of rapidly changing business environment and aggravating competition. However, despite SMEs' significance in the national economy, they are limited in terms of size and resources in possession, so the government provides a variety of supports as a policy. According to a study on the organizational life cycle, a firm's limits and difficulties differ by growth stage, so the supports need to be tailored. Based on the data from 2,575 firms that responded to the "2011 SMEs Technological Statistics," how technological capability level and deviation in the R&D process affect the R&D sales performance was studied. The result of analysis revealed that the technological capability has a positive impact on the R&D sales performance. It was also learned that the relationship between deviation in the technological capability and R&D sales performance was moderated by the government support. For the hypothesis that the government support would have a different moderating effect by growth stage for the impact the technology level has on the R&D sales performance, the empirical analysis showed a different meaningful moderating effect for each growth stage. The theoretical implications of the study are that, instead of a simple relation of dynamics that does not take the growth stages into account, it suggested a more realistic causal relationship model that reflects the complex environment the SMEs are in and that the need for measuring and using the deviation in technological capability as a research variable has been justified. The practical implications are that the government policy for supports can be tailored to a growth stage and that the guidelines have been suggested to effectively use the government funding by encouraging the SMEs in a different growth stage to adapt to the customized policy.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.31 no.1D
• /
• pp.119-126
• /
• 2011

High-speed railway raises global interests with the growing concerns on the green development and the green energy. However, since most of the infrastructure investment of Korea was focused on the highway projects for last forty years, the investment on the railway has been limited around 40~50% of that of the highway projects. In addition, due to the world economy crisis and unsatisfactory support of existing policy for the private investment project, the private investment is given a small deal of weight on the social overhead capital investment. Meanwhile, despite the world high-speed railway market is growing rapidly and the Korean contractors have won the international construction contracts over 70 billion USD, past records of railway projects are very rare. Therefore, it is required to develop strategies for encouraging private investment in the domestic market to achieve efficient high-speed railway development and for advancing into foreign high-speed railway market. This study carried out data collection and market analysis for both domestic and foreign market respectively. Through a structured questionnaire survey and expert interviews, contractors' perceptions on the high-speed railway market and needs for the government support are collected. Summary of strategies drawn from this study are as follows: 1) carrying out BTL high-speed railway projects and revising related policies; 2) upwarding incentive level for the private pre-investment projects considering the contractors' credit rating; 3) carrying out Honam-Jeju submarine railway project; 4) establishing a efficient consortium model for foreign market; 5) improving the capacity of the Korea Railway Association that support Korean contractors' foreign advancement; and 6) expand the budget for Global Infra-fund.

• International Commerce and Information Review
• /
• v.15 no.4
• /
• pp.457-479
• /
• 2013

Through a Chinese rise, Chinese dream is actualizing as the world's great power. According to outlook of World Bank and IMF, Around 2030 China will be a great power bigger than America's economic power. The rise of China will give a huge impact to the whole world. China expands her influence through a global manufacturing base and a global market. To actualize 'Peaceful Rise' Strategy, China has many constraints. Chinese society is facing many difficult social problem due to side effects of a rapid development. Such as the spread of corruption, the severity of wealth gap, environmental degradation and energy shortage. Internationally there are containment from hegemon so-called 'China threat' dispute, Taiwan issue and territorial disputes. Western countries are hostile to China for two reasons. Based on expectations, one is China's socialist system and the other is the rising China which will compete for supremacy with Europe and America. Recent emergence of Chinese nationalism and the containment of the neighboring countries are also serious limiting factors. Domestically they have the rampant corruption in the bureaucracy, weakened capacity of Communist rule, wealth disparity due to the discriminatory economic development strategy, seriousness of rural problem, social instability, lack of social security systems and the development gap between the eastern coastal areas and western inland areas, ethnic minorities problems, the constraint of sustainable development issues due to lack of resources, environmental pollution and energy constraints. Like the former Soviet Union, China may face a dismantlement. After the rise, China may encounter possibilities of a war between great powers or a collapse of Chinese society caused by deepening internal conflict. Serious economic polarization would make peasants and urban workers, who are social vulnerable people, to turn their back to communist party and threaten the justification and the appropriateness of the ruling communist party. Chinese government will think internal system security threat is more formidable risk factor than a system security threat from the hegemon. The decline of great country comes from internal reasons rather than external reasons. To achieve peaceful rise, unification with Taiwan is an essential prerequisite. Taiwan issues are complex problems which equipped with international and domestic factors. Lack of energy resources, environmental pollution in China will bring economic crisis to Korean enterprises. Important influence to Korean economy will be a changeover of the method in economic development. It will turn the balance of investment and consumption, GDP-centered growth to consumption and environment-centered growth. Services industries including finance, environment, culture, education, health care and social welfare will grow. Change in China's growth model will give a great challenge upon the intermediate goods industry in Korea. Korea should reduce the portion of machinery, automotive, semiconductor, steel and chemical-centered export industry to China, and should increase the proportion of the service industry.

• Korea journal of population studies
• /
• v.20 no.2
• /
• pp.181-198
• /
• 1997

Going beyond the previous formulations of development theories, the present paper explores the effects other than political economy on quality of life in a rapidly developing country. The major analysis takes up the historical trend and nature of the developmental transformation that is partially a consequences of state structures and partially autonomous form it in South Korea. Also, it diagnoses developmental pathways for the future track by constructing a baseline model for state transition on the basis of power game between the state and civil society in the country. The results of the historical analysis show that civil society has been transformed in the course of confrontations and interactions between the state and nationalist social movement. The distinction between developmental(or bureaucratic authoritarian) and democratic state is presented to show that these are two qualitatively different aspects of state of state power, requiring separate analytical treatment. Furthermore, the state-centric approach which emphasizes the active role of the state at the sacrifice of societal fabric-constraining social conditions for quality of life - appears to be modified. On the contrary, the impact of civil society is transmitted both directly and indirectly via labor and ecological movement for quality of life, which is critical to the formation of the welfare state in the country. The prospect for sustainable development in Korea lies in providng and expanding quality of life in terms of the financial feasibility of the state through the public-private cooperation, and abstaining from drastic and radical commitment to welfare services as is the case with the European declines in welfare state, Further studies are needed to examine the interrelationships in different historical and cultural settings of developing counties to estimate a theory of quality of life and social justice.

• Journal of Service Research and Studies
• /
• v.10 no.3
• /
• pp.23-42
• /
• 2020

This study conceptualized the essence and propensity of modern management in service age, based on philosophy, and developed items to evaluate the conceptualized content. It was carried out as a new study to deepen the study of management philosophy and management theory by the new management framework. In order to establish the philosophical foundation of the modern management, the essence of the modern management was conceptualized based on the fundamental ideas of the East and West, and then an evaluation item was developed to put the essence and propensity of the modern management into practical use through analytical and empirical methods. After analyzing the representative ideas of mankind, it was derived that the Book of Change has the qualification as a philosophical model that can derive the essence of modern management. The Book of Change explains the reasoning of the world in the structure of two opposing parties, such as Taiji or Yin and Yang, and the process of acknowledging the contradictions within each opposing party and overcoming the contradictions through change is the central idea. Because you can see. After conducting a conceptual study, through empirical research, the essence and propensity of a modern manager should be conceptualized. The concept of essence and empirical study of the modern management using the leading role was conducted in two stages. First, a qualitative study using repetitive comparative analysis (CCM), focus group interview (FGI), and text mining was conducted to derive the essential and propensity conceptualization items that modern managers should possess. In addition, a quantitative study using factor analysis to develop sample items and develop measurement items through literature review and FGI was conducted to derive the essential concept of the modern management. Finally, the essence of modern management was derived: learning, preparation, challenge, inclusion, trust, morality, and sacrifice. In the future, it is necessary to conduct empirical research on the effectiveness of the essence of modern management for global and Korean representative companies.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.8 no.4
• /
• pp.881-893
• /
• 2007

IT(Information Technology)-based industries have caused a recent digital revolution and the appearance of various types' information service, being largely expanded toward info-communication device company, info-communication service company, software company etc.. Therefore, the needs to evaluate the company value of IT business for M&A or liquidation are growing tremendously. Unlike other industries, however, IT industry has a short lift cycle and so it doesn't have not only a company value-evaluating model for general businesses but the objective one for IT companies yet. So, this thesis analyzes various value-evaluating technique and newly rising ROV. DCF, the change method of company's cash flow including tangible assets into future value, had been applied during the past industrialization economy era and has been persuasively applied to the present. However, the DCF valuation has no option but to make many mistakes because IT companies have more intangible assets than tangible assets. Accordingly, it is ROV, recognized as the new method of evaluating companies' various options normally and quantitatively, that is brought up recently. But the evaluation on the companies' various options is too subjective and theoretical up to now and due to the lack of objective ground and options, it's not possible to be applied to reality. In this thesis, it is found that ROV is more accurate than DCF, comparing DCF and ROV through four examples. As the options applied to ROV are excessively limited, we tried to develop ROV into a new method by deriving five invisible value factors within IT companies. Therefore, on this occasion, we should set up the basic valuation methods on IT companies and should research and develop an effective and various valuation methods suitable to each company like an internet-based company, a S/W developing enterprise, a network-related company among IT companies.

• Journal of the Korean Geographical Society
• /
• v.28 no.4
• /
• pp.379-391
• /
• 1993

Present-day world economy is characterized by : technology nationalism, economic regionalism, market protectionism, multinational corporations, efc. All nations are striving for intensifying national economic rivalry and seeking after their own interests above everything else. Many regions of the world are also forming trading blocs, which could negatively affect nonmember states. The ultimate way to meet these difficulties is to establish production facilities in the countries imposing trade regulations. However, as the existing models of direct forrign investment (DFI) do not account for the particular nature of Korean firm's DFI activities, a new point of departure is imperative. It is because of this that Korean firms have only limited firm-specific advantages, the basic precondition of extant DFI theories, compared with their developed counterparts.

• Korea journal of population studies
• /
• v.10 no.1
• /
• pp.70-86
• /
• 1987

Going beyond the previous formulations of development theories, the present paper explores the effects other than political economy on quality of life in a rapidly developing country. The major analysis takes up the historical trend and nature of the developmental transformation that is partially a consequences of state structures and partially autonomous form it in South Korea. Also, it diagnoses developmental pathways for the future track by constructing a baseline model for state transition on the basis of power game between the state and civil society in the country. The results of the historical analysis show that civil society has been transformed in the course of confrontations and interactions between the state and nationalist social movement. The distinction between developmental(or bureaucratic authoritarian) and democratic state is presented to show that these are two qualitatively different aspects of state of state power, requiring separate analytical treatment. Furthermore, the state-centric approach which emphasizes the active role of the state at the sacrifice of societal fabric-constraining social conditions for quality of life - appears to be modified. On the contrary, the impact of civil society is transmitted both directly and indirectly via labor and ecological movement for quality of life, which is critical to the formation of the welfare state in the country. The prospect for sustainable development in Korea lies in providng and expanding quality of life in terms of the financial feasibility of the state through the public-private cooperation, and abstaining from drastic and radical commitment to welfare services as is the case with the European declines in welfare state, Further studies are needed to examine the interrelationships in different historical and cultural settings of developing counties to estimate a theory of quality of life and social justice.

• Fire Science and Engineering
• /
• v.31 no.5
• /
• pp.53-62
• /
• 2017

Electric power which is the energy source of economy and industries requires long distance transportation due to regional difference between its production and consumption, and it is supplied through the multi-loop transmission and distribution system. Prior to its actual use, electric power flows through several transformations by voltage transformers in substations depending on the characteristics of each usage, and a transformer has the structure consisting of the main body, winding wire, insulating oil and bushings. A transformer fire that breaks out in substations entails the primary damage that interrupts the power supply to houses and commercial facilities and causes various safety accidents as well as the secondary economic losses. It is considered that causes of such fire include the leak of insulating oil resulting from the destruction of bottom part of bushings, and the chain reaction of fire due to insulating oil that reaches its ignition point within 1 second. The smoke detector and automatic fire extinguishing system are established in order to minimize fire damage, but a difficulty in securing golden time for extinguishing fire due to delay in the operation of detector and release of gas from the extinguishing system has become a problem. Accordingly, this study was carried out according to needs of active mechanism to prevent the spread of fire and block the leak of insulating oil, in accordance with the importance of securing golden time in extinguishing a fire in its early stage. A bushings fireproof structure was developed by applying the high temperature shape retention materials, which are expanded by flame, and mechanical flame cutoff devices. The bushings fireproof structure was installed on the transformer model produced by applying the actual standards of bushings and flange, and the full scale fire test was carried out. It was confirmed that the bushings fireproof structure operated at accurate position and height within 3 seconds from the flame initiation. It is considered that it could block the spread of flame effectively in the event of actual transformer fire.