• Journal of Global Scholars of Marketing Science
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• v.17 no.3
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• pp.39-59
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• 2007

The international involvement of a firm has been described as a gradual development process "a process in which the enterprise gradually increases its international involvement in many studies. This process evolves in the interplay between the development of knowledge about foreign markets and operations on one hand and increasing commitment of resources to foreign markets on the other." On the basis of Uppsala internationalization model, many studies strengthen strong theoretical and empirical support. According to the predictions of the classic stages theory, the internationalization process of firms have been recognized and characterized gradual evolution to foreign markets, so called stage theory: indirect & direct export, strategic alliance and foreign direct investment. However, termed "international new ventures" (McDougall, Shane, and Oviatt 1994), "born globals" (Knight 1997; Knight and Cavusgil 1996; Madsen and Servais 1997), "instant internationals" (Preece, Miles, and Baetz 1999), or "global startups" (Oviatt and McDougall 1994) have been used and come into spotlight in internationalization study of technology intensity venture companies. Recent researches focused on venture company have suggested the phenomenons of 'born global' firms as a contradiction to the stages theory. Especially the article by Oviatt and McDougall threw the spotlight on international entrepreneurs, on international new ventures, and on their importance in the globalising world economy. Since venture companies have, by definition. lack of economies of scale, lack of resources (financial and knowledge), and aversion to risk taking, they have a difficulty in expanding their market to abroad and pursue internalization gradually and step by step. However many venture companies have pursued 'Born Global Strategy', which is different from process strategy, because corporate's environment has been rapidly changing to globalization. The existing studies investigate that (1) why the ventures enter into overseas market in those early stage, even in infancy, (2) what make the different international strategy among ventures and the born global strategy is better to the infant ventures. However, as for venture's performance(growth and profitability), the existing results do not correspond each other. They also, don't include marketing strategy (differentiation, low price, market breadth and market pioneer) that is important factors in studying of BGV's performance. In this paper I aim to delineate the appearance of international new ventures and the phenomenons of venture companies' internationalization strategy. In order to verify research problems, I develop a resource-based model and marketing strategies for analyzing the effects of the born global venture firms. In this paper, I suggested 3 research problems. First, do the korean venture companies take some advantages in the aspects of corporate's performances (growth, profitability and overall market performances) when they pursue internationalization from inception? Second, do the korean BGV have firm specific assets (foreign experiences, foreign orientation, organizational absorptive capacity)? Third, What are the marketing strategies of korean BGV and is it different from others? Under these problems, I test then (1) whether the BGV that a firm started its internationalization activity almost from inception, has more intangible resources(foreign experience of corporate members, foreign orientation, technological competences and absorptive capacity) than any other venture firms(Non_BGV) and (2) also whether the BGV's marketing strategies-differentiation, low price, market diversification and preemption strategy are different from Non_BGV. Above all, the main purpose of this research is that results achieved by BGV are indeed better than those obtained by Non_BGV firms with respect to firm's growth rate and efficiency. To do this research, I surveyed venture companies located in Seoul and Deajeon in Korea during November to December, 2005. I gather the data from 200 venture companies and then selected 84 samples, which have been founded during 1999${\sim}$2000. To compare BGV's characteristics with those of Non_BGV, I also had to classify BGV by export intensity over 50% among five or six aged venture firms. Many other researches tried to classify BGV and Non_BGV, but there were various criterion as many as researchers studied on this topic. Some of them use time gap, which is time difference of establishment and it's first internationalization experience and others use export intensity, ration of export sales amount divided by total sales amount. Although using a mixed criterion of prior research in my case, I do think this kinds of criterion is subjective and arbitrary rather than objective, so I do mention my research has some critical limitation in the classification of BGV and Non_BGV. The first purpose of research is the test of difference of performance between BGV and Non_BGV. As a result of t-test, the research show that there are statistically efficient difference not only in the growth rate (sales growth rate compared to competitors and 3 years averaged sales growth rate) but also in general market performance of BGV. But in case of profitability performance, the hypothesis that is BGV is more profit (return on investment(ROI) compared to competitors and 3 years averaged ROI) than Non-BGV was not supported. From these results, this paper concludes that BGV grows rapidly and gets a high market performance (in aspect of market share and customer loyalty) but there is no profitability difference between BGV and Non_BGV. The second result is that BGV have more absorptive capacity especially, knowledge competence, and entrepreneur's international experience than Non_BGV. And this paper also found BGV search for product differentiation, exemption strategy and market diversification strategy while Non_BGV search for low price strategy. These results have never been dealt with other existing studies. This research has some limitations. First limitation is concerned about the definition of BGV, as I mentioned above. Conceptually speaking, BGV is defined as company pursue internationalization from inception, but in empirical study, it's very difficult to classify between BGV and Non_BGV. I tried to classify on the basis of time difference and export intensity, this criterions are so subjective and arbitrary that the results are not robust if the criterion were changed. Second limitation is concerned about sample used in this research. I surveyed venture companies just located in Seoul and Daejeon and also use only 84 samples which more or less provoke sample bias problem and generalization of results. I think the more following studies that focus on ventures located in other region, the better to verify the results of this paper.

• Journal of Korean Society of Forest Science
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• v.81 no.4
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• pp.363-371
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• 1992

This study was aimed at developing a computer model to determine rational road networks in mountainous forests. The computer model is composed of two major subroutines for digital terrain analyses and route selection. The digital terrain model(DTM) provides various information on topographic and vegetative characteristics of forest stands. The DTM also evaluates the effectiveness of road construction based on slope gradients. Using the results of digital terrain analyses, the route selection subroutine, heuristically, determines the optimal road layout satisfying the predefined road densities. The route selection subroutine uses the area-partitioning method in order to fully of roads. This method leads to unbiased road layouts in forest areas. The size of the unit partitiones area can be calculated as a function of the predefined road density. In addition, the user-defined road density of the area-partitioning method provides flexibility in applying the model to real situations. The rational road network can be easily achived for varying road densities, which would be an essential element for network design of forest roads. The optimality conditions are evaluated in conjuction with longitudinal gradients, investment efficiency earthwork quantity or the mixed criteria of these three. The performance of the model was measured and, then, compared with those of conventional ones in terns of average skidding distance, accessibility of stands, development index and circulated road network index. The results of the performance analysis indicate that selection of roading routes for network design using the digital terrain analysis and the area-partitioning method improves performance of the network design medel.

• Journal of the Korea Convergence Society
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• v.8 no.8
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• pp.355-363
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• 2017

Jeju-do was designated as the 'first horse industry special zone' in 2014, followed by additional designation of horse industry special zones in Icheon, Yongin of Gyeonggi-do and Gyeongsangbuk-do in 2015. As a result, horses have become no more synonymous with Jeju-do. Jeju-do may see its competitive edge becoming blunt, compared to other local governments, due to its environmental characteristics and accessibility. The Korean proverb, "Send people to Seoul and horses to Jeju-do", has become an old saying that does not match reality. However, Jeju-do, designated as the first horse industry special zone, is expected to play a leading role in cultivation of domestic horse industry and faces a challenge of creating exemplary cases of success in transforming horse industry into the senary (6th) industry. In addition, KRW 114.2 billion is planned to be invested into 35 projects covering 9 sectors, including supply of elite domestic racing horses, expansion of demand basis for horse-riding, cultivation of horse meat industry, etc., by 2017 as envisioned by the horse industry special zone promotion plan. Despite expansion of facilities and demand base for horse-riding, those at the sites point out that government support at policy level has not come home to their hearts and criticism has been mounting that project efficiency remains low. Factors hindering the growth of horse industry, which have come to the fore, include inadequate supply of horse-riding facilities, limitation to expansion of demand for horse-riding, etc., due to excessive regulation. Advancement of horse industry requires wide-ranging deregulation on investment related to horse industry, including horse breeding and horse-riding facility installation, etc. Regulation which is deemed to be the biggest stumbling block to advancement of horse industry is related to the regulation requiring formation of farmland at horse-riding facilities in farming and fishery villages. Along with improvement in such regulations, horse-riding facilities without license should be legalized to promote qualitative growth of horse-riding industry. Moreover, efforts should be made to develop and deploy instructors with horse-riding license in order to develop horse-riding into a full-fledged leisure beyond simple experience auxiliary to tourism, thus ensuring that people can enjoy leisure style horse-riding regularly in safe and healthy manners. It would be necessary to add fresh momentum into efforts to turn Jeju-do into the hub of well-being leisure horse-riding by pooling our wisdom.

• The Korean Journal of Petroleum Geology
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• v.12 no.1
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• pp.27-33
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• 2006

The possibility of oil reserve has been conformed because the oil has been produced by 450 barrel per day in the West Korea Bay basin of the North Korea. There is also possibility of giant oil reserve since it is geographically close to one of the biggest oil fields of Bohai Basin, China. Based on the on-going oil exploration and the present condition of investment, the areas of ongoing oil exploration are three: West Korea Bay B&C prospect explored by Swedish Taurus, the north of West Korea Bay and Anju basin explored by Canadian SOCO, and East Korea Bay explored by Australian Beach Petroleum. However, there is little or no possibility of oil reserve in the rest sea areas of three. Even though oil reserves were discovered in the some parts of land areas such as Kilju and Myungcheon, it was presumed to have no economical efficiency. Geology in West Korea Bay off the North Korea is similar to that in Bohai Bay off China. The basement consists of thick carbonate rock of the Late Proterozoic and Early Paleozoic overlain by Mesozoic ($6,000{\sim}10,000\;m$) and Cenozoic ($4,000{\sim}5,000\;m$) units. Source rocks are Jurassic black shale (3,000 m or more), Cretaceous black shale ($1,000{\sim}2,000\;m$), and pre-Mesozoic carbonates (several thousand meters). Reservoir rocks are Mesozoic-Cenozoic sandstone with high porosity and pre-Mesozoic fractured carbonate rocks. Petroleum raps are of the anticline, fault sealed, buried hill, and stratigraphic types. It absolutely needs to take up a positive attitude, the activation of ocean science and technology exchange, and the joint research and development of modern MT (Marine Technology) considering the state of establishing new international ocean order forcing on building up 200 nautical mile EEZ (exclusive economic zone) among coastal nations. Both South and North Koreas should extend the ocean jurisdiction and contiguity, and MT development dealing with the same sea areas. It is more urgent problem to find a way to have the North Korea participated in, and then to develop ocean management and ocean industry individually.

• Journal of Intelligence and Information Systems
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• v.21 no.2
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• pp.151-171
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• 2015

This study examined the concepts of the Internet of Things(IoT), the major issue and IoT trend in the domestic and international market. also reviewed the advent of IoT era which caused a 'Paradigm Shift'. This study proposed a solution for the appropriate corresponding strategy in terms of Enterprise. Global competition began in the IoT market. So, Businesses to be competitive and responsive, the government's efforts, as well as the efforts of companies themselves is needed. In particular, in order to cope with the dynamic environment appropriately, faster and more efficient strategy is required. In other words, proposed a management strategy that can respond the IoT competitive era on tipping point through the vision of paradigm shift. We forecasted and proposed the emergence of paradigm shift through a comparative analysis of past management paradigm and IoT management paradigm as follow; I) Knowledge & learning oriented management, II) Technology & innovation oriented management, III) Demand driven management, IV) Global collaboration management. The Knowledge & learning oriented management paradigm is expected to be a new management paradigm due to the development of IT technology development and information processing technology. In addition to the rapid development such as IT infrastructure and processing of data, storage, knowledge sharing and learning has become more important. Currently Hardware-oriented management paradigm will be changed to the software-oriented paradigm. In particular, the software and platform market is a key component of the IoT ecosystem, has been estimated to be led by Technology & innovation oriented management. In 2011, Gartner announced the concept of "Demand-Driven Value Networks(DDVN)", DDVN emphasizes value of the whole of the network. Therefore, Demand driven management paradigm is creating demand for advanced process, not the process corresponding to the demand simply. Global collaboration management paradigm create the value creation through the fusion between technology, between countries, between industries. In particular, cooperation between enterprises that has financial resources and brand power and venture companies with creative ideas and technical will generate positive synergies. Through this, The large enterprises and small companies that can be win-win environment would be built. Cope with the a paradigm shift and to establish a management strategy of Enterprise process, this study utilized the 'RTE cyclone model' which proposed by Gartner. RTE concept consists of three stages, Lead, Operate, Manage. The Lead stage is utilizing capital to strengthen the business competitiveness. This stages has the goal of linking to external stimuli strategy development, also Execute the business strategy of the company for capital and investment activities and environmental changes. Manege stage is to respond appropriately to threats and internalize the goals of the enterprise. Operate stage proceeds to action for increasing the efficiency of the services across the enterprise, also achieve the integration and simplification of the process, with real-time data capture. RTE(Real Time Enterprise) concept has the value for practical use with the management strategy. Appropriately applied in this study, we propose a 'IoT-RTE Cyclone model' which emphasizes the agility of the enterprise. In addition, based on the real-time monitoring, analysis, act through IT and IoT technology. 'IoT-RTE Cyclone model' that could integrate the business processes of the enterprise each sector and support the overall service. therefore the model be used as an effective response strategy for Enterprise. In particular, IoT-RTE Cyclone Model is to respond to external events, waste elements are removed according to the process is repeated. Therefore, it is possible to model the operation of the process more efficient and agile. This IoT-RTE Cyclone Model can be used as an effective response strategy of the enterprise in terms of IoT era of rapidly changing because it supports the overall service of the enterprise. When this model leverages a collaborative system among enterprises it expects breakthrough cost savings through competitiveness, global lead time, minimizing duplication.

• Journal of Korean Society of Environmental Engineers
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• v.36 no.12
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• pp.803-812
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• 2014

This study assesses the strategy and performance of Eco-industrial Park (EIP) initiative implemented by Korea Industrial Complex Corporation (KICOX) with the support of Ministry of Trade, Industry and Energy (MOTIE), Korea since 2005 to 2013 and recommends future directions. After the concept of EIP based on industrial symbiosis (IS) is introduced, the background and implementation procedure of the EIP initiative are described. Then, economic and environmental achievement was assessed. During the project periods (2005-2013), 449 industrial symbiosis project were explored, among which 296 projects have been implemented. Among (Of these 296 projects,) them, 244 projects have been completed in which 118 projects have been commercialized which shows 48% commercialization rate of the completed projects. Through these commercialized projects, around 311.1 billion won/year of economic benefits and reduction of waste by-products of 828,113 tons/year, wastewater of 215,517 tons/year, reduction in energy consumption of 250,475 toe/year and GHG emission reduction of 1,107,189 $tCO_2/year$ were achieved. This results confirmed that EIP initiative based on industrial symbiosis can enhance eco-efficiency of industrial parks and harmonize economy and environment. However, there are obstacles like absence of interagency coordination and cooperation, laws and institutional barriers, increased demand for local governments, funding for project investment. Thus, to utilize EIP initiative as a strategic tool for competiveness and environmental management of industrial parks, it needs intergovernmental collaboration and interdisciplinary approach to lower barrier in implementation.

• Proceedings of the Korean Society of Crop Science Conference
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• 2017.06a
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• pp.10-10
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• 2017

Rice consumption has been continuously decreasing as the eating habits of Koreans have become westernized and diversified. The per capita annual rice consumption in Korea has dropped sharply from 136.4 kg in 1970 to 61.9 kg in 2016. The Korean government, therefore, has been trying to promote rice consumption by invigorating the processed food industry using rice flour. To facilitate the market for processed rice foods, it is essential to develop proper milling technology in terms of flour particle size and damaged starch content to produce high quality rice flour at competitive cost. Dry milling and wet milling are the two major processes used to produce rice flour. Although the dry milling process is relatively simple with a lower production cost, damaged starch content increases because of the high grain hardness of rice. In wet milling, the quality of rice flour is improved by reducing flour particle size as well as damaged starch content through soaking procedures. However, the production costs are high because of the additional expenses associated with the disposal of waste water, sterilization and drying of the wet flour. Recently developed technologies such as jet milling and cryogenic milling also require expensive investment and production. Therefore, developing new rice cultivars with dry milling adaptability as well as good processing properties is an important goal of rice breeding in Korea. 'Suweon 542' is a floury endosperm mutant line derived from sodium azide treatment on a high-yield, early maturing, and non-glutinous japonica rice cultivar, 'Namil'. Compared with the wild type, after dry milling process, the grain hardness of 'Suweon 542' was significantly lower because of its round and loosely packed starch granules. Also, the flour of 'Suweon 542' had significantly smaller particles and less damaged starch than 'Namil' and other rice cultivars and its particle size distribution was similar to a commercial wheat cultivar. Recently, through collaborations with nine universities and food companies, a total of 21 kinds of processed prototypes, using the dry milling flour of 'Suweon 542', were evaluated. In the production of major rice processing products, there was no significant quality difference between the flours prepared by wet milling and dry milling. Although the amount of water added to the dough was slightly increased, it was confirmed that the recipe applying the wet flour could be used without significant change. To efficiently transfer the floury endosperm characteristics of 'Suweon 542' to other commercial rice cultivars, it is essential to develop DNA marker tightly linked to the target gene. Association analysis using 70 genome-wide SSR markers and 94 F2 plants derived from 'Suweon 542'/'Milyang 23' showed that markers on chromosome 5 explained a large portion of the variation in floury grains percentage (FGP). Further analysis with an increased number of SSR markers revealed that the floury endosperm of 'Suweon 542' was directed by a major recessive locus, flo7(t), located in the 19.33-19.86 Mbp region of chromosome 5, with RM18639 explaining 92.2% of FGP variation in the F2 population. Through further physical mapping, a co-segregate and co-dominant DNA marker with the locus, flo7(t) was successfully developed, by which, thereby, breeding efficiency of rice cultivars having proper dry milling adaptability with high yield potential or useful functional materials would be improved. 'Suweon 542' maintained the early maturity of the wild type, Namil, which can be used in rice-wheat double cropping systems in Korea not only for improved arable land but also for sharing flour production facilities. In addition to the high susceptibility against major rice diseases, nevertheless, another possible drawback of 'Suweon 542' is the high rate of viviparous under prolonged rainfall during the harvesting season. To overcome susceptibility and vivipary of 'Suweon 542', the progeny lines, derived from the crosses 'Suweon 542' and 'Jopyeong', an early maturing rice cultivar with multiple resistance against rice blast, bacterial blight, and rice strip virus, and 'Heugjinju', a anthocyanin pigment containing black rice cultivar, were intensively evaluated. As the outputs, three dry milling suitable rice elite lines, 'Jeonju614', 'Jeonju615', and 'Jeonju616' were developed.

• Journal of Nutrition and Health
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• v.41 no.2
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• pp.147-155
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• 2008

Medical nutrition therapy (MNT) is considered a keystone of medical treatment of chronic diseases. However, only few studies have evaluated medical and economical outcome of MNT. The study was performed on the patient with type 2 diabetes mellitus to evaluate the effect of clinical and cost-effective outcomes of MNT. Subjects from two general hospitals were randomly assigned to two different groups; One receiving basic nutritional education (BE) (n = 35), and the other receiving intensive nutritional education (IE) (n = 32) for a 6-month clinical trial. The group which received BE had a single visit with a dietitian, while the other group which received IE had an initial visit with a dietitian addition to two visits during the first 4 weeks of the study periods. Anthropometric parameters, blood components, and dietary intake were measures at the beginning of study period and after 6 month. Cost-effective analysis included direct labor costs, educational materials and medication cost difference during 6 months. After 6 month, subjects from IE group showed significant reduction of body weight (p <0.05) and systolic blood pressure (p <0.05), whereas BE group did not show any significant changes. Result from biochemical indices showed glycated hemoglobin concentration was significantly reduced by 0.7% (p <0.05) only in the IE group. The ratio of energy intake to prescribed energy intake decreased significantly in both groups (p <0.05). Mean time taken for a dietitian to educate the subject was 67.9 ${\pm}$ 9.3 min/person for BE group, while 96.4 ${\pm}$ 12.2 min/person for IE group. Mean number of educational materials was 1.9 ${\pm}$ 0.7/person for BE group and 2.5 ${\pm}$ 0.7/person for IE group. Change in glycated hemoglobin level along the 6 month period of study can be achieved with an investment of \88,510/% by implementing BE and \53,691/% by implementing IE. Considering the net cost-effect of blood glucose control and HbA Ic, IE which provides MNT by dietitian had a cost efficiency advantage than that of BE. According to this study, MNT provided by dietitian had a significant improvements in medical and clinical outcomes compared to that of BE intervention. Therefore, MNT protocol should be performed by systemic intensive nutrition care by dietitian in clinical setting to achieve good therapeutic results of DM with lower cost.

• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.71-91
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• 2005

The object or this paper is to analyze the rollover effect on KOSPI 200 index option prices. Especially we analyze the implied volatilities of the options that became the near maturity options as the old one expired. For this analysis, a panel data of KOSPI 200 Index Option Prices from year 1999 to year 2001 were used, and following results were obtained. First, after controlling for the underlying index returns, strike prices and other pricing factors, the call option prices tend to decrease while the put option prices tend to increase during the week of expiry. Second, if one concentrates on the daily price changes, call option prices tend to go up on Thursday (as the old options expire), and then experience a price decrease on the following day, while the reverse is true for the put options. These results imply that the option prices are affected by some of the market micro-structure effects such as whether the option is the near maturity option. We conjecture that the reason for this is related to the undervaluation of KOSPI 200 futures. The results from this paper have implications on the timing of option trades. If one wants to buy put options, and/or sell call options, he has better off by executing his intended trades before the old options expire. On the other hand, if one wants to buy call options, and/or sell put options, hi has better off by executing his intended trades after the expiry.

• Journal of Intelligence and Information Systems
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• v.22 no.4
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• pp.177-192
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• 2016

Machine learning is a field of artificial intelligence. It refers to an area of computer science related to providing machines the ability to perform their own data analysis, decision making and forecasting. For example, one of the representative machine learning models is artificial neural network, which is a statistical learning algorithm inspired by the neural network structure of biology. In addition, there are other machine learning models such as decision tree model, naive bayes model and SVM(support vector machine) model. Among the machine learning models, we use SVM model in this study because it is mainly used for classification and regression analysis that fits well to our study. The core principle of SVM is to find a reasonable hyperplane that distinguishes different group in the data space. Given information about the data in any two groups, the SVM model judges to which group the new data belongs based on the hyperplane obtained from the given data set. Thus, the more the amount of meaningful data, the better the machine learning ability. In recent years, many financial experts have focused on machine learning, seeing the possibility of combining with machine learning and the financial field where vast amounts of financial data exist. Machine learning techniques have been proved to be powerful in describing the non-stationary and chaotic stock price dynamics. A lot of researches have been successfully conducted on forecasting of stock prices using machine learning algorithms. Recently, financial companies have begun to provide Robo-Advisor service, a compound word of Robot and Advisor, which can perform various financial tasks through advanced algorithms using rapidly changing huge amount of data. Robo-Adviser's main task is to advise the investors about the investor's personal investment propensity and to provide the service to manage the portfolio automatically. In this study, we propose a method of forecasting the Korean volatility index, VKOSPI, using the SVM model, which is one of the machine learning methods, and applying it to real option trading to increase the trading performance. VKOSPI is a measure of the future volatility of the KOSPI 200 index based on KOSPI 200 index option prices. VKOSPI is similar to the VIX index, which is based on S&P 500 option price in the United States. The Korea Exchange(KRX) calculates and announce the real-time VKOSPI index. VKOSPI is the same as the usual volatility and affects the option prices. The direction of VKOSPI and option prices show positive relation regardless of the option type (call and put options with various striking prices). If the volatility increases, all of the call and put option premium increases because the probability of the option's exercise possibility increases. The investor can know the rising value of the option price with respect to the volatility rising value in real time through Vega, a Black-Scholes's measurement index of an option's sensitivity to changes in the volatility. Therefore, accurate forecasting of VKOSPI movements is one of the important factors that can generate profit in option trading. In this study, we verified through real option data that the accurate forecast of VKOSPI is able to make a big profit in real option trading. To the best of our knowledge, there have been no studies on the idea of predicting the direction of VKOSPI based on machine learning and introducing the idea of applying it to actual option trading. In this study predicted daily VKOSPI changes through SVM model and then made intraday option strangle position, which gives profit as option prices reduce, only when VKOSPI is expected to decline during daytime. We analyzed the results and tested whether it is applicable to real option trading based on SVM's prediction. The results showed the prediction accuracy of VKOSPI was 57.83% on average, and the number of position entry times was 43.2 times, which is less than half of the benchmark (100 times). A small number of trading is an indicator of trading efficiency. In addition, the experiment proved that the trading performance was significantly higher than the benchmark.