• Information Systems Review
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• v.26 no.1
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• pp.269-288
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• 2024

The main objective of this study is to empirically explore how the organizational culture influences financial performance of companies. To achieve this, 58 companies included in the KOSPI 200 were selected from an online job platform in South Korea, JobPlanet. In order to understand the organizational culture of these companies, data was collected and analyzed from 81,067 reviews written by current and former members of these companies on JobPlanet over a period of 9 years from 2014 to 2022. To define the organizational culture of each company based on the review data, this study utilized well-known text analysis techniques, namely Word2Vec and FastText analysis methods. By modifying, supplementing, and extending the keywords associated with the five organizational culture values (Innovation, Integrity, Quality, Respect, and Teamwork) defined by Guiso et al. (2015), this study created a new Culture Dictionary. By using this dictionary, this study explored which cultural values-related keywords appear most often in the review data of each company, revealing the relative strength of specific cultural values within companies. Going a step further, the study also investigated which cultural values statistically impact financial performance. The results indicated that the organizational culture focusing on innovation and creativity (Innovation) and on customers and the market (Quality) positively influenced Tobin's Q, an indicator of a company's future value and growth. For the indicator of profitability, ROA, only the organizational culture emphasizing customers and the market (Quality) showed statistically significant impact. This study distinguishes itself from traditional surveys and case analysis-based research on organizational culture by analyzing large-scale text data to explore organizational culture.

• Journal of Intelligence and Information Systems
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• v.23 no.1
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• pp.1-22
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• 2017

Analysis of future business or investment opportunities, such as business feasibility analysis and company or technology valuation, necessitate objective estimation on the relevant market and expected sales. While there are various ways to classify the estimation methods of these new sales or market size, they can be broadly divided into top-down and bottom-up approaches by benchmark references. Both methods, however, require a lot of resources and time. Therefore, we propose a data-based intelligent demand forecasting system to support evaluation of new business. This study focuses on analogical forecasting, one of the traditional quantitative forecasting methods, to develop sales forecasting intelligence systems for new businesses. Instead of simply estimating sales for a few years, we hereby propose a method of estimating the sales of new businesses by using the initial sales and the sales growth rate of similar companies. To demonstrate the appropriateness of this method, it is examined whether the sales performance of recently established companies in the same industry category in Korea can be utilized as a reference variable for the analogical forecasting. In this study, we examined whether the phenomenon of "mean reversion" was observed in the sales of start-up companies in order to identify errors in estimating sales of new businesses based on industry sales growth rate and whether the differences in business environment resulting from the different timing of business launch affects growth rate. We also conducted analyses of variance (ANOVA) and latent growth model (LGM) to identify differences in sales growth rates by industry category. Based on the results, we proposed industry-specific range and linear forecasting models. This study analyzed the sales of only 150,000 start-up companies in Korea in the last 10 years, and identified that the average growth rate of start-ups in Korea is higher than the industry average in the first few years, but it shortly shows the phenomenon of mean-reversion. In addition, although the start-up founding juncture affects the sales growth rate, it is not high significantly and the sales growth rate can be different according to the industry classification. Utilizing both this phenomenon and the performance of start-up companies in relevant industries, we have proposed two models of new business sales based on the sales growth rate. The method proposed in this study makes it possible to objectively and quickly estimate the sales of new business by industry, and it is expected to provide reference information to judge whether sales estimated by other methods (top-down/bottom-up approach) pass the bounds from ordinary cases in relevant industry. In particular, the results of this study can be practically used as useful reference information for business feasibility analysis or technical valuation for entering new business. When using the existing top-down method, it can be used to set the range of market size or market share. As well, when using the bottom-up method, the estimation period may be set in accordance of the mean reverting period information for the growth rate. The two models proposed in this study will enable rapid and objective sales estimation of new businesses, and are expected to improve the efficiency of business feasibility analysis and technology valuation process by developing intelligent information system. In academic perspectives, it is a very important discovery that the phenomenon of 'mean reversion' is found among start-up companies out of general small-and-medium enterprises (SMEs) as well as stable companies such as listed companies. In particular, there exists the significance of this study in that over the large-scale data the mean reverting phenomenon of the start-up firms' sales growth rate is different from that of the listed companies, and that there is a difference in each industry. If a linear model, which is useful for estimating the sales of a specific company, is highly likely to be utilized in practical aspects, it can be explained that the range model, which can be used for the estimation method of the sales of the unspecified firms, is highly likely to be used in political aspects. It implies that when analyzing the business activities and performance of a specific industry group or enterprise group there is political usability in that the range model enables to provide references and compare them by data based start-up sales forecasting system.

• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.39-55
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• 2019

Recently banks and large financial institutions have introduced lots of Robo-Advisor products. Robo-Advisor is a Robot to produce the optimal asset allocation portfolio for investors by using the financial engineering algorithms without any human intervention. Since the first introduction in Wall Street in 2008, the market size has grown to 60 billion dollars and is expected to expand to 2,000 billion dollars by 2020. Since Robo-Advisor algorithms suggest asset allocation output to investors, mathematical or statistical asset allocation strategies are applied. Mean variance optimization model developed by Markowitz is the typical asset allocation model. The model is a simple but quite intuitive portfolio strategy. For example, assets are allocated in order to minimize the risk on the portfolio while maximizing the expected return on the portfolio using optimization techniques. Despite its theoretical background, both academics and practitioners find that the standard mean variance optimization portfolio is very sensitive to the expected returns calculated by past price data. Corner solutions are often found to be allocated only to a few assets. The Black-Litterman Optimization model overcomes these problems by choosing a neutral Capital Asset Pricing Model equilibrium point. Implied equilibrium returns of each asset are derived from equilibrium market portfolio through reverse optimization. The Black-Litterman model uses a Bayesian approach to combine the subjective views on the price forecast of one or more assets with implied equilibrium returns, resulting a new estimates of risk and expected returns. These new estimates can produce optimal portfolio by the well-known Markowitz mean-variance optimization algorithm. If the investor does not have any views on his asset classes, the Black-Litterman optimization model produce the same portfolio as the market portfolio. What if the subjective views are incorrect? A survey on reports of stocks performance recommended by securities analysts show very poor results. Therefore the incorrect views combined with implied equilibrium returns may produce very poor portfolio output to the Black-Litterman model users. This paper suggests an objective investor views model based on Support Vector Machines(SVM), which have showed good performance results in stock price forecasting. SVM is a discriminative classifier defined by a separating hyper plane. The linear, radial basis and polynomial kernel functions are used to learn the hyper planes. Input variables for the SVM are returns, standard deviations, Stochastics %K and price parity degree for each asset class. SVM output returns expected stock price movements and their probabilities, which are used as input variables in the intelligent views model. The stock price movements are categorized by three phases; down, neutral and up. The expected stock returns make P matrix and their probability results are used in Q matrix. Implied equilibrium returns vector is combined with the intelligent views matrix, resulting the Black-Litterman optimal portfolio. For comparisons, Markowitz mean-variance optimization model and risk parity model are used. The value weighted market portfolio and equal weighted market portfolio are used as benchmark indexes. We collect the 8 KOSPI 200 sector indexes from January 2008 to December 2018 including 132 monthly index values. Training period is from 2008 to 2015 and testing period is from 2016 to 2018. Our suggested intelligent view model combined with implied equilibrium returns produced the optimal Black-Litterman portfolio. The out of sample period portfolio showed better performance compared with the well-known Markowitz mean-variance optimization portfolio, risk parity portfolio and market portfolio. The total return from 3 year-period Black-Litterman portfolio records 6.4%, which is the highest value. The maximum draw down is -20.8%, which is also the lowest value. Sharpe Ratio shows the highest value, 0.17. It measures the return to risk ratio. Overall, our suggested view model shows the possibility of replacing subjective analysts's views with objective view model for practitioners to apply the Robo-Advisor asset allocation algorithms in the real trading fields.

• Korean Journal of Biological Psychiatry
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• v.13 no.2
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• pp.70-81
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• 2006

Objective : The purpose of this study was to investigate the differences of the cognitive performance, emotional and behavioral problems among the attention-deficit/hyperactivity disorder(ADHD) groups that show the difference between visual and auditory attention. Method : Using 'ADHD Diagnostic System(ADS)', visual attention and auditory attention of 98 children diagnosed as ADHD were measured. According to the omission and commission error of ADS, they were divided into three groups ; 1) the group whose each visual omission and commission error scores were higher than each auditory omission and commission error scores(VV group), 2) the group whose each auditory omission and commission error scores were higher than each visual omission and commission error scores(AA group), 3) the group that was the rest of VV and AA group(M group). And the results of both the subscales of Korean Educational Development Institute-Wechsler Intelligence Scale for Children(KEDI-WISC) and the subscales of Korean Child Behavior Checklist(K-CBCL) among three groups were compared. Finally, the correlation between the visual omission, visual commission, auditory omission, auditory commission error and the results of KEDI-WISC, K-CBCL were investigated. Results : The results were as follows ; 1) In 98 ADHD children, the number of VV group(N=56) was higher than that of AA (N=10) and M group (N=32). 2) All mean scores of the subscales of KEDI-WISC of VV group were higher than those of M and AA group. The score of verbal IQ(p=.039) of VV group was significantly higher than that of AA group and the scores of block design(p=.015), Kaufman's factor 2(p=.045), performance IQ(p=.004) were significantly higher than those of M group. The score of full IQ(p=.004) were significantly higher than that of M and AA group. 3) The mean scores of all K-CBCL subscales of VV group were higher than those of M and AA group, except the score of Somatic complaint subscale. The score of Social subscale(p=.041) of VV group was significantly higher than that of AA group. The score of Withdrawn subscale(p=.021) of AA group was significantly higher than that of VV group. 4) There were no significant correlation between the scores of visual omission/commission error and those of each subscale of KEDI-WISC. But, there were many significant correlations between the scores of auditory omission/commission error and those of each subscale of KEDI-WISC. 5) There were significant correlation between the score of the visual omission error and that of Thought problem subscale(r=.205, p=.043) of K-CBCL. There were significant correlation between the scores of the auditory omission error and those of Social subscale(r=-.319, p=.001), Social problems subscale(r=.206, p=.042), Thought problem subscale(r=.235, p=.021). Finally, there were significant correlation between the scores of auditory commission error and those of Social subscale(r=-.241, p=.017), Thought problem subscale(r=.235, p=.020). Conclusion : The ADHD children whose auditory attention ability were higher than visual attention ability had relatively better cognitive performance and less emotional/behavioral problems than the others. The more comprehensive experiment will be needed about the cognitive performance, emotion and behavior problems of the ADHD children showing the difference between visual and auditory attention.

• Journal of dental hygiene science
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• v.15 no.5
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• pp.650-658
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• 2015

The purpose of this study was to determine the effects of dental hygienists' leader-member exchange (LMX) and empowerment on organizational performance, improve human resource management in their organization and their job satisfaction and organizational commitment, and provide basic data that could help improve organizational performance. A survey was conducted in 324 dental hygienists at dental care institutions in Ulsan, Busan, and Daegu from March 2 to 31, 2015 and the following results were obtained: Dental hygienists at dental hospitals had higher levels of LMX than those at dental clinics; those who were at higher positions, who were older, and who were more educated showed higher levels of empowerment. There was significant, positive correlation between LMX and empowerment and job satisfaction and organizational commitment: dental hygienists with better LMX and higher levels of empowerment showed higher levels of job satisfaction and organizational commitment. For dental hygienists, significance (${\beta}=0.325$, p<0.001) exerted the greatest impact on job satisfaction, followed by organizational commitment (${\beta}=0.264$, p<0.001) and competence (${\beta}=0.164$, p<0.01) and LMX (${\beta}=0.321$, p<0.001) had the greatest impact on organizational commitment, followed by job satisfaction (${\beta}=0.275$, p<0.001) and significance (${\beta}=0.210$, p<0.001).To put the results together, dental hygienists in dental care practice had their job satisfaction and organizational commitment affected by LMX and empowerment; therefore, it is necessary to develop diverse education programs with the objective of promoting mutual exchange between a manager of dental hygienists' team and members and improving empowerment.

• Asian-Australasian Journal of Animal Sciences
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• v.30 no.4
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• pp.505-513
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• 2017

Objective: This study was performed to evaluate whether ambient temperature and dietary glycerol addition affect growth performance, and blood metabolic and immunological parameters, in beef cattle. Methods: Twenty Korean cattle steers ($405.1{\pm}7.11kg$ of body weight [BW], $14.2{\pm}0.15$ months of age) were divided into a conventional control diet group (n = 10) and a 2% glycerol- added group (n = 10). Steers were fed 1.6% BW of a concentrate diet and 0.75% BW of a timothy hay diet for 8 weeks (4 weeks from July 28th to August 26th and 4 weeks from August 27th to September 26th). Blood was collected four times on July 28th, August 11th, August 27th, and September 26th. Results: The maximum indoor ambient temperature-humidity index in August (75.8) was higher (p<0.001) than that in September (70.0), and in August was within the mild heat stress (HS) category range previously reported for dairy cattle. The average daily gain (ADG; p = 0.03) and feed efficiency (p<0.001) were higher in hotter August than in September. Glycerol addition did not affect ADG and feed efficiency. Neither month nor glycerol addition affected blood concentrations of cortisol, triglyceride, or non-esterified fatty acid. Blood concentrations of cholesterol, low-density lipoprotein, high-density lipoprotein, glucose, and albumin were lower (p<0.05) on August 27th than on September 26 th, and blood phosphorus, calcium and magnesium concentrations were also lower on August 27th than on September 27th. Glycerol addition did not affect these blood parameters. Percentages of $CD4^+$ T cells and $CD8^+$ T cells were higher (p<0.05) on July 28th than on August 27th and September 26th. The blood $CD8^+$ T cell population was lower in the glycerol supplemented-group compared to the control group on July 28th and August 27th. Conclusion: Korean cattle may not be significantly affected by mild HS, considering that growth performance of cattle was better in hotter conditions, although some changes in blood metabolic and mineral parameters were observed.

• Journal of the Korean Academy of Child and Adolescent Psychiatry
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• v.14 no.2
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• pp.197-208
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• 2003

Objective：In this study, we hypothesized that deficit in processing rapid linguistic stimuli is at the heart of Reading Disability(RD) and deficit in response inhibition is at the heart of Attention Deficit/Hyperactivity(ADHD). We conducted experiments to identify the core cognitive characteristics of children either with RD or with ADHD or with both, using attentional tasks and phoneme differential tests. Method：In the study 1, 28 children with ADHD, 16 children with RD+ADHD were individually administered visual/auditory performance tests. Then, the differences of performance on attentional tasks between two groups were compared while IQs of two groups were controlled. In the study 2, 13 children with RD+ADHD/RD, 13 children with ADHD, and 13 normal children were administered computerized phoneme differential tests. Result：Visual attentional tasks did not distinguish an ADHD group from a RD+ADHD group. With auditory attentional tasks, however, the comorbid group showed significantly more difficulties, causing a large variance in reaction time. RD, RD+ADHD, and ADHD groups showed more errors in phoneme differential tests than a normal control group, and each group showed distinctive performance patterns. Discussion：An ADHD group had difficulty in response inhibition and sustained attention, and children who also had RD along with ADHD magnified the auditory attentional difficulties. Even though children with RD had more trouble with responding correctly to target stimuli, their responses were not significantly different from those of children with ADHD.

• Korean Journal of Poultry Science
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• v.41 no.4
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• pp.241-247
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• 2014

The objective of this experimental was to investigate the effect of dietary Cu-sulfate and Cu-soy proteinate on productive performance and small intestinal microflora. A total 1,000 Hy-Line Brown laying hens (35 weeks old) were randomly allotted to 1 of 5 dietary treatments: Control, Cu-sulfate 50, 100 (50, 100 ppm Cu supplementation as Cu-sulfate) and Cu-SP 50, 100 (50, 100 ppm Cu supplementation as Cu-soy proteinate). Each treatment was replicated 4 times with fifty birds per replication, housed in 2 birds cages. Fifty birds units were arranged according to randomized block design. Feeding trial lasted 5 weeks under 16L : 8D lighting regimen. Hen day egg production was significantly (P<0.05) higher in Cu treated groups than control. Feed intake, broken and shell-less egg production was not significantly influenced by treatment. Eggshell color, eggyolk color, haugh unit, and eggshell thickness were not significantly influenced by treatment. However, eggshell strength was significantly (P<0.05) greater in Cu treated groups than control. Concentration of copper of liver was significantly (P<0.05) greater in Cu treated groups than control. Concentration of zinc and iron of liver were not influenced by treatments. Population of Cl. perfrigens and Lactobacilli in the small intestinal content were significantly (P<0.05) influenced by treatments. Population of Cl. perfrigens decreased and that of Lactobacilli increased in the Cu supplement groups. In conclusion, dietary Cu sulfate and Cu-soy proteinate similarly improves egg production, eggshell strength, and favors intestinal microbial population of laying hens.

• Korean Journal of Poultry Science
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• v.41 no.4
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• pp.323-329
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• 2014

The objective of this experiment was to investigate the effect of dietary supplementation of copper-soy proteinate (Cu-SP) and herbal mixture (HBM) on growth performance, blood parameter, and immune response in laying hens. A total 800 Hy-Line Brown laying hens (60 weeks old) were randomly allotted to 1 of 4 dietary treatments : (1) Control : control diet, (2) Cu-SP : control diet + 100 mg/kg Cu-soy proteinate, (3) HBM : control diet + 0.15% herbal mixture, and (4) Cu-SP + HBM : control diet + 100 mg/kg Cu-soy proteinate + 0.15% herbal mixture. Each treatment was replicated 5 times with forty birds units were arranged according to randomized block design. Feeding trial lasted 5 weeks under 16L : 8D lighting regimen. The diet and water were available ad libitum. Result indicated that during feeding trial of the experiment, hen-day egg production was significantly (P<0.05) higher in Cu-SP and HBM treated groups than control. However, feed intake, feed conversion ratio, egg weight, broken and shell less egg production were not significantly influenced by treatments. Eggshell strength was significantly (P<0.05) higher in Cu-SP than control. Eggshell thickness, eggshell color, egg yolk color, Haugh unit were not significantly influenced by treatments. The level of WBC and stress index (heterophil : lymphocyte) were higher in supplemented groups than the control. The concentration of plasma IgG was higher in supplemented groups than the control. The result of this experiment showed that dietary copper-soy proteinate or herbal mixture tended to improve egg production and affect positively on immune response of laying hens.

• Journal of Korean Society of Occupational and Environmental Hygiene
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• v.3 no.2
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• pp.141-151
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• 1993

Blood samples obtained from 200 adults who had visited the "S" general hospital were analyzed to compare the zinc protoporphyrin (ZPP) levels quantified by high performance liquid chromatograph (HPLC) and by hematofluorometer (HF) to investigate the methodological difference if any and the relationship between the levels of blood lead and ZPP among no-lead exposed adults. Also investigated were the distribution of ZPP and protoporphyrin IX (PPIX) concentrations, the establishment of normal levels of blood ZPP and blood lead, and the contribution of age and sex factors to these values. These subjects had no previous occupational exposure to lead. The results obtained were as follows : 1. The mean values of blood lead for male and female subjects were $9.46{\pm}2.44{\mu}g/dl$ and $8.09{\pm}2.17{\mu}g/dl$, respectively. The difference observed in the mean concentrations between male and female subjects was statistically very significant. 2. The mean values of blood ZPP by HPLC for male and female subjects were $15.94{\pm}4.55{\mu}g/dl$ and $22.26{\pm}6.61{\mu}g/dl$, respectively. The difference observed in the mean concentrations between male and female subjects was statistically not significant. The mean values of blood PPIX by HPLC for male and female subjects were $2.51{\pm}1.78{\mu}g/dl$ and $2.81{\pm}1.56{\mu}g/dl$, respectively. The difference observed in the mean concentrations between male and female subjects was statistically not significant. 3. The mean values of blood ZPP by HF for male and female subjects were $28.44{\pm}7.11{\mu}g/dl$ and $37.77{\pm}8.04{\mu}g/dl$, respectively. The difference observed in the mean concentrations between male and female subjects was statistically very significant. 4. No statistically significant correlation was found between the levels of blood ZPP and blood lead. 5. The ratio of ZPP and protoporphyrin IX (PPIX) concentration to erythrocyte protoporphyrin (EP, EP=ZPP+PPIX) concentration was 87.4% and 12.6%, respectively. 6. A statistically very significant correlation was found between the ZPP concentrations determined by HPLC and the values by HF (r=0.7565). The ZPP concentraitons quantified by HF were 1.75 times as high as the values obtained by HPLC. 7. The blood ZPP concentrations quantified by HPLC, HF, and spectrofluorometer (SF) from the blood samples obtained from 14 lead-exposed workers and from 16 no-lead exposed adults showed wide variations. The ZPP concentrations by HF were the highest followed by the levels obtained by SF and by HPLC. In the exposed group, no statistically significant difference was found among three methods of quantifying blood ZPP levels. In the no-lead exposed group, however, statistically significant difference was observed among these methods. The ZPP concentrations by HF were about twice as high as those of by HPLC or by SF. Among three methods of quantifying blood ZPP (HPLC, SF and HF), the results revealed significant difference. Therefore it is suggested that objective methods of quantifying blood ZPP and a system of correcting different ZPP levels be developed by the ministry of Labor.