• Journal of Intelligence and Information Systems
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• v.28 no.2
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• pp.237-262
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• 2022

There has been a growing interest in IPOs (Initial Public Offerings) due to the profitable returns that IPO stocks can offer to investors. However, IPOs can be speculative investments that may involve substantial risk as well because shares tend to be volatile, and the supply of IPO shares is often highly limited. Therefore, it is crucially important that IPO investors are well informed of the issuing firms and the market before deciding whether to invest or not. Unlike institutional investors, individual investors are at a disadvantage since there are few opportunities for individuals to obtain information on the IPOs. In this regard, the purpose of this study is to provide individual investors with the information they may consider when making an IPO investment decision. This study presents a model that uses machine learning and text analysis to predict whether an IPO stock price would move up or down after the first 5 trading days. Our sample includes 691 Korean IPOs from June 2009 to December 2020. The input variables for the prediction are three tone variables created from IPO prospectuses and quantitative variables that are either firm-specific, issue-specific, or market-specific. The three prospectus tone variables indicate the percentage of positive, neutral, and negative sentences in a prospectus, respectively. We considered only the sentences in the Risk Factors section of a prospectus for the tone analysis in this study. All sentences were classified into 'positive', 'neutral', and 'negative' via text analysis using TF-IDF (Term Frequency - Inverse Document Frequency). Measuring the tone of each sentence was conducted by machine learning instead of a lexicon-based approach due to the lack of sentiment dictionaries suitable for Korean text analysis in the context of finance. For this reason, the training set was created by randomly selecting 10% of the sentences from each prospectus, and the sentence classification task on the training set was performed after reading each sentence in person. Then, based on the training set, a Support Vector Machine model was utilized to predict the tone of sentences in the test set. Finally, the machine learning model calculated the percentages of positive, neutral, and negative sentences in each prospectus. To predict the price movement of an IPO stock, four different machine learning techniques were applied: Logistic Regression, Random Forest, Support Vector Machine, and Artificial Neural Network. According to the results, models that use quantitative variables using technical analysis and prospectus tone variables together show higher accuracy than models that use only quantitative variables. More specifically, the prediction accuracy was improved by 1.45% points in the Random Forest model, 4.34% points in the Artificial Neural Network model, and 5.07% points in the Support Vector Machine model. After testing the performance of these machine learning techniques, the Artificial Neural Network model using both quantitative variables and prospectus tone variables was the model with the highest prediction accuracy rate, which was 61.59%. The results indicate that the tone of a prospectus is a significant factor in predicting the price movement of an IPO stock. In addition, the McNemar test was used to verify the statistically significant difference between the models. The model using only quantitative variables and the model using both the quantitative variables and the prospectus tone variables were compared, and it was confirmed that the predictive performance improved significantly at a 1% significance level.

• Asian Pacific Journal of Cancer Prevention
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• v.16 no.17
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• pp.7789-7794
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• 2015

Background: This study aimed to evaluate the impact of a community-based health education and communication programme on reducing liver fluke infections caused by the consumption of uncooked fish among people in a high-risk area of Thailand. Materials and Methods: The study was quasi-experimental in nature, with three-stages. Stage 1 involved a situational and capacity analysis of designated communities in Khon Kaen province. This was followed by the development of a model for community-based health education and communication to prevent liver fluke infections among high-risk people, and, lastly, implementation and evaluation of the model were performed. Data were collected using both qualitative and quantitative methods. In total, 390 people were surveyed, and quasi-experimental and comparison groups, each with 90 people, were assessed between May 2011 and April 2012. Analysis was using statistical OR, 95 % CI, the Willcoxon matched pairs signed ranks test, the chi-square test, and the Mann-Whitney U test. Results: The findings showed that most respondents had a high level of knowledge and understanding of liver fluke disease (89.5%, 95% CI:86.0-92.4), and positive attitudes toward the prevention of the disease (94.4%, 95% CI:91.6-96.4). However, with regard to changes in consumption of uncooked fish, most respondents were still in the pre-contemplation phase (55.1%, 95% CI:50.0-60.1), followed by the contemplation phase, 22.6%. Furthermore, four factors were found to be associated with the consumption of uncooked fish - the consumption of alcohol (OR 4.16, 95% CI:1.79-9.65), gender (OR 3.17, 95% CI:1.53-6.54), smoking (OR 3.03, 95% CI:1.31-7.05), and age 40 years and above (OR 2.68, 95% CI:1.02-7.05). After nine months of the health education and communication programme using local media based on local wisdom, culture and persons, the results showed that, compared to the control group, members of the experimental group had a higher level of knowledge, a better attitude and lower levels of ill-advised consumption behaviour. Also, it was found that consumption of uncooked fish, by an assessment of the level of stage of change, was reduced. (p-value 0.002). Conclusions: The health education and communication programme developed as part of the study was effective in changing the consumption of uncooked fish. Therefore, this approach should be promoted in other high-risk areas in Thailand in the future.

• Journal of Korea Port Economic Association
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• v.40 no.2
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• pp.21-38
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• 2024

The current situation of ports and related industries is transitioning from quantitative growth in increased cargo volume and expansion of port facilities to qualitative growth in the role of ports through the creation of high value-added. Ports are now recognized as playing an important role in economic growth and development by generating high value-added, not just by increasing the amount of cargo and expanding port facilities. This study evaluated the importance of factors affecting the improvement of the Busan Port's marine equipment industry by using the Analytic Hierarchy Process(AHP) to derive the priority of improvement measures by factor and evaluate the importance of factors affecting the marine equipment industry. The factors that should be considered when selecting improvement measures for the marine equipment industry were selected as four factors: strengthening price competitiveness, increasing government and local government interest, strengthening promotion, and establishing a global network. The main sub-factors were composed of eight detailed evaluation factors by selecting two factors for each layer. The analysis was designed by dividing the factor hierarchy for selecting improvement measures for the marine equipment industry into three levels and creating survey questions for pairwise comparison. The priority of the analysis results using AHP showed that the factor with the highest priority was strengthening price competitiveness, followed by increasing government and local government interest, establishing a global network, and strengthening promotion. According to the analysis results for the second-level sub-factors, among the factors for strengthening price competitiveness, low distribution costs and storage costs were considered most important, followed by avoiding excessive competition among marine equipment companies. Among the factors for increasing government and local government interest, improving customs procedures and tariff refund procedures were considered most important, followed by strengthening incentives from the government and Busan City. Among the factors for establishing a global network, promoting large-scale marine equipment companies was considered most important, followed by actively participating in international marine equipment-related associations. Among the factors for strengthening promotion, active use of the Internet was considered most important, followed by holding domestic and international exhibitions. Based on this study, we hope to help activate Busan Port's market by enhancing its competitiveness through revitalizing its marine equipment industry, generating water traffic, and creating new value-added.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.12
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• pp.8776-8790
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• 2015

As a follow-up research of a qualitative study conducted by Lee(2015), this study needed to carry out a quantitative research targeting not a group of experts but of working-level staff and verify the validity of the assessment scales. As far as the study learned from an exploratory factor analysis of the preliminary research, these 12 questions that were incorrectly categorized or that presented outliers had to be removed and as a consequence, the researcher of the study was led to an outcome(75 Items) that would correspond to this factor structure which one had temporarily set up. For the next step, in order to carry out a confirmatory factor analysis, the study worked on verification on a four-stage structural equation model with each of the factors which the researcher had established applied by stage. In the end, a result to confirm how the model's goodness of fit eventually increases with the factors which the researcher had set up added was gained and lastly, another outcome to agree to the hair designers' expertise practice model which the researcher had created was obtained. In the meantime, in terms of the assessment scales which this study has discussed, the study assumes that since the scales accepted a self-rating method, it may lead not only to increase in expertise through self-reflection but also to establishment of a rational class system based on results of objective expertise measuring but not of subjective judgment by superiors.

• Korean Journal of Community Nutrition
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• v.12 no.5
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• pp.617-629
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• 2007

To ensure the microbiological safety of food items prepared after cooking process, this study was aimed to identify the hazards related with cooked foods donated to foodbanks through quantitative microbial analysis. Five foodbanks located in Incheon and Gyeonggi area among government-dominant foodbanks were surveyed from February to June, 2007. Manager, recipient, donator, type and quantity of donated foot and facility and equipment were examined for the general characteristics of foodbank. The time and temperature of food md environment were measured at steps from after-production to before-distribution, and the microbial analysis was performed mainly with indicator organism and major pathogens. The amount of cooked foods donated to each foodbank was about 20 to 30 servings and consisted of 80% of total donated foods. Only three foodbanks had separate offices for foodbank operation and four institutions had at least one temperature-controlled vehicle. The flow of donated foods was gone through the steps; production, meal service and holding at donator, collection by foodbank, transport (or holding after transport) and distribution to recipients. It took about 3.8 to 6.5 hours at room temperature from after-production to before-distribution. Only aerobic plate counts (APC) and coliforms were found in microbial analysis. The APC after production were relatively high in $8.2{\times}10^5,\;7.4{\times}10^5,\;6.9{\times}10^5$ and $4.2{\times}10^5 CFU/g$ while $2.8{\times}10^6, \;9.4{\times}10^5,\;1.0{\times}10^6$ and $5.4{\times}10^5CFU/g$ before distribution in mixed Pimpinella brachycarpa, mixed chard mixed amaranth and mixed spinach, respectively. The levels of coliforms in mixed chard and mixed spinach were complied with the standards of the Ministry of Education and Human Resources Management The level of APC in boiled pork was increased from $< 1.0{\times}10 CFU/g$ to $4.0{\times}10^2 CFU/g$. One of delivery vessels was shown $6.2{\times}10^3 CFU/100 cm^2$ in APC, which was over the standards for environment. One of serving tables also showed the high level of $1.2{\times}10^3 CFU/100 cm^2$ in APC and $6.6{\times}10^2 CFU/100 cm^2$ in coliforms. These results suggest the sanitary management of holding at donator and the time-temperature control are key factors to ensure the safety of cooked foods donated to foodbank.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.1-13
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• 2017

The purpose of this study is to find out which factors determine the success of start-up in the initial market and what are the most important determinants. For the empirical analysis, the questionnaire related to the analysis of success factors for start-up success was designed according to the quantitative analysis (AHP technique). First, we selected 8 representative success factors for successful start-up in the initial market. In order to determine the degree of priority among these factors, we surveyed 12 entrepreneurs who are interested in entrepreneurship, universities, research institutes, and public officials. As a result of the empirical analysis, 51% of the funds in the tier 1 were ranked as the top priority to determine success factors. Followed by research and development (32.5%), management (8.7%) and marketing (7.8%). In particular, when each of the four items is calculated as 100 according to the result of the tier 1, and the tier 2 is converted, the foreign investment is analyzed as 43.7%. It was followed by 15.14% of R & D facilities, 14.07% of ideas, 8.7% of managerial ability, 7.29% of domestic investment, 5.85% of buyer feedback, 3.3% of development strategy and 1.95% of marketing strategy. Among the eight success factors, overseas investment items showed the closest preference to half, and it was the most important variable that determines the success or failure of market entry. The implication of this study is that many start-ups in Korea expect to receive investment and support from overseas accelerators. This means that overseas investment itself has been recognized as a start-up that makes services and products that can be used in the global market. A high preference for attracting foreign investment is due to the fact that the amount of investment is larger than that of Korea and that it can flexibly cope with the pressure on the performance compared to domestic investors. In this study, it was meaningful that we could confirm this fact through questionnaires of start-up experts. In future research, we need to find a viable alternative through studying how to provide start-up to foreign direct investment at the national level.

• Journal of the Korean Society of Safety
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• v.35 no.1
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• pp.87-96
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• 2020

The purpose of this paper is to develop a fire HRA (Human Reliability Analysis) procedure for full power operation of domestic NPPs (Nuclear Power Plants). For the development of fire HRA procedure, the recent research results of NUREG-1921 in an effort to meet the requirements of the ASME/ANS PRA Standard were reviewed. The K-HRA method, a standard method for HRA of a domestic level 1 PSA (Probabilistic Safety Assessment) and fire related procedures in domestic NPPs were reviewed. Based on the review, a procedure for the fire HRA required for a domestic fire PSA based on the K-HRA method was developed. To this end, HRA issues such as new operator actions required in the event of a fire and complexity of fire situations were considered. Based on the four kinds of HFE (Human Failure Event) developed for a fire HRA in this research, a qualitative analysis such as feasibility evaluation was suggested. And also a quantitative analysis process which consists of screening analysis and detailed analysis was proposed. For the qualitative analysis, a screening analysis by NUREG-1921 was used. In this research, the screening criteria for the screening analysis was modified to reduce vague description and to reflect recent experimental results. For a detailed analysis, the K-HRA method and scoping analysis by NUREG-1921 were adopted. To apply K-HRA to fire HRA for quantification, efforts to modify PSFs (Performance Shaping Factors) of K-HRA to reflect fire situation and effects were made. For example, an absence of STA (Shift Technical Advisor) to command a fire brigade at a fire area is considered and the absence time should be reflected for a HEP (Human Error Probability) quantification. Based on the fire HRA procedure developed in this paper, a case study for HEP quantification such as a screening analysis and detailed analysis with the modified K-HRA was performed. It is expected that the HRA procedure suggested in this paper will be utilized for fire PSA for domestic NPPs as it is the first attempt to establish an HRA process considering fire effects.

• Journal of Distribution Science
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• v.13 no.11
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• pp.123-130
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• 2015

Purpose - Due to highly elevated levels of competition, many companies today have to face the problem of decreasing profits even when their actual sales volume is increasing. This is a common phenomenon that is seen occurring among companies that focus heavily on quantitative growth rather than qualitative growth. These two aspects of growth should be well balanced for a company to create a sustainable business model. For supply chain management (SCM) planners, the optimized, quantified flow of resources used to be of major interest for decades. However, this trend is rapidly changing so that managers can put the appropriate balance between sales volume and sales quality, which can be evaluated from the profit margin. Profit optimization is a methodology for companies to use to achieve solutions focused more on profitability than sales volume. In this study, we attempt to provide executional insight for companies considering implementation of the profit optimization system to enhance their business profitability. Research design, data, and methodology - In this study, we present a comprehensive explanation of the subject of profit optimization, including the fundamental concepts, the most common profit optimization logic algorithm -linear programming -the business functional scope of the profit optimization system, major key success factors for implementing the profit optimization system at a business organization, and weekly level detailed business processes to actively manage effective system performance in achieving the goals of the system. Additionally, for the purpose of providing more realistic and practical information, we carefully investigate a profit optimization system implementation case study project fulfilled for company S. The project duration was about eight months, with four full-time system development consultants deployed for the period. To guarantee the project's success, the organization adopted a proven system implementation methodology, supply chain management (SCM) six-sigma. SCM six-sigma was originally developed by a group of talented consultants within Samsung SDS through focused efforts and investment in synthesizing SCM and six-sigma to improve and innovate their SCM operations across the entire Samsung Organization. Results - Profit optimization can enable a company to create sales and production plans focused on more profitable products and customers, resulting in sustainable growth. In this study, we explain the concept of profit optimization and prerequisites for successful implementation of the system. Furthermore, the efficient way of system security administration, one of the hottest topics today, is also addressed. Conclusion - This case study can benefit numerous companies that are eagerly searching for ways to break-through current profitability levels. We cannot guarantee that the decision to deploy the profit optimization system will bring success, but we can guarantee that with the help of our study, companies trying to implement profit optimization systems can minimize various possible risks across various system implementation phases. The actual system implementation case of the profit optimization project at company S introduced here can provide valuable lessons for both business organizations and research communities.

• Journal of Sericultural and Entomological Science
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• v.16 no.2
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• pp.1-34
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• 1974

These experiments pertain to various factors influencing the quantitative characters of cocoon crops in summer and early autumn seasons. Initially, in order to establish the possible ways of the silkworm rearing more than three times a year in Korea, the author attempted to get further information about the various factors affecting the cocoon crop in every silkworm rearing season. The trials were conducted eleven times a year at four places for three years. The field trial was conducted with 19 typical sericultural farmers who had been surveyed. At the same time the author statistically analyzed the various factors in close relation to tile cocoon crop in autumn season. The effect of guidance on 40 sericultural farmers was analyzed, comparing higher level farmers with lower level farmers ; and the author surveyed 758 non-guided farmers near the guided farmers during both spring and autumn seasons. In addition, another trial on the seasonal change of leaf quality was attempted with artificial diets prepared with leaves grown in each season. It was found that related factors to cocoon crops in summer and early autumn seasons appeared to be leaf quality, and temperature for young and grown larvae. A 2$^4$ factorial experiment was designed in summer season, and another design with one more level of varied temperature or hard leaf added to a 24 factorial experiment was conducted in early autumn. The experimental results can be summarized： 1. Study on the cocoon crops in the different rearing seasons 1) It was shown that earlier brushing of silkworm generally produced the most abundant cocoon crop in spring season, and earlier or later than the conventional brushing season, especially earlier brushing was unfavorable for the abundant cocoon crop in autumn season. 2) The cocoon crop was affected by the rearing season, and decreases in order of sire with spring, autumn, late autumn, summer and early autumn seasons. 3) It was Proved that ordinary rearing and branch rearing were possibles 4 times a year ; in the 1st, 3rd, 8th, and 10th brushing season. But the 11th brushing season was more favorable for the most abundant cocoon crop of branch rearing, instead of the 10th brushing season with ordinary rearing. 2. Study on the main factors affecting the cocoon crop in autumn season 1) Accumulated pathogens were a lethal factor leading to a bad cocoon crop through neglect of disinfection of rearing room and instruments. 2) Additional factors leading to a poor cocoon crop were unfavorable for rearing temperature and humidity, dense population, poor choice of moderately ripened leaf, and poor feeding techniques. However, it seemed that there was no relationship between the cocoon crop and management of farm. 3) The percentage of cocoon shell seemed to be mostly affected by leaf quality, and secondarily affected by the accumulation of pathogens. 3. Study on the effect of guidance on rearing techniques 1) The guided farms produced an average yearly yield of 29.0kg of cocoons, which varied from 32.3kg to 25.817g of cocoon yield per box in spring versus autumn, respectively. Those figures indicated an annual average increase of 26% of cocoon yield over yields of non-guided farmers. An increase of 20% of cocoon yield in spring and 35% of cocoon yield in autumn were responsible. 2) On guided farms 77.1 and 83.7% of total cocoon yields in the spring and autumn seasons, respectively, exceeded 3rd grade. This amounted to increases of 14.1 and 11.3% in cocoon yield and quality over those of non-guided farms. 3) The average annual cocoon yield on guided farms was 28.9kg per box, based on a range of 31.2kg to 26.9kg per box in spring and autumn seasons, respectively. This represented an 8% increase in cocoon yield on farms one year after guidance, as opposed to non-guided farms. This yield increase was due to 3 and 16% cocoon yield increases in spring and autumn crops. 4) Guidance had no effect on higher level farms, but was responsible for 19% of the increases in production on lower level farms. 4. Study on the seasonal change of leaf quality 1) In tests with grown larvae, leaves of tile spring crop incorporated in artificial diets produced the best cocoon crop; followed by leaves of the late autumn, summer, autumn, and early autumn crops. 2) The cocoon crop for young larvae as well as for grown larvae varied with the season of leaf used. 5. Study on factors affecting the cocoon crops in summer and early autumn A. Early autumn season 1) Survival rate and cocoon yield were significantly decreased at high rearing temperatures for young larvae 2) Survival rate, cocoon yield, and cocoon quality were adversely affected by high rearing temperatures for grown larvae. Therefore increases of cocoon quantity and improvement of cocoon quality are dependent on maintaining optimum temperatures. 3) Decreases in individual cocoon weight and longer larval periods resulted with feeding of soft leaf and hard leaf to young larvae, but the survival rate, cocoon yield and weight of cocoon shell were not influenced. 4) Cocoon yield and cocoon quality were influenced by feeding of hard leaf to grown larvae, but survival rate was not influenced by the feeding of soft leaf and hard leaf. 5) When grown larvae were inevitably raised at varied temperatures, application of varied temperature in the raising of both young and grown larvae was desirable. Further research concerning this matter must be considered. B. Summer season 1) Cocoon yield and single cocoon weight were decreased at high temperatures for young larvae and survival rate was also affected. 2) Cocoon yield, survival rate. and cocoon quality were considerably decreased at high rearing temperatures for grown larval stages.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.61-118
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• 2008

The purpose of this research is to construct research framework for international franchising based on existing literature and to identify research components in the framework. Franchise can be defined as management styles that allow franchisee use various management assets of franchisor in order to make or sell product or service. It can be divided into product distribution franchise that is designed to sell products and business format franchise that is designed for running it as business whatever its form is. International franchising can be defined as a way of internationalization of franchisor to foreign country by providing its business format or package to franchisee of host country. International franchising is growing fast for last four decades but academic research on this is quite limited. Especially in Korea, research about international franchising is carried out on by case study format with single case or empirical study format with survey based on domestic franchise theory. Therefore, this paper tries to review existing literature on international franchising research, providing research framework, and then stimulating new research on this field. International franchising research components include motives and environmental factors for decision of expanding to international franchising, entrance modes and development plan for international franchising, contracts and management strategy of international franchising, and various performance measures from different perspectives. First, motives of international franchising are fee collection from franchisee. Also it provides easier way to expanding to foreign country. The other motives including increase total sales volume, occupying better strategic position, getting quality resources, and improving efficiency. Environmental factors that facilitating international franchising encompasses economic condition, trend, and legal or political factors in host and/or home countries. In addition, control power and risk management capability of franchisor plays critical role in successful franchising contract. Final decision to enter foreign country via franchising is determined by numerous factors like history, size, growth, competitiveness, management system, bonding capability, industry characteristics of franchisor. After deciding to enter into foreign country, franchisor needs to set entrance modes of international franchising. Within contractual mode, there are master franchising and area developing franchising, licensing, direct franchising, and joint venture. Theories about entrance mode selection contain concepts of efficiency, knowledge-based approach, competence-based approach, agent theory, and governance cost. The next step after entrance decision is operation strategy. Operation strategy starts with selecting a target city and a target country for franchising. In order to finding, screening targets, franchisor needs to collect information about candidates. Critical information includes brand patent, commercial laws, regulations, market conditions, country risk, and industry analysis. After selecting a target city in target country, franchisor needs to select franchisee, in other word, partner. The first important criteria for selecting partners are financial credibility and capability, possession of real estate. And cultural similarity and knowledge about franchisor and/or home country are also recognized as critical criteria. The most important element in operating strategy is legal document between franchisor and franchisee with home and host countries. Terms and conditions in legal documents give objective information about characteristics of franchising agreement for academic research. Legal documents have definitions of terminology, territory and exclusivity, agreement of term, initial fee, continuing fees, clearing currency, and rights about sub-franchising. Also, legal documents could have terms about softer elements like training program and operation manual. And harder elements like law competent court and terms of expiration. Next element in operating strategy is about product and service. Especially for business format franchising, product/service deliverable, benefit communicators, system identifiers (architectural features), and format facilitators are listed for product/service strategic elements. Another important decision on product/service is standardization vs. customization. The rationale behind standardization is cost reduction, efficiency, consistency, image congruence, brand awareness, and competitiveness on price. Also standardization enables large scale R&D and innovative change in management style. Another element in operating strategy is control management. The simple way to control franchise contract is relying on legal terms, contractual control system. There are other control systems, administrative control system and ethical control system. Contractual control system is a coercive source of power, but franchisor usually doesn't want to use legal power since it doesn't help to build up positive relationship. Instead, self-regulation is widely used. Administrative control system uses control mechanism from ordinary work relationship. Its main component is supporting activities to franchisee and communication method. For example, franchisor provides advertising, training, manual, and delivery, then franchisee follows franchisor's direction. Another component is building franchisor's brand power. The last research element is performance factor of international franchising. Performance elements can be divided into franchisor's performance and franchisee's performance. The conceptual performance measures of franchisor are simple but not easy to obtain objectively. They are profit, sale, cost, experience, and brand power. The performance measures of franchisee are mostly about benefits of host country. They contain small business development, promotion of employment, introduction of new business model, and level up technology status. There are indirect benefits, like increase of tax, refinement of corporate citizenship, regional economic clustering, and improvement of international balance. In addition to those, host country gets socio-cultural change other than economic effects. It includes demographic change, social trend, customer value change, social communication, and social globalization. Sometimes it is called as westernization or McDonaldization of society. In addition, the paper reviews on theories that have been frequently applied to international franchising research, such as agent theory, resource-based view, transaction cost theory, organizational learning theory, and international expansion theories. Resource based theory is used in strategic decision based on resources, like decision about entrance and cooperation depending on resources of franchisee and franchisor. Transaction cost theory can be applied in determination of mutual trust or satisfaction of franchising players. Agent theory tries to explain strategic decision for reducing problem caused by utilizing agent, for example research on control system in franchising agreements. Organizational Learning theory is relatively new in franchising research. It assumes organization tries to maximize performance and learning of organization. In addition, Internalization theory advocates strategic decision of direct investment for removing inefficiency of market transaction and is applied in research on terms of contract. And oligopolistic competition theory is used to explain various entry modes for international expansion. Competency theory support strategic decision of utilizing key competitive advantage. Furthermore, research methodologies including qualitative and quantitative methodologies are suggested for more rigorous international franchising research. Quantitative research needs more real data other than survey data which is usually respondent's judgment. In order to verify theory more rigorously, research based on real data is essential. However, real quantitative data is quite hard to get. The qualitative research other than single case study is also highly recommended. Since international franchising has limited number of applications, scientific research based on grounded theory and ethnography study can be used. Scientific case study is differentiated with single case study on its data collection method and analysis method. The key concept is triangulation in measurement, logical coding and comparison. Finally, it provides overall research direction for international franchising after summarizing research trend in Korea. International franchising research in Korea has two different types, one is for studying Korean franchisor going overseas and the other is for Korean franchisee of foreign franchisor. Among research on Korean franchisor, two common patterns are observed. First of all, they usually deal with success story of one franchisor. The other common pattern is that they focus on same industry and country. Therefore, international franchise research needs to extend their focus to broader subjects with scientific research methodology as well as development of new theory.