• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.109-124
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• 2024

The value of platform companies is rapidly increasing, exerting significant influence across industries. Identifying and fostering promising platform companies is crucial for enhancing national competitiveness. Consequently, tailored evaluation standards are necessary for such companies. This study derived investment decision factors specific to platform companies and compared the importance of each factor using Analytic Hierarchy Process (AHP) analysis. Key factors included platform characteristics, finance, entrepreneur (team), market, and product/service attributes. The findings revealed that platform characteristics were deemed the most crucial factor for investors. Specifically, factors such as platform size, ease of value fixation, core participant group, and data value were identified as pertinent for evaluating platform companies. Moreover, analysis distinguished between investors with prior platform investment experience and those without. Significantly, investors with platform investment experience placed greater emphasis on the value of data secured by platform Furthermore, it was observed that investors prioritized future value and growth potential over current value when investing in platform. Notably, founder/team characteristics, typically highly regarded in previous studies, ranked lower in importance in this study, highlighting a shift in focus. The discrepancy between this study's results and prior research on investment decision factors is attributed to the specificity of the questions posed. By focusing on investment decision factors for platform startups rather than generic startup inquiries, investor responses aligned more closely with platform-focused considerations. Given the burgeoning venture investment landscape, there's a growing need for detailed research on startups within specific sectors like IT, travel, and biotech. This approach can replace extensive research covering all startup types to identify investment decision factors suited to the characteristics of each individual industry.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.44 no.3
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• pp.407-416
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• 2024

Over the past 20 years, there has been a rapid increase in the number and size of subway stations and underground structures worldwide, and the importance of safety for subway users has also continuously grown. Subway stations, due to their structural characteristics, have limited visibility and escape routes in disaster situations, posing a high risk of human casualties and economic losses. Therefore, an analysis of disaster vulnerabilities is essential not only for existing subway systems but also for deep underground facilities like GTX. This paper presents a case study applying a betweenness centrality-based disaster vulnerability analysis framework to the case of Gwanggyo Central Station. The analysis of Gwanggyo Central Station's base model and various disaster scenarios revealed that the betweenness centrality distribution is symmetrical, following the symmetrical spatial structure of the station, with high centrality concentrated in the central areas of basement levels one and two. These areas exhibited values more than 220% above the average, indicating a high likelihood of bottleneck phenomena during evacuation in disaster situations. To mitigate this vulnerability, scenarios were proposed to distribute evacuation flows concentrated in the central areas, enhancing the usability of peripheral areas as evacuation routes by connecting staircases continuously. This modification, when considered, showed a decrease in centrality concentration, confirming that the proposed addition of evacuation paths could effectively contribute to dispersing the flow of evacuation in Gwanggyo Central Station. This case study demonstrates the effectiveness of the proposed framework for assessing evacuation vulnerability in enhancing subway station user safety and can be effectively applied in disaster response and management plans for major underground facilities.

• Journal of Yeungnam Medical Science
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• v.14 no.2
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• pp.399-414
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• 1997

There are several factors concerning to anemia in chronic renal failure patients. But when rHuEPO is used, most of these factors can be overcome, and the levels of hemoglobin are increased. However, about 10% of the renal failure patients represent rHuEPO-resistant anemia eventhough high dosage of rHuEPO. For these cases, desferrioxamine can be applied to correct rHuEPO resistnacy, and many mechanism of DFO are arguing. So we are going to know whether DFO can be applied to correct anemia of the such patients, how long its effect can be continued. The seven pateients as experimental group(DFO+EPO) who represent refractoriness to rHuEPO and the other seven patients as control group(EPO) were included. Experimental group had lower than 9 g/dL of hemoglobin levels despite high rHuEPO dosage (more than 4000U/Wk) and showed normocytic normochromic anemia. There were no definitve causes of anemia such as hemorrhage or iron deficiency. Control group patients had similar characteristics in age, mean dialysis duration but showed adequate response to rHuEPO. DFO was administered to experimental group for 8 weeks along with rHuEPO(the rHuEPO individual mean dosage had been determined by mean dosage of the previous 6 months. Total mean dosage; 123.5 U/Kg/Wk). After 8 weeks of DFO administration, the hemoglobin and rHuEPO dosage levels were checked for 15 consecutive months. It should be noted that the patients determined their own rHuEPO dosage levels according to hemoglobin levels and economic status. In conrol group, rHuEPO was administered by the same method used in experimental group without DFO through the same period. Fifteen months of observation period after DFO trial were divided as Time I(7 months after DFO trial) and Time II(8 months after Time I). The results are as follows: Before DFO trial, mean hemoglobin level of experimental group was 7.8 g/dL, which is similar level(p>0.05) to control group(mean Hb; 8.2 g/dL). But in experimental group, significantly(p<0.05) higher dosages of rHuEPO(mean; 123.5 U/Kg/Wk) than control group (mean; 41.6 U/Kg/Wk) had been used. It means resistancy to rHuEPO of experimental group. But after DFO trial, the hemoglobin levels of the experimental group were increased significantly(p<0.05), and these effect were continued to Time II.(Time I; mean 8.6g/dL, Time II; mean 8.6g/dL) The effects of DFO to hemoglobin were continued for 15 months after DFO trial with similar degree through Time I, Time II. Also, rHuEPO dosages used in the experimental group were decreased to similar levels of the control group after DFO trial and these effect were also continued for 15 months(Time I; mean 48.1 U/Kg/Wk. Time II; mean 51.8 U/Kg/Wk). In the same period, hemoglobin levels and rHuEPO dosages used in the control group were not changed significantly. Notibly, hemoglobin increment and rHuEPO usage decrement in experimental group were showed maxilly in the 1st month after DFO trial. That is, after the use of DFO, erythopoiesis was enhanced with a reduced rHuEPO dosage. So we think rHuEPO reisistancy can be overcome by DFO therapy. In conclusion, the DFO can improve the anemia caused by chronic renal failure at least over 1 year, and hence, can reduce the dosage of rHuEPO for anemia correction. Additional studies in order to determine the mechanism of DFO on erythropoiesis and careful attention to potential side effects of DFO will be needed.

• (The) Research of the performance art and culture
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• no.22
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• pp.287-325
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• 2011

This paper studies the time-space and appreciation of the performance culture of Gwanseo region, which is considered to have formed a characteristic culture in late Joseon period. For this purpose, 4 gasa written in hangeul (Korean alphabet), as well as 4 yeonhaeng gasa, 108 articles of Gwanseoakbu were examined. Plus, among the 9 types of yeonhaengrok (Documents of Performance culture) written in Chinese character, those parts which describe the performance traits have been analyzed. Then, 'main list of terminology' has been deduced based on the categorization according to the following points : 1) subjects of performance and appreciation 2) time and period of performance 3) space of performance 4) contents of performance 5) background and motive for performance and 6) method of performance. Through this process, various 'nouns' and 'predicate verbs' in relation to performance culture emerged, which were systemized according to types of performance elements and categories. Major terminology includes predicate verbs and symbolic verbs such as nokuihongsang,' 'baekdaehongjang,' 'jeolsaekgeumga,' 'cheonga,' 'hwaryu,' 'gamuja,' and 'tongsoja,' as well as the terms already known such as gisaeng, iwon, yangbang, akgong, and jeonak, which refer to musicians and dancers. Subjects of performance were divided into performers and listeners, categorized into concert, music, and dance, according to performance form. In the case for music, it was divided into instrumental or vocal, solo or accompanied (byeongju, self-accompaniment). In the case for vocal music, noteworthy was the inclusion of profesional artist's singing (called gwangdae or uchang). The record of 23 names of popular artists from Gwanseo region, with mention of special talents for each person, reflects the degree of activeness and artistic level of the province. Depending on the appreciating patrons, the audience were indicated as the terms including 'yugaek (party guest),' jwasang,' 'on jwaseok,' and 'sonnim (guests).' It seems that appraisal for a certain performance was very much affected by the tastes, views, and disposition of the appreciating patrons. Therefore it is interesting to observe different comparative reviews of concerts of different regions given by literary figures, offering various criticism on identical performance. In terms of performance space, it has been divided into natural or architectural space, doing justice to special performance sites such as a famous pavilion or an on-the-boat performance. Specific terms related to the scale and brightness of stage, as well as stage props and cast, based on descriptions of performance space were found. The performance space, including famous pavilions; Yeongwangjeong, Bubyeokru, Baeksangru, Wolparu, and Uigeomjeong, which are all well-known tourist sites of Gwanseo province, have been often visited by viceroys. governors, and envoys during a tour or trip. This, and the fact that full-scale performances were regularly held here, and that more than 15 different kinds of boats which were used for boat concert are mentioned, all confirm the general popularity of boat concerts at the time. Performance time, categorized by season or time of day (am/pm/night) and analyzed in terms of time of occurrence and duration, there were no special limitation as to when to have a performance. Most morning concerts were held as part of official duties for the envoys, after their meeting session, whereas evening concerts were more lengthy in duration, with a greater number of people in the audience. In the case of boat concert, samples include day-time concert and performances that began during the day and which lasted till later in the evening. Major terminology related to performance time and season includes descriptions of time of day (morning, evening, night) and mention of sunset, twilight, moonlight, stars, candles, and lamps. Such terms which reflect the flow of time contributed in making a concert more lively. Terminology for the contents of performance was mostly words like 'instrumental,' 'pungak,' or 'pungnyu.' Besides, contextual expressions gave hints as to whether there were dance, singing, ensemble, solo, and duets. Words for dance and singing used in Gwanseo province were almost identical to those used for gasa and jeongjae in the capital, Hanyang. However, many sentences reveal that performances of 'hangjangmu' of hongmunyeon, sword dance, and baettaragi were on a top-quality level. Moreover, chants in hanmun Chinese character and folk songs, which are characteristic for this region, show unique features of local musical performance. It is judged that understanding the purpose and background of a performance is important in grasping the foundation and continuity of local culture. Concerts were usually either related to official protocol for 'greeting,' 'sending-off,' 'reports,' and 'patrols' or for private enjoyment. The rituals for Gwanseo province characteristically features river crossing ceremony on the Daedong river, which has been closely documented by many. What is more, the Gwanseo region featured continued coming and goings of Pyeongan envoys and local officers, as well as ambassadors to and fro China, which required an organized and full-scale performance of music and dance. The method of performance varied from a large-scale, official ones, for which female entertainers and a great banquet in addition to musicians were required, to private gatherings that are more intimate. A performance may take the form of 'taking turns' or 'a competition,' reflecting the dynamic nature of the musical culture at the time. This study, which is deduction of terminology in relation to the time-space and appreciation culture of musical performances of Gwanseo region in late Joseon period, should be expanded in the future into research on 'the performance culture unique to Gwanseo region,' in relation to the financial and administrative aspects of the province, as well as everyday lifestyle. Furthermore, it could proceed to a more intensive research by a comparative study with related literary documents and pictorial data, which could serve as the foundation for understanding the use of space and stage, as well as the performance format characteristic to Korean traditional performing arts.

• Journal of Technology Innovation
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• v.17 no.1
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• pp.1-48
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• 2009

Recently we have found some symptoms that R&D fiscal incentives might not work well what it has intended through the analysis of current statistics of firm's R&D data. Firstly, we found that the growth rate of R&D investment in private sector during the recent decade has been slowdown. The average of growth rate (real value) of R&D investment is 7.1% from 1998 to 2005, while it was 13.9% from 1980 to 1997. Secondly, the relative share of R&D investment of SME has been decreased to 21%('05) from 29%('01), even though the tax credit for SME has been more beneficial than large size firm, Thirdly, The R&D expenditure of large size firms (besides 3 leading firms) has not been increased since late of 1990s. We need to find some evidence whether fiscal incentives are effective in increasing firm's R&D investment. To analyse econometric model we use firm level unbalanced panel data for 4 years (from 2002 to 2005) derived from MOST database compiled from the annual survey, "Report on the Survey of Research and Development in Science and Technology". Also we use fixed effect model (Hausman test results accept fixed effect model with 1% of significant level) and estimate the model for all firms, large firms and SME respectively. We have following results from the analysis of econometric model. For large firm: i ) R&D investment responds elastically (1.20) to sales volume. ii) government R&D subsidy induces R&D investment (0.03) not so effectively. iii) Tax price elasticity is almost unity (-0.99). iv) For large firm tax incentive is more effective than R&D subsidy For SME: i ) Sales volume increase R&D investment of SME (0.043) not so effectively. ii ) government R&D subsidy is crowding out R&D investment of SME not seriously (-0.0079) iii) Tax price elasticity is very inelastic (-0.054) To compare with other studies, Koga(2003) has a similar result of tax price elasticity for Japanese firm (-1.0036), Hall((l992) has a unit tax price elasticity, Bloom et al. (2002) has $-0.354{\sim}-0.124$ in the short run. From the results of our analysis we recommend that government R&D subsidy has to focus on such an areas like basic research and public sector (defense, energy, health etc.) not overlapped private R&D sector. For SME government has to focus on establishing R&D infrastructure. To promote tax incentive policy, we need to strengthen the tax incentive scheme for large size firm's R&D investment. We recommend tax credit for large size film be extended to total volume of R&D investment.

• The Korean Journal of Air & Space Law and Policy
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• v.29 no.2
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• pp.3-54
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• 2014

The Republic of Korea enacted the Air Transport Act in Commercial Law which was entered into force in November, 2011. The Air Transport Act in Korean Commercial Law was established to regulate domestic carriage by air and damages to the third party which occur within the territorial area caused by aircraft operations. There are some problems to be reformed in the Provisions of Korean Commercial Law for the aircraft operator's liability of compensation for damages to the third party caused by aircraft operation as follows. First, the aircraft operator's liability of compensation for damages needs to be improved because it is too low to compensate adequately to the third party damaged owing to the aircraft operation. Therefore, the standard of classifying per aircraft weight is required to be detailed from the current 4-tier into 10-tier and the total limited amount of liability is also in need of being increased to the maximum 7-hundred-million SDR. In addition, the limited amount of liability to the personal damage is necessary to be risen from the present 125,000 SDR to 625,000 SDR according to the recent rate of prices increase. This is the most desirable way to improve the current provisions given the ordinary insurance coverage per one aircraft accident and various specifications of recent aircraft in order to compensate the damaged appropriately. Second, the aircraft operator shall be liable without fault to damages caused by terrorism such as hijacking, attacking an aircraft and utilizing it as means of attack like the 9 11 disaster according to the present Air Transport Act in Korean Commercial Law. Some argue that it is too harsh to aircraft operators and irrational, but given they have also some legal duties of preventing terrorism and in respect of helping the third party damaged, it does not look too harsh or irrational. However, it should be amended into exempting aircraft operator's liability when the terrorism using of an aircraft by well-organized terrorists group happens like 9 11 disaster in view of balancing the interest between the aircraft operator and the third party damaged. Third, considering the large scale of the damage caused by the aircraft operation usually aircraft accident, it is likely that many people damaged can be faced with a financial crisis, and the provision of advance payment for air carrier's liability of compensation also needs to be applied to the case of aircraft operator's liability. Fourth, the aircraft operator now shall be liable to the damages which occur in land or water except air according to the current Air Transport Act of Korean Commercial Law. However, because the damages related to the aircraft operation in air caused by another aircraft operation are not different from those in land or water. Therefore, the term of 'on the surface' should be eliminated in the term of 'third parties on the surface' in order to make the damages by the aircraft operation in air caused by another aircraft operation compensable by Air Transport Act of Korean Commercial Law. It is desired that the Air Transport Act in Commercial Law including the clauses related to the aircraft operator's liability of compensation for damages to the third party be developed continually through the resolutions about its problems mentioned above for compensating the third party damaged appropriately and balancing the interest between the damaged and the aircraft operator.

• Korean journal of food and cookery science
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• v.21 no.3 s.87
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• pp.290-300
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• 2005

Increased sanitation management of foodservice establishments is required because most of the reported foodborne-disease outbreaks were in the foodservice industry. The purpose of this study was to determine the important control points for good sanitation. In this study, we inspected twenty foodservice establishments in Seoul, Kyunggi, Kyungnam with a self-developed monitoring tool. These foodservice establishments included secondary schools, universities, and industries. Six of them had appointed as the HACCP-certified establishments from the Korea Food and Drug Administration. The inspection was conducted from June to August in 2002. The inspection tool consisted of nine dimensions and sixty-five items. The dimensions were 'personal sanitation', 'supply of raw food', 'food storage', 'handling of raw food and ready-to-eat', 'cleaning and sterilization', 'waste control', 'pest control', and 'control of establishment and equipment' The highest possible score of this inspection tool is 105 points. Statistical data analysis was completed using the SPSS Package(11.0) for descriptive analysis Kruskal-Wallis. The score for the secondary schools (83.6 points) was higher than for the others and number of in compliance item was 50.9 on average. Therefore, we concluded that the secondary schools' sanitation condition was good. The foodservice establishments acquired HACCP certification was 89.7 points, which was significantly higher than that of establishments not applying foodservices in total score. Instituting the HACCP system in a foodservice is very effective for sanitation management. Many out of the compliance observations were found in the dimensions of 'waste control', 'control of establishment and equipment', and 'supply of raw food' 'Clean condition of refrigerator' item was $65\%$ out of the compliance that was the highest percent in this study. 'Notify and observance of heating/reheating temperature' was $45\%$ out of compliance. Items which were over $30\%$ out of compliance were 'sterilization of knifes and chopping boards in cooking', 'education of workers', 'maintain refrigerator temperature blow $5^{\circ}C$', and 'countermeasure of infection workers' In the results, most of the foodservice establishments were poorly managed in temperature control and cross-contamination. The important control points revealed in this study were preventing contamination, cooking temperature compliance, management of raw food and refrigerator. Therefore foodservice establishments should pay attention to education and training about important control points. The systematic sanitation management monitoring tool developed in this study can be effectively applied for conducting self-inspection and improving the sanitary conditions of their own foodservice operations.

• Korean Journal of Agricultural Science
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• v.42 no.2
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• pp.141-149
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• 2015

The data of Duroc swine species that were born from 2000 to 2014 excluding missing ones collected by Korea National Institute of Animal Science were used in the present study. After removing missing data we used 9756 of productions data and 1728 of reproductive reference of breeding research to study the level of inbreeding and to investigate the impact on the reproductive traits, production traits. The correlation of reproductive traits and inbreeding coefficient are -0.07, -0.08 for total number pigs born, number of pigs born alive respectively and birth weight per litter is -0.10, number of pigs born alive per litter to 21days is -0.06 and body weight per litter to 21days is -0.09. The correlation coefficients of the inbreeding coefficients of reproductive traits are shown within 10% with negative correlation (P < 0.05). Days of 90kg and Backfat in the correlation coefficient and inbreeding coefficient production traits were not observed significant correlations, Average daily gain was investigated by the positive correlation of 0.05. According to the above results, the inbreeding level gave a negative effect on the improvement of the breed traits, investigating a relatively high compared to a negative effect on other traits. But overall correlation degree is less than 10% was observed. This inbreeding coefficient has not been clearly observed due to degeneration of the average inbreeding coefficients of these generations was maintained within 10% of the population. The scale of the experimental group was about 150 degree pig husbandry is very small compared to the advanced countries. However, the level of inbreeding in the population group with the appropriate mating combinations is maintained below 10% of population is thought to be small and can minimize the effects of inbreeding degeneration. further testing utilizing this selection is constantly considered to be necessary.

• Journal of Intelligence and Information Systems
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• v.26 no.3
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• pp.149-169
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• 2020

"The Urban Renewal New Deal project", one of the government's major national projects, is about developing underdeveloped areas by investing 50 trillion won in 100 locations on the first year and 500 over the next four years. This project is drawing keen attention from the media and local governments. However, the project model which fails to reflect the original characteristics of the area as it divides project area into five categories: "Our Neighborhood Restoration, Housing Maintenance Support Type, General Neighborhood Type, Central Urban Type, and Economic Base Type," According to keywords for successful urban regeneration in Korea, "resident participation," "regional specialization," "ministerial cooperation" and "public-private cooperation", when local governments propose urban regeneration projects to the government, they can see that it is most important to accurately understand the characteristics of the city and push ahead with the projects in a way that suits the characteristics of the city with the help of local residents and private companies. In addition, considering the gentrification problem, which is one of the side effects of urban regeneration projects, it is important to select and implement urban regeneration types suitable for the characteristics of the area. In order to supplement the limitations of the 'Urban Regeneration New Deal Project' methodology, this study aims to propose a system that recommends urban regeneration types suitable for urban regeneration sites by utilizing various machine learning algorithms, referring to the urban regeneration types of the '2025 Seoul Metropolitan Government Urban Regeneration Strategy Plan' promoted based on regional characteristics. There are four types of urban regeneration in Seoul: "Low-use Low-Level Development, Abandonment, Deteriorated Housing, and Specialization of Historical and Cultural Resources" (Shon and Park, 2017). In order to identify regional characteristics, approximately 100,000 text data were collected for 22 regions where the project was carried out for a total of four types of urban regeneration. Using the collected data, we drew key keywords for each region according to the type of urban regeneration and conducted topic modeling to explore whether there were differences between types. As a result, it was confirmed that a number of topics related to real estate and economy appeared in old residential areas, and in the case of declining and underdeveloped areas, topics reflecting the characteristics of areas where industrial activities were active in the past appeared. In the case of the historical and cultural resource area, since it is an area that contains traces of the past, many keywords related to the government appeared. Therefore, it was possible to confirm political topics and cultural topics resulting from various events. Finally, in the case of low-use and under-developed areas, many topics on real estate and accessibility are emerging, so accessibility is good. It mainly had the characteristics of a region where development is planned or is likely to be developed. Furthermore, a model was implemented that proposes urban regeneration types tailored to regional characteristics for regions other than Seoul. Machine learning technology was used to implement the model, and training data and test data were randomly extracted at an 8:2 ratio and used. In order to compare the performance between various models, the input variables are set in two ways: Count Vector and TF-IDF Vector, and as Classifier, there are 5 types of SVM (Support Vector Machine), Decision Tree, Random Forest, Logistic Regression, and Gradient Boosting. By applying it, performance comparison for a total of 10 models was conducted. The model with the highest performance was the Gradient Boosting method using TF-IDF Vector input data, and the accuracy was 97%. Therefore, the recommendation system proposed in this study is expected to recommend urban regeneration types based on the regional characteristics of new business sites in the process of carrying out urban regeneration projects."

• Journal of Intelligence and Information Systems
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• v.26 no.3
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• pp.51-69
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• 2020

Now, it is a stylized fact that a small number of technology firms such as Apple, Alphabet, Microsoft, Amazon, Facebook and a few others have become larger and dominant players in an industry. Coupled with the rise of these leading firms, we have also observed that a large number of young firms have become an acquisition target in their early IPO stages. This indeed results in a sharp decline in the number of new entries in public exchanges although a series of policy reforms have been promulgated to foster competition through an increase in new entries. Given the observed industry trend in recent decades, a number of studies have reported increased concentration in most developed countries. However, it is less understood as to what caused an increase in industry concentration. In this paper, we uncover the mechanisms by which industries have become concentrated over the last decades by tracing the changes in industry concentration associated with a firm's status change in its early IPO stages. To this end, we put emphasis on the case in which firms are acquired shortly after they went public. Especially, with the transition to digital-based economies, it is imperative for incumbent firms to adapt and keep pace with new ICT and related intelligent systems. For instance, after the acquisition of a young firm equipped with AI-based solutions, an incumbent firm may better respond to a change in customer taste and preference by integrating acquired AI solutions and analytics skills into multiple business processes. Accordingly, it is not unusual for young ICT firms become an attractive acquisition target. To examine the role of M&As involved with young firms in reshaping the level of industry concentration, we identify a firm's status in early post-IPO stages over the sample periods spanning from 1990 to 2016 as follows: i) being delisted, ii) being standalone firms and iii) being acquired. According to our analysis, firms that have conducted IPO since 2000s have been acquired by incumbent firms at a relatively quicker time than those that did IPO in previous generations. We also show a greater acquisition rate for IPO firms in the ICT sector compared with their counterparts in other sectors. Our results based on multinomial logit models suggest that a large number of IPO firms have been acquired in their early post-IPO lives despite their financial soundness. Specifically, we show that IPO firms are likely to be acquired rather than be delisted due to financial distress in early IPO stages when they are more profitable, more mature or less leveraged. For those IPO firms with venture capital backup have also become an acquisition target more frequently. As a larger number of firms are acquired shortly after their IPO, our results show increased concentration. While providing limited evidence on the impact of large incumbent firms in explaining the change in industry concentration, our results show that the large firms' effect on industry concentration are pronounced in the ICT sector. This result possibly captures the current trend that a few tech giants such as Alphabet, Apple and Facebook continue to increase their market share. In addition, compared with the acquisitions of non-ICT firms, the concentration impact of IPO firms in early stages becomes larger when ICT firms are acquired as a target. Our study makes new contributions. To our best knowledge, this is one of a few studies that link a firm's post-IPO status to associated changes in industry concentration. Although some studies have addressed concentration issues, their primary focus was on market power or proprietary software. Contrast to earlier studies, we are able to uncover the mechanism by which industries have become concentrated by placing emphasis on M&As involving young IPO firms. Interestingly, the concentration impact of IPO firm acquisitions are magnified when a large incumbent firms are involved as an acquirer. This leads us to infer the underlying reasons as to why industries have become more concentrated with a favor of large firms in recent decades. Overall, our study sheds new light on the literature by providing a plausible explanation as to why industries have become concentrated.