• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.33-51
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• 2022

This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

• The Magazine for Energy Service Companies
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• s.76
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• pp.34-37
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• 2012

ESCO사업분야에서 내실 있는 기업으로 성장하려면 고객에게 에너지절감 부분에서 확실한 도움을 줄 수 있는 기술력을 갖추는 게 중요하다고 할 수 있다. 에너지관리기술(주)는 에너지관리공단에서 기술이사를 지낸 심수섭 대표를 비롯해 5명의 창업멤버가 모여 2007년 1월에 설립되었다. 이제 회사를 설립한 지 6년차 되는 기업이지만 준비된 기술력과 사람을 중요시하는 경영철학으로 작년 ESCO실적 1위이라는 놀라운 성과를 거두었다. 인재를 키우는 기업으로 한 단계 도약을 준비하는 에너지관리기술(주)를 소개한다.

• Proceedings of the Korea Database Society Conference
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• 1999.06a
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• pp.227-239
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• 1999

본 연구에서는 부서간 갈등을 해결하기 위한 새로운 방법론으로서 웹 기반 협상지원시스템 (Web-based Negotiation Support System: Web NSS)을 제안한다. 기업의 경영활동에 있어서 각 부서간에는 여러 가지 이유로 인해 갈등이 존재한다. 대표적으로 생산부서와 마케팅 부서간에는 갈등이 항상 존재하기 마련이다. 예를 들어, 마케팅 부서에서는 수시로 변하는 고객들의 요구사항에 맞추기 위해서 제품라인을 확대하여 다양한 제품들을 생산하고, 그에 따른 높은 판매실적을 원한다. 그러나, 생산부서에서는 이와는 달리 적은 종류의 제품을 가능한한 한정적으로 생산하여 제품에 들어가는 원가를 절감하고 그에 따라서 생산실적을 높이려고 한다. 이 같은 유형의 부서간 갈등은 결과적으로 기업의 전체적인 성과를 저해시키는 요인으로 작용한다. 또한, 최근 대부분의 기업은 각각의 부서별 기능을 분산형태로 운영하고 있어서 관련부서가 지리적으로 멀리 떨어져 있게 되어 새로운 의사결정통합 지원시스템이 절실히 요구된다 본 연구에서는 이러한 상황에 적합한 새로운 유형의 갈등관리 메커니즘으로서 웹 기반 협상지원시스템을 제안한다. 본 시스템은 생산부서와 마케팅부서간의 갈등을 해결하고 이를 협상의 형태로 지원하기 위한 웹 기반 의사결정지원시스템이다. 본 연구에서는 실험과정을 통하여 제안하는 의사결정지원시스템의 성과를 증명하였다.

• Proceedings of the Korea Inteligent Information System Society Conference
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• 1999.03a
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• pp.227-239
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• 1999

본 연구에서는 부서간 갈등을 해결하기 위한 새로운 방법으로서 웹 기반 협상지원시스템(Web-based Negotiation Support System: Web NSS)을 제안한다. 기업의 경영활동에 있어서 각 부서간에는 여러 가지 이유로 인해 갈등이 존재한다. 대표적으로 생산부서와 마케팅 부서간에는 갈등이 항상 존재하기 마련이다. 예를 들어, 마케팅 부서에서는 수시로 변하는 고객들의 요구사항에 맞추기 위해서 제품라인을 확대하여 다양한 제품들을 생산하고, 그에 따른 높은 판매실적을 원한다. 그러나, 생산부서에서는 이와는 달리 적은 종류의 제품을 가능한한 한정적으로 생산하여 제품에 들어가는 원가를 절감하고 그에 따라서 생산실적을 높이려고 한다. 이같은 유형의 부서간 갈등은 결과적으로 기업의 전체적인 성과를 저해시키는 요인으로 작용한다. 또한, 최근 대부분의 기업은 각각의 부서별 기능을 분산형태로 운영하고 있어서 관련부서가 지리적으로 멀리 떨어져 있게 되어 새로운 의사결정통합 지원시스템이 절실히 요구된다. 본 연구에서는 이러한 상황에 적합한 새로운 유형의 갈등관리 메커니즘으로서 웹 기반 협상지원시스템을 제안한다. 본 시스템은 생산부서와 마케팅 부서간의 갈등을 해결하고 이를 협상의 형태로 지원하기 위한 웹 기반 의사결정지원시스템이다. 본 연구에서는 실험과정을 통하여 제안하는 의사결정지원시스템의 성과를 증명하였다.

• The Journal of the Korea Contents Association
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• v.18 no.1
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• pp.132-142
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• 2018

This study attempts to identify the external and internal factors which affect collaboration motives and investigates their respective impacts from the perspective of foreign direct investment(FDI). Although there has been much research on collaboration motives, so far, few studies have associated collaboration motives with FDI. The findings suggest that while price competitiveness and cost structure uncertainty have a positive and significant impact on collaboration motives, the gross added value to property as well as plant and equipment have a significant negative impact. Furthermore, in the case of gross added value to both property and plant and equipment, managers tend to collaborate with others to enhance the value of these factors. For both FDI and non-FDI firms, internal factors such as price competitiveness and investment within three years are significant determinants for the decision to collaborate. The difference between FDI and non-FDI firms is that for the former, the gross added value to property, an internal factor, is a critical factor, while for the latter, the cost structure uncertainty, an external factor, is critical for collaboration. To summarize, this study suggests the following managerial implication: the enhancement of the internal competency of a firm broadens the window of opportunity for collaboration with others, and consequently provides a chance to boost management efficiency.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.45-70
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• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Journal of Korea Society of Industrial Information Systems
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• v.6 no.4
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• pp.68-74
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• 2001

This study presents the useful information for manufacturing industry-based development strategies at which Kangwondo province should aim, using the existing survey materials, interviews, and questionnaires. To analyze the technological competitive level of major eight enterprises in Kangwondo province, a synthetic evaluation has been conducted for areas such as new technology development, product development, production technology, and technological competitiveness. The study reveals that, among the technological competitiveness related factors, the managing status of business results, comparing analysis of business results, the applications of industrial property right, the registration of industrial property right, and the domestic and foreign certification show lower level than the other factors.

• Journal of the Korean Professional Engineers Association
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• v.36 no.3
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• pp.57-59
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• 2003

• Journal of Korean Electronics
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• v.29 no.6
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• pp.33-35
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• 2009

• The Magazine for Energy Service Companies
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• s.37
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• pp.16-17
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• 2005