• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.5
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• pp.85-98
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• 2024

Since special listed companies are listed under relaxed conditions in management performance and market evaluation, if they do not continue to grow after listing, the damage to investors will inevitably increase. In addition, since special listed companies have a smaller company size than general listed companies, CEOs are inevitably more important in establishing corporate strategies. Therefore, this study empirically analyzed the characteristics of CEOs that affect R&D investment and corporate value of special listed companies from the perspective of behavioral finance theory. As a result of verifying the characteristics of CEOs who influence R&D investment through interactions with specially listed companies, it has a positive effect on R&D if the CEO is male, a natural science major, or a former investment company. In addition, the characteristics of CEOs who influence corporate value through interactions with variables of specially listed companies positively affected R&D if the CEO is male and has an academic background. The characteristics of CEOs who influence R&D investment and corporate value through interactions with specially listed companies are different from those of single variables in gender, education, major, and career variables excluding age, indicating that specially listed companies play a role as a control variable that affects R&D investment and corporate value through interaction with CEO characteristics. This study supplemented the limitations of the existing CEO theory and verified that age, gender, education, major, and career, which are CEO characteristics from a behavioral finance perspective, can be explanatory variables that reflect psychological differences in individual abilities. In addition, it is expected to contribute to research on corporate sustainability by providing implications for predicting the characteristics of CEOs who have high influence on R&D investment and corporate value of specially listed companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.13-24
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• 2022

The purpose of this study is to examine whether the existence of related personnel in KOSDAQ technology special listed firms has a signal effect on the market and affects performance when listed. The KOSDAQ technology special listing system is a system introduced to enable future growth by securing financing through corporate public offering based on the technology and marketability of technology-based startups and venture companies. As a result of analyzing 135 special technology companies listed from 2005 to 21 (excluding SPAC mergers and foreign companies) whether or not related personnel affect corporate value and listing period when they are listed, it was analyzed that the presence of related personnel did not significantly affect corporate value or listing period. The same was found in the results of the verification by reducing the scope to related personnel such as public officials and related agencies. However, under certain conditions, significant results were derived from the presence of related personnel on the listing of companies listed in special technology cases. It was found that the presence of related personnel and VC investment had a significant effect on corporate value, and in the case of bio-industry, there was a slight significant effect on the duration of listing. This study is significant in that it systematically analyzed the signal effect of the existence of related personnel for the first time for all 135 companies. In addition, as a result of the analysis, the results suggest that internalized efforts to secure technology and marketability are more important, such as parallel to VC investment, rather than simply recruiting related personnel.

• 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 Safety technology
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• no.189
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• pp.22-23
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• 2013

종합부품기업 아이원스(주)는 1993년 3월 자동차 미디어 관련 부품제작 업체인 동아엔지니어링으로 출발했다. 1994년에는 반도체 LCD부분 그리고 2003년에는 삼성전기(주)광디바이스 사업으로 진출했으며, ISO9001 ISO14001 인증을 획득한 후 2005년 벤처기업으로 등록하면서 전도유망한 기업으로 성장해왔다. 이후 2005년 아이원스 주식회사로 법인전환을 하면서 2006년 기흥 세정공장 준공, 2007년 삼성전자 메모리 사업부 세정 협력업체 등록, 병역 특례업체 선정, 2011년 삼성전자 생산기술연구원 업체 등록, 2013년 2월 코스닥 상장 등으로 지속적인 발전을 이어오게 된다. 이곳의 이러한 성장에는 이문기 대표이사의 안전에 대한 각별한 신념이 밑거름이 됐다. 직원들의 안전을 회사의 가장 큰 가치로, 그리고 직원들을 회사의 가장 큰 자산으로 여기고 안전에 집중 투자하면서 무재해를 이어온 것이 기업 성장의 원동력이 된 것이다. 안전경영의 좋은 본보기가 되고 있는 이문기 대표이사를 찾아가 그만의 안전철학을 들어봤다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.1
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• pp.85-95
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• 2016

Generally a venture capital aims at investment and support Venture businesses that signifies a start-up which has high technologies but frailty of the economy so that raise fund from financial agencies at high risk rate, it has high risk but when the venture businesses launch into general orbit, the venture capital guarantee high-rate profits. Venture capital do not just provide risk capital but also takes a role as a mentor for continuous growth with total consulting service at business and technical management. Also it offers in-depth support to reform the supported enterprise in order to enhance the competitive. Venture capital receives attention for years as a principal agent to be promoted strategically at national level. Bio venture, a major concern of venture capital and one of core industries in Korea, is different from other industries because it needs long-term and large scale of investment. these factors bring about difficulties in an investment and growth. Therefore, it is very important to identify growth and profitability of start-ups and small and venture businesses with long-term appreciation above all other industries. This research analyze management results of bio venture businesses empirically by investment from venture capital. according to the results, bio venture businesses need huge capital and a long gap of time, henceforth, formation of model for growth is necessary with angel investing as well as venture capital. Since, there are not many listed bio venture businesses, significant statistical result would be limited. This research studied at only economic focus but further study need to examine a question from various angles.

• Management & Information Systems Review
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• v.31 no.4
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• pp.1-32
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• 2012

The purpose of this study is to research systems about accounting transparency and to present how to introduce the standards in accounting unlisted small and medium sized companies. In Korea, the measures of enhancing accounting transparency of enterprises was mainly focused on the listed enterprises. On the contrary, the measures on enhancing accounting transparency of the SMEs was relatively insufficient This study researches systems regarding accounting transparency in Korea and reviewes the previous studies about the accounting transparency in small and medium-sized companies. This study also research other countries' accounting standards specialized only in the unlisted small and medium sized companies in order to establish accounting standards in the unlisted small and medium sized companiesin Korean For the new accounting standards for SMEs, this study suggests both strenghtening part and alleviating one, comparing to the current enterprise accounting standards. Each has three points to discuss. For the alleviating part, those standards should be simple, understandable and fit to the incumbent tax law. For the enforcement part, those standards should stand with the accounting reality of the small and midium sized companies, and it should also contains detailed expressions of the accounting transparency and managerial accounting.