• Asia pacific journal of information systems
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• v.19 no.2
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• pp.139-155
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• 2009

For the last few decades, many studies have tried to explore and unveil venture companies' success factors and unique features in order to identify the sources of such companies' competitive advantages over their rivals. Such venture companies have shown tendency to give high returns for investors generally making the best use of information technology. For this reason, many venture companies are keen on attracting avid investors' attention. Investors generally make their investment decisions by carefully examining the evaluation criteria of the alternatives. To them, credit rating information provided by international rating agencies, such as Standard and Poor's, Moody's and Fitch is crucial source as to such pivotal concerns as companies stability, growth, and risk status. But these types of information are generated only for the companies issuing corporate bonds, not venture companies. Therefore, this study proposes a method for evaluating venture businesses by presenting our recent empirical results using financial data of Korean venture companies listed on KOSDAQ in Korea exchange. In addition, this paper used multi-class SVM for the prediction of DEA-based efficiency rating for venture businesses, which was derived from our proposed method. Our approach sheds light on ways to locate efficient companies generating high level of profits. Above all, in determining effective ways to evaluate a venture firm's efficiency, it is important to understand the major contributing factors of such efficiency. Therefore, this paper is constructed on the basis of following two ideas to classify which companies are more efficient venture companies: i) making DEA based multi-class rating for sample companies and ii) developing multi-class SVM-based efficiency prediction model for classifying all companies. First, the Data Envelopment Analysis(DEA) is a non-parametric multiple input-output efficiency technique that measures the relative efficiency of decision making units(DMUs) using a linear programming based model. It is non-parametric because it requires no assumption on the shape or parameters of the underlying production function. DEA has been already widely applied for evaluating the relative efficiency of DMUs. Recently, a number of DEA based studies have evaluated the efficiency of various types of companies, such as internet companies and venture companies. It has been also applied to corporate credit ratings. In this study we utilized DEA for sorting venture companies by efficiency based ratings. The Support Vector Machine(SVM), on the other hand, is a popular technique for solving data classification problems. In this paper, we employed SVM to classify the efficiency ratings in IT venture companies according to the results of DEA. The SVM method was first developed by Vapnik (1995). As one of many machine learning techniques, SVM is based on a statistical theory. Thus far, the method has shown good performances especially in generalizing capacity in classification tasks, resulting in numerous applications in many areas of business, SVM is basically the algorithm that finds the maximum margin hyperplane, which is the maximum separation between classes. According to this method, support vectors are the closest to the maximum margin hyperplane. If it is impossible to classify, we can use the kernel function. In the case of nonlinear class boundaries, we can transform the inputs into a high-dimensional feature space, This is the original input space and is mapped into a high-dimensional dot-product space. Many studies applied SVM to the prediction of bankruptcy, the forecast a financial time series, and the problem of estimating credit rating, In this study we employed SVM for developing data mining-based efficiency prediction model. We used the Gaussian radial function as a kernel function of SVM. In multi-class SVM, we adopted one-against-one approach between binary classification method and two all-together methods, proposed by Weston and Watkins(1999) and Crammer and Singer(2000), respectively. In this research, we used corporate information of 154 companies listed on KOSDAQ market in Korea exchange. We obtained companies' financial information of 2005 from the KIS(Korea Information Service, Inc.). Using this data, we made multi-class rating with DEA efficiency and built multi-class prediction model based data mining. Among three manners of multi-classification, the hit ratio of the Weston and Watkins method is the best in the test data set. In multi classification problems as efficiency ratings of venture business, it is very useful for investors to know the class with errors, one class difference, when it is difficult to find out the accurate class in the actual market. So we presented accuracy results within 1-class errors, and the Weston and Watkins method showed 85.7% accuracy in our test samples. We conclude that the DEA based multi-class approach in venture business generates more information than the binary classification problem, notwithstanding its efficiency level. We believe this model can help investors in decision making as it provides a reliably tool to evaluate venture companies in the financial domain. For the future research, we perceive the need to enhance such areas as the variable selection process, the parameter selection of kernel function, the generalization, and the sample size of multi-class.

• Journal of Korean Society of Forest Science
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• v.40 no.1
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• pp.1-18
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• 1978

Three Pinus densiflora populations as shown in location map (Fig. 1) were studied in 1977. These succeed the population numbers 10, 11 and 12 after the preceeding populations. Following the previous study methods, 20 trees were chosen from each population and the morphological characteristics such as tree forms, branching habit, needle and wood properties were investigated. The results are summerized as follows; 1. The mean stand ages were ranged from 40 to 45. The growth performances of trees of population 10 and 11 was similar, but 12 seemed to be inferior more or less. 2. The ratios of clear bole length was 0.53 in population 12 as the highest but 0.43 for population 10 as the lowest. 3. The population 12 was considered to be a stand of the coarser branching habit having the crown index (The maximum crown diameter/the crown length) 1.65 though the mean branching angle indicates almost horizontal. 4. The differences were observed in the clear bole length ratios and crown-indices between populations as shown in Fig. 3 and 4. 5. No inter-population differences in serration density of needle was shown but significant inter and intra-population and individual differences (within population) in number of stomata rows and resin duct. 6. Population 12 shown 0.119 of resin duct index as the maximum. 7. The pattern of diameter growth, analyses based on the width of 10-year-ring segment unit (for example, the 1st segment denotes the width between pith center and 10th year ring and the 2nd one is from 11th to 20th year ring and so on.), was alike among populations as shown in Fig. 9. 8. No significant differences between population in mean summer wood percentages as well as in wood specific gravity was observed. The values of wood specific gravity were increased with the increase of ages in population 10 and 11 however vice versa in population 12. 9. The fiber length was increased with the increase of age but no differences between populations as shown in Fig. 12.

• Journal of Animal Science and Technology
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• v.46 no.4
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• pp.603-612
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• 2004

This study was carried out to investigate the replacing fish meal or soybean meal effect of with feather meal or Bacillus sp. inoculated feather meal in broiler diets on the performances and nutrient utilization. One hundred and eighty broilers were randomly allotted to six dietary treatments(1) control, basal diet; (2) BFMl00, Fish meal replacing at 100% level with bacillus sp. inoculated feather meal; (3) BSM20, Soybean meal replacing at 20% level with bacillus sp. inoculated feather meal; (4) BFMl00+BSM20, Fish meal and soybean meal replacing at 100% level and 20% level with bacillus sp. inoculated feather meal, respectively; (5) GFMl00, Fish meal replacing at 100% level with general feather meal; and (6) GSM20, Soybean meal replacing at 20% level with general feather meal) in a 5 week feeding trial. In overall period, body weight gain of control was the highest(1,623g) and those of BFM 100, BFM 100+ BSM 20 and GFM 100 were 1,572g, 1,564g, and 1,078g, respectively. And that of GFM 100(1,078.3g) was the lowest(p<0.05) among treatments. Digestibility of dry matter for BFM 100+BSM 20(81.46%) was higher(p<0.05) than that for other treatments, and that of crude protein was the lowest (p<0.05). Digestibilities of organic matter were significantly(p<0.05) improved when Bacillus sp. inoculated feather meal was replaced at 100% level with fish meal in the basal diet. Methane and hydrogen sulfide gases from the feces were significantly(p<0.05) decreased in chicks fed the control, BFM 100 and GFM 100 diets, when observed after 3 weeks of feeding trials. Feed costs of the control and BFM 100 were 417 and 384 won, respectively but that of BSM 20 was 558 won. Therefore, replacement of fish meal with Bacillus sp. inoculated feather meal in the diets for chicks could be useful for economic production.

• Journal of Korean Society of Forest Science
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• v.44 no.1
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• pp.1-25
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• 1979

Six natural populations of Pinus densiflora S. et Z. as shown in the location map (Flg 1) were studied during 1978. The numerial pouplation codes, 13 to 18. The results of populations 1 to 12 were reported in previous papers. Following the study methods described before, 20 trees were sampled from each population and morpological characteristics such as stem forms, branching habit needle and wood properties investigated. The results are summerized as follows; 1. The mean stand ages were ranged from 36 to 97 of years. The growth performances of trees of population 14. 15 and 18 was similar, but 13, 16, and 17 seemed to be inferior more or less. 2. The ratios of clear bole length were 0.70 in population 18 as the highest but 0.28 for population 16 as the lowest. 3. The population 17 was considered to be a stand of the coarser branching habit having the crown index (The maximum crown diameter/the crown height) 158 though the branching angles were almost horizontal. 4. The differences were observed in the clear bole length ratios and crown-indices between population as shown In Fig. 3 and 4. 5. As to the serration density, number of stomata row and resin duct; the significant differences exist between individual trees within population and also between populations. 6. Population 18 shown resin duct index 0.119 as the maximum. 7. The patterns of diameter growth, based on the width of 10-year-ring segment unit(for example, the 1st segment denotes the with between pith center and 10th year ring and the 2nd one is from 11th to 20th ring and so on.), were alike among populations as shown in Fig 9. 8. Significant differences between population in mean summer wood percentage as well as in wood specific gravity was observed. The values of wood specific gravity were increased with the increase of ages in population 14, 18 however vice versa in population 13, 15, and 17. 9. The fiber length was mereased with the increased of age but no differences between populations as shown in Fig. 12.

• Management & Information Systems Review
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• v.22
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• pp.137-165
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• 2007

It seems high time to increase productivity by adopting e-business to overcome challenges posed by both external factors including the appreciation of Korean won, oil hikes and fierce global competition and domestic issues represented by disparities between large corporations and small and medium enterprises (SMEs), Seoul metropolitan and local cities, and export and domestic demand all of which weaken future growth engines in the Korean economy. The demands of the globalization era are for innovative changes in businessprocess and industrial structure aiming for creating new values. To this end, e-business is expected to play a core role in the sophistication of the Korean economy through new values and innovation. In order to examine business performance in e-business-adopting industries, this study analyzed the home shopping industry by closely looking into the financial ratios including the ratio of net profit to sales, the ratio of operation income to sales, the ratio of gross cost to sales cost, the ratio of gross cost to selling, general and administrative (SG&A) expense, and return of investment (ROI). This study, for best outcome, referred to corporate financial statements as a main resource to calculate financial ratios by utilizing Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service, one of the Korea's financial supervisory authorities. First of all, the result of the trend analysis on the ratio of net profit to sales is as following. CJ Home Shopping has registered a remarkable increase in its ratio of net profit rate to sales since 2002 while its competitors find it hard to catch up with CJ's stunning performances. This is partly due to the efficient management compared to CJ's value of capital. Such significance, if the current trend continues, will make the front-runner assume the largest market share. On the other hand, GS Home Shopping, despite its best organized system and largest value of capital among others, lacks efficiency in management. Second of all, the result of the trend analysis on the ratio of operation income to sales is as following. Both CJ Home Shopping and GS Home Shopping have, until 2004, recorded similar growth trend. However, while CJ Home Shopping's operating income continued to increase in 2005, GS Home Shopping observed its operating income declining which resulted in the increasing income gap with CJ Home Shopping. While CJ Home Shopping with the largest market share in home shopping industryis engaged in aggressive marketing, GS Home Shopping due to its stability-driven management strategies falls behind CJ again in the ratio of operation income to sales in spite of its favorable management environment including its large capital. Companies in the Group B were established in the same year of 2001. NS Home Shopping was the first in the Group B to shift its loss to profit. Woori Home Shopping has continued to post operating loss for three consecutive years and finally was sold to Lotte Group in 2007, but since then, has registered a continuing increase in net income on sales. Third of all, the result of the trend analysis on the ratio of gross cost to sales cost is as following. Since home shopping falls into sales business, its cost of sales is much lower than that of other types of business such as manufacturing industry. Since 2002 in gross costs including cost of sales, SG&A expense, and non-operating expense, cost of sales turned out to have remarkably decreased. Group B has also posted a notable decline in the same sector since 2002. Fourth of all, the result of the trend analysis on the ratio of gross cost to SG&A expense is as following. Due to its unique characteristics, the home shopping industry usually posts ahigh ratio of SG&A expense. However, more than 80% of SG&A expense means the result of lax management and at the same time, a sharp lower net income on sales than other industries. Last but not least, the result of the trend analysis on ROI is as following. As for CJ Home Shopping, the curve of ROI looks similar to that of its investment on fixed assets. As it turned out, the company's ratio of fixed assets to operating income skyrocketed in 2004 and 2005. As far as GS Home Shopping is concerned, its fixed assets are not as much as that of CJ Home Shopping. Consequently, competition in the home shopping industry, at the moment, is among CJ, GS, Hyundai, NS and Woori Home Shoppings, and all of them need to more thoroughly manage their costs. In order for the late-comers of Group B and other home shopping companies to advance further, the current lax management should be reformed particularly on their SG&A expense sector. Provided that the total sales volume in the Internet shopping sector is projected to grow over 20 trillion won by the year 2010, it is concluded that all the participants in the home shopping industry should put strategies on efficient management on costs and expenses as their top priority rather than increase revenues, if they hope to grow even further after 2007.

• The Korean Journal of Physiology
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• v.1 no.2
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• pp.169-175
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• 1967

An experiment was designed to see if the hippocampus exerts any influence upon the aggressive behavior of male rats. Fighting between rats was observed for the estimation of aggressiveness. Seventeen rats in which the hippocampus was almost totally removed through a small hole with a diameter around 3 mm made in the neocortex at the boundary between the parietal and occipital lobes (hippocampal group), 8 rats with similar neocortical damage alone (operated control group), and 17 normal control rats (normal group) were prepared and subjected to the experiment 3 months after the operation. Applying electric shock of short duration to the feet in a box with grid floor, a fight was provoked between an animal belonging to the hippocampal group and one belonging to the nor-mal group, between a rat of the hippocampal group and one of the operated control group, and also between a rat of the operated control group and one of the normal group. Three observers judged the performance of each animal independently and described it as winning, defeated, tied, or non-fighting. Fifteen shocked trials were administered to each pair of animals with around 2 minutes' interval between each trial. An animal received a 'judging score' of 3 when it won more frequently than was defeated, a judging score of 2 when it won as frequently as was defeated, when all fights were tied, or when no fighting occurred, while it received a judging score of 1 when it won less frequently than was defeated. Group differences in performances were analyzed in terms of judging score using Kolmogorov-Smirnov test for one sample. The results obtained were as follows: 1. In the fights between the hippocampal and the normal groups, the hippocampal animals made significantly better judging scores than the normal animals did (Table 1). 2. There was no significant difference between the hippocampal and the operated control group as to the judging scores they made in the course of fights between the two groups. However, the hippocampal animals tended to dominate over the operated control group as judged by comparing the total 'winning' of the former (30) to that of the latter (14) (Table 2). 3. The total judging score made by the operated control group in the course of the fights against the normal group was not significantly superior to that made by the normal group (Table 3). It was inferred from the above results that, though inconspicuous, the hippocampus tended to exert an inhibitory influence upon the aggressive behavior of male rats.

• Journal of Practical Agriculture & Fisheries Research
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• v.6 no.1
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• pp.116-135
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• 2004

This study was conducted to investigate effects of spent composts of Se-enriched mushrooms as the dietary Se source on muscular Se deposition and plasma glutathione peroxidase (GSH-Px) activity in the finishing Hanwoo steer. Twenty Hanwoo steers were used in the experiment and they were divided into four groups in a randomized complete block design with five replicates. Treatments were four levels (0.1, 0.3, 0.6 and 0.9ppm as fed basis) of dietary Se from the combination with spent composts of Se-enriched mushrooms and/or Se non-enriched mushrooms, in which each treatment was formulated with corn and corn gluten meal and so forth. Treatment diets were fed to Hanwoo steers for 90 days until the slaughter. Dry matter intakes had no significant differences among treatments and there were no significant differences for performances such as total BW gain and ADG among treatments. The Se concentration in blood was linearly increased with increasing dietary selenium levels and reached a plateau level after 8 weeks (p<0.001). Plasma GSH-Px activities had the similar trends to blood Se concentrations by showing that the increased dietary Se level significantly increased plasma GSH-Px activities of both total and Se-dependent (p<0.001). Muscle Se contents of Se-supplemented groups were linearly increased by 1.35 ~ 1.68 folds compared with the control group (0.1ppm; 0.273㎍/dry g) and especially those of the hind legs for 0.9ppm treatment showed the highest Se content as shown 0.457㎍ per dry gram (p<0.01) corresponding to approximately 70% increase of the control group. Se retention rate in the muscle of dietary Se originated from spent composts of Se-enriched mushrooms was estimated of maximum approximately 30% and dietary Se content showed the significant correlation with plasma GSH-Px activities and muscle Se contents (p<0.01). Accordingly, Se present in spent composts of Se-enriched mushroom as the dietary Se source not only had great bioavailabilities showing higher blood Se concentration and plasma GSH-Px activities, but also increased Se deposition in the muscle for Hanwoo beef cattle.

• Korean Journal of Poultry Science
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• v.38 no.3
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• pp.213-223
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• 2011

This study was conducted to test the efficacy of plum (Prunus mume) and red ginseng (Panax ginseng C.A Meyer) marc as stress inhibitors under heat stress and lipopolysaccharide (LPS) challenge in broilers by investigating their effects on blood biochemical parameters, immunoglobulin concentration and splenic cytokine mRNA expressions. A total of one hundred ninety-two 1-d-old male broiler chicks (Ross 308) were divided into 2 stress conditions (heat and LPS) experiments. Each experiment was divided into 4 treatment groups with 8 replicates of 3 birds in each group. NC (negative control, no immune substances), PC (positive control, 25 ppm ${\beta}$-glucan), PM (1% plum marc) and RGM (3% red ginseng marc) treatments were administered with respective substance through water supplementation. During heat stress, The Ca/Mg ratio in PM and RGM was significantly decreased in comparison with that of NC (P<0.05). The immunoglobulin M was significantly lower in PM than in NC (P<0.05). Expression patterns of splenic cytokine mRNAs (IL-1, IL-2 and IL-6) were similar over the treatment. Expression rates of IL-1 and IL-2 in PM were significantly decreased in comparison with NC. Also, expression rates of IL-1, IL-2 and IL-6 were significantly lower in RGM than in NC (P<0.05). In conclusion, the dietary supplementation of plum and red ginseng marc improved coping ability to heat stress by preventing Ca/Mg ratio increment and by inhibiting inflammatory response in broiler chicks. However, it is necessary to determine optimal dietary level of red ginseng marc for improving growth performances in broiler chickens. These results suggest the possibility that plum and red ginseng marc could be used as the stress inhibitor under heat stress and inflammatory response in broiler chicks.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.33-46
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• 2017

In Korea, small and medium sized domestic enterprises (SMEs) play an pivotal role in the national economy, accounting for 99.8% of all enterprises, 87.9% of total employment, and 48.3% of production. and SMEs were driving a real force of the development of national economy in many respects such as innovation, job creation, industrial diversity, balanced regional development. Despite their crucial role in the national development, most of SMEs suffer from a lack of R&D capabilities and equipments as well as funding capacity. Government-Supported Research Institute (GRI) can provide SMEs with valuable supplementary technological knowledges and help them build technological capacities. so, In order to effectively support SMEs, government and GRI must be a priority to know about the factors influencing the performance related to technology transfer and technological collaborations. The paper analyzes the effects of Korean IT SMEs Venture external collaborations and technology transfer on their performances, according to their collaboration activities and technology transfer experiences. The results show that there was a significant difference between '3~5times' of technology transfer experience and 'zero technology transfer experience' in the case of technology transfer experience. In case of technological collaboration type, there was a significant difference between 'R&D manpower' and 'enhancement of technological capabilities including core technologies'. The results show that the effectiveness of technology transfer of Korean IT SMEs Venture depends on experiences, types of collaboration activities. so the results of this research will be useful for Government-Supported research institute (GRI)' policy makers when establishing technology commercialization support policies and strategic planning of small and medium sized domestic enterprises.

• Journal of Intelligence and Information Systems
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• v.18 no.4
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• pp.43-57
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• 2012

To enhance the competitive advantage in a constantly changing business environment, an enterprise management must make the right decision in many business activities based on both internal and external information. Thus, providing accurate information plays a prominent role in management's decision making. Intuitively, historical data can provide a feasible estimate through the forecasting models. Therefore, if the service department can estimate the service quantity for the next period, the service department can then effectively control the inventory of service related resources such as human, parts, and other facilities. In addition, the production department can make load map for improving its product quality. Therefore, obtaining an accurate service forecast most likely appears to be critical to manufacturing companies. Numerous investigations addressing this problem have generally employed statistical methods, such as regression or autoregressive and moving average simulation. However, these methods are only efficient for data with are seasonal or cyclical. If the data are influenced by the special characteristics of product, they are not feasible. In our research, we propose a forecasting framework that predicts service demand of manufacturing organization by combining Case-based reasoning (CBR) and leveraging an unsupervised artificial neural network based clustering analysis (i.e., Self-Organizing Maps; SOM). We believe that this is one of the first attempts at applying unsupervised artificial neural network-based machine-learning techniques in the service forecasting domain. Our proposed approach has several appealing features : (1) We applied CBR and SOM in a new forecasting domain such as service demand forecasting. (2) We proposed our combined approach between CBR and SOM in order to overcome limitations of traditional statistical forecasting methods and We have developed a service forecasting tool based on the proposed approach using an unsupervised artificial neural network and Case-based reasoning. In this research, we conducted an empirical study on a real digital TV manufacturer (i.e., Company A). In addition, we have empirically evaluated the proposed approach and tool using real sales and service related data from digital TV manufacturer. In our empirical experiments, we intend to explore the performance of our proposed service forecasting framework when compared to the performances predicted by other two service forecasting methods; one is traditional CBR based forecasting model and the other is the existing service forecasting model used by Company A. We ran each service forecasting 144 times; each time, input data were randomly sampled for each service forecasting framework. To evaluate accuracy of forecasting results, we used Mean Absolute Percentage Error (MAPE) as primary performance measure in our experiments. We conducted one-way ANOVA test with the 144 measurements of MAPE for three different service forecasting approaches. For example, the F-ratio of MAPE for three different service forecasting approaches is 67.25 and the p-value is 0.000. This means that the difference between the MAPE of the three different service forecasting approaches is significant at the level of 0.000. Since there is a significant difference among the different service forecasting approaches, we conducted Tukey's HSD post hoc test to determine exactly which means of MAPE are significantly different from which other ones. In terms of MAPE, Tukey's HSD post hoc test grouped the three different service forecasting approaches into three different subsets in the following order: our proposed approach > traditional CBR-based service forecasting approach > the existing forecasting approach used by Company A. Consequently, our empirical experiments show that our proposed approach outperformed the traditional CBR based forecasting model and the existing service forecasting model used by Company A. The rest of this paper is organized as follows. Section 2 provides some research background information such as summary of CBR and SOM. Section 3 presents a hybrid service forecasting framework based on Case-based Reasoning and Self-Organizing Maps, while the empirical evaluation results are summarized in Section 4. Conclusion and future research directions are finally discussed in Section 5.