• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.181-208
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• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• 대한공업교육학회지
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• v.41 no.1
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• pp.68-87
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• 2016

This research conducted a survey for total 166 teachers of schools so as to analyze validity and satisfaction for performance objectives of SMB administration subsidy the HRDP and the CEP in Specialized High School. The results of research are as follows. First, teachers recognize that purpose of HRDP is to expand employment of specialized high school and provide human resource of SMB. And, they recognize that HRDP is important to improve school outcomes and makes a positive effect on the improvement of school outcomes. Second, teachers recognize that objectives of HRDP are improvement of student's understanding for SMB, improvement of teacher's understanding for SMB, improvement of SMB's understanding of school, cultivation of student's occupational view, systematization of career guiding program based on employment process, strengthening of industry-academia cooperation education, improvement of the level of student's skill, fulfillment of workplace experience and practice focusing workplace learning, training of customized human resource for SMB, improvement of student's adaptation to the workplace, improvement of employment rate for SMB, expansion of job opportunities for students with SMB, preparation of the base of connection between school and SMB, publicity of school, expansion of opportunities to cooperate between SMB and school, establishment of cooperative system among industrial association and school, introduction and operation of the employment connective model for joint education and employment, strengthening of field professionalism of teachers. However, satisfaction for the achievement of objectives of HRDP except for strengthening of industry-academia cooperation education and improvement of employment rate for SMB is relatively lower than the validity. Third, teachers in charge of human resource training business of middle and small sized company's specialized high school recognize that objectives of CEP are expansion of job opportunities for students with SMB, excavation of good-quality SMB, expansion of opportunities to cooperate between SMB and school, fulfillment of workplace learning, improvement of student's major foundation and in-depth skill, improvement of literacy, math, teamwork and communication abilities for students' job performance, improvement of student's working attitude and student's proper career exploration decision. However, satisfaction for achievement of objectives of CEP is relatively lower than the validity.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.3
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• pp.97-110
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• 2019

This study analyzed various factors of influence affecting the will to start a business and established and empirically analyzed a research model to see which factors significantly affect the will to start a business. To this end, we investigated the general characteristics and experiences of individuals, conducted a study on the will to start a business, and analyzed the entrepreneurship passion for startups, the ability to find business opportunities, and the ability to connect with partner companies. The intent to start a business survey was investigated in a recertive style with a 7 point scale, and the reliability and feasibility review were analyzed through the PLS analysis method, which enables the implementation of a measurement model and a structural model. To collect valid data, the survey was conducted using an entrepreneurial curriculum class hours to collect and analyze 421 data. In summary, the results are as follows: First, college students have many opportunities to develop their capabilities through competitions held by universities and support institutions, and by utilizing them, they have no fear of starting a business. Second, the ability of students to discover product clients themselves has been improved by fostering entrepreneurship in the special lectures on startup in universities. Third, it can be seen that it has received various information on startups from support agencies to enhance its commitment to startups. The implications are as follows. First, they should foster entrepreneurship among college students by offering practical oriented courses that can broaden their understanding of startups. Second, it needs to be improved from entrepreneurial enthusiasm to a program that can grow into a company that can collaborate with partner companies and confirm its commitment to corporate establishment and product development and determine market opportunities. Third, it is necessary to establish an ecosystem of start-ups that can carry out systematic planning and performance management as it is weak to carry out projects with will to startups.

• Journal of the Korean Applied Science and Technology
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• v.36 no.2
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• pp.371-382
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• 2019

The aim of this study was to evaluate the physiological responses following acute and chronic Nurida-ball exercise to measure the relative exercise intensity and health-related fitness in middle-aged men. In study 1, eight middle-aged men carried out acute Nurida-ball exercise for 30 min. The physiological responses were normalized and compared with a graded treadmill exercise test (GXT) to evaluate the relative exercise intensity. In study 2, twelve middle-aged men were divided into two groups: Nurida-ball exercise group (NB, n=6) and control group (CON, n=6). NB group performed the Nurida-ball exercise for 8 weeks (30min/day, 3 days/week). And then, we measured the body composition, cardiovascular factors, blood lipid factors, and muscle damage markers to confirm the exercise efficiency. In study 1, the related exercise intensity of acute Nurida-ball is the range of GXT-HRpeak (55~85%) and $GXT-VO_2peak$(23~61%). The change in body fat-related factors was significantly lower in the NB compared to the CON group. Moreover, TC and LDL were decreased whereas BMC was increased in the NB group after Nurida-ball exercise. The change in VEpeak and performance time of GXT were significantly greater in the NB compared to the CON group. The performance time of GXT was increased in the NB group after Nurida-ball exercise. Our results indicated that Nurida-ball exercise would be effective equipment for the improvement of health-related fitness. Especially, Nurida-ball exercise can affect body composition and cardiovascular function, which might alleviate metabolic syndrome-related diseases in middle-aged men.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.235-247
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• 2019

In order to achieve the results that are appropriate for the purpose of the enterprise, it is important to comprehensively understand the behaviors within the roles of the members of the organization and actions outside the roles. However, there have been relatively few studies on corporate social responsibility (CSR) among the existing studies that have been conducted to date. In particular, organizational citizenship behavior, a voluntary commitment by organizational members, is perceived as a very effective way of enhancing corporate performance, but studies on organizational citizenship behavior based on corporate social responsibility have rarely been conducted. In recent years, domestic companies have recognized social responsibility as an activity rather than an additional activity. Therefore, it is very meaningful to look at the organizational performance by examining the factors that make up this social responsibility from the perspective of the company. It is considered a task. In order to demonstrate this, this study collected 303 data from a business incubator center operated by universities and public institutions nationwide and used a total of 303 samples. As a result of the verification, the wages received by the members of the organization did not affect the organizational commitment, and the working hours and the working environment affected the organizational commitment. In addition, corporate social responsibility has an effect on organizational trust in the marketing side. Organizational commitment and organizational trust were studied to positively affect organizational citizenship behavior. In addition, this study divides the degree of perception of social responsibility of the organizational members into the high recognition group and the low recognition group and analyzed whether there is a difference in the level of organizational citizenship behavior according to the employment type (regular and irregular workers) The results of this study are as follows.

• (The) Research of the performance art and culture
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• no.32
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• pp.489-524
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• 2016

This study examines the birth of a genre, the $Sekky{\bar{o}}bushi$ Misemono Opera, focusing on how it accepted and modernized Katarimono $Sekky{\bar{o}}bushi$. Unlike earlier studies, it argues that Terayama was clearly different from other first-generation Angura artists, in that he rebirthed the medieval story $Sekky{\bar{o}}bushi$ as a modern Misemono Opera. Shintokumaru (1978) was directed by Terayama $Sh{\bar{u}}ji$, a member of the first generation of Japan's 1960s Angura Theatre Movement. It takes as its subject the Katarimono $Sekky{\bar{o}}bushi$ Shintokumaru, a story set to music that can be considered an example of the modern heritage of East Asian storytelling. $Sekky{\bar{o}}$ Shintokumaru is set in Tennoji, Japan. The title character Shintoku develops leprosy as a result of his stepmother's curse and is saved through his fiancee Otohime's devoted love and the spiritual power of the Bodhisattva Avalokitesvara. In this work, Terayama combined the narrative style of $Sekky{\bar{o}}bushi$ with J.A. Caesar's shamanistic rock music and gave it the subtitle 'Misemono Opera by $Sekky{\bar{o}}bushi$'. He transforms its underlying theme, the principle of goddesses and their offspring in a medieval religious world and the modori (return) instinct, into a world of mother-son-incest. Also, the pedestrian revenge scene from $Sekky{\bar{o}}bushi$ is altered to represent Shintokumaru as a drag queen, wearing his stepmother's clothes and mask, and he unites sexually with Sensaku, his stepbrother, and ends up killing him. The play follows the cause and effect structure of $Sekky{\bar{o}}bushi$. The appearance of katarite, a storyteller, propelling the narrative throughout and Dr. Yanagida Kunio is significant as an example of the modern use of self-introduction as a narrative device and chorus. Terayama $Sh{\bar{u}}ji^{\prime}s$ memories of desperate childhood, especially the absence of his father and the Aomori air raids, are depicted and deepened in structure. However, seventeen years after Terayama's death, the version of the play directed by Ninagawa Yukio-based on a revised edition by Kishida Rio, who had been Terayama's writing partner since the play's premier-is the today the better-known version. All the theatrical elements implied by Terayama's subtitle were removed, and as a result, the Rio production misses the essence of the diverse experimental theatre of Terayama's theatre company, $Tenj{\bar{o}}$ Sajiki. Shintokumaru has the narrative structure characteristic of aphorism. That is, each part of the story can stand alone, but it is possible to combine all the parts organically.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.25-37
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• 2022

The purpose of this study is to survey startup founders within 7 years of founding the importance and satisfaction of the components of the scale-up entrepreneurial ecosystem at the national level in Korea and analyze the direction of scale-up policy by component using IPA (importance-performance analysis). Since the perception of founders, who are the subjects of the entrepreneurial ecosystem, affects the quantity and quality of start-ups, research is needed to analyze and diagnose the perception of scale-up components. For the development of the national economy and entrepreneurial ecosystem, companies that emerge from startups to scale-up and unicorns must be produced, and for this, elements for the scale-up entrepreneurial ecosystem are needed. The results of this study are as follows. First, the importance ranking of the components of the scale-up entrepreneurial ecosystem recognized by founders was in the order of "Financial support by growth stage," "Support for customized scale-up for enterprises," "Improvement of regulations," "Funds dedicated to scale-up," "large-scale investment," and "nurturing technical talents." Second, the factors that should be intensively improved in the importance-satisfaction matrix in the future were 'Pan-Government Integration Promotion Plan', 'Scale-Up Specialized Organization Operation', 'Company Customized Scale-Up Support', 'Regulatory Improvement', and 'Building a Korean Scale-Up Model'. As a result, various and large financial capital for the scale-up entrepreneurial ecosystem, diversification of scale-up programs by business sector, linkage of start-ups and scale-up support, deregulation of new technologies and new industries, strengthening corporate-tailored scale-up growth capabilities, and providing overseas networking opportunities can be derived. In addition, it is expected to contribute to policy practice and academic work with research that derives the components of the domestic scale-up entrepreneurial ecosystem and diagnoses its perception.

• Information Systems Review
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• v.20 no.2
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• pp.39-62
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• 2018

Thanks to the growth of computing power and the recent development of data analytics, researchers have started to work on the data produced by users through the Internet or social media. This study is in line with these recent research trends and attempts to adopt data analytical techniques. We focus on the impact of "internal marketing" factors on firm performance, which is typically studied through survey methodologies. We looked into the job review platform Jobplanet (www.jobplanet.co.kr), which is a website where employees and former employees anonymously review companies and their management. With web crawling processes, we collected over 40K data points and performed morphological analysis to classify employees' reviews for internal marketing data. We then implemented econometric analysis to see the relationship between internal marketing and market capitalization. Contrary to the findings of extant survey studies, internal marketing is positively related to a firm's market capitalization only within a limited area. In most of the areas, the relationships are negative. Particularly, female-friendly environment and human resource development (HRD) are the areas exhibiting positive relations with market capitalization in the manufacturing industry. In the service industry, most of the areas, such as employ welfare and work-life balance, are negatively related with market capitalization. When firm size is small (or the history is short), female-friendly environment positively affect firm performance. On the contrary, when firm size is big (or the history is long), most of the internal marketing factors are either negative or insignificant. We explain the theoretical contributions and managerial implications with these results.

• Journal of Intelligence and Information Systems
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• v.19 no.2
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• pp.157-175
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• 2013

Since Korean government announced 'Smartwork promotion strategy' in 2010, Korean firms and government organizations have started to adopt smartwork. However, the smartwork has been implemented only in a few of large enterprises and government organizations rather than SMEs (small and medium enterprises). In USA, both Yahoo! and Best Buy have stopped their flexible work because of its reported low productivity and job loafing problems. In addition, according to the literature on smartwork, we could draw obstacles of smartwork adoption and categorize them into the three types: institutional, organizational, and technological. The first category of smartwork adoption obstacles, institutional, include the difficulties of smartwork performance evaluation metrics, the lack of readiness of organizational processes, limitation of smartwork types and models, lack of employee participation in smartwork adoption procedure, high cost of building smartwork system, and insufficiency of government support. The second category, organizational, includes limitation of the organization hierarchy, wrong perception of employees and employers, a difficulty in close collaboration, low productivity with remote coworkers, insufficient understanding on remote working, and lack of training about smartwork. The third category, technological, obstacles include security concern of mobile work, lack of specialized solution, and lack of adoption and operation know-how. To overcome the current problems of smartwork in reality and the reported obstacles in literature, we suggest a novel smartwork service model based on NFC(Near Field Communication). This paper suggests NFC-based Smartwork Service Model composed of NFC-based Smartworker networking service and NFC-based Smartwork space management service. NFC-based smartworker networking service is comprised of NFC-based communication/SNS service and NFC-based recruiting/job seeking service. NFC-based communication/SNS Service Model supplements the key shortcomings that existing smartwork service model has. By connecting to existing legacy system of a company through NFC tags and systems, the low productivity and the difficulty of collaboration and attendance management can be overcome since managers can get work processing information, work time information and work space information of employees and employees can do real-time communication with coworkers and get location information of coworkers. Shortly, this service model has features such as affordable system cost, provision of location-based information, and possibility of knowledge accumulation. NFC-based recruiting/job-seeking service provides new value by linking NFC tag service and sharing economy sites. This service model has features such as easiness of service attachment and removal, efficient space-based work provision, easy search of location-based recruiting/job-seeking information, and system flexibility. This service model combines advantages of sharing economy sites with the advantages of NFC. By cooperation with sharing economy sites, the model can provide recruiters with human resource who finds not only long-term works but also short-term works. Additionally, SMEs (Small Medium-sized Enterprises) can easily find job seeker by attaching NFC tags to any spaces at which human resource with qualification may be located. In short, this service model helps efficient human resource distribution by providing location of job hunters and job applicants. NFC-based smartwork space management service can promote smartwork by linking NFC tags attached to the work space and existing smartwork system. This service has features such as low cost, provision of indoor and outdoor location information, and customized service. In particular, this model can help small company adopt smartwork system because it is light-weight system and cost-effective compared to existing smartwork system. This paper proposes the scenarios of the service models, the roles and incentives of the participants, and the comparative analysis. The superiority of NFC-based smartwork service model is shown by comparing and analyzing the new service models and the existing service models. The service model can expand scope of enterprises and organizations that adopt smartwork and expand the scope of employees that take advantages of smartwork.

• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.123-139
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• 2019

The Korean NPL market was formed by the government and foreign capital shortly after the 1997 IMF crisis. However, this market is short-lived, as the bad debt has started to increase after the global financial crisis in 2009 due to the real economic recession. NPL has become a major investment in the market in recent years when the domestic capital market's investment capital began to enter the NPL market in earnest. Although the domestic NPL market has received considerable attention due to the overheating of the NPL market in recent years, research on the NPL market has been abrupt since the history of capital market investment in the domestic NPL market is short. In addition, decision-making through more scientific and systematic analysis is required due to the decline in profitability and the price fluctuation due to the fluctuation of the real estate business. In this study, we propose a prediction model that can determine the achievement of the benchmark yield by using the NPL market related data in accordance with the market demand. In order to build the model, we used Korean NPL data from December 2013 to December 2017 for about 4 years. The total number of things data was 2291. As independent variables, only the variables related to the dependent variable were selected for the 11 variables that indicate the characteristics of the real estate. In order to select the variables, one to one t-test and logistic regression stepwise and decision tree were performed. Seven independent variables (purchase year, SPC (Special Purpose Company), municipality, appraisal value, purchase cost, OPB (Outstanding Principle Balance), HP (Holding Period)). The dependent variable is a bivariate variable that indicates whether the benchmark rate is reached. This is because the accuracy of the model predicting the binomial variables is higher than the model predicting the continuous variables, and the accuracy of these models is directly related to the effectiveness of the model. In addition, in the case of a special purpose company, whether or not to purchase the property is the main concern. Therefore, whether or not to achieve a certain level of return is enough to make a decision. For the dependent variable, we constructed and compared the predictive model by calculating the dependent variable by adjusting the numerical value to ascertain whether 12%, which is the standard rate of return used in the industry, is a meaningful reference value. As a result, it was found that the hit ratio average of the predictive model constructed using the dependent variable calculated by the 12% standard rate of return was the best at 64.60%. In order to propose an optimal prediction model based on the determined dependent variables and 7 independent variables, we construct a prediction model by applying the five methodologies of discriminant analysis, logistic regression analysis, decision tree, artificial neural network, and genetic algorithm linear model we tried to compare them. To do this, 10 sets of training data and testing data were extracted using 10 fold validation method. After building the model using this data, the hit ratio of each set was averaged and the performance was compared. As a result, the hit ratio average of prediction models constructed by using discriminant analysis, logistic regression model, decision tree, artificial neural network, and genetic algorithm linear model were 64.40%, 65.12%, 63.54%, 67.40%, and 60.51%, respectively. It was confirmed that the model using the artificial neural network is the best. Through this study, it is proved that it is effective to utilize 7 independent variables and artificial neural network prediction model in the future NPL market. The proposed model predicts that the 12% return of new things will be achieved beforehand, which will help the special purpose companies make investment decisions. Furthermore, we anticipate that the NPL market will be liquidated as the transaction proceeds at an appropriate price.