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Attention to the Internet: The Impact of Active Information Search on Investment Decisions (인터넷 주의효과: 능동적 정보 검색이 투자 결정에 미치는 영향에 관한 연구)

  • Chang, Young Bong;Kwon, YoungOk;Cho, Wooje
    • Journal of Intelligence and Information Systems
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    • v.21 no.3
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    • pp.117-129
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    • 2015
  • As the Internet becomes ubiquitous, a large volume of information is posted on the Internet with exponential growth every day. Accordingly, it is not unusual that investors in stock markets gather and compile firm-specific or market-wide information through online searches. Importantly, it becomes easier for investors to acquire value-relevant information for their investment decision with the help of powerful search tools on the Internet. Our study examines whether or not the Internet helps investors assess a firm's value better by using firm-level data over long periods spanning from January 2004 to December 2013. To this end, we construct weekly-based search volume for information technology (IT) services firms on the Internet. We limit our focus to IT firms since they are often equipped with intangible assets and relatively less recognized to the public which makes them hard-to measure. To obtain the information on those firms, investors are more likely to consult the Internet and use the information to appreciate the firms more accurately and eventually improve their investment decisions. Prior studies have shown that changes in search volumes can reflect the various aspects of the complex human behaviors and forecast near-term values of economic indicators, including automobile sales, unemployment claims, and etc. Moreover, search volume of firm names or stock ticker symbols has been used as a direct proxy of individual investors' attention in financial markets since, different from indirect measures such as turnover and extreme returns, they can reveal and quantify the interest of investors in an objective way. Following this line of research, this study aims to gauge whether the information retrieved from the Internet is value relevant in assessing a firm. We also use search volume for analysis but, distinguished from prior studies, explore its impact on return comovements with market returns. Given that a firm's returns tend to comove with market returns excessively when investors are less informed about the firm, we empirically test the value of information by examining the association between Internet searches and the extent to which a firm's returns comove. Our results show that Internet searches are negatively associated with return comovements as expected. When sample is split by the size of firms, the impact of Internet searches on return comovements is shown to be greater for large firms than small ones. Interestingly, we find a greater impact of Internet searches on return comovements for years from 2009 to 2013 than earlier years possibly due to more aggressive and informative exploit of Internet searches in obtaining financial information. We also complement our analyses by examining the association between return volatility and Internet search volumes. If Internet searches capture investors' attention associated with a change in firm-specific fundamentals such as new product releases, stock splits and so on, a firm's return volatility is likely to increase while search results can provide value-relevant information to investors. Our results suggest that in general, an increase in the volume of Internet searches is not positively associated with return volatility. However, we find a positive association between Internet searches and return volatility when the sample is limited to larger firms. A stronger result from larger firms implies that investors still pay less attention to the information obtained from Internet searches for small firms while the information is value relevant in assessing stock values. However, we do find any systematic differences in the magnitude of Internet searches impact on return volatility by time periods. Taken together, our results shed new light on the value of information searched from the Internet in assessing stock values. Given the informational role of the Internet in stock markets, we believe the results would guide investors to exploit Internet search tools to be better informed, as a result improving their investment decisions.

Social Tagging-based Recommendation Platform for Patented Technology Transfer (특허의 기술이전 활성화를 위한 소셜 태깅기반 지적재산권 추천플랫폼)

  • Park, Yoon-Joo
    • Journal of Intelligence and Information Systems
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    • v.21 no.3
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    • pp.53-77
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    • 2015
  • Korea has witnessed an increasing number of domestic patent applications, but a majority of them are not utilized to their maximum potential but end up becoming obsolete. According to the 2012 National Congress' Inspection of Administration, about 73% of patents possessed by universities and public-funded research institutions failed to lead to creating social values, but remain latent. One of the main problem of this issue is that patent creators such as individual researcher, university, or research institution lack abilities to commercialize their patents into viable businesses with those enterprises that are in need of them. Also, for enterprises side, it is hard to find the appropriate patents by searching keywords on all such occasions. This system proposes a patent recommendation system that can identify and recommend intellectual rights appropriate to users' interested fields among a rapidly accumulating number of patent assets in a more easy and efficient manner. The proposed system extracts core contents and technology sectors from the existing pool of patents, and combines it with secondary social knowledge, which derives from tags information created by users, in order to find the best patents recommended for users. That is to say, in an early stage where there is no accumulated tag information, the recommendation is done by utilizing content characteristics, which are identified through an analysis of key words contained in such parameters as 'Title of Invention' and 'Claim' among the various patent attributes. In order to do this, the suggested system extracts only nouns from patents and assigns a weight to each noun according to the importance of it in all patents by performing TF-IDF analysis. After that, it finds patents which have similar weights with preferred patents by a user. In this paper, this similarity is called a "Domain Similarity". Next, the suggested system extract technology sector's characteristics from patent document by analyzing the international technology classification code (International Patent Classification, IPC). Every patents have more than one IPC, and each user can attach more than one tag to the patents they like. Thus, each user has a set of IPC codes included in tagged patents. The suggested system manages this IPC set to analyze technology preference of each user and find the well-fitted patents for them. In order to do this, the suggeted system calcuates a 'Technology_Similarity' between a set of IPC codes and IPC codes contained in all other patents. After that, when the tag information of multiple users are accumulated, the system expands the recommendations in consideration of other users' social tag information relating to the patent that is tagged by a concerned user. The similarity between tag information of perferred 'patents by user and other patents are called a 'Social Simialrity' in this paper. Lastly, a 'Total Similarity' are calculated by adding these three differenent similarites and patents having the highest 'Total Similarity' are recommended to each user. The suggested system are applied to a total of 1,638 korean patents obtained from the Korea Industrial Property Rights Information Service (KIPRIS) run by the Korea Intellectual Property Office. However, since this original dataset does not include tag information, we create virtual tag information and utilized this to construct the semi-virtual dataset. The proposed recommendation algorithm was implemented with JAVA, a computer programming language, and a prototype graphic user interface was also designed for this study. As the proposed system did not have dependent variables and uses virtual data, it is impossible to verify the recommendation system with a statistical method. Therefore, the study uses a scenario test method to verify the operational feasibility and recommendation effectiveness of the system. The results of this study are expected to improve the possibility of matching promising patents with the best suitable businesses. It is assumed that users' experiential knowledge can be accumulated, managed, and utilized in the As-Is patent system, which currently only manages standardized patent information.

Ontology-based User Customized Search Service Considering User Intention (온톨로지 기반의 사용자 의도를 고려한 맞춤형 검색 서비스)

  • Kim, Sukyoung;Kim, Gunwoo
    • Journal of Intelligence and Information Systems
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    • v.18 no.4
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    • pp.129-143
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    • 2012
  • Recently, the rapid progress of a number of standardized web technologies and the proliferation of web users in the world bring an explosive increase of producing and consuming information documents on the web. In addition, most companies have produced, shared, and managed a huge number of information documents that are needed to perform their businesses. They also have discretionally raked, stored and managed a number of web documents published on the web for their business. Along with this increase of information documents that should be managed in the companies, the need of a solution to locate information documents more accurately among a huge number of information sources have increased. In order to satisfy the need of accurate search, the market size of search engine solution market is becoming increasingly expended. The most important functionality among much functionality provided by search engine is to locate accurate information documents from a huge information sources. The major metric to evaluate the accuracy of search engine is relevance that consists of two measures, precision and recall. Precision is thought of as a measure of exactness, that is, what percentage of information considered as true answer are actually such, whereas recall is a measure of completeness, that is, what percentage of true answer are retrieved as such. These two measures can be used differently according to the applied domain. If we need to exhaustively search information such as patent documents and research papers, it is better to increase the recall. On the other hand, when the amount of information is small scale, it is better to increase precision. Most of existing web search engines typically uses a keyword search method that returns web documents including keywords which correspond to search words entered by a user. This method has a virtue of locating all web documents quickly, even though many search words are inputted. However, this method has a fundamental imitation of not considering search intention of a user, thereby retrieving irrelevant results as well as relevant ones. Thus, it takes additional time and effort to set relevant ones out from all results returned by a search engine. That is, keyword search method can increase recall, while it is difficult to locate web documents which a user actually want to find because it does not provide a means of understanding the intention of a user and reflecting it to a progress of searching information. Thus, this research suggests a new method of combining ontology-based search solution with core search functionalities provided by existing search engine solutions. The method enables a search engine to provide optimal search results by inferenceing the search intention of a user. To that end, we build an ontology which contains concepts and relationships among them in a specific domain. The ontology is used to inference synonyms of a set of search keywords inputted by a user, thereby making the search intention of the user reflected into the progress of searching information more actively compared to existing search engines. Based on the proposed method we implement a prototype search system and test the system in the patent domain where we experiment on searching relevant documents associated with a patent. The experiment shows that our system increases the both recall and precision in accuracy and augments the search productivity by using improved user interface that enables a user to interact with our search system effectively. In the future research, we will study a means of validating the better performance of our prototype system by comparing other search engine solution and will extend the applied domain into other domains for searching information such as portal.

Integrated Management Data Warehouse Development Process of Research Expenses in Enterprise Environment (엔터프라이즈 환경의 연구비 통합관리 데이터 웨어하우스 개발 프로세스)

  • Choi, Seong-Man;Yoo, Cheol-Jung;Chang, Ok-Bae
    • The KIPS Transactions:PartD
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    • v.11D no.1
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    • pp.183-194
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    • 2004
  • The existing management job of research expenses has been divided into three parts: budget planning, budget draw-up, and exact settlement of budget. However, it caused some problems. Under this current circumstance it is required to obtain research expenses steadily, to operate efficiently and to use them clearly to solve such problems. As a result of a study on data warehouse development process of existing system integration company (Inmon, IBM) to reflect current trend described above, data warehouse development process of Inmon uses systematic and gradual access as a classical development cycle method. It causes overlap and feedback to the previous step in the process of each step Is requested. And another problem that it is difficult to toil what function refers and corrects data because functions and data are separated during performing development process at data warehouse development process of IBM is caused. Integrated management data warehouse development process of research expenses in the enterprise environment which applies UML at planning and analysis step, design step and implement and test step is suggested in this paper. Information retrieval agent uses existing budget plan DB, budget draw-up DB and budget settlement DB to find out information that a user wants to know. Information retrieval agent collects and saves information at integration database and information integration agent extracts, transports, transforms and loads the data. Information integration agent reduces a user's efforts to access to a number of information sources and check each of them. It also screens out data that a user may not need. As a result, integrated management data warehouse development process of research expenses in the enterprise environment reflects a user's requirements as much as possible and provides various types of information to make a decision which is needed to establish the policy of research expense management. It helps an end user approach his/her desired analysis information quickly and get various data from the comprehensive viewpoint rather than the fragmentary viewpoint. Furthermore, as it integrated three systems into one, it is possible to share data, to integrate the system, to reduce operating expenses and to simplify supporting environment for the decision making.

A basic research for evaluation of a Home Care Nursing Delivery System (가정간호 서비스 질 평가를 위한 도구개발연구)

  • Kim, Mo-Im;Cho, Won-Jung;Kim, Eui-Sook;Kim, Sung-Kyu;Chang, Soon-Bok;Ryu, Ho-Sihn
    • Journal of Home Health Care Nursing
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    • v.6
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    • pp.33-45
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    • 1999
  • The purpose of this study was to develop a basic framework and criteria for evaluation of quality care provided to patients with the attributes of disease in the home care nursing field, and to provide measurement tools for home health care in the future. The study design was a developmental study for evaluation of hospital-based HCN(home care nursing) in Korea. The study process was as follows: a home care nursing study team of College of Nursing. Yonsei University reviewed the nursing records of 47 patients who were enrolled at Yonsei University Medical Center Home Care Center in March, 1995. Twenty-five patients were insured at that time, were selected from 47 patients receiving home care service for study feasibility with six disease groups; Caesarean Section (C/S), simple nephrectomy, Liver cirrhosis(LC), chronic obstructive pulmonary disease(COPD), Lung cancer or cerebrovascular accident(CVA). In this study, the following items were selected : First step : Preliminary study 1. Criteria and items were selected on the basis of related literature on each disease area. 2. Items were identified by home care nurses. 3. A physician in charge reviewed the criteria and content of selected items. 4. Items were revised through preliminary study offered to both HCN patients and discharged patients from the home care center. Second step : Pretest 1. To verify the content of the items, a pretest was conducted with 18 patients of which there were three patients in each of the six selected disease groups. Third step : Test of reliability and validity of tools 1. Using the collected data from 25 patients with either cis, Simple nephrectomy, LC, COPD, Lung cancer, or CVA. the final items were revised through a panel discussion among experts in medical care who were researchers, doctors, or nurses. 2. Reliability and validity of the completed tool were verified with both inpatients and HCN patients in each of field for researches. The study results are as follows: 1. Standard for discharge with HCN referral The referral standard for home care, which included criteria for discharge with HCN referral and criteria leaving the hospital were established. These were developed through content analysis from the results of an open-ended questionnaire to related doctors concerning characteristic for discharge with HCN referral for each of the disease groups. The final criteria was decided by discussion among the researchers. 2. Instrument for measurement of health statusPatient health status was measured pre and post home care by direct observation and interview with an open-ended questionnaire which consisted of 61 items based on Gorden's nursing diagnosis classification. These included seven items on health knowledge and health management, eight items on nutrition and metabolism, three items on elimination, five items on activity and exercise, seven items on perception and cognition, three items on sleep and rest, three items on self-perception, three items on role and interpersonal relations, five items on sexuality and reproduction, five items on coping and stress, four items on value and religion, three items on family. and three items on facilities and environment. 3. Instrument for measurement of self-care The instrument for self-care measurement was classified with scales according to the attributes of the disease. Each scale measured understanding level and practice level by a Yes or No scale. Understanding level was measured by interview but practice level was measured by both observation and interview. Items for self-care measurement included 14 for patients with a CVA, five for women who had a cis, ten for patients with lung cancer, 12 for patients with COPD, five for patients with a simple nephrectomy, and 11 for patients with LC. 4. Record for follow-up management This included (1) OPD visit sheet, (2) ER visit form, (3) complications problem form, (4) readmission sheet. and (5) visit note for others medical centers which included visit date, reason for visit, patient name, caregivers, sex, age, time and cost required for visit, and traffic expenses, that is, there were open-end items that investigated OPD visits, emergency room visits, the problem and solution of complications, readmissions and visits to other medical institution to measure health problems and expenditures during the follow up period. 5. Instrument to measure patients satisfaction The satisfaction measurement instrument by Reisseer(1975) was referred to for the development of a tool to measure patient home care satisfaction. The instrument was an open-ended questionnaire which consisted of 11 domains; treatment, nursing care, information, time consumption, accessibility, rapidity, treatment skill, service relevance, attitude, satisfaction factors, dissatisfaction factors, overall satisfaction about nursing care, and others. In conclusion, Five evaluation instruments were developed for home care nursing. These were (1)standard for discharge with HCN referral. (2)instrument for measurement of health status, (3)instrument for measurement of self-care. (4)record for follow-up management, and (5)instrument to measure patient satisfaction. Also, the five instruments can be used to evaluate the effectiveness of the service to assure quality. Further research is needed to increase the reliability and validity of instrument through a community-based HCN evaluation.

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THE LUMINOSITY-LINEWIDTH RELATION AS A PROBE OF THE EVOLUTION OF FIELD GALAXIES

  • GUHATHAKURTA PURAGRA;ING KRISTINE;RIX HANS-WALTER;COLLESS MATTHEW;WILLIAMS TED
    • Journal of The Korean Astronomical Society
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    • v.29 no.spc1
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    • pp.63-64
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    • 1996
  • The nature of distant faint blue field galaxies remains a mystery, despite the fact that much attention has been devoted to this subject in the last decade. Galaxy counts, particularly those in the optical and near ultraviolet bandpasses, have been demonstrated to be well in excess of those expected in the 'no-evolution' scenario. This has usually been taken to imply that galaxies were brighter in the past, presumably due to a higher rate of star formation. More recently, redshift surveys of galaxies as faint as B$\~$24 have shown that the mean redshift of faint blue galaxies is lower than that predicted by standard evolutionary models (de-signed to fit the galaxy counts). The galaxy number count data and redshift data suggest that evolutionary effects are most prominent at the faint end of the galaxy luminosity function. While these data constrain the form of evolution of the overall luminosity function, they do not constrain evolution in individual galaxies. We are carrying out a series of observations as part of a long-term program aimed at a better understanding of the nature and amount of luminosity evolution in individual galaxies. Our study uses the luminosity-linewidth relation (Tully-Fisher relation) for disk galaxies as a tool to study luminosity evolution. Several studies of a related nature are being carried out by other groups. A specific experiment to test a 'no-evolution' hypothesis is presented here. We have used the AUTOFIB multifibre spectro-graph on the 4-metre Anglo-Australian Telescope (AAT) and the Rutgers Fabry-Perot imager on the Cerro Tolalo lnteramerican Observatory (CTIO) 4-metre tele-scope to measure the internal kinematics of a representative sample of faint blue field galaxies in the red-shift range z = 0.15-0.4. The emission line profiles of [OII] and [OIII] in a typical sample galaxy are significantly broader than the instrumental resolution (100-120 km $s^{-l}$), and it is possible to make a reliable de-termination of the linewidth. Detailed and realistic simulations based on the properties of nearby, low-luminosity spirals are used to convert the measured linewidth into an estimate of the characteristic rotation speed, making statistical corrections for the effects of inclination, non-uniform distribution of ionized gas, rotation curve shape, finite fibre aperture, etc.. The (corrected) mean characteristic rotation speed for our distant galaxy sample is compared to the mean rotation speed of local galaxies of comparable blue luminosity and colour. The typical galaxy in our distant sample has a B-band luminosity of about 0.25 L$\ast$ and a colour that corresponds to the Sb-Sd/Im range of Hub-ble types. Details of the AUTOFIB fibre spectroscopic study are described by Rix et al. (1996). Follow-up deep near infrared imaging with the 10-metre Keck tele-scope+ NIRC combination and high angular resolution imaging with the Hubble Space Telescope's WFPC2 are being used to determine the structural and orientation parameters of galaxies on an individual basis. This information is being combined with the spatially resolved CTIO Fabry-Perot data to study the internal kinematics of distant galaxies (Ing et al. 1996). The two main questions addressed by these (preliminary studies) are: 1. Do galaxies of a given luminosity and colour have the same characteristic rotation speed in the distant and local Universe? The distant galaxies in our AUTOFIB sample have a mean characteristic rotation speed of $\~$70 km $s^{-l}$ after correction for measurement bias (Fig. 1); this is inconsistent with the characteristic rotation speed of local galaxies of comparable photometric proper-ties (105 km $s^{-l}$) at the > $99\%$ significance level (Fig. 2). A straightforward explanation for this discrepancy is that faint blue galaxies were about 1-1.5 mag brighter (in the B band) at z $\~$ 0.25 than their present-day counterparts. 2. What is the nature of the internal kinematics of faint field galaxies? The linewidths of these faint galaxies appear to be dominated by the global disk rotation. The larger galaxies in our sample are about 2"-.5" in diameter so one can get direct insight into the nature of their internal velocity field from the $\~$ I" seeing CTIO Fabry-Perot data. A montage of Fabry-Perot data is shown in Fig. 3. The linewidths are too large (by. $5\sigma$) to be caused by turbulence in giant HII regions.

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The Crisis of AIDS and responses of South African Churches in the task of new national building (새로운 민주주의 국가건설의 과제 속에 직면한 AIDS와 이에 대한 교회의 반응과 과제: 남아프리카 공화국을 중심으로)

  • Kim, Dae-Yoong
    • Journal of the Korean Association of African Studies
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    • v.29
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    • pp.27-53
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    • 2009
  • At the start of the new century, South Africa probably had the largest number of HIV-infected people of any country in the world. The only nation that comes close is India with a population of one billion people compared to South Africa's figure of 57 million. The tragedy is that this did not have to happen. South Africa was aware of the dangers posed by AIDS as early as 1985. In 1991, the national survey of women attending antenatal clinics found that only 0.8percent were infected. In 1994, when the new government took power, the figure was still comparatively low at 7.6 %. The 2004 figure which has been published is 26.5%. This article tracks the epidemic globally, in the region and in South Africa. I explain some of the basic concepts around the disease and look at what may happen with respect to numbers. The situation is bad, and the number of people falling ill, dying and leaving families will rise over next few years. This will impact on South Africa in a number of important ways. This article assesses the demographic, economic and social consequences of the epidemic. It disposes of a number of myths and present the real facts. The AIDS in South Africa is not related to individuals only. It warns that AIDS in Africa is becoming a community and systemic problem. The acuteness of the problem does not stem merely from the fact that communities are affected, or could even be wipe out by the end of this decade, but from the fact that AIDS will place incredible burdens and obligations upon medical services, health care and religious communities such as churches. The facts confront churches' mission with the important question: who is going to take care of all the patients and where? The reality is that people dying of AIDS will have to be cared for at home by relatives and friends. A further question that arises is whether our people are prepared for this. AIDS was considered to be a homo-plague and the hunt was on for a scapegoat in the light of the fatal implication of the disease. At present we are in the strategic phase where we all realize that it will be of no avail to scare people with the ominous threat of AIDS AIDS destroys the optimism of our achievement ethics. This exposure of the culture of optimism is also an exposure of the so-called 'human basic fear which accuses Christianity that their concept of sin is a damper on man's search for liberation and basic need to be freed from all Imitation. AIDS is also a test for our ecclesiastical genuineness and the sincerity of our mission sensibility. It poses the question: How unconditional is Christian love? Is there room for the AIDS sufferer in the community of believers, despite the fact he is an acknowledged homosexual? The question to put to the church is whether the community of believers is an exclusive to put to the koinonia which excludes homosexuals. They may be welcome on principle, but in actual fact are not acceptable to the church community. As South Africa enters the new century, it is clear that the epidemic is not having a measurable impact. However, the impact of AIDS is gradual, subtle and incremental. The author's proposal of what is currently most needed in South Africa is that the little things will make a difference. It's about doing lots of little things better at grassroots level, with the emphasis on doing. There are so many community, churches and NGOs initiatives worth building on and intensifying. One must not underestimate the therapeutic value of working together in small groups to overcome a problem

Definition of Child and Youth Welfare and Proposals for the Reform of Legal System (아동·청소년 복지의 개념과 법체계의 개선방안)

  • Cho, Sung-Hae
    • Journal of Legislation Research
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    • no.41
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    • pp.43-85
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    • 2011
  • Child and youth welfare law in Korea is vague and complex. In a narrow sense it means the research on the provisions of the Child Welfare Act. In a broad sense it embraces all of the social welfare system regarding to the protection for children and youth. Regardless of the scope of child and youth welfare law it should be cleared what the term of child and youth means in Korean legal regulation. Historically, child protection in Korea was based on the good intentions of individuals to protect war orphan children from poverty or danger after the end of the Korean War. It is the story of the evolving status of children from being viewed as dependant of the parents to becoming rights-based citizens, even not in Constitution. In Korea neither parents nor children have constitutionally recognized right. According to Korean Constitution the parents have only the obligation to educate their children. And the state ist obliged to improve the welfare of the youth(section 34). In compliance with this article there are lots of statutes regulating youth welfare. This article reviews the legal definition of child and youth to test the uncertain definition of child and youth welfare in relation to the treatment of children's and youth's legal status in Korea. According to the Child Welfare Act child is the person under age of 18, while the legal definition of youth oscillates between the person under the age of 19 and the person over the age 9 to the age of 23. As a result child welfare is often used as the synonym of youth welfare, and vice versa. The lack of the arrangement of the legal definition of child and youth is based on the historical reasons that the legal definitions of youth (under the age of 19 or over the age 9 to the age of 23) newly appeared in the statutes regulating youth welfare, whereas the Child Welfare Act still maintained the definition of child under the age of 18. In order to get rid of the confusion of the definition of the child and youth, a part of certain statues should combine with another Act according to the purpose of the individual amended statutes. And the definition of child and youth should be subdivided into 3 or 4 classes, namely infant(0-6), child(7-13), youth(14-18) and young adult(19-26). Furthermore this article proposes a reform of the existing legal system pursuant to the nature of the law, i.g. whether the issued or amended Act takes on a selective(residual) or universal character.

A Study on the Effect of Entrepreneurial Intention on Start-up Performance: Focused on the Intermediating Effects of Entrepreneurial Competency and Differentiated Competitive Advantage (창업의지가 창업성과에 미치는 영향: 창업역량 및 차별화 경쟁우위의 매개효과를 중심으로)

  • Kim, Ye-Jung
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.14 no.4
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    • pp.63-73
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    • 2019
  • Recently, as young and senior entrepreneurs are getting interested in starting a business, the domestic startup rate is gradually increasing. However, the survival rate of start-ups is so low. In this regard, this study empirically examines how the entrepreneurial intention affects both financial and non-financial start-up performances through the intermediation effects of experiential competence, financing competency, marketing competence and differentiated competitive advantage. In doing so, the purpose of this study is to find out the key elements to successful start-ups. To this end, the survey results of 200 start-ups in Pohang from January 21 to February 1, 2019 were used to test the research hypotheses. The results of the study are summarized as follows. First, it is shown that the entrepreneurial intention have a positive effect on the experiential competence, financing competence and marketing competence. Second, it is found that both experiential competence and marketing competence have significant positive effects on the differentiated competitive advantage. On the other hand, the financing competence has not been shown to have a significant effect on the differentiated competitive advantage, which might result from the characteristic of the data that most of the respondents are from new businesses. Third, it is shown that the differentiated competitive advantage has a positive effect on both financial and non-financial performances. In conclusion, the results of this study suggest a theoretical basis for the successful start-up performance. Namely, it is necessary for the founders of start-ups to secure differentiated competitive advantage through the entrepreneurial intention and the entrepreneurial competences such as financing competence and marketing competence because the differentiated competitive advantage leads to the successful financial and non-financial start-up performances. In addition, the results of this study suggest to both entrepreneurs and managers that for the successful business performance, it is important for them to make continuous efforts to come up with new ideas and to reinforce financing and marketing activities in order to achieve the differentiated competitive advantage.

Study on the Recycled Compositing System for Reducing Bulking Agent Cost (부자재 비용절감을 위한 순환퇴비화 시스템에 관한 연구)

  • 최명환;홍지형;박금주;최원춘
    • Journal of Animal Environmental Science
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    • v.6 no.3
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    • pp.191-199
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    • 2000
  • This study was initiated to investigate the influence of biophysical condition on the composting characteristics, and conducted to develop technology for using recycled compost as a bulking agent cost to reduce operating cost. To methods of aeration, continuous aeration (CA: run No. I) and intermittent aeration (IA: run No. 2) were performed with three 12.3 liter laboratory scale vessels for ten days. Manure and rice hulls were mixed for thirst trial (I), rice hulls and recycled compost after first trial were mixed for second trial (II), dairy manure and only recycled compost after second trial were mixed for third trial (III). During the composting process, temperatures of the compost mass and ammonia emissions were measured. The quality and maturity of compost were ascertained by examining the characteristics and composition of the compost. Also, loss of mass was determined by measuring the mass of materials in the vessels before and after composting. The results in this study are as follows: 1. The periods of optimum temperature ($>55^{\circ}C$) to kill pathogens were maintained from 38 to 78 hours for CA and from 60 to 98 hours for IA. 2. The more recycled compost mixed, the more ammonia emitted. The maximum ammonia emissions were 287 ppm at CA and 420 ppm at IA. 3. Biofiltration system was required for the compo sting system using only recycled compost as an amendment, because the ammonia emissions was produced above 100 ppm at the end of composting process. 4. The quality and maturity of compost: - Fresh compost, were required drying, because moisture contents of the compost were approximately 70% in all tests. - The pH values were observed to rise smoothly, from 7.9 to 8.3 at CA and from 8.4 to 8.6 at IA. The CfN ratios of the fresh compost were ranged form 21.05 to 16.42 for CA and from 22.81 to 14.75 for IA. The final C/N ratios for test II and III were below 20.were below 20.

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