• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.133-145
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• 2023

This paper examines whether investors have adapted to the venture capital(VC) investment style. VC firms invest in privately held companies and generate returns by selling them after the lock-up period expires. We analyze the impact on stock prices before and after the lock-up period expiration, and compare the Cumulative Abnormal Return(CAR) between the past period(2015-2017) and the recent period(2020-2022) to investigate the effect of the second venture boom. The main findings are as follows. First, unlike in the past, stock price returns around the lock-up period expiration have been lower than the KOSDAQ index in recent years. Second, the impact on stock prices is significant for both 1-month and 12-month lock-up periods. Specifically, it is confirmed that stocks held by venture capital and professional investors with a 1-month lock-up period respond in advance to their information after the second venture boom. Finally, we find that there is a difference in CAR depending on whether or not the company received VC investment after the second venture boom. Based on our findings, we suggest that VC firms need to revise their exit strategies to improve performance. This includes finding ways to reduce information asymmetry and fees, as well as developing strategies to mitigate market volatility. Additionally, the current lock-up period for VCs should be reconsidered as it may increase the risk of stock price decline. We recommend that the government revise the scope and duration of lock-up periods to protect investors after IPO.

• Journal of Korean Physical Therapy Science
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• v.31 no.1
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• pp.16-32
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• 2024

Background: Exercise equipments and assistive devices for the disabled are being developed, but improvements for usability are still needed. The purpose of this study was to improve and utilize the developed exercise equipment and assistance devices by conducting usability test for people with spinal cord injury. Design: Cross-sectional Study. Methods: Scenarios and usability indicators were derived by conducting a preliminary usability test, 5 non-disabled men and women aged 19 or older. In the scenario, a total of 9 tasks were sequentially performed, including 2 tasks of entry and exit, 5 tasks of assistance devices and weight stack adjustment, and 2 tasks of pre exercise and exercise. The usability indicators were task success (success or fail), execution time (sec), safety, and convenience. For safety, 7 questions (Likert scale, 1~5 point) related to safety, stability and hazard were derived, and for convenience, the system usability scale (SUS score) was used (range: 0~100, 50 percentile rank is 68 point). Results: As a result of the usability test of people with spinal cord injury, there was a large variation among subjects in the task of adjusting the position of the pulley and support in the execution time (11.64~25.44 seconds), and one person failed to adjust the pulley. The safety level showed a lower score (score = 3 points) than other items in the item of entrapment or skin pressure, and in the case of SUS, the average score was 64.5 points, which was close to the acceptable level. Conclusion: Through the usability test, it was confirmed that exercise equipment for the disabled needs improvement in operability, pinching, and pressure, and that it is necessary to develop an assistive device that provides unrestrained posture information (biofeedback) to maintain correct posture during exercise.

• Journal of Korean Society of Transportation
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• v.34 no.1
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• pp.1-14
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• 2016

In the recent years, the internet has become accessible without limitation of time and location to anyone with smartphones. It resulted in more convenient travel information access both on the pre-trip and en-route phase. The main objective of this study is to conduct a stationary test for traffic information web/mobile application access indexes from TCS (Toll Collection System); and analyzing the relationship between the web/mobile application access indexes and actual traffic volume on expressways, in order to analyze searching behavior of expressway related travel information. The key findings of this study are as follows: first, the results of ADF-test and PP-test confirm that the web/mobile application access indexes by time periods satisfy stationary conditions even without log or differential transformation. Second, the Pearson correlation test showed that there is a strong and positive correlation between the web/mobile application access indexes and expressway entry and exit traffic volume. In contrast, truck entry traffic volume from TCS has no significant correlation with the web/mobile application access indexes. Third, the time gap relationship between time-series variables (i.e., concurrent, leading and lagging) was analyzed by cross-correlation tests. The results indicated that the mobile application access leads web access, and the number of mobile application execution is concurrent with all web access indexes. Lastly, there was no web/mobile application access indexes leading expressway entry traffic volumes on expressways, and the highest correlation was observed between webpage view/visitor/new visitor/repeat visitor/application execution counts and expressway entry volume with a lag of one hour. It is expected that specific individual travel behavior can be predicted such as route conversion time and ratio if the data are subdivided by time periods and areas and utilizing traffic information users' location.

• Korean Journal of Environmental Agriculture
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• v.32 no.4
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• pp.355-358
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• 2013

BACKGROUND: Water-born pollution loads by agricultural non-point source (NPS) pollution are expected to become intensified due to ongoing precipitation change. Therefore, it is essential to develop a best management practice (BMP) that is suitable to agricultural environments in Korea. This study aimed to develop an environmental-friendly BMP to reduce NPS pollution load by agricultural activities. An eco-friendly way, small drainage pond, was suggested in this study to avoid direct drainage of agricultural runoffs and eventually reduce the amount of pollutants discharged into the surrounding aqua-environment. METHODS AND RESULTS: A small pond ($12m^2$) was constructed at the corner of a rice paddy field ($1,715m^2$) located in Suwon, Korea. Water was allowed to drain only via a small drainage pond. Sampling was repeatedly made at two locations, one from an entrance and the other from an exit of a pond, during the rice cultivation period (May to October, 2012). Generally, sampling was made only when runoff water drained through a pond, such as during and/or after rain (irrigation). The water quality analysis showed that all quality parameters (SS, $COD_{Mn}$, T-N, and T-P) were improved as water passed through the pond. The amount of runoff water was reduced by 96~100%. Suspended solids and COD concentrations was reduced by 79.3% and 45.6%, respectively. In case of T-N and T-P concentrations, the reduction rates were 52.2% and 60.5%, respectively and the amount of T-N and T-P were reduced by 16.3~73.0% and 15.4~70.1%, respectively. CONCLUSION(S): Our data implies that agricultural NPS pollution from rice paddy fields can be effectively managed when an appropriate drainage water management practice is imposed. In this paper, it was suggested that an installation of a small drainage pond can be effective to prevent not only the nutrient loss from rice fields but also pollutant discharge to surrounding water environments.

• Korean Journal of Air-Conditioning and Refrigeration Engineering
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• v.29 no.6
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• pp.327-340
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• 2017

This article reviews the papers published in the Korean Journal of Air-Conditioning and Refrigeration Engineering during 2016. It is intended to understand the status of current research in the areas of heating, cooling, ventilation, sanitation, and indoor environments of buildings and plant facilities. Conclusions are as follows. (1) The research works on the thermal and fluid engineering have been reviewed as groups of flow, heat and mass transfer, the reduction of pollutant exhaust gas, cooling and heating, the renewable energy system and the flow around buildings. CFD schemes were used more for all research areas. (2) Research works on heat transfer area have been reviewed in the categories of heat transfer characteristics, pool boiling and condensing heat transfer and industrial heat exchangers. Researches on heat transfer characteristics included the results of the long-term performance variation of the plate-type enthalpy exchange element made of paper, design optimization of an extruded-type cooling structure for reducing the weight of LED street lights, and hot plate welding of thermoplastic elastomer packing. In the area of pool boiling and condensing, the heat transfer characteristics of a finned-tube heat exchanger in a PCM (phase change material) thermal energy storage system, influence of flow boiling heat transfer on fouling phenomenon in nanofluids, and PCM at the simultaneous charging and discharging condition were studied. In the area of industrial heat exchangers, one-dimensional flow network model and porous-media model, and R245fa in a plate-shell heat exchanger were studied. (3) Various studies were published in the categories of refrigeration cycle, alternative refrigeration/energy system, system control. In the refrigeration cycle category, subjects include mobile cold storage heat exchanger, compressor reliability, indirect refrigeration system with $CO_2$ as secondary fluid, heat pump for fuel-cell vehicle, heat recovery from hybrid drier and heat exchangers with two-port and flat tubes. In the alternative refrigeration/energy system category, subjects include membrane module for dehumidification refrigeration, desiccant-assisted low-temperature drying, regenerative evaporative cooler and ejector-assisted multi-stage evaporation. In the system control category, subjects include multi-refrigeration system control, emergency cooling of data center and variable-speed compressor control. (4) In building mechanical system research fields, fifteenth studies were reported for achieving effective design of the mechanical systems, and also for maximizing the energy efficiency of buildings. The topics of the studies included energy performance, HVAC system, ventilation, renewable energies, etc. Proposed designs, performance tests using numerical methods and experiments provide useful information and key data which could be help for improving the energy efficiency of the buildings. (5) The field of architectural environment was mostly focused on indoor environment and building energy. The main researches of indoor environment were related to the analyses of indoor thermal environments controlled by portable cooler, the effects of outdoor wind pressure in airflow at high-rise buildings, window air tightness related to the filling piece shapes, stack effect in core type's office building and the development of a movable drawer-type light shelf with adjustable depth of the reflector. The subjects of building energy were worked on the energy consumption analysis in office building, the prediction of exit air temperature of horizontal geothermal heat exchanger, LS-SVM based modeling of hot water supply load for district heating system, the energy saving effect of ERV system using night purge control method and the effect of strengthened insulation level to the building heating and cooling load.

• Journal of the Korean Wood Science and Technology
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• v.36 no.6
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• pp.147-158
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• 2008

In this study, fermentation characteristics of waste agricultural and forest biomass for production of heat energy were focused to be used in agricultural farm households. The purpose of this study was focused on seeking practical utilization of agricultural and forest biomass wastes in agricultural farm households in the form of thermal energy by means of simple fermentation process. Fermentation process was performed in terms of different raw-materials and their mixture with different ratios. Urea, lime, and bioaids were added as fermenting aids. Moisture contents of fermenting substrates were adjusted to 55~65%. In order to optimize the fermentation process various factors, such as raw-materials, moisture contents, amount of fermenting aids, and practical measurement of hot-water temperature during fermentation were carefully investigated. The optimum condition of fermenting process were obtained from hardwood only and hardwood: softwood (50 : 50) beds. In case of hardwood only the highest temperature was recorded between 60 to $90^{\circ}C$ the lowest temperature was determined to more or less $40^{\circ}C$ and the average temperature was ranged to $50{\sim}60^{\circ}C$ and this temperature ranges were maintained up to 20~30 days. The optimum amount of additives were estimated to ca. 15 kg of urea, 20 kg of bioaids, and 10 kg of lime for 1 ton of substrate. To reach the highest temperature the optimum moisture content of fermenting substrate was proved to 55% among three moisture content treatments of 45%, 55% and 65%. The temperature of hot-water tank installed in fermenting bed of hardwood : grass (50 : 50) showed very different patterns according to measuring positions. In general, temperatures in the mid- and upper-parts of substrate piling were relative higher than lower and surface parts during 45-day fermentation process. The maximum temperature of fermenting stage was determined to $65^{\circ}C$, minimum temperature, more or less $40^{\circ}C$, and average temperature was $60^{\circ}C$. The water temperature of tank exit was ranged to $33{\sim}48^{\circ}C$ during whole measuring periods. It could be concluded that fermentation process of waste agricultural and forest biomass produces a considerable amounts of heat, averaging about $50{\sim}60^{\circ}C$ for maximum 3 months by using the heat exchanger (HX-helical type).

• Journal of Global Scholars of Marketing Science
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• v.18 no.3
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• pp.27-57
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• 2008

Many consumers enjoy the challenge of purchasing a brand that matches well with their own values and personalities (for example, Ko et al., 2008; Ko et al., 2006). Therefore, the personalities of consumers can impact on the final selection of a brand and its brand personality in two ways: first, the consumers may incline to purchase a brand or a product that reflects their own personalities; second, consumers tend to choose a company that has similar brand personalities to those brands that are being promoted. Therefore, the objectives of this study are following: 1. Is there any empirical relationship between a consumer's personality and the personality of a brand that he or she chooses? 2. Can a corporate brand be differentiated by the brand personality? In short, consumers are more likely to hold favorable attitudes towards those brands that match their own personality and will most probably purchase those brands matching well with their personality. For example, Matzler et al. (2006) found that extraversion and openness were positively related to hedonic product value; and that the personality traits directly (openness) and indirectly (extraversion, via hedonic value) influenced brand effects, which in turn droved attitudinal and purchase loyalty. Based on the above discussion, the following hypotheses are proposed: Hypothesis 1: the personality of a consumer is related to the brand personality of a product/corporate that he/she purchases. Kuksov (2007) and Wernerfelt (1990) argued that brands as a symbolic language allowed consumers to communicate their types to each other and postulated that consumers had a certain value of communicating their types to each other. Therefore, how brand meanings are established, and how a firm communicate with consumers about the meanings of the brand are interesting topics for research (for example, Escalas and Bettman, 2005; McCracken, 1989; Moon, 2007). Hence, the following hypothesis is proposed: Hypothesis 2: A corporate brand identity is differentiated by the brand personality. And there are significant differences among companies. A questionnaire was developed for collecting empirical measures of the Big-Five personality traits and brand personality variables. A survey was conducted to the online access panel members through the Internet during December 2007 in Korea. In total, 500 respondents completed the questionnaire, and considered as useable. Personality constructs were measured using the Five-factor Inventory (NEO-FFI) scale and a total of 30 items were actually utilized. Brand personality was measured using the five-dimension scale developed by Aaker (1997). A total of 17 items were actually utilized. The seven-point Likert-type scale was the format of responses, for example, from 1 indicating strongly disagreed to 7 for strongly agreed. The Analysis of Moment Structures (AMOS) was used for an empirical testing of the model, and the Maximum Likelihood Estimation (MLE) was applied to estimate numerical values for the components in the model. To diagnose the presence of distribution problems in the data and to gauge their effects on the parameter estimates, bootstapping method was used. The results of the hypothesis-1 test empirically show that there exit certain causality relationship between a consumer's personality and the brand personality of the consumer's choice. Thus, the consumer's personality has an impact on consumer's final selection of a brand that has a brand personality matches well with their own personalities. In other words, the consumers are inclined to purchase a brand that reflects their own personalities and tend to choose a company that has similar brand personalities to those of the brand being promoted. The results of this study further suggest that certain dimensions of the brand personality cause consumers to have preference to certain (corporate) brands. For example, the conscientiousness, neuroticism, and extraversion of the consumer personality have positively related to a selection of "ruggedness" characteristics of the brand personality. Consumers who possess that personality dimension seek for matching with certain brand personality dimensions. Results of the hypothesis-2 test show that the average "ruggedness" attributes of the brand personality differ significantly among Korean automobile manufacturers. However, the result of ANOVA also indicates that there are no significant differences in the mean values among manufacturers for the "sophistication," "excitement," "competence" and "sincerity" attributes of the corporate brand personality. The tight link between what a firm is and its corporate brand means that there is far less room for marketing communications than there is with products and brands. Consequently, successful corporate brand strategies must position the organization within the boundaries of what is acceptable, while at the same time differentiating the organization from its competitors.

• Journal of the Korean Geographical Society
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• v.30 no.2
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• pp.146-168
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• 1995

problems involved in defining and identifying it. However, data on ownership of business establishments may be useful and one of the best alternatives for this empirical research because of use of limited information about control This study examines the spatial patterns of external control in the Korean manufacturing activities between 1986 and 1992. Using the data on ownership iinkages of multilocational firms between 15 administrative areas, it was possible to construct a matrix of organizational control in terms of the number of establishments. The control matrix was disaggregated by three types of manufacturing industries according to the capital and labor requirements of production processes used in. On the basis of the disaggregated control matrix, a series of measures were calculated for investigating the magnitude and direction of control as well as the external dependency. In the past decades Korean industrialization development has risen at a rapid pace, deepening integration into the world economy, together with the continuing growth of the large industrial firms. The expanded scale of large firms led to a spatial separation of production from control, Increasing branch plants in the nation. But recent important changes have occurred in the spatial organization of production by technological development, increasing international competition, and changing local labor markets. These changes have forced firms to reorganize their production structures, resulting in changes of the organizational structures in certain industries and regions. In this context the empirical analysis revealed the following principal trends. In general term, the geography of corporate control in Korea is marked by a twofold pattern of concentration and dispersion. The dominance of Seoul as a major command and control center has been evident over the period, though its overall share of allexternally controlled establishments has decreased from 88% to 79%. And the substantial amount of external control from Seoul has concentrated to the Kyongki and Southeast regions which are well-developed industrial areas. But Seoul's corporate ownership links tend to streteh across the country to the less-developed regions, most of which have shown a significant increase of external dependency during the period 1986-1992. At the same time, a geographic dispersion of corporate control is taking place as Kyongki province and Pusan are developing as new increasingly important command and control reaions. Though these two resions contain a number of branch plants controlled from other locations, they may be increasingly attractive as a headquarters location with increasing locally owned establishments. The geographical patterns of external control observable in each of three types of manufacturing industries were examined in order to distinguish the changing spatial structures of organizational control with respect to the characteristics of the production processes. Labor intensive manufacturing with unskilled iabor experienced the strongest external pressure from foreign competition and a lack of low cost labor. The high pressure expected not only to disinte-grate the production process but also led to location of production facilities in areas of cheap labor. The linkages of control between Seoul and the less-developed regions have slightly increased, while the external dependency of the industrialized regions might be reduced from the tendency of organizational disintegration. Capita1 intensive manufacturing operates under high entry and exit barriers due to capital intensity. The need to increase scale economies ied to an even stronger economic and spatial oncentration of control. The strong geographical oncentration of control might be influenced by orporate and organizational scale economies rather than by locational advantages. Other sectors experience with respect to branch plants of multilocational firms. The policy implications of the increase of external dependency in less-developed regions may be negative because of the very share of unskilled workers and lack of autonomy in decision making. The strong growth of the national economy and a scarcity of labor in core areas have been important factors in this regional decentralization of industries to less-developed regions. But the rather gloomy prospects of the economic growth in the near future could prevent the further industrialization of less-developed areas. A major rethinking of regional policy would have to take place towards a need for a regional policy actively favoring indigenous establishments.

• The Korean Journal of Air & Space Law and Policy
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• v.20 no.1
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• pp.143-209
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• 2005

In 1994, the North Korea indicated their intention to open up airspace. The air route passing through from Daegue FIR to Pyungyang FIR has established in 1996. The air transport cooperation between South and North Korea seemed to be reinforced at the event of President Kim, Dae-Jung's visit to North Korea by passing through a temporarily established Yellow Sea Airway in the year of 2000. The nature characteristics of air transport burdening of many circumstantial situations, however, have kept cooperation between South and North Korea from being facilitated till now. Recently as the more exchange between North and South Korea, the more frequent opportunities to discuss economic cooperation, which in sequence increased political credibility has been increased. The rail, road, and port reconnecting has realized which have been regarded impossible. Furthermore, it is expected to transport personnel and goods through South-North direct connected routes in the near future This study shows several meanings of air transport cooperation between South and North Korea. It will be far beyond simply partial air route connecting in this region, it gives great significance to realize economic cooperation and Northeast hub through air transport industry sector. This will be an exit for air transport industry have suffered limits derived from North Korea troubles and difficulties in growing as Northeast air hub. Namely, South-North air connection denote its meaning in providing opportunities Korea to be Northeast Hub and advanced country having globally competitive air transport industry To develop strategy for air transport cooperation between South and North Korea. they were developed by SWOT analysis on the basis of circumstantial analysis. These strategy need to be commanded properly to the changes of surrounded circumstances. The study result show it is desirable to apply phasal strategies by using strengths, weaknesses, threats and opportunities factors underlying analysis of inner and outer circumstances to cooperate in air transport sector.

• Journal of the Korean Society for Library and Information Science
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• v.20
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• pp.65-125
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• 1991

The study has tried to analize and appraise how did public library system under the Japanese imperialism affect the establishment and managemant of Korean public libraries. To achieve the purpose of the above-mentioned study, the contents of $\ulcorner$Japanese library statute$\lrcorner$ under Japanese imperialism and the current $\ulcorner$Korean library law$\lrcorner$ have been mutually compared, at the same time, the vestiage of Japanese imperialism in view of the establishment, personnel administration and reading systems have been concretely investigated, analyzed and compared. The conclusions obtained from the above are as followings. 1. In those days of the Korean Liberation, the situation of Korean public libraries was such as it under the Japanese rule and so, their names were only changed. However, as a part of its independent activities, the national library have once carried out the various programs such as the training of professional librarians, the establishment of the new classification schedule and the chief Librarian and deputy Librarian from the professional librarians in the office regulations, and they were well worth being the good examples for today's Korean library circle. Though the Goverment of the Republic of Korea had been formally established, the situation of the library circle was very dull owing to the Korean war for a long time. In 1963, $\ulcorner$The Korean library law$\lrcorner$ was promulgated, but the establishment of public libraries did not give satisfactory results because of the institutional fragility. In the 1980's the importance of library was embossed from the viewpoint of life-long education and the number of libraries was increased. However, there were still the remaining vestiges of Japanese library system in the practical library services. 2. After the Korean Liberation, the influnces of public library system under the Japanese imperialism showed in the office regulation of national library and the Korea library Law were also in the legal mechanism. In particular, the regulations of $\ulcorner$The staff-member of public library$\lrcorner$ and $\ulcorner$Admission fee of public library$\lrcorner$ including the chief librarian have referred to the library system under the Japanese imperialism since the liberation day to date. 3. At that time of the Korean Liberation, the U.S.Military Government Office had decided that the public library administration should be attached to the administration of local and internal affairs in accordance with the Japanese administative system. As a result, the public libraries had been forced to be indirectly affected by public library system under the Japanese imperialism for twenty years since the Liberation. 4. Since the Liberation, the personnel adminstration of public library has been so far on the steps of model under the Japanese imperialism. As the result of the field survey, the position standards of local chief librarians, non-professional character, the extra post system and the preponderant appointment of non-professional offices have analyzed by the influence of Public library system under the Japanese imperialism. Therefore, the Government authorities-concerned must readjust the standards of qualification and the divided duties corresponding to the position of public library staff members and to stipulate expressly in the revised library law. In addition, the regulation of the admission fee should be also actively detected for the free adminssion of library users. 5. Since the Liberation Day, the reading methods of public library have been so far similar to reading method under the Japaness imperialism. For example, the admission fee levied, the complicated procedures of using books including entrance and exit of a library, no-admission system, the limited lending books, the deposit system of outdoor lending books and the surety liable jointly and severally are originally caused by bureaucracy of under the Japanese imperialism. Therefore, the public libraries should make an offer space and opportunities which can enjoy freedom to the gull in future. The procedures and standards of library users will be simplified, if possible. As the above-mentioned, the actual conditions of Korean public libraries have been examined and analyzed. As the result of it, there are still the remaining vestiges of public library system under the Japanese imperialism in the establishment and management of the nation-wide public libraries. Such the remnants are an obstacle to the democratic development of public libraries and so, the authorities-concerned should take the proper-measures as soon as possible.