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

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

• Journal of Korean Society of Transportation
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• v.34 no.5
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• pp.465-475
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• 2016

Since inaccurate demand estimation for recent urban rail construction may result in financial burden to cities, precise prediction for operating cost as well as construction costs is necessary to avoid or reduce budget loss of the local or central government. The operating cost is directly related to the public fare and affect a policy to determine the rate system. Therefore, there is a pressing need to develop an estimating model for reliable operating cost of urban railway. This study introduces a new model to estimate the operating cost with new variables. It provides a better prediction in accuracy and reliability compared to the existing model, considering the feature of urban railway. For verification of our model, railway operation data from a few cities for the last five years were comprehensively examined to determine variables that affect the operating cost. The operating cost was estimated in a dummy regression model using five independent variables, which were average distance between stations, daily trains distance, total passenger capacity of a train in a train, driving mode(manned/unmanned), and investment type(financial/private).

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.221-232
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• 2014

Many preliminary entrepreneurs are ready to start a business in every year. However, starting and preparing business have a lot of difficulties. Entrepreneurship is the most important factor for overcoming these difficulties. But, it is not easy to understand entrepreneurship to founders despite many research scholars. In this paper, we are focused on easy understanding of entrepreneurs. Instead of vague theories, we analyzed selected two companies in Korea. From the beginning until now, these companies have founders entrepreneurship and organization entrepreneurship. we studied these entrepreneurship factors with other Various causes. Analysis of two cases is summarized into three type. First, both companies had well-founded internal network system. Trained employees in internal network were flexible to meet the market conditions. Also, network effect made that employees can offer their idea and make discussions. Second, The company quickly recognized for organizational culture despite of most other companies recent awareness. This factor was the basic driving force for solving human resource management problem of small size companies. final factor is innovation capacity of these companies. Financial difficulties experienced of establishment is common to every company. However, two companies has continued to invest research and development despite of this financial problem. As a result, intellectual property management was accepted, as well as technology development. Clearly, these three factors are consistently applied since established and led to the company's continued growth and success.

• Journal of Korea Technology Innovation Society
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• v.21 no.2
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• pp.767-787
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• 2018

Technology-driven innovation and job-creation has each been the subject of much scholarly attention, but have largely been considered separately rather than in conjunction with each other. While the previous literature on economics pinpointed the macro effects on industry-level, this study explores the micro-level comparisons on innovation sources over the employment and financial performances. The PSM (propensity-score matching) analysis presents that firms, involved in an inward technology, tend to have higher employees with dominant technology capabilities than in-house R&D firms. The in-house R&D firms, on the contrary, have superior financial performances, suggesting that external technology commercialized firms suffer from low transformative efficiency. The mediation test analysis corroborates that the external technology-driven innovation induces more human resources in internalizing the exogenous technology. The positive relationship between R&D innovation and employment allow verification of the government's intervention in the promotion of technology commercialization in public sector. On the other hand, it also signals that the policy needs to enhance the recipient firms' commercializing capacity rather than a 'one-hit' transaction.

• Journal of Korean Society of Forest Science
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• v.108 no.4
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• pp.618-627
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• 2019

An increase in damage to crops and facilities caused by wildlife such as wild boar causes serious social and economic problems to the rural economy in Korea. This study aims to estimate the economic losses incurred to rural households in mountain villages near protected areas in Korea due to the damage to agricultural and forestry production by wildlife. The case of mountain villages located in Toji-myeon, Gurye-gun near the Jirisan National Park was studied as an example. Data were collected by interviewing 84 households across six mountain villages in April and June 2016. The results indicate that the economic losses due to wildlife damage in 2015 were estimated to be 1.65 million KRW per household, which is a total of 138.63 million KRW for the 84 households. Among local products, the most damaged products were chestnut, fern-brake, wild pear, peach, and potato, whereas the most damaged products per production area were sweet potato, peach, corn, and potato. The potential economic losses caused by wildlife damage to agricultural and forestry production in whole Gurye-gun area was estimated to be around 4.0 billion KRW in 2015. However, the municipal government budget for the compensation of wildlife damage was only 0.9 percent of the potential rural economic losses caused by wildlife damage in 2015. The results of our study suggest that the compensation scheme for wildlife damage is inadequate in the respect of social justice. Considering the low financial capacity of the municipalities in mountain areas, the central government should take a progressive responsibility by allocating more financial resources for compensation of economic losses of rural households due to wildlife damage. The equitable and effective governance of wildlife conservation is required for sustainable development of rural communities near protected areas.

• Culinary science and hospitality research
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• v.19 no.3
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• pp.291-304
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• 2013

This study analyzed the effects of Employee Value Proposition (EVP) and the impotance of a job rotation system on the subjective career success. The total 379 samples were surveyed from employees engaging in domestic hotel enterprises located in Seoul using convenient sampling method. The result of this research is as followings. First, EVP has total 5 factors('career development,' 'affiliation,' 'work environment,' 'work content' and 'pay & reward') and job rotation has total 3 factors('individual capacity improvement,' 'procedural justice,' and 'career development'). Second, the results of hypotheses test using a series of multiple regression analysis indicate that EVP factors including 'career development,' 'affiliation,' 'work environment,' and 'work content' influence subjective career success. However, EVP factor of 'pay & reward' does not influence subjective career success. Similarly, EVP factors excluding 'pay & reward' affect a job rotation system. Lastly, a job rotation system positively affects subjective career success. Based on the analysis results, we could draw the importance of the non-financial reward instead of financial reward in the perception of employees' subjective career success. As a research implication, the importance of the creative organization culture was suggested in the conclusion section.

• International Area Studies Review
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• v.20 no.2
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• pp.113-140
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• 2016

This paper first extracts the main basis for the Middle-Income Trap(MIT) to apply these grounds to reality of the Chinese economy. And then confirmed crisis factors of China economy. Also discussed then the economic reforms of China in order to not fall into the MIT. After reviewing previous research extracted six factors the results will correspond to comply with the Chinese economy. Those are 'Over-investment', 'excess capacity' 'reduction of TFP continued,' 'disappearance and the aging of the population bonus', 'excessive debt and structural adjustment and financial instability of the company', 'income unequal expansion', 'low financial and information infrastructure accessibility', and 'low transparency index'. China's policy direction to avoid the MIT generally set properly, but proof that implementation process not easy, was appearing everywhere. After all, China economy should be modified now to a reforms of 'government failure' and promotion of function for ongoing restructuring system in the market. Because of the SDR incorporation from 2015, it is inevitable to face major constraints in the external aspects.

• Journal of the Korea Convergence Society
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• v.12 no.8
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• pp.131-144
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• 2021

In recent years, China has gradually made clear its decision to modernize the governance system and governance capacity of the government by the virtue of digital transformation. As for the smart prison, as a penal institution of the state, technological reform is a key element in the sustainable development of smart prisons; however, relying on technology does not necessarily lead to a better service experience. Service design concept, as a coordinator of technology and social sustainability, needs to be adapted to the technological integration of smart prisons and to the needs for service design in the prison context in a new mode of thinking about services. This paper takes the development of the Jail Pay financial services system, one of the twelve sub-systems of the Smart Prison, as an entry point to explore the characteristics and shortcomings of the service design approach in achieving sustainable service innovation in the Smart Prison, it proposes an experience-based lead collaborative design (EBLCD) that is suitable for the specific needs in the prison context. The EBLCD is a theoretical framework and practical experience for sustainable service innovation in the construction of smart prisons.

• Journal of Korean society of Dental Hygiene
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• v.6 no.4
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• pp.437-453
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• 2006

To analyze dental hygienists and other manpower at dental care service institutions where a dental coordinator was working among about 200 dental care service institutions in Seoul, Gyeonggi Province, and Incheon as of June 2005 for contents of training for dental coordinators, opinions of qualification of dental coordinators, present and future services provided by dental coordinators, and awareness of dental coordinators and to provide basic data about future services, roles, and cultivation of dental coordinators, a survey was conducted and 216 copies returned were analyzed, obtaining the following results. 1. 83.8 percent needed an educational program for dental coordinators as an educational content; 41.7% had awareness of the educational content; and 83.8 percent insisted that over the intermediate level of curricula should be taken. Dental coordinator cultivation institutions identified included the institution under the control of the Korean Dental Hygienists Association and the education center for the department of dental hygiene; 76.9% insisted that an appropriate qualifying examination should be necessary. They suggested the central government department and the local government as a certification institution; 39.4% insisted that financial support for the education should be provided by financing education alone. Only 28.7% experienced dental coordinator education and 73.1% hoped to serve as a dental coordinator. They were found to expect a rise in payment(64.4%) and in the title(46.8%) after completion of the educational program. 2. 66.2% saw a dental hygienist as the most appropriate for a dental coordinator; clinical career (39.4%) and practical capacity(29.2%) were suggested as requirements for a dental coordinator; and a period of over three years(47.2%) was suggested for appropriate dental career. 3. Dental coordinators' present services included 'reservation management' for customer management, 'staff service training' for organization management, 'understanding of customer reception attitudes and actions' for self-management, 'hospital information management' for hospital marketing, 'acceptance' for hospital affairs management, and 'hospital environment management' for hospital facilities management; their future services included 'acquisition of ability to use a foreign language' for self-management, followed by 'staff service training' for organization management, 'training and counseling' for customer management, 'acquisition of counseling capacity' for self-management, 'complaining customer reception' for customer management, and 'marketing strategy implementation' for hospital marketing. 4. After comparing dental hygienists and other manpower in terms of dental coordinators' future services, dental hygienists showed interest in 'acquisition of ability to use a foreign language,' 'staff service training,' 'complaining customer reception,' and 'acquisition of counseling capacity' while other manpower showed interest in 'acquisition of ability to use a foreign language,' 'document data management,' 'acquisition of basic service manner,' 'acquisition of counseling capacity,' 'manpower management,' 'establishment and evaluation of a marketing strategy,' and 'education and counseling.' 5. As for awareness of dental coordinators, they were thought of as helpful in improving image of a dental clinic; it was found that continuous training should be necessary to develop dental coordinators' capacity; dental coordinators' services should be important and contribute to patients' qualitative satisfaction.

• Journal of Korea Technology Innovation Society
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• v.16 no.4
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• pp.1163-1186
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• 2013

Big science such as nuclear fusion accelerators shares the characteristic of requiring long-term and massive budget input, human power, and related state-of-the-art technology. Because big science, by nature, thus requires large-scale budgets and facilities yet harbors the possibility of failure, most projects are led by the government. When the actual circumstances are examined, however, such projects are often implemented through the formation of cooperative relations with small and medium businesses (SMBs) possessing outstanding technological capacity. On the other hand, the reality is that the entry of corporations into the business ecosystem of big science is not easy and that even those that have once entered big science likewise fail to find sales outlets for technology that they have developed following the supply of single items, thus leading their technological capacity to lie idle. Consequently, based on an awareness of the problem, the present study seeks to propose strategies for activating the business ecosystem of nuclear fusion and accelerators and to present alternatives regarding which policy tasks must be pursued first by using the analytic hierarchy process (AHP) technique. The present study derived the four policy alternatives of approach, care, expansion, and infrastructures in accordance with the results of empirical analysis to activate the business ecosystem of nuclear fusion and accelerators and analyzed their priority in terms of urgency and effectiveness, the results of which were, in this order: care-approach-expansion-infrastructures. The significance of such research results lie in presenting the policy direction when the government determines which policy task must be pursued first and implements strategies for the activation of the business ecosystem of nuclear fusion and accelerators with limited financial resources in the future.