• Title/Summary/Keyword: IPOs

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A Study of Grandstanding According to the Types of Venture Capital in Korea (벤처캐피탈 유형과 기업 성과 관계 연구: 독립형벤처캐피탈과 기업형벤처캐피탈 비교연구)

  • Lim, Euncheon;Kim, Dohyeon
    • Journal of Korea Society of Industrial Information Systems
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    • v.22 no.6
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    • pp.85-94
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    • 2017
  • In this study, we argue from the Resource-Based View and Signaling Theory that Independent and Corporate VC firms have Different Impacts on time to IPO due to their Different Interests, Motivations, and Resources. Independent VC firms are primarily Financial Oriented, but Corporate VC firms generally are Strategic in Orientation. The results of this study indicate that the time to IPO is differentiated between Corporate VC firms and Independent VC firms. The results show that Independent VC firms have shorter the time to IPO compared to the time to IPO of Corporate VC firms. In addition, this study suggests that it is necessary for firms to select a venture capital that suits their situation and secure a competitive advantage. Using a sample of 300 IPOs from 2010 to 2016, we found Support for the Hypotheses that Independent VC and Corporate VC Ownership are Positively Associated with Time to IPO, whereas Time to IPO of Corporate VC Ownership is Longer than that of Independent VC Ownership.

Growth Strategy and Privatization of Chinese Airports: Implications for IIAC (중국공항들의 성장전략과 민영화: 인천국제공항에 대한 시사점)

  • Choi, Gyoung-Gyu
    • International Area Studies Review
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    • v.13 no.3
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    • pp.551-581
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    • 2009
  • This case study explores the stock sale, the resulting governance structures, and the airport management and development in Beijing Capital International Airport and Shanghai International Airport at Pudong. It is imperative for Incheon International Airport Corporation (IIAC) to change the management paradigm to survive in the changing environment and to become hubs in the relevant regions. And IIAC needs to search for the new ownership and governance structure to cope with the internal and external demands for innovation. In this study, along with the recent trends of the global airport industry, we suggest the implications for the IIAC's major decisions, especially, for the stock sale, the resulting governance structure, and the airport development and management. It is suggested that Korean government retain the majority control in the process of privatization to keep IIAC as a government-owned enterprise to provide the public goods to the citizen. Furthermore, to maximize the value of stock sale, IIAC needs to decide strategically the time and speed in the hybrid form of stock selling using trade sale and IPOs.

An Empirical Analysis of Corporate Performance According to Existence and Types of Venture Capital (벤처캐피탈 투자기업의 성과에 관한 연구: 코스닥 IPO 기업을 중심으로)

  • Lee, Kwang Yong;Shin, Hyun-Han;Kim, So Yeon
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.14 no.2
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    • pp.15-30
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    • 2019
  • This study investigates the effects of venture capital investment and corporate venture capital investment on the performance of IPOs listed on KOSDAQ between 2000 and 2014. We classified venture firms with venture capital-backed companies and non-venture capital-backed companies, having the former of which further divided into corporate venture capital-backed companies and independent venture capital-backed companies. The time window of the analysis was set to between 2 years before and 3 years after IPO. Main results of this study reveal that there is little difference between venture capital-backed companies and non-venture capital-backed companies in terms of profitability before and after going public. However, we found out that after IPO venture capital-backed companies display higher ROA than independent venture capital-backed companies or non-venture capital-backed companies, suggesting that corporate venture capital-backed companies might be more advantageous in growing a venture capital ecosystem in Korea.

IPO of SMEs and Information Asymmetry (중소기업의 신규상장과 정보비대칭)

  • Kim, Joo-Hwan;Park, Jin-Woo
    • Asia-Pacific Journal of Business
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    • v.11 no.2
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    • pp.173-188
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    • 2020
  • Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

Comparison of the Practical Use Condition of e-finance Portal Site between Korea and U.S.A. (한.미간 e-finance 금융포털사이트의 활용실태 비교)

  • Kim Dong-Gyoon;Cha Soon-Kwean
    • Management & Information Systems Review
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    • v.7
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    • pp.21-51
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    • 2001
  • For increasing the competitiveness and efficiency of Korea's finance industry under the new e-finance paradigm, this paper compared the practical use of finance portal site' on service parts and stage between Korea and U.S.A.. The services which can be served from site are banking, mortgage and credit loan, stock, card, retirement tax, PFM(Personal Finance Management), EBPP(Electronic Bill Presentment and Payment) and Account Aggregation and so on. The stage of site can be divided as the information provide stage which only gives information about service parts, on-line transaction stage which real-time transaction is possibile and PFM services provide stage according to development process. As a result, the beginning of finance portal service in Korea was lated about 10years and more than it of U.S.A. So the development stage of domestic portal site is still staying in the first step and the providing services and contents or business model development parts are also in the same stage than U.S.A. Resides, Korea's sites mainly focus on their first service parts even though they recently aim internet finance portal, and provide not real time transaction but finance information. On the other hand, the U.S.A. site support substantially not only various on-line transactions but also distinctive personal services like PFM(Personal Finance Management), EBPP(Electronic Bill Presentment and Payment), Account Aggregation and Trans-account, brokerage, education center, mortgage loan, mutual fund, option, pension fund and IPOs and so on. Thus, the site of Korea need to establish real type of internet finance portal which provides one-stop services on every type of finance to customers in the real time and also require the strategic integration among finance institutions. The next turn, they need to build information system and education center to give best satisfaction to customers and acquire customer information and marker environment changes and need to provide distinctive services to quality customers throughout database from this. Also the site should provide various type of banking services which refereed above like PEM, EBPP and education center etc, and the government of Korea should support the building of IT infrastructure to Physical, legal, systematic, sociocultural, technical and human resource sections. This paper provided the future movement direction of the domestic finance portal through comparison and analysis on the practical use of it between Korea and U.S.A. and also wanted to contribute for developing and reading of Korea finance portal in the new era of the finance paradigm.

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Ownership Disperses When a Venture Firm Its Initial Public Offerings (신규공모주의 저가발행과 벤처기업의 소유분산)

  • Lee, Ki-Hwan;Lee, Gil-Soo;Yoon, Byung-Seop
    • The Korean Journal of Financial Management
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    • v.27 no.1
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    • pp.63-87
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    • 2010
  • This paper empirically examines whether ownership disperses when a venture firm its IPO (initial public offerings). The data for this study were collected from 91 firms that were initially listed on KOSDAQ between January 1, 2004 and December 31, 2007. We explored the influence of the underpricing of IPO on the change of large shareholders. The first finding of this investigation is that the number of shareholders of the venture firms who underpriced IPOs still increased after the closing of lockup. This is consistent with the findings of Booth and Chua(1996) and Brennan and Franks(1997). Second, the share of the large stockholders of the venture firms that a venture capital company invested decreased significantly after the end of lockup. Third, the venture businesses with higher ratio of flotation showed a significant decreasing of shareholders after the closing of lockup.

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The Effect of Ownership Structure on IPO Success: Empirical Evidence from Non-listed Firm (비상장기업의 소유구조가 IPO 성공에 미치는 영향)

  • Kim, Sowon;Cho, Shin;Jo, Jeehyung
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.16 no.3
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    • pp.145-158
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    • 2021
  • The purpose of this study is to examine the influence of the ownership structure of unlisted firms on KOSDAQ listing. There are few studies analyzing the characteristics of listing success based on ownership structure. For startup executives, there is not enough data to refer to the ownership structure that can increase the possibility of listing. This paper examines the effects of ownership structure on IPO success through comparison between listed successful and failed companies among the companies in application for KOSDAQ listing eligibility review. The major findings are as follows; (1) Venture capital investment and shareholding have a statistically positive effect on the success of KOSDAQ listing. This results indicate that the venture capital's investment alleviate the problem of information asymmetry, and it is a valid signal for market participants. The result means the role of venture capital seems to be important when companies are listed on the KOSDAQ. (2) The largest shareholder's stake has an inverted-U shape relationship with listing success. In other words, the ownership concentration mitigates moral hazard problem, which leads to listing success. However, if the ownership concentration exceeds a certain level, the chances of success in listing will decrease due to concerns over the pursuit of private interests. The result suggests that the largest shareholder's stake reduce agency problem. This study academically contributes to the existing literature by demonstrating the ownership structure affects IPOs, and explaining the results based on agent theory and signal theory. Our results provide practical implications for companies preparing for an IPO on the KOSDAQ.

Study on the Factors Influencing the Investment Performance of Domestic Venture Capital Funds (국내 벤처펀드의 투자성과에 영향을 미치는 요인에 관한 연구)

  • InMo Yeo;HyeonJu Park;KwangYong Gim
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.5
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    • pp.63-75
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    • 2023
  • This study conducted empirical analysis on the factors affecting the investment performance of 205 domestic venture funds (with a total liquidation amount of 7.25 trillion KRW) newly formed from 2007 to 2017 and completely liquidated as of the end of 2022. Due to the nature of private equity funds, obtaining empirical data is extremely challenging, especially for data post-COVID-19 era liquidations. Nevertheless, despite these challenges, it is meaningful to analyze the impact on the investment returns of domestic venture funds using the most recent data available from the past 10 years. This study categorized the factors influencing venture fund performance into external environmental factors and internal factors. External environmental factors included "economic cycles," "stock markets," "venture markets," and "exit markets," while internal factors included the fund management company's capabilities in terms of "experience," "professional personnel," and "assets under management (AUM)." The fund structure was also categorized into "fund size" and "fund length" for comparative analysis. In summary, the analysis yielded the following results: First, the 3-year government bond yield, which represents economic cycles well, was found to have a significant impact on fund performance. Second, the average 3-month KOSDAQ index return after fund formation had a statistically significant positive effect on fund performance. Third, the number of IPOs, indicating the competition intensity at the time of venture fund liquidation, was shown to have a negative effect on fund performance. Fourth, it was observed that the larger the AUM of the fund management company, the better the fund's returns. Finally, venture fund returns showed variations depending on the year of formation (Vintage). Therefore, when individuals consider investing in venture funds, it is considered a highly effective investment strategy to construct an investment portfolio taking into account not only external environmental factors and internal fund factors but also the vintage year.

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Information Privacy Concern in Context-Aware Personalized Services: Results of a Delphi Study

  • Lee, Yon-Nim;Kwon, Oh-Byung
    • Asia pacific journal of information systems
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    • v.20 no.2
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    • pp.63-86
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    • 2010
  • Personalized services directly and indirectly acquire personal data, in part, to provide customers with higher-value services that are specifically context-relevant (such as place and time). Information technologies continue to mature and develop, providing greatly improved performance. Sensory networks and intelligent software can now obtain context data, and that is the cornerstone for providing personalized, context-specific services. Yet, the danger of overflowing personal information is increasing because the data retrieved by the sensors usually contains privacy information. Various technical characteristics of context-aware applications have more troubling implications for information privacy. In parallel with increasing use of context for service personalization, information privacy concerns have also increased such as an unrestricted availability of context information. Those privacy concerns are consistently regarded as a critical issue facing context-aware personalized service success. The entire field of information privacy is growing as an important area of research, with many new definitions and terminologies, because of a need for a better understanding of information privacy concepts. Especially, it requires that the factors of information privacy should be revised according to the characteristics of new technologies. However, previous information privacy factors of context-aware applications have at least two shortcomings. First, there has been little overview of the technology characteristics of context-aware computing. Existing studies have only focused on a small subset of the technical characteristics of context-aware computing. Therefore, there has not been a mutually exclusive set of factors that uniquely and completely describe information privacy on context-aware applications. Second, user survey has been widely used to identify factors of information privacy in most studies despite the limitation of users' knowledge and experiences about context-aware computing technology. To date, since context-aware services have not been widely deployed on a commercial scale yet, only very few people have prior experiences with context-aware personalized services. It is difficult to build users' knowledge about context-aware technology even by increasing their understanding in various ways: scenarios, pictures, flash animation, etc. Nevertheless, conducting a survey, assuming that the participants have sufficient experience or understanding about the technologies shown in the survey, may not be absolutely valid. Moreover, some surveys are based solely on simplifying and hence unrealistic assumptions (e.g., they only consider location information as a context data). A better understanding of information privacy concern in context-aware personalized services is highly needed. Hence, the purpose of this paper is to identify a generic set of factors for elemental information privacy concern in context-aware personalized services and to develop a rank-order list of information privacy concern factors. We consider overall technology characteristics to establish a mutually exclusive set of factors. A Delphi survey, a rigorous data collection method, was deployed to obtain a reliable opinion from the experts and to produce a rank-order list. It, therefore, lends itself well to obtaining a set of universal factors of information privacy concern and its priority. An international panel of researchers and practitioners who have the expertise in privacy and context-aware system fields were involved in our research. Delphi rounds formatting will faithfully follow the procedure for the Delphi study proposed by Okoli and Pawlowski. This will involve three general rounds: (1) brainstorming for important factors; (2) narrowing down the original list to the most important ones; and (3) ranking the list of important factors. For this round only, experts were treated as individuals, not panels. Adapted from Okoli and Pawlowski, we outlined the process of administrating the study. We performed three rounds. In the first and second rounds of the Delphi questionnaire, we gathered a set of exclusive factors for information privacy concern in context-aware personalized services. The respondents were asked to provide at least five main factors for the most appropriate understanding of the information privacy concern in the first round. To do so, some of the main factors found in the literature were presented to the participants. The second round of the questionnaire discussed the main factor provided in the first round, fleshed out with relevant sub-factors. Respondents were then requested to evaluate each sub factor's suitability against the corresponding main factors to determine the final sub-factors from the candidate factors. The sub-factors were found from the literature survey. Final factors selected by over 50% of experts. In the third round, a list of factors with corresponding questions was provided, and the respondents were requested to assess the importance of each main factor and its corresponding sub factors. Finally, we calculated the mean rank of each item to make a final result. While analyzing the data, we focused on group consensus rather than individual insistence. To do so, a concordance analysis, which measures the consistency of the experts' responses over successive rounds of the Delphi, was adopted during the survey process. As a result, experts reported that context data collection and high identifiable level of identical data are the most important factor in the main factors and sub factors, respectively. Additional important sub-factors included diverse types of context data collected, tracking and recording functionalities, and embedded and disappeared sensor devices. The average score of each factor is very useful for future context-aware personalized service development in the view of the information privacy. The final factors have the following differences comparing to those proposed in other studies. First, the concern factors differ from existing studies, which are based on privacy issues that may occur during the lifecycle of acquired user information. However, our study helped to clarify these sometimes vague issues by determining which privacy concern issues are viable based on specific technical characteristics in context-aware personalized services. Since a context-aware service differs in its technical characteristics compared to other services, we selected specific characteristics that had a higher potential to increase user's privacy concerns. Secondly, this study considered privacy issues in terms of service delivery and display that were almost overlooked in existing studies by introducing IPOS as the factor division. Lastly, in each factor, it correlated the level of importance with professionals' opinions as to what extent users have privacy concerns. The reason that it did not select the traditional method questionnaire at that time is that context-aware personalized service considered the absolute lack in understanding and experience of users with new technology. For understanding users' privacy concerns, professionals in the Delphi questionnaire process selected context data collection, tracking and recording, and sensory network as the most important factors among technological characteristics of context-aware personalized services. In the creation of a context-aware personalized services, this study demonstrates the importance and relevance of determining an optimal methodology, and which technologies and in what sequence are needed, to acquire what types of users' context information. Most studies focus on which services and systems should be provided and developed by utilizing context information on the supposition, along with the development of context-aware technology. However, the results in this study show that, in terms of users' privacy, it is necessary to pay greater attention to the activities that acquire context information. To inspect the results in the evaluation of sub factor, additional studies would be necessary for approaches on reducing users' privacy concerns toward technological characteristics such as highly identifiable level of identical data, diverse types of context data collected, tracking and recording functionality, embedded and disappearing sensor devices. The factor ranked the next highest level of importance after input is a context-aware service delivery that is related to output. The results show that delivery and display showing services to users in a context-aware personalized services toward the anywhere-anytime-any device concept have been regarded as even more important than in previous computing environment. Considering the concern factors to develop context aware personalized services will help to increase service success rate and hopefully user acceptance for those services. Our future work will be to adopt these factors for qualifying context aware service development projects such as u-city development projects in terms of service quality and hence user acceptance.