• Journal of the Korea Institute of Information Security & Cryptology
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• v.13 no.3
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• pp.45-55
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• 2003

Wireless LAM has the advantage of extension, flexibility and easiness of installation and maintenance. However, due to the characteristics of wireless media, it is vulnerable to security attacks. PKI(Public Key Infrastructure) is estimated to be a good solution offering security function to wireless LAM including global roaming. It offers high security functions as authentication confidentiality and digital signature while it generates big overheads such as CRL search and certificate verification. The overheads can not be avoided during the initial authentication. However, when we consider the case of handoff, it can be minimized through the fast handoff. In this paper, we design a fast handoff authentication mechanism based on PKI in the wireless LAM and analyze the performance of the scheme.

• Journal of Distribution Science
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• v.21 no.4
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• pp.91-101
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• 2023

Purpose: Research on the valuation of the e-commerce distribution companies is necessary because the traditional valuation methodology cannot be easily applied. Considering the valuation and initial public offering (IPO) of Coupang, Korea's leading e-commerce company, this study contributes to the literature by examining various valuation methods applicable to corporate valuation in the e-commerce industry and provides their implications. Research design, data and methodology: This case study investigates research, analyst reports, news articles, and magazines to review the valuation methods for companies in the e-commerce industry and analyzes the case of the Coupang IPO. Results: A valuation method that considers growth potential, which is important for companies in the e-commerce industry, is used for IPOs. This led to Coupang's successful IPO on the New York Stock Exchange despite its accumulated losses. However, the continued price decline since listing suggests that Coupang's valuation should have considered more factors. Conclusions: This study provides guidelines for the valuation of companies in the e-commerce industry, which eventually improves the overall industry. Moreover, this study provides directions for improving the valuation methods for e-commerce firms.

• 한국벤처창업학회:학술대회논문집
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• 2008.04a
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• pp.143-178
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• 2008

This study is to look into the spin-off ventures which was incorporated based on the technology developed by public research institute, but underwent difficulties confronted during the development stages focused on the growth process and the factors contributed to their success. The case study was conducted with i-Sense Co., Ltd. which is a ventures organized by professors as a form of research based spin-off venture. i-Sense Co., Ltd. is a new-technology based ventures to produce self-tester for blood sugar level which was incorporated by Prof. Cha, Keun-sik and Prof. Nam, Hak-hyun of Department of Chemistry in Kwangwoon University along with the graduate course students of the Research Laboratory of the University. The two professors operated the Chemical Sensor Research Center at the Kwangwoon University where they produced many preliminary research outputs related with bio-sensors. They also executed the service works at the specialized company they established for research development to make research fund. They established i-Sense Co., Ltd. with the aim to carry out the research they want to. But contrary to the initial intention of the founders of the company, i-Sense Co., Ltd. has grown up as manufacturing company which produces and sells the self-tester for blood sugar level and is expected to be listed by Initial Public Offering (IPO) on the KOSDAQ in 2008. This study is to analyze the foundation and the growth process of i-Sense Co., Ltd. as successful research based spin-off ventures, to find out the factors contributed to their success by enabling them to overcome the difficulties experienced during the growth process, and eventually to provide with suggestive meanings in policy and practical point of view that leaded the research based spin-off ventures to success.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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• v.29 no.1
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• pp.91-100
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• 2011

Fire stations should be located in optimal location to act quickly in case of emergency and minimize damages as a public facility that protects life and property of local residents. Siting fire stations without regard for the accessibility and occurrence factors of an accident may provide fire service unequally. Therefore service analysis is necessary to reduce the blind spot of disaster and safety and to offer equal fire-service at this time. Especially fire stations can service more efficiently than before by reducing a more likely vulnerable area. This study suggests methods of mapping index of value that represents vulnerability of the occurrence of an accident and extracting service zone map of fire stations, as an initial research for offering efficient fire service. Geographical distribution mismatch between service zone map and vulnerability map is figured out and vulnerable area for fire service is defined by using map overlay method.

• Journal of Practical Engineering Education
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• v.14 no.3
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• pp.573-577
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• 2022

In this paper, the operation of the Korean digital key talent training project (K-Digital Training) supported by the Ministry of Labor in 2022 began in 2021, and through public offering in the second half of 2022, 403 training courses are held to secure 33,000 annual training personnel. Accordingly, because of performance analysis on learning satisfaction in each field of the state-led talent development program to respond quickly to future industrial changes by fostering digital talent, the overall satisfaction with the program was very high at 4.27 on average. However, the initial expectation for employment linkage is decreasing from 4.2 to 3.91 at the end of learning. Therefore, it is expected that the satisfaction level of the program can be continuously improved only when the organizations participating in the program are prepared in advance for employment linkage

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.2
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• pp.21-33
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• 2013

This study analyzes the effects of diversification on business results and enterprise values of KOSDAQ-listed venture companies to inquire into the effective diversification strategies of venture companies after an initial public offering (IPO). In particular, this study used the Berry-Herfindahl index as a proxy variable regarding the level of diversification of venture companies, and categorized the diversification methods into M&As, strategic partnerships and establishment of subsidiaries to analyze the effects of the mutual interaction among such methods. The following is a summary of the results of the analysis. First, diversification did not have any statistically significant effects on business growth. However, it was found that there was an inverted U-shaped relationship between diversification and the profitability of the company. Second, although no statistical significance was found between enterprise values measured based on diversification and market value, a U-shaped relationship or positive relationship was found. Third, M&As were found to moderate the relationship between diversification and business results and enterprise values. Fourth, strategic relationship and establishment of subsidiaries was found to moderate the relationship between diversification and the profit results of the company. Based on the above findings, this study discovered the practical implications regarding the diversification of venture companies after listing on the KOSDAQ.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.3
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• pp.1151-1156
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• 2011

Leveraged buyouts (LBO) means the acquisition of a company using bonds and loans. There are the prolific volumes of LBO transactions in the international M&A markets, and its influence to the financial market is increasingly huge. However, there are very few LBO transaction in the domestic M&A market and there are also few researches in this field due to the private nature of LBO transactions. Once a company is privatized through a LBO transaction, it is not so long before it is relisted on the stock exchange or it is resold to a third-party investor. In order to repay the borrowed money, an LBO investor may decide to end a company's private status through an exit via an initial public offering (IPO) or a takeover. In this paper, we expand Kaplan's study on the organizational status of post leveraged buyout (LBO) transaction. We find that there is a significant change starting 1986. Most notably, fewer LBOs remain private, the median holding period of the LBO was cut in half to 3.2 years and of those that exit, IPO exits had significantly shorter holding periods. Regression analysis shows that good market conditions lengthen the holding period of a LBO investment whereas the size of the transaction shortens it.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.1-11
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• 2020

Increasing the number of unicorn startups has recently received much attention. In this study, we attempt to investigate that startups achieving an extremely high valuation could postpone their exit to raise more investment and receive more benefits. This study tested the hypotheses using data from Crunchbase, World Bank, Global Competitiveness Report, and Global Entrepreneurship Monitor. Using 140 unicorn startups that have already exited through an initial public offering (IPO) or mergers and acquisitions (M&A), we find out that unicorn startups tend to acquire higher valuation as their investment duration increases. Furthermore, we also examined the moderating effects of governmental policy and institutional distance from foreign investors in order to consider the institutional aspects of startups. The results of the moderating variables show significant supports. We expect to provide a better understanding with respect to making an exit decision of unicorn startups. Furthermore, managers and investors need to acknowledge the institutional factors of startups when they decide to fund.

• Journal of Society of Preventive Korean Medicine
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• v.22 no.2
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• pp.13-24
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• 2018

Objectives : According to the data from the 2016 Yearbook of Traditional Korean Medicine, 10 out of 12 medical schools of Korean medicine are offering medical ethics. Medical ethics has become essential in Korean medicine education, but there has been no agreement on the content of education yet, so initial discussions are necessary with respect to the content and methods of education. Methods : In this study, basic data were collected by searching papers, reports, books, and media articles on medical ethics related to Korean medicine education, and by studying the website of medical schools of Korean medicine nationwide. Based on the collected data, the status of medical ethics lectures were determined and compared with the current state of medical ethics lectures by western medical schools. The contents suitable for medical ethics education at medical schools of Korean medicine were discussed. Results : The topics of the medical ethics include: the basic concepts of medical ethics, the ethics of birth, the ethics associated with genetics, the ethics associated with death, and the ethics regarding doctor-patient interaction, the ethics of medical research, medical rationing ethics, ethics between medical staffs, medical law and ethics, philosophical base of medical ethics, ethics of doctor as professional, and moral personality formation of doctor. The contents of medical ethics in traditional Korean medicine reflected views on the human body and life based on "Huangdi's Internal Classic"and medical ethics from the viewpoints of Buddhism and Confucianism. Conclusions : Medical schools of Korean medicine are medical training institutions, and medical ethics education is essential to become a Korean medicine doctor as professional worker, medical practitioner, and biomedical researcher. There is no fundamental difference in the basic principles of medical ethics in both western and Korean medicine, and there are differences in contents depending on the clinical practice. The contents of medical ethics on clinical practice should be modified for Korean medicine doctors, and traditional Korean medicine ethics would be set up upon that. In the national licensing examination, medical ethics needs to be added as one part so that all the ethical problems related to the clinical situation can be solved.

• 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.