• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.1-12
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• 2022

This paper examines the influence of the portion of lead investors and investors' status on the investment performance of venture syndication. According to existing literature, multiple investors in VC syndicates can positively impact investment performance by investing both tangible and intangible resources in target companies based on market influence or high visibility. On the other hand, the presence of multiple leaders can cause conflicts in formulating and implementing investment strategy or free-riding problems or increase entry barriers for potential investors, lowering additional investment from existing investors. Therefore, we hypothesize that the relationship between proportion of lead investors and investment performance is inverted-U shape. Moreover, we predict that the status of VCs in the syndication will moderate the relationship between proportion of lead investors and investment performance since high-status actors are less likely to cooperate with or yield power to others. We tested these hypotheses using 24,677 VC syndicated investment data from 1991 to 2005 and found solid supports for the hypotheses. The findings suggest that firms need to consider relationship-based power dynamics among investors within a syndication and design effective role setting and coordination systems.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.147-157
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• 2023

This paper investigates the financial factors affecting angel investors' investment decisions for 818 firms from 2009 to 2018 in the Korean venture investment market. We construct a quasi-experimental design using propensity scoring matching and compare the investment determinants between investment firms and matching firms. The main empirical findings are as follows. First, we find that angel investors are more likely to choose firms based on a firm's growth such as profit and assets rather than profitability or financial stability. In addition, we identify that they prefer the firm not only higher intangible assets but also higher R&D expenditures. Second, we find that angel investors consider both growth and activity ratios in the firms for over three years and have entered the mid-stage of startups. Overall, we confirm that the investment decision of angel investors mainly focuses on the venture startups' growth trend or future growth potential rather than the realized profitability or financial stability. We also infer that the possibility of performance creation is an important investment factor along with growth for the mid-stage startup.

• Journal of Venture Innovation
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• v.7 no.1
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• pp.167-182
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• 2024

The aim of this study is to empirically explore the operational spillover effect among companies within chaebol groups, prominent corporate conglomerates in South Korea. Chaebols are known for their horizontal and vertical integration, fostering close collaboration among their constituent companies from a supply chain standpoint. Existing literature highlights the sharing of tangible and intangible resources within chaebol structures, leading to increased efficiency by minimizing transaction costs through resource sharing. This research investigates whether operational management performance within chaebol structures can be transmitted through cooperative resource utilization. To achieve this objective, we categorize leading companies and affiliate companies within chaebols and examine whether the operational management performance of leading companies significantly influences that of affiliate companies. Data on conglomerates, as defined by the Korea Fair Trade Commission, were collected, along with information on companies within these groups. Subsequently, the company with the highest revenue within each group was identified as the leading company, while the remaining companies were designated as affiliate companies. Our analysis reveals a significant positive relationship between the performance of inventory and facility resource management of leading companies and that of affiliate companies. This study sheds light on the transfer of operational management performance within conglomerates from a managerial perspective, underscoring the importance of reinforcing cooperation systems within the chaebol group. Furthermore, this research contributes to the academic discourse by delineating conglomerates from an operational management perspective and empirically demonstrating the transfer effect of operational management performance.

• Journal of Industrial Convergence
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• v.22 no.2
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• pp.1-12
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• 2024

This study investigates what decisions have an impact on bank performance. A panel regression analysis was conducted using data from the financial statements of banks located in the United States from 2013 to 2022, and the effects of explanatory variables were examined through hierarchical panel regression analysis divided into financial decision-making and management decision-making. In addition, by analyzing performance separately from the creditor and shareholder perspectives (hereinafter referred to as overall) and from the shareholder perspective alone, it suggests which elements should be utilized and how to improve performance from each perspective. When a panel regression analysis was performed using only liquidity and stability, dependency on deposits and the interest coverage ratio had a statistically significant impact from the perspective of overall performance, and the debt ratio also had a statistically significant impact from the perspective of shareholder performance. When adding non-technical factors, only the labor cost ratio among non-technical factors was found to be statistically significant from the overall performance perspective, and although the non-technical factors were not statistically significant from the shareholder performance perspective, the cash ratio was found to have a statistically significant impact. Lastly, when adding technical innovation elements, the intangible asset ratio was not statistically significant from the overall performance perspective, but was significant from the shareholder performance perspective. The significance and implications of this study are that there are differences in factors that can affect the performance of overall or shareholder and that various decision-making factors can affect a bank's performance.

• Information Systems Review
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• v.18 no.3
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• pp.51-71
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• 2016

Tourism products are intangible goods. Given this nature, tourist experience should be recorded and visualized through media, such as pictures, videos, and souvenir. Online platforms played the role of media given the growth of information and communication technology. Tourists post their travels for real-time documentation of their experiences, but they also tend to reminisce about past experiences that they posted on social media. Social media is not only a channel of self-presentation or a means of communication with other people, but it also serves as an archive of electronic records to bring back memories. Given this finding, we investigated the impact of social media on the autobiographical memory (recollection and vividness) of tourists and their intention to revisit a certain destination. The results showed social media interface and the impact of display quality on the recollection and vivid memory. The predictor of memory recollection of tourists is intention to revisit a destination. Social media is considered an archive of travel memory that indulges people to reminisce. Theoretical and practical implications were provided based on these results.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.5
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• pp.69-81
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• 2014

There is a growing interest in the technology transfer and commercialization both at home and abroad. Accordingly, this study looked at the concept of technology transfer and commercialization, identified the factors that should be taken into account in order to facilitate technology transfer and commercialization, and then performed a empirical analysis. As for the conventional technology transfer and commercialization, there was a tendency to limit its scope to the exploration, transfer and commercialization of technology itself. Here in this research, technology transfer and commercialization is defined the category to expand as various activities implemented in order to make sure that intellectual properties such as intangible technological developments, know-how, and knowledge are transferred between the relevant parties through a contract or negotiation, and the party to which the transfer is made can then further develop and exploit the technology into tangible products and other activities to obtain economic benefit out of that. In addition, the findings of the positive analysis of technology transfer and commercialization revealed that the focus of facilitating technology transfer has been on the technology itself, its management and securing efficiency of the systems and institutions involved in the technology transfer and commercialization. So there was lack of recognition as to the importance of financial support given to the phase of technology commercialization. This indicates that when it comes to the technology transfer and commercialization, quantitative performance has been the focus of interest such as patent application, registration, number of technology transfers, royalty, etc. So there was not enough understanding as to the issues of starting up a business, creating quality jobs through technology transfer and commercialization, which are directly related to the realization of the creative economy. In this regard, this research is expected to be used for the development for the future policies to boost technology transfer and commercialization as it suggests not only simply ensuring quantitative performance but also necessary to create the environment for the creation of the stable ecosystem for the parties involved in the technology transfer and commercialization and then to build circumstances in which creative economy can be realized.

• Journal of the Korean Institute of Landscape Architecture
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• v.48 no.2
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• pp.20-33
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• 2020

This study aims to examine the trends in the preservation of urban public parks with a focus on the international movement to acknowledge and preserve the heritage value of urban parks. First, the background in which the concept of "historic urban park" first appeared internationally, as well as the current situation were investigated. Then, the cases of the United Kingdom (UK), the United States (US), and Japan, all of which are already preserving and managing urban public parks, were analyzed. In the ICOMOS-IFLA Document on Historic Urban Public Parks, the International Council on Monuments and Sites (ICOMOS), which is a group of specialists dedicated to the conservation and management of cultural heritage, mentions that it is necessary to maintain the social, intangible, aesthetic, ecological, and civic values of historic urban public parks. In addition, according to ICOMOS, it is necessary to preserve elements of parks, such as space composition, topography, light, and environment. The UK, the USA, and Japan have their own unique characteristics for the background of preserving urban parks, the preservation system, the selection of parks to be preserved, and the elements to be preserved within the park. The UK has categorized parks into certain types from each period and has tried to preserve the common elements in each type. The US has selected the parks to preserve by determining the meaning of the parks itself considering multiple aspects, embracing not only the physical form of the parks, but also the culture, monumentality, and social values. Recently, Japan began the preservation of historic urban parks as a matter of policy and started to implement a preservation policy by investigating modern parks that are believed to be worth preserving. Specialists in cultural heritage preservation have argued that the method of preservation of historic urban parks must differ from that of other parks or gardens. Nonetheless, observing cases in these three countries showed that, regardless of their administrative and legal systems regarding cultural heritage and urban public parks, their policies were still limited to preserving only the physical elements of parks. The direction and methodology for the preservation of historic urban parks must be developed further and elaborated upon in terms of the evolving concept and definition of heritage. Urban parks are where various historic values are accumulated, connoting historical meanings dealing with the memories of the parks and the urban dwellers. This study found that, worldwide, park management has been carried out in a way that the historic values of parks are respected and preserved. This global trend in preserving the historic values of urban public parks has significant implications for the management of urban public parks in Korea that are being formed and renewed repeatedly.

• 대한공업교육학회지
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• v.38 no.1
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• pp.259-274
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• 2013

Culture is already deeply imbued in our lives. The furniture has become a way of life and the human became part of the culture. In this study, the aim is to explore the traditional furniture that is projected through the culture as a lifestyle. Therefore, the purpose of this study is to explore the cultural implication in Korean traditional wooden furniture. Specific research questions in this study are as follows; 1) How to reflected house structure culture at traditional woodcraft furniture? 2) How to reflected interior space culture at traditional woodcraft furniture? 3) How to projected life form style culture at traditional woodcraft furniture? 4) How to harmonize between modern life culture and traditional woodcraft furniture? In order to achieve the purpose of this study, the literature of review was used masters of Korea's traditional woodcraft furniture. To collect information of Korean traditional furniture, the furniture was selected representative pieces of Korean Joseon Dynasty and interviewed an important intangible cultural asset somokjang. Based on the explore of Korean traditional furniture, the conclusions of this study are as follows; first, in the viewpoint of house framework culture, most of traditional furniture was made u sing a narrow interior space and was to be placed in close contact with the walls, and was developed as a type of molding on the front of the furniture to pursue beauty. Second, in the viewpoint of ondol culture, traditional furniture was closed to the wall by using low height furniture and furniture legs the structure punghyeol was used to reflect the phenomena of convective heat and humidity. Third, in the viewpoint of life form culture, traditional furniture was made that sat-down at eye level configuration is proportional to its size and height and appropriately been made. And patterns reflect the wishes of most things in nature and to be blessed with longevity origin were used in the decoration of wooden furniture. Finally, in the viewpoint of modern life culture, traditional furniture is simple but not dirty, and splendid but not luxurious. So although traditional wooden furniture are in any room or place, never discouraged by the dignity.

• Cartoon and Animation Studies
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• s.44
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• pp.333-361
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• 2016

In general, content business companies include animation industry can have benefits, which they have higher incomes when they obtain wider markets. Therefore, they pursue to have diverse windows for content distribution or to reach the foreign markets for dealing their content products with potential customers. It have the greatest value. They can re-invest the incomes to produce their new products, and they can enhance the international competitiveness of their next products. As the results, the companies can have more incomes and wider markets in next business, and it will be the effectiveness of the good cycle of the animation industry. Animation industry has being undergone of its structure changes, more economical chances and viewers' attitudes changes through the all over the industry because of the acceptance of new digital technology. To response the changes or have the new chances from the changes, they should to review the existing system and the law concerned with the animation business as well as having the diverse new plans for supporting the industry like a construction of the online marketplace of Korean animation. It would make the Korean animation companies to meet foreign customers easily by making lower the entrance barrier of the foreign markets. Current Korean government needs to estimate the value of the Korean animation accurately and objectively by concerning its surroundings to support efficiently. However, it is very difficult to estimate the value of the content rightly because of its' intangible and subjective matter. For this, they should analyze the all the data of the information of the Korean animation content by accumulate, open to the public and manage. So if the government makes online marketplace for the Korean animation, which all the Korean animation companies get in, it would be a solution of estimating the value of the Korean animation rightly. In addition, it will be used as the role of archive of the government to lead the industry successfully. As a point of the small size of the Korean animation companies, they are government dependable because of its low budget, so they strongly expect the government to do the right role as the unique knowledge distributor. Therefore, the Korean animation online marketplace would make not only big companies, but also small companies to have the chances to increase the value of their content in the global markets by themselves without economic burdens.

• Journal of Korea Technology Innovation Society
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• v.19 no.3
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• pp.465-482
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• 2016

Previous researches have introduced various ways to analyze the impact of standardization on innovation while the works are not only small in number but based on interview or case study. This paper addresses the impact of standardization activities within South Korean industries on technological innovation applying an empirical analysis of standardization activities and technological innovation. Drawing on Korean Industrial Standards Classification from panel data of 2003 to 2012, we employed corresponding data of each industrial classification: Number of standards, Accumulated number of standards, Number of patents applied in Korea, Sales, Operational profit, Intangible asset, and R&D invest. In the first model, we run panel data models employing the number of patents applied in Korea as an independent variable, and the number of standards, accumulated number of standards, sales, and operational profit as dependent variables to observe industrial impacts upon the relationship between standards and patents, along with time lagged consideration. The result shows that number of standards are revealed to have a negative influence on patent applications in the year of research, and no significant effect appears for the next two years while positive effect shows up on the third year. Meanwhie, accumulated number of standards turned out to have positive effects on patent applications in Korea. This implies it takes time for innovation subjects to embrace newly established standards while having a significant amount of positive effect on technological innovation in the long term. In the second model, we use canonical correlation analysis to find industrial-wide characteristics. The result of this model is equivalent to the result of panel data analysis except in a few industries, where some industry specific characteristics appear. The implications of our results present that Korean policy makers have to take account of industrial effects on standardization to promote technological innovation.