• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.1
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• pp.1-21
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• 2006

The ultimate goal of this paper falls on assessing the magnitude of co- evolutionary pattern existing between the genuine growth of KOSDAQ and KOSDAQ-Listed Companies. This paper define the concept of "genuine growth" as including quantitative and qualitative growth of each entities. This paper take genuine growth indexes of KOSDAQ as liquidity, fairness, volatility, transparency, while that of KOSDAQ-Listed Companies as quantitative financial indexes and qualitative financial indexes. This paper brings three research implications as conclusions. First, growth engine of KOSDAQ resulting in its' qualitative growth besides quantitative one is founded on number of KOSDAQ-Listed companies showing outstanding financial performance qualitatively, Second, increasing permanent profit portion of KOSDAQ-Listed Companies have induced a long-term assessed investment rather than short insight speculation in the year of 2005. In addition, source of lowering market volatility and stabilizing market is strongly correlated with the excellency of profit quality among KOSDAQ-Listed Companies. Third, a high adaptability of KOSDAQ-Listed companies meeting with market sustaining requirements enable KOSDAQ to enhance market efficiency.

• Journal of Convergence for Information Technology
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• v.10 no.11
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• pp.302-312
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• 2020

This study examined whether there is a difference in cost asymmetry between a corporate listed on KOSDAQ and a corporate listed on KOSPI, and whether there is a difference in cost asymmetry depending on the size of the listed corporate. In the previous study, cost asymmetry was examined only for listed corporate, but the difference in size between KOSDAQ-listed corporate and KOSPI-listed corporate was not examined. However, according to many studies, since the characteristics of corporate and firm risks are different between corporate listed on KOSPI and corporate listed on KOSDAQ, or even for listed corporate, such an impact may affect the decision-making of internal resource allocation. The analysis was conducted that there would be a difference in the impact. For this study, the results of analyzing the KOSPI and KOSDAQ markets from 2011 to 2019 using the cost behavior model of Anderson et al. (2003), There was a difference in cost behavior in the KOSPI and KOSDAQ markets. Overall, as in previous studies, Cost Stickiness was appeared. but in the case of the KOSPI market, Cost Stickiness was mitigated.It was found that corporate with large corporate size made the decision to dispose of idle resources more clearly when sales decreased. In addition, it was observed that the higher the foreign investor's ownership ratio, the KOSPI market, and the larger the corporate size, the more clearly the Stickiness of cost was mitigated. This study expands research on cost asymmetry and reveals that there is a difference between the KOSPI market and the KOSDAQ market, and between the size of the corporate, and has a differentiation from previous studies.

• Knowledge Management Research
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• v.5 no.1
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• pp.39-56
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• 2004

Mergers and Acquisitions(M&A) have long played an important role in the growth of firm. M&A has been considered a effective strategy for Korean government to restructure industry. Previous studies provided mixed results on the synergy effect of M&A This study provides investigation on 39 mergers occurred over the sample period from 2000 to 2001. In this study, event study methodology arc used to calculate abnormal return(AR) and cumulative abnormal return(CAR) based on mean-adjusted model. The testing period of this study from date -30 through date +30, where date zero is the date of the first public announcement of the merger. The empirical results in this study can be summarized as follows. First, the return rates of KOSDAQ registered firms with M&A appears higher than that of KSE listed firms. This means that public announcement of M&A is more influential on stock price for KOSDAQ registered firms than KSE listed firms. Second, The difference between actual merging price and fair value is significant in KSE listed firms and KOSDAQ registered firms. This means that the investors take M&A of KOSDAQ registered firms as a good news. Third, the impact on the market prices of merging firms take place after the first public announcement of the merger in KSE registered firms. But the impact on the market prices take place not only merging firms but also merged firms in KOSDAQ registered firms. This result shows that the investors recognize a M&A is a strategy of technology transfer in small & venture business.

• Journal of Digital Convergence
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• v.11 no.5
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• pp.95-104
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• 2013

The goal of this study is to confirm the extent of realization of economic democracy between the subsidiary ICT companies of conglomerates and the KOSDAQ listed ICT companies with focus on growth and profitability. As the results of analysis, the following were verified. First, there were differences in all aspects of the subsidiary ICT companies of conglomerates and the KOSDAQ listed small and medium ICT companies, including growth and profitability. Second, the pattern of economic democracy between two groups displayed relatively unrealized economic democracy structure. Third, It was found that KOSDAQ listed small and medium ICT companies were relatively much more difficult situations than the subsidiary ICT companies of conglomerates.

• The Journal of the Korea Contents Association
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• v.22 no.5
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• pp.165-173
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• 2022

Recently, competition to provide specialized services for the information and communications industry has accelerated in terms of future technology and investment strategy of the Fourth Industrial Revolution. Technological innovations related to information and communications can be seen as increasing productivity, creating added value for companies, and playing a pivotal role in the development of economic growth. Therefore, efficient management of the information and communications industry is important. This study analyzes management efficiency stones for the top 30% of KOSDAQ-listed information and communications companies using dea, presents projected values of companies for efficient operation, and confirms benchmarking company references. We evaluated CCR efficiency, BCC efficiency, ranking, Scale Efficiency(SE), and Return To Scale (RTS) of KOSDAQ-listed information and communications businesses. The analysis showed CCR efficiency of 1, 14 companies, and 1 BCC efficiency, and Nanatan companies were analyzed as ten companies. Scale yield was analyzed by the IRS as four companies, 13 CRS and 13 DRS companies.

• Journal of Digital Convergence
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• v.15 no.11
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• pp.113-120
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• 2017

The purpose of this study is to analyze how the relative proportion of retention between real estate for business and investment real estate among the real estate held by corporations has been changed after and before the Financial Crisis as well as whether there has been any difference between KOSPI and KOSDAQ listed companies in terms of their share of the real estate. The increasing pattern of real estate owned by KOSDAQ were similar to the KOSPI companies except for investment properties during the Financial Crisis. The proportion of real estate owned by KOSPI had been lower than that of KOSDAQ companies in both investment and business real estate before the Financial Crisis. However, during the period of the Financial Crisis, the proportion of real estate for business held by KOSPI firms was higher than that of KOSDAQ firms. Furthermore, the portion of investment of real estate owned by KOSPI has remained higher than that of KOSDAQ after the Financial Crisis period and the recent period. Based on the results of this analysis, how the relevance of the change of portion between real estate for business and investment real estate affects management performance will be figured out in the future studies.

• Journal of Korea Technology Innovation Society
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• v.20 no.1
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• pp.239-270
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• 2017

This paper examines the relationship between ownership structure and the intensity of R&D expenditures of a firm by analyzing the panel data composed of 553 manufacturing firms in KSE(Korea Stock Exchange) and KOSDAQ listed firms for the period of 2007-2014. The major findings are as follows; (1) Regarding the relationship between CEO stockholding and R&D intensity, we find the inverted-U shape relationship in KOSDAQ firms, consistent with the theoretical discussion and empirical studies on U.S. firms. The result suggests that management stockholding reduces agency problem at the R&D margin. On the contrary, the insignificant result in KSE firms seems to be due to the scant stockholding of most 'non-owner' CEOs. (2) Regarding the relationship between the largest shareholder's portion and R&D intensity, KSE firms exhibit negatively significant relationship, suggesting the existence of serious agency problem between the largest shareholder and the minor shareholders. This agency problem seems to be alleviated in KOSDAQ firms mainly because the founders with technology expertise are still in charge of the business. (3) Foreign investors seem to fail in effectively encouraging R&D expenditures in either KSE or KOSDAQ listed firms. This study contributes to the existing literature by showing for the first time that ownership structure affects R&D activities in different ways between KSE and KOSDAQ firms.

• Asia-Pacific Journal of Business
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• v.12 no.2
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• pp.115-129
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• 2021

Purpose - This study aimed to clarify the effects of tax investigation probability on accounting transparency in KOSDAQ firms by using financial statement. In particular, it was analyzed whether the characteristics of a firm's listed market have a discriminatory effect on the relationship between the tax investigation selection rate (or detection rate) and earnings management. Design/methodology/approach - This paper examines analyzed the effect of tax investigation of the National Tax Service on the earnings management. The sample includes 9,603 firms listed on KOSPI and KOSDAQ from 2011 to 2018, all of which are manufacturing firms. This study conducted correlation and multiple regression analyses to verify the relationship between tax investigation probability and earnings management. The possibility of a tax investigation is the selection rate and the detection rate, and the profit adjustment was estimated at discretionary amount. Findings - As a result of empirical analysis, both firms listed on KOSPI and KOSDAQ markets showed that the higher the tax investigation rates, the more significant the possibility of reducing the earnings management of discretionary accruals. Additionally it was found that in KOSDAQ markets firms, the tax investigation detection rates had a signigicant nagative effect on discretionary accruals. Research implications or Originality - It can be interpreted that firms with a high rates of receiving a tax investigation decrease earnings management consideration of expenses such as additional tax amount due to the tax audit or a decline in corporate image.

• Knowledge Management Research
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• v.7 no.1
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• pp.65-80
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• 2006

Recently, Korean economy is boosted by the active introduction of many venture businesses full of entrepreneurship. It has been widely accepted implicitly that success of the venture business originates from unique style of knowledge management. This assumption looks natural when we consider the fact that success of the venture business heavily depends on differentiated intelligent asset or knowledge. However, such implicit belief has never been tested empirically. To fill the research void like this, this paper proposes an empirical derivation of key success factors from the venture businesses listed in KOSDAQ. To add rigor to our results, we performed regression analysis by using the derived key success factors as independent variables, and introducing organization efficiency, job satisfaction, and accomplishment motivation as dependent variables. Regression results showed that our approach is justified from the statistical perspective.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.2
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• pp.899-904
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• 2013

This paper proposes an efficient portfolio selection methodology for the listed construction corporations in KOSPI and KOSDAQ. For the construction industrial sector classified by KRX(Korea Exchange), the proposed method carries out an efficiency analysis using DEA (Data envelopment analysis) approach and for the efficient corporations filtered by DEA, construct portfolio using Markowitz's Model. In order to show the effectiveness of the proposed method, we constructed annually portfolios for 5 years (2007-2011) out of 53 listed corporations in KOSPI and KOSDAQ, and proved that our portfolios are superior to benchmark portfolios in terms of rate of returns.