• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.2
• /
• pp.33-51
• /
• 2022

This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

• Applied Microscopy
• /
• v.45 no.2
• /
• pp.101-105
• /
• 2015

Numerous digital image analysis techniques have been developed with regard to transmission electron microscopy (TEM) with the help of programming. DigitalMicrograph (DM, Gatan Inc., USA), which is installed on most TEMs as operational software, includes a script language to develop customized software for image analysis. Based on the DM script language, this work provides a script source listing for quantitative strain measurements based on a geometric phase analysis.

• Journal of Fashion Business
• /
• v.25 no.3
• /
• pp.126-143
• /
• 2021

The purpose of this study is to analyze the characteristics and design elements of the Qing dynasty costume style, and accordingly, develop a new fashion design work incorporating modern aesthetics by using the attribute listing technique. A creative idea that drew out various ideas by considering the properties and characteristics of the object in detail through applying the attribute listing technique, and a modern fashion design in the style of Qing dynasty were developed. In the design development process, first, the theme was set as 'Developing a modern fashion design using design elements of Qing dynasty costume'. Second, design elements and components focusing on design details of Qing dynasty costumes were organized. Third, design ideas that replaced or modified design elements for each type of Qing dynasty costume were presented, and the design was developed by combining and modifying these ideas. Fourth, nine designs were selected through a design evaluation process by a group of experts to select a design for the Qing dynasty costume style. Fifth, seven final designs were selected through revisions to compose a collection with unity and balance. Sixth, colour and material were decided for the selected design, and the work was completed through pattern making, sewing, and fitting process. These seven works were designed with motifs of the Qing dynasty's slit, liling, yuanling, hujian, matixiu, manxiu, shuangmanxiu, zhaixiu, pipajin, yourengquejin, yikouzhong, lingyi, yunjian, magua, mamianqun, xingshang, taoku, chaofu, xingfugua, and pao.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.4 no.4
• /
• pp.45-70
• /
• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.1
• /
• pp.151-166
• /
• 2019

New drug development requires 10 to 15 years of long time and more than $ 1 billion in funding, ranging from basic research${\rightarrow}$preclinical medicine${\rightarrow}$clinical medicine${\rightarrow}$product approval${\rightarrow}$sales. Many new drug development bio-venture companies will continue to pursue new drug development with funds secured through listing on the securities market. This study focuses on the impact of the listing on the market of bio-venture companies in the development of new drugs. It is necessary to determine whether the increase in registered patent, preclinical, clinical and technology transfer contracts at the time of listing (D) The results of this study are as follows. We also analyzed whether the registered patent, preclinical, and clinical effects had significant effect on technology transfer contracts at two years after listing and listing. The results of the analysis are as follows. First, Korea's new drug development bio-venture firms increased their registered patents but did not increase their pre-clinical, clinical and technology transfer contracts. Second, at the time of listing and two years after listing, pre-employment has a significant effect on Korea's technology transfer contracts and has a significant effect on overseas technology transfer contracts. However, registered patents and clinics have significant influence on technology transfer contracts. Korea 's new drug development bio-venture firms showed patent increase despite the stock market listing, but pre-clinical, clinical and technology transfer contracts did not increase. In order to strengthen technological commercialization of new drug development bio-venture companies in the future, it is required to establish R & D strategy for efficient use of IPO subscription funds, open innovation through strengthening industry-academia-partnerships, and more sophisticated preclinical and clinical strategy establishment.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.9
• /
• pp.329-340
• /
• 2020

This study investigates the effect of capital structure on the financial performance of pharmaceutical enterprises which are listing on Vietnam's stock market. The study builds the regression using ROE as dependent variable and four independent variables, including self-financing, financial leverage, long-term asset and debt to assets ratios. In addition, we use other variables as controlling ones, such as firm size, fixed asset rate and growth. We collect data for the period from 2015 to 2019 of all 30 pharmaceutical enterprises which are currently listing on Vietnam's stock market. The least square regression (OLS) is used to test the effect of capital structure to the firms' financial performance. The analysis results show that the financial leverage ratio (LR), long-term asset ratio (LAR) and debt-to-assets ratio (DR) have positive relationship with firm performance, meanwhile the self-financing (E/C) affects negatively to the return on equity (ROE). Upon the findings we suggest that the Vietnamese government should focus on stabilizing macro environment to create favorable environment for enterprises. And the pharmaceutical enterprises should build more reasonable capital structure with higher debt proportion than equity, diversifying loan mobilization channels such as issuing long-term bonds. Additionally, the firms should expand the scale appropriately to maintain development and ability to pay debts.

• Journal of Korea Game Society
• /
• v.21 no.2
• /
• pp.99-110
• /
• 2021

WHO passed the ICD-11 amendment in 2019, which included gaming disorder, and there are confronted opinions whether this should be listed in the revision of the KCD in Korea. This study explains the consent and opposition to the listing of gaming disorder, and then investigates the effect of the listing of gaming disorder and the adoption of gaming addiction tax. The results of this study find that the listing of gaming disorder and the adoption of gaming addiction tax could negatively affect the investment value and the global national competitiveness of the Korean game industry.

• Asian Pacific Journal of Cancer Prevention
• /
• v.17 no.5
• /
• pp.2349-2350
• /
• 2016

• Asian Pacific Journal of Cancer Prevention
• /
• v.16 no.10
• /
• pp.4145-4146
• /
• 2015

• 주택과사람들
• /
• s.189
• /
• pp.5-5
• /
• 2006

캐나다의 부동산 거래는 대부분 다중 중개 매물 서비스인 MLS(Multiple Listing Service)를 통해 이뤄진다. 어떤 방식과 절차를 거쳐 부동산 거래가 이뤄지는지, 그 과정에서 주의해야 할 점들은 무엇인지 알아보자.