• Journal of Information Technology Applications and Management
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• v.29 no.3
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• pp.25-41
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• 2022

While there exists voluminous literature on the internationalization of the firms, it has focused on mature firms or born-global firms. There is still a lack of research on firm that is in the growth stage between venture and mature firm. To fill this gap, this paper focuses on the newly public firm which is enter the stock market through initial public offerings (IPO). Specifically, I examine the relationship between the early listing and internationalization. In the venture firm aspect, the decision of the IPO necessary to allow to change organization structure, ownership and take a risk from environmental movements. This paper suggests early listing is a behavior of entrepreneur orientation. According to empirical results, there is a positive relationship between early listing and internationalization. It implies that early listing may help international expansion by sourcing finance, reputations from market. Furthermore, this study emphasizes the importance of financial slack resources to international expansion. I conclude that ventures need not only early entering in stock market but also securing sufficient financial slack resources to achieve sustainable growth in the international market.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.121-156
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• 2010

Back-door-listing can be viewed both as M&A and an alternative to IPO. If IPO is an access to the capital market through regulations, back-door-listing would be the way of entering the market through trading. Back-door-listing can be a better choice considering the common wisdom that regulations hinder the functioning of free market system. One would, however, prefer IPO, for the informational asymmetry isless severe in case of IPO. This paper examines if IPO is superior to back-door-listing as to the informational efficiency. The excess buy-and-hold returns of the Kosdaq back-door-listing firms are estimated over the three-year-period since the event. They are compared against the excess buy-and-hold returns of the Kosdaq IPO firms over the same period of time. The results confirm this paper's prediction that IPO should be more information-efficient. Both IPO and back-door-listing firms start with high short-term excess returns and end up with long-term under-performance. However, back-door-listing firms show more significantly damaging long-term results. Furthermore, back-door-listing firms record poorer accounting results over the research period. These results imply that there exists fad at the time of both events and, in case of back-door-listing, this fad is reinforced by the possibility of window dressing.

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

• 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.

• Management & Information Systems Review
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• v.32 no.2
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• pp.21-46
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• 2013

The purpose of this paper is to find impacts of financial activities-financing and investment of Venture Firms during pre-listing periods on the firms' Venture Firm's listing(delisting). The several ratios financial variables relevant to the financing and investment were examined whether there are difference or not between two venture firms groups. The results of study can be summarized as follows. First, the firms of successful group have fewer numbers of equity financing and higher times of premium in issuing stocks than those of failed firms but there is no significant difference in the required time from startup to listing the KOSDAQ. Second, there is no significant difference in the ratio of capital increase in IPO between two groups but additional survey reveals that the successful firms financed equity in IPO by higher numbers of premium than failed firms, which can makes the major shareholder of the successful firms maintain high rayios share of stock. Third, the ratio of working capital investment of the successful firms is significantly higher than that of failed firms, on the other hand the failed firms' ratios of equipment and repayment investment are higher than those of successful firms. Finally, the ratio of R&D investment has no difference between two groups, this result is against the expectation, which is to be further analyzed.

• Journal of Distribution Science
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• v.4 no.2
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• pp.123-144
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• 2006

For the property right's protection of the nation, the uncertainty's dissolution and the reliability's security of real estate trade are very important. With the life style's change, the market of real estate becomes diversification, and the level of the real estate trade becomes diversification. But compared with this, the trade system of the real estate has not broken away from the mode in the past yet. To cope with it actively, it needs to review the real estate trade form. Especially, it needs to investigate a plan that can advance the Agency Listing method. The Exclusive Agency Listing and the real estate Information Network System have been the usual system in some advanced countries like America, Japan. It is the system that establishes the real estate brokerage's trade order and encourages the execution for the real estate client's property right's protection and benefit offer. In our country, The Exclusive Agency Listing and the real estate Information Network System were created in the revised real estate brokerage law in 12, 1993. But because of varies of questions, it can not be settled down. So this paper will develop the characteristic factors of the Exclusive Agency Listing and the real estate Information Network System revitalization and examine the mutual relation depends on the factors. And these factors were studied through the proved analysis to the effecting made on the Agency function's consideration and real estate broker' trust and customer satisfaction. So depends on these, the existed value now will present the revitalization plan and political implication about the Exclusive Agency Listing and the real estate Information Network System.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2004.05a
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• pp.483-486
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• 2004

Although it is not easy to generate EC's (Engineering Characteristics), there have been few studies so far. In this paper, a systematic method for generating EC candidates is proposed. This method use the concept of 'attribute listing'. In the proposed method, customer attributes are divided into their objects and issues. And attributes from their objects and issues are generated by help of guidelines proposed, respectively. Then, measurable metrics are attained from those attributes. Finally, the metrics result in EC candidates by consistency and redundancy check. This paper gives an illustrative example for easy comprehension of the proposed method.

• Journal of Contemporary Eastern Asia
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• v.10 no.2
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• pp.35-40
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• 2011

The recent listing of Preah Vihear Temple as a World Heritage Site has awakened a longtime simmering border dispute between Thailand and Cambodia over a few square kilometers surrounding the ancient Khmer Temple. While the listing of the site by UNESCO was expected to revive the economy of the impoverished border towns near the temple due to the increased tourism and funding for the preservation of the archeological site, it has had the opposite effect due to the sharp increase in violent conflict carried out by the armed forces and nationalist activists from both sides. Military skirmishes and violent protests have brought the local economy to a halt in addition to causing considerable physical damage to the local infrastructure and to the local transnational network of ethnic Kui, local business owners, Khmer and Thai villagers. This paper shows how the dispute is viewed and undertaken by three distinct communities involved in the conflict, the militaries, the metropolitan political elites and activists, and the local villagers. The three communities represent three different cultures of conflict with different interests and most importantly with differential access to the media and official representations of the dispute.

• Knowledge Management Research
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• v.21 no.4
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• pp.157-173
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• 2020

In accommodation sharing economy, customers take a risk of uncertainty about product quality, which is an important factor affecting users' satisfaction. This risk can be lowered by the information disclosed by the facility provider. Self-presentation of the hosts can make a positive effect on listing performance by eliminating psychological distance through emotional interaction with users. This paper analyzed the self-presentation text provided by Airbnb hosts and found key aspects in the text. In order to extract the aspects from the text, host descriptions were separated into sentences and applied the Attention-Based Aspect Extraction method, an unsupervised neural attention model. Then, we investigated the relationship between aspects in the host description and the listing performance via linear regression models. In order to compare their impact between the three facility types(Entire home/apt, Private rooms, and Shared rooms), the interaction effects between the facility types and the aspect summaries were included in the model. We found that specific aspects had positive effects on the performance for each facility type, and provided implication on the marketing strategy to maximize the performance of the shared economy.

• Management & Information Systems Review
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• v.35 no.3
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• pp.195-212
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• 2016

Utilizing intra-day volume weighted average price (VWAP) based on 1 minute return data of stocks traded on the Korean Stock Exchange, this paper examines and analyzes abnormal returns in reaction to patent listing disclosures as well as the cumulative abnormal returns, traded volumes, the interaction of VWAP spreads, the reaction of volumes, the reaction of VWAP spreads and the realized returns obtained from trading using an event driven arbitrage strategy. The results of the aforementioned research topics are follows. First, our analysis suggests that on average, 0.92% positive cumulative returns arise 1 minute after the patent listing disclosure announcement with high statistical significance, thereby reconfirming that the Korean stock market is a semi-strong form of the efficient market. Employing 3 separate panel tests differentiated by the size factor, we find that the abnormal returns of small sized stocks were less than the returns of medium sized stocks, which goes to support recent research findings suggesting that the size premium is no longer existent in the Korean stock market. Secondly, we show that among the event driven type strategies, the most outstanding realized returns are from the market making strategies. Furthermore, placing market order trades only at the bid or ask price resulted in negative returns. This implies that strategies utilizing a combination of market orders and limit orders, order cancelations ratios and order flows can enhance realized returns.