• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.6
• /
• pp.31-42
• /
• 2021

The importance of startups and ventures in the Korean economy is growing. This study measured whether the start-up and venture ecosystem is growing, including the growth of startups and ventures. The startup and venture ecosystem consists of startups and ventures, investors, and government, which are the main actors of the 'ecosystem', and their movements were measured with 25 quantitative indicators. Based on the original data of the time series from 2010 to 2020, the startup and venture ecosystem index was calculated by applying weights through the comprehensive stock index method and AHP. In 2020, the startup and venture ecosystem grew 2.9 times compared to 2010, and the increase in the government index had a significant impact on growth. Also, the individual indicators that make up each index in 2020, the corporate index had the greatest impact on the growth of the number of 100-billion ventures, while the investment index had a recovery amount and the government index had a significant impact. Based on the original data, the startup and venture ecosystem index was analyzed by dividing it into ecosystems (startup ecosystem and venture ecosystem), industry by industry (all industries and manufacturing industry), and region (Korea and Busan). As a result, the growth of the startup ecosystem over the past decade has been slightly larger than that of the venture ecosystem. The manufacturing was lower than that of all industries, and Busan was lower than that of the nation. This study was intended to use it for the establishment and implementation of support policies by developing, measuring, and monitoring the startup and venture ecosystem index. This index has the advantage of being able to research the interrelationships between major actors, and anyone can calculate the index using the results of official statistical surveys. In the future, it is necessary to continuously update this content to understand how economic and social events or policy support have affected the startup and venture ecosystem.

• Korean journal of applied entomology
• /
• v.61 no.3
• /
• pp.399-408
• /
• 2022

There has been much debate on the morphometric divergence between the recently identified Apis cerana koreana and Apis cerana honey bees. The aim of this study was to obtain phenotypic information that can be used to compare A. c. koreana data with other A. cerana subspecies data from open resources and determine breeding results on the basis of morphometric traits. To differentiate A. c. koreana, we investigated 22 classic morphological characteristics; royal jelly secretion; and the weight of workers, queens, and drones of A. c. koreana bred in Korea. To define the selection results, we used the geometric morphometric method. The artificially selected A. c. koreana secreted significantly more royal jelly (1.18 times) than the naturally selected A. c. koreana, which positively influenced the health of the colonies. These honey bees were identified more clearly with the geometric morphometric method than with the classic morphometric method, which is traditionally used to determine the subspecies. Large trends were noted for A. c. koreana on the basis of our results and literature from the 1980s regarding A. cerana sizes in Korea (tarsal index, length of forewing, and cubital index were measured). The cluster analysis revealed the proximity of A. c. koreana, A. cerana in China, and A. c. indica on the basis of eight classic characters, which, perhaps, relay the origin of the honey bees. The results of this study defined the morphometric responses of A. c. koreana honey bees to geographic isolation, climate change, and selection, which are important to identify, protect, and preserve honey bee stock in Korea.

• Land and Housing Review
• /
• v.14 no.4
• /
• pp.17-37
• /
• 2023

The rental housing market in South Korea, specifically monthly rent with deposit, has been expanding over the last three decades (8.2% in 1990 to 21.0% in 2020), partly replacing the traditional Jeonse market. The distribution of rent has changed due to public rental subsidies and the emergence of luxury rental housing, while the distribution of rental household income has been polarized because of the emergence of rich renters. This study attempts to measure the structural changes in the rental market by developing a new indicator of income-rent mismatch. Using the seven series of the Korea Housing Survey, this study analyzed the changes in rent (reflecting the conversion rate) and income levels of rental households in 2006 (base year) and 10-15 years later (the analysis year) at the national level and at the spatial unit of 16 metropolitan cities and provinces (excluding Sejong), respectively, by dividing them into quartile data. The result reveals that rental housing was undersupplied in middle- and high-income rental housing due to the decline in the highest quartile (25%→18%) and the third quartile groups (25%→20%), while the supply of public rental housing expanded for the second quartile (25%→28%) and the lowest quartile (25%→35) groups. On the demand side, the highest income quartile shrank (25%→21%), while the lowest income quartile grew (25%→31%). Comparing the 16 metropolitan cities and provinces, there were significant regional differences in the direction and intensity of changes in rent and renter household income. In particular, the rental market in Seoul was characterized by supply polarization, which led to an imbalance in the income distribution of rental households. The structural changes in the apartment rental market were different from those in the non-apartment rental market. The findings of this study can be used as a basis for future regional rental housing markets. The findings can support securing affordable rental housing stock for each income quartile group on monthly rent and developing housing stability measures for a balance between income and rent distribution in each region.

• Korean Journal of Poultry Science
• /
• v.50 no.4
• /
• pp.203-212
• /
• 2023

This study conducted a diallel-crossbreeding test using four Korean native chicken parent stock lines (YC, YD, CK, and CF) to develop a native commercial layer with high egg-laying performance. A total of 312 chickens in six combinations were examined for various traits, including livability, body weight, age at first egg-laying, hen-day, and hen-housed egg production, egg weight, and egg quality, from hatching to 60 weeks of age. The results showed that the average survival rate was 77.1±18.8% with the YDYC combination having the highest survival rate along with excellent specific combining ability. The YDYC combination exhibited significantly higher body weight compared to the other combinations (P<0.01). The average age at first egg-laying was 121.3±2.5 days, with no significant difference between the combinations. The average hen-day egg production was 74.0±6.4%, and the hen-housed egg production was 181.4±33.8 eggs with the YDCF and YCCK combinations demonstrating the highest laying performance, while the YDYC and CKCF combinations had the lowest (P<0.05). Laying performance was more influenced by specific combining ability than general combining ability. The eggs from the YDYC combination were significantly lighter and had the darkest shell color (P<0.01), whereas the YDCF combination exhibited the thickest eggshells. There was no difference in internal egg quality among combinations, except the YDCF combination had the darkest yolk color. Overall, we concluded that the YCCK combination, characterized by high laying performance and livability, and the YDCF combination with high laying performance and good egg quality are the most desirable combinations for Korean native commercial layers.

• Korean Journal of Environmental Biology
• /
• v.41 no.3
• /
• pp.325-334
• /
• 2023

The invasive red swamp crayfish, Procambarus clarkii, is native to south-central United States and northeastern Mexico. Recently, it has been being spreading in the wild in South Korea. However, its primary sources, introduction routes, establishment, and expansion in South Korea remain unclear. Here, we analyzed genetic diversity and population genetic structures of its domestic natural populations during early invasion, commercial stock from local aquaria (a suspected introduction source), and original United States population using mitochondrial COI gene sequences for 267 individuals and eight microsatellite markers for 158 individuals. Natural and commercial populations of P. clarkii showed reduced genetic diversity (e.g., haplotype diversity and allelic richness). The highest genetic diversity was observed in one original source population based on both genetic markers. Despite a large number of individuals in commercial aquaria, we detected remarkably low genetic diversity and only three haplotypes among 226 individuals, suggesting an inbred population likely originating from a small founder group. Additionally, the low genetic diversity in the natural population indicates a small effective population size during early establishment of P. clarkii in South Korea. Interestingly, genetic differentiation between natural populations and the United States population was lower than that between natural populations and aquarium populations. This suggests that various genetic types from the United States likely have entered different domestic aquariums, leading to distinct natural populations through separate pathways. Results of our study will provide an insight on the level of genetic divergence and population differentiation during the initial stage of invasion of non-indigenous species into new environments.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.5
• /
• pp.63-75
• /
• 2023

This study conducted empirical analysis on the factors affecting the investment performance of 205 domestic venture funds (with a total liquidation amount of 7.25 trillion KRW) newly formed from 2007 to 2017 and completely liquidated as of the end of 2022. Due to the nature of private equity funds, obtaining empirical data is extremely challenging, especially for data post-COVID-19 era liquidations. Nevertheless, despite these challenges, it is meaningful to analyze the impact on the investment returns of domestic venture funds using the most recent data available from the past 10 years. This study categorized the factors influencing venture fund performance into external environmental factors and internal factors. External environmental factors included "economic cycles," "stock markets," "venture markets," and "exit markets," while internal factors included the fund management company's capabilities in terms of "experience," "professional personnel," and "assets under management (AUM)." The fund structure was also categorized into "fund size" and "fund length" for comparative analysis. In summary, the analysis yielded the following results: First, the 3-year government bond yield, which represents economic cycles well, was found to have a significant impact on fund performance. Second, the average 3-month KOSDAQ index return after fund formation had a statistically significant positive effect on fund performance. Third, the number of IPOs, indicating the competition intensity at the time of venture fund liquidation, was shown to have a negative effect on fund performance. Fourth, it was observed that the larger the AUM of the fund management company, the better the fund's returns. Finally, venture fund returns showed variations depending on the year of formation (Vintage). Therefore, when individuals consider investing in venture funds, it is considered a highly effective investment strategy to construct an investment portfolio taking into account not only external environmental factors and internal fund factors but also the vintage year.

• Journal of Plant Biotechnology
• /
• v.50
• /
• pp.82-88
• /
• 2023

Shoot-tip culture was used to produce clonal plants of radish stock seeds. Using 6-benzyladenine (BA), the largest number of RA2 line multi-shoots were formed with an average of 14.67 shoots on 1.33 µM BA in early seedlings and 11.33 shoots on 1.78 µM BA in juvenile seedlings. The largest number of RA4 line multi-shoots were formed with an average of 11.67 shoots on 2.22 µM BA in early seedlings and 13.67 shoots on 1.33 µM BA in juvenile seedlings. There was little difference in the significance level by BA concentration in both lines. Using Thidiazuron (TDZ), the number of RA2 line multi-shoots increased with increasing TDZ concentration, forming the largest number of multi-shoots in 0.45 µM TDZ (7.0 and 3.0 multi-shoots for early and juvenile seedlings, respectively), but few multi-shoots were formed from TDZ 2.25 and 4.5 µM. RA4 line produced almost no multi-shoots in early seedlings, and 3.7 multi-shoots were produced in 0.23 and 0.45 µM TDZ in juvenile seedlings, but not at higher concentrations. Analysis of the tissue culture seedlings grown by cultivating the generated multi-shoots with Radish Foundation seeds using SSR marker revealed a weak pattern of mutation in the generated tissue culture seedlings, but there was no mutant. In addition, in terms of root roots, both RA2 and RA4 lines generally had the best rooting, number of roots, and degree of root development in 4.9 µM indol-3- butyric acid (IBA).

• Korean Journal of Poultry Science
• /
• v.51 no.2
• /
• pp.83-95
• /
• 2024

This study aimed to assess the performance of laying hens across twelve crossbreed strains (i.e., CFCK, CFYC, CFYD, CKCF, CKYC, CKYD, YCYD, YCCF, YCCK, YDCF, YDCK, and YDYC) of Korean native chicken (KNC) and compare them with Hy-Line Brown layers. A total of 287 18-week-old laying hens were placed in battery cages by strains (2-5 birds per pen). Results indicated that the YCYD and YDYC strains exhibited numerically heavier body weights than Hy-Line Brown at week 18-64. CKYC and YDYC strains demonstrated more than 94% viability by week 64. The CFYC strain had an age of first egg laying of 127 days, and the YDCF strain reached an age of 50% egg production at 140 days, both earlier than their parent stock. The YDCF strain showed over 70% egg production for up to 60 weeks. Regarding egg quality, the CKCF and YCCF strains had numerically higher egg weights among the KNC groups at week 24-64, with the YDYC strain showing a darker (P<0.05) eggshell color compared to CKCF at week 40. Moreover, KNC crossbreeds showed a higher (P<0.05) egg yolk ratio than Hy-Line Brown. In conclusion, the YDCF and YCCF crossbreeds exhibited the most desirable new synthetic Korean native commercial layer based on egg production and quality parameters. Therefore, these strains could be a viable substitute for Hy-Line Brown layers.

• Journal of Korean Society of Forest Science
• /
• v.20 no.1
• /
• pp.1-44
• /
• 1973

Needless to say, the management of national forest in all countries is very important in view of the national mission and management purposes. Korean national forest is also in particular significant in promoting national economy for the continuous increasing of the demand for wood, conservation of the land and social welfare. But there's no denying the fact that the leading aim of the Korean forest policy has been based upon the conservation of forest resources and recovery of land conservation function instead of improvement of the forest productive capacity. Therefore, the management of national forest should be aimed as an industry in the chain of the Korean national economy. And the increment of the forest productive capacity based on rationalized forest management is also urgently needed. Not only the increment of the timber production but also the establishment of the good forest in quality and quantity are to bring naturally many functions of conservation and other public benefits. In 1908 Korean national forest was historically established for the first time as a result of the notification for ownership, and was divided into two kinds in 1911-1924, such as indisposable national forest for land conservation, forest management, scientific research and public welfare, and the other national forest to be disposed. Indisposable forest is mostly under the jurisdiction of national forest stations (Chungbu, Tongbu, Nambu), and the tother national forests are under custody of respective cities and provinces, and under custody of the other government authorities. As of the end of 1971, national forest land is 19.5% (1,297,708 ha) of the total forest land area, but growing stock is 50.1% ($35,406,079m^3$) of the total forest growing stock, and timber production of national forest is 23.6% ($205,959m^3$) of the year production of total timber in Korea. Accordingly, it is the important fact that national forest occupies the major part of Korean forestry. The author positively affirms that success or failure of the management of national forest controls rise or fall of forestry in Korea. All functions of forest are very important, but among others the function of timber production is most important especially in Korea, that unavoidably imports a large quantity of foreign wood every year (in 1971 import of foreign wood-$3,756,000m^3$, 160,995,000 dollars). So, Korea urgently needs the improvement of forest productive capacity in national forest. But it is difficult that wood production meets the rapid increase of demand for wood to the development of economy, because production term of forestry is long, so national forest management should be rationalized by the effective investment and development of forestry techniques in the long view. Although Korean national forest business has many difficulties in the budget, techniques and the lack of labour due to outflow of rural village labour by development of national economy, and the increase of labour wages and administrative expenses etc. the development of national forest depends on adoption of the suitable forest techniques and management adapted for social and economical development. In this view point the writer has investigated and analyzed the status of the management of national forest in Korea to examine the irrational problems and suggest an improvement plan. The national forestry statistics cited in this study is based on the basic statistics and the statistics of the forest business as of the end of 1971 published by Office of Forestry, Republic of Korea, and the other depended on the data presented by the national forest stations. The writer wants to propose as follows (seemed to be helpful in improvement of Korean national forest management). 1) In the organization of national forest management, more national forest stations should be established to manage intensively, and the staff of working plan officials should be strengthened because of the importance of working plan. 2) By increasing the staff of protection officials, forest area assigned for each protection official should be decreased to 1,000-2,000 ha. 3) The frequent personnel changes of supervisor of national forest station(the responsible person on-the-spot) obstructs to accomplish the consistent management plan. 4) In the working plan drafting for national forest, basic investigations should be carefully practiced with sufficient expenditure and staff not to draft unreal working plan. 5) The area of working-unit should be decreased to less than 2,000 ha on the average for intensive management and the principle of a working-unit in a forest station should be realized as soon as possible. 6) Reforestation on open land should be completed in a short time with a debt of the special fund(a long term loan), and the land on which growing hardwood stands should be changed with conifers to increase productivity per unit area, and at the same time techical utilization method of hardwood should be developed. 7) Expenses of reforestation should be saved by mechanization and use of chemicals for reforestation and tree nursery operation providing against the lack of labour in future. 8) In forest protection, forest fire damage is enormous in comparison with foreign countries, accordingly prevention system and equipment should be improved, and also the minimum necessary budget should be counted up for establishment and manintenance of fire-lines. 9) Manufacture production should be enlarged to systematize protection, processing and circulation of forest business, and, by doing this, mich benefit is naturally given for rural people. 10) Establishment and arrangement of forest road networks and erosion control work are indispensable for the future development of national forest itself and local development. Therefore, these works should be promoted by the responsibility of general accounting instead of special accounting. 11) Mechanization of forest works should be realized for exploiting hinterlands to meet the demand for timber increased and for solving lack of labour, consequently it should promote import of forest machines, home production, training for operaters and careful adminitration. 12) Situation of labour in future will grow worse. Therefore, the countermeasure to maintain forest labourers and pay attention to public welfare facilities and works should be considered. 13) Although the condition of income and expenditure grows worse because of economical change, the regular expenditure should be fixed. So part of the surplus fund, as of the end of 1971, should be established for the fund, and used for enlarging reforestation and forest road networks(preceding investment in national forest).

• Korean small business review
• /
• v.31 no.4
• /
• pp.67-93
• /
• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.