• The Journal of Korean Society for Radiation Therapy
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• v.20 no.2
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• pp.91-102
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• 2008

Purpose: To enlarge the efficiency of operation and establish a constituency for development of new radiotherapy treatment through database which is established by arranging and indexing radiotherapy related affairs in well organized manner to have easy access by the user. Materials and Methods: In this study, Access program provided by Microsoft (MS Office Access) was used to operate the data base. The data of radiation oncology was distinguished by a business logs and maintenance expenditure in addition to stock management of accessories with respect to affairs and machinery management. Data for education and research was distinguished by education material for department duties, user manual and related thesis depending upon its property. Registration of data was designed to have input form according to its subject and the information of data was designed to be inspected by making a report. Number of machine failure in addition to its respective repairing hours from machine maintenance expenditure in a period of January 2008 to April 2009 was analyzed with the result of initial system usage and one year after the usage. Results: Radiation oncology database system was accomplished by distinguishing work related and research related criteria. The data are arranged and collected according to its subjects and classes, and can be accessed by searching the required data through referring the descriptions from each criteria. 32.3% of total average time was reduced on analyzing repairing hours by acquiring number of machine failure in addition to its type in a period of January 2008 to April 2009 through machine maintenance expenditure. Conclusion: On distinguishing and indexing present and past data upon its subjective criteria through the database system for radiation oncology, the use of information can be easily accessed to enlarge the efficiency of operation, and in further, can be a constituency for improvement of work process by acquiring various information required for new radiotherapy treatment in real time.

• Journal of Korean Society of Forest Science
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• v.85 no.4
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• pp.596-604
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• 1996

This study was carried out to offer the successive method of cultivation and increase the productivity of mushroom yield with good quality through the elevation of rate of spawn development for Lentinus edodes. Studied about the analysis of current management of actural cultivation, a base of these, researched and presented for the upward method of productivity through an experiment of the high rate of spawn development and cultivation, putting first cultural environment. The results obtained were as follows ; 1. As the result of the analysis of current management in actural cultivation, many cultivators had a tendency to neglect managements of cultivation. These were reason for the deficiency of labour, funds and the lack of knowledge of cultivation, etc. 2. Water contents in bed logs according to the date of inoculation was shown as the decreasing order of 28.63%(3/12), 25.20%(3/25) and 23.19%(4/10). For the purpose of the maintenance of the water contents, the full-development of mycelium in bed logs and the dispersion of labour, the date of inoculation should be started in the early March. 3. The difference of the rate of spawn development among species was not shown, 100%(Mori 465). 98.98%(Mori 3046) on the spawn in high temperature and 98.97%(Mori 290) on the spawn in low temperature. The relative rate of spawn development was 97.70%(Mori 465), 82.45%(Mori 3046) on the spawn in high temperature and 88.87%(Mori 290) on the spawn in low temperature, it showed the difference. The spawn should be selected carefully in the future, as the spawn of cultivater's preference showed the difference for the development of mycelium. 4. The rate of spawn development following the date of inoculation was 100.0%(3/12), 98.98%(3/25) and 96.79%(4/10) on the spawn in high temperature and 99.09%(3/12), 98.97%(3/25) and 97.89% (4/10) in low temperature, it showed little difference. And the relative rate of spawn development was 97.70%(3/12), 82.45%(3/25) and 81.42%(4/10) on the spawn in high temperature and 93.27%(3/12), 89.67%(3/25) and 88.87%(4/10) that in low temperature, As the result of the relative rate, the time of inoculation of spawn should begin in the early March. 5. The height of stock logs on temporary placing should be less than 60cm at most on the surface, because of the low rate of water contents.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.1-13
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• 2019

As a way to find new and innovative technologies, many companies have invested in and acquired skilled startups. Because startups are usually small in size and have a small history of past business experience, there are many risks involved in acquiring them as they have limited technical skills and business feasibility verification methods. Thus, venture capital plays an important role in discovering and investing competitive startups. While Independent Venture Capital generally values financial returns, Corporate Venture Capital, which plays investment roles in the firm, values business synergies with the parent company from a strategic perspective. In an industry sector where development of technology is rapid and whether new technology is held determines a company's competitiveness, existing companies incorporate startups with innovative technologies into their investment portfolios, collaborate together, and take over for comprehensive cooperation. In addition, new investments and acquisitions are carried out through the management of portfolio companies to obtain and utilize industry information. In this paper, major U.S. companies listed in the U.S. verified their investment activities through corporate venture capital and their impact on parent companies and startups through regression, while the parent company's acquisition performance was analyzed through an event study based on a stock price analysis. The criteria for startup were defined as companies with less than 12 years of experience, and the analysis showed that the parent companies with corporate venture capital with a larger number of investments actively take over startups. In addition, increasing corporate venture capital's financial investment activities shows a negative impact on the parent companies' acquisition activities, and the acquisition performance increased when the parent companies took over startups in its portfolio.

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

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.165-190
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• 2008

The degree of informational asymmetry relating to the expiration of index derivatives is usually increased as an expiration day of index derivatives approaches. The increase in the degree of informational asymmetry may have some effects on trading behavior of investors. To examine what the effects look like, 'life cycle of index derivatives' in this study is defined as three adjacent periods around expiration day: pre-expiration period(a week before the expiration day), post-expiration period(a week after the expiration day), and remaining period. It is inspected whether stock investor's trading behavior is changed according to the life cycle of KOSPI200 derivatives and what the reason of the changing behavior is. We have four results. First, trading behavior of each investor group is categorized into three patterns: ㄱ-pattern, L-pattern and U-pattern. The level of trading activity is low for pre-expiration period and normal for other periods in the ㄱ-pattern. L-pattern means that the level of trading activity is high for post-expiration period and normal for other periods. In the U-pattern, the trading activity is reduced for remaining period compared to other periods. Second, individual investors have ㄱ-pattern of trading large stocks according to the life cycle of KOSPI200 index futures while they show U-pattern according to the life cycle of KOSPI200 index options. Their trading behavior is consistent with the prediction of Foster and Viswanathan(1990)'s model for strategic liquidity investors. Third, trading pattern of foreign investors in relation to life cycle of index derivatives is partially explained by the model, but trading pattern of institutional investors has nothing to do with the predictions of the model.

• Journal of Intelligence and Information Systems
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• v.24 no.3
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• pp.157-176
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• 2018

The purpose of this research is to develop a detection model for companies designated as administrative issue in KOSDAQ market using financial data. Administration issue designates the companies with high potential for delisting, which gives them time to overcome the reasons for the delisting under certain restrictions of the Korean stock market. It acts as an alarm to inform investors and market participants of which companies are likely to be delisted and warns them to make safe investments. Despite this importance, there are relatively few studies on administration issues prediction model in comparison with the lots of studies on bankruptcy prediction model. Therefore, this study develops and verifies the detection model of the companies designated as administrative issue using financial data of KOSDAQ companies. In this study, logistic regression and decision tree are proposed as the data mining models for detecting administrative issues. According to the results of the analysis, the logistic regression model predicted the companies designated as administrative issue using three variables - ROE(Earnings before tax), Cash flows/Shareholder's equity, and Asset turnover ratio, and its overall accuracy was 86% for the validation dataset. The decision tree (Classification and Regression Trees, CART) model applied the classification rules using Cash flows/Total assets and ROA(Net income), and the overall accuracy reached 87%. Implications of the financial indictors selected in our logistic regression and decision tree models are as follows. First, ROE(Earnings before tax) in the logistic detection model shows the profit and loss of the business segment that will continue without including the revenue and expenses of the discontinued business. Therefore, the weakening of the variable means that the competitiveness of the core business is weakened. If a large part of the profits is generated from one-off profit, it is very likely that the deterioration of business management is further intensified. As the ROE of a KOSDAQ company decreases significantly, it is highly likely that the company can be delisted. Second, cash flows to shareholder's equity represents that the firm's ability to generate cash flow under the condition that the financial condition of the subsidiary company is excluded. In other words, the weakening of the management capacity of the parent company, excluding the subsidiary's competence, can be a main reason for the increase of the possibility of administrative issue designation. Third, low asset turnover ratio means that current assets and non-current assets are ineffectively used by corporation, or that asset investment by corporation is excessive. If the asset turnover ratio of a KOSDAQ-listed company decreases, it is necessary to examine in detail corporate activities from various perspectives such as weakening sales or increasing or decreasing inventories of company. Cash flow / total assets, a variable selected by the decision tree detection model, is a key indicator of the company's cash condition and its ability to generate cash from operating activities. Cash flow indicates whether a firm can perform its main activities(maintaining its operating ability, repaying debts, paying dividends and making new investments) without relying on external financial resources. Therefore, if the index of the variable is negative(-), it indicates the possibility that a company has serious problems in business activities. If the cash flow from operating activities of a specific company is smaller than the net profit, it means that the net profit has not been cashed, indicating that there is a serious problem in managing the trade receivables and inventory assets of the company. Therefore, it can be understood that as the cash flows / total assets decrease, the probability of administrative issue designation and the probability of delisting are increased. In summary, the logistic regression-based detection model in this study was found to be affected by the company's financial activities including ROE(Earnings before tax). However, decision tree-based detection model predicts the designation based on the cash flows of the company.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.66-79
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• 2016

A discussion has recently emerged over the increase of approvals of K-REITs, which is concluded on the basis of how to raise funds for business activity, fulfill the expected rate of return and maximize the management of managing investment funds. In addition, corporations need to acknowledge the necessity of the capital structure reflected in the current economic environment and decision-making processes. This research analyzed the characteristics by investment types and influence factors about the debt ratio of K-REITs. The data were collected from general management about business state, investment, and finance from 2002 to 2015 in K-REITs (except for the GFC period of 2007~2009). The results of the research demonstrated the high ratios of the largest shareholder characteristics, which are corporation, pension funds, mutual funds, banks, securities, insurance, and, recently, the increasing ratio of the largest shareholder and major stockholder. The investment of K-REITs is increasing the role of institutional investors that take a leading development of K-REITs. The behaviors of simultaneous investment of institutional investors were analyzed to show that they received higher interest rates than other financial institutions and ran in parallel with attraction and compensation. The results of the multiple regressions analysis, utilizing variables about debt ratio were as follows. The debt ratio showed a negative (-) relation that profitability is increasing, which matches the pecking order theory and trade off theory. On the other hand, investment opportunities (growth potential) showed a negative (-) relation and assets scale that indicated a positive (+) relation. The research results are reflected as follows. K-REITs focused on private equity REITs more than public offering REITs, and in the case of financing the capital of others, loan capital is operated under the guarantee of tangible assets (most of real estate) more than financing of the stock market. Further, after the GFC, the capital of others was actively utilized in K-REITs business, and the debt ratio showed that the determinant factors by the ratio and characteristics of the largest shareholder and investment products.

• Management & Information Systems Review
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• v.36 no.4
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• pp.117-127
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• 2017

In recent times the size of the world IPO in general has skyrocketed. Specifically, China's financial market development is becoming important as both the size of China's capital market and the number of companies going public are gradually increasing. This has led to a rapid development of venture vapital(VC) institutions in China for the past couple of decades. This study focuses on one of the three markets of China's Shenzhen Stock Exchange-the Growth Enterprise Board((GEB) hereafter, ChiNext). The ChiNext is established in October, 2009 to enable hi-tech or high growth potential technology companies that find it relatively difficult to fulfil the listing requirements of either the Shenzhen Main Board or Small and Medium Size Enterprise Board(SMEB) to go public. This study covers a three-year period(2012/01/-2015/01) and analyze first day initial return of 83 venture capital-backed companies and 53 non-venture capital-backed companies using T-test. Regression analysis is used as to examine the variables affecting IPO's first-day return. The empirical results are four-fold. First, the level of first day return of venture-backed is significantly lower than non venture capital backed support in the Chinese venture capital market. Second, the level of first-day return of listed companies supported by foreign venture capital is significantly higher than that of companies receiving domestic venture capital support. Third, the firms that have a large number of venture capital firms showed a low level of first-day return. Fourth, regression result for the IPO first-day return which is as dependent variable indicates that the venture capital support(VCAP), number of venture capital(VCNum), offering size(Lnsize) and PER all affect have negative effect on the first day initial return. Also, the venture capital type(VCType), turnover ratio and the the firm type(Tech-firms) statistically affect IPO first day return positively. Finally, by shedding more light on the IPO first-day return, this paper provides meaningful information to investors about the Chinese IPO market.

• Journal of dental hygiene science
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• v.3 no.1
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• pp.5-10
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• 2003

The purpose of this study was to examine how medical personnels in the field of dentistry perceived the introduction of the yearly income system in an effort to determine some of the right directions for that and find out in which way that could be vitalized. For that purpose, literature concerned and relevant materials were reviewed, and a survey was conducted on 95 medical personnels, who were working at dental hospitals and clinics throughout the nation, for approximately five months from April through August 2002. After the collected data were analyzed, the following findings were acquired; (1) Regarding their awareness of the yearly income system by the type of institute, the workers from the dental hospitals found the yearly income system, more than the others from the dental clinics did, to enlarge their sense of involvement in management (p<.001), further work productivity(p<.01), awake their target-oriented sense of mission(p<.01) and make them feel uneasy about their future(p<.05). (2) As to differences between the dentists and dental hygienists, the former group had a higher opinion about that system(p<.01) and its effect on impartial performance appraisal(p<.01), encouraging medical personnels to deploy their abilities(p<.01), furthering work productivity(p<.001), intensifying a target-oriented sense of mission(p<.001). (3) Concerning their perception by career, those who had longer experience to work in that field considered it to strengthen work severity(p<.05) more than the others who had shorter experience did, and the former group thought that system was more likely to concentrate on a short-term achievement (p<.05). The workers who had been working for three to five years were more conscious of change in office hours (p<.01), and those who had been working for two or less years viewed that system most favorably(p<.05). (4) In order for that system to be successful, impartial performance appraisal was most widely called for(31.6%), followed by trust between labor and management(26.3%), worker's positive attitude toward that system(16.8%), CEO's firm belief in that(12.3%), and setting up a feasible target. The workers from the dental hospitals put more stress on medical personnel's favorable attitude toward that system(p<.05) than the others from the dental clinics did. And the dentists placed more stock in setting up a feasible target, which was a criteria of determining the amount of annual income, than the dental hygienists did.

• Journal of Korean Society of Forest Science
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• v.61 no.1
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• pp.37-44
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• 1983

This study was to estimate total annual volume growth by the measurement of mean tree growth during the last 10 years. Surveyed Forest stand was the second block (20.80 ha.)of Kyung Hee University Forests located at San 58 and 64, Gaegok-Ri, Gapyung-Yeup, Gapyung-Goon, Kyunggi province in Korea. The stand was mainly composed of uneven-aged Pinus densiflora and the estimation of tree volume was conducted by taking the cores at the D.B.H. of the sample tree which was selected by sub-sampling. The results obtained were as follows; 1) The regression between the diameter (D) and diameter growth ($\hat{I}$) was $\hat{I}=0.5499+0.0101D$. 2) The estimated equation of confidence interval for the diameter growth was $S^2{\hat{I}}=0.00817(0.09538-0.00952D+0.00027D^2$) 3) The equation for estimating tree height (H) from diameter was $H=1.32376D^{0.77958}$ 4) The equation for estimating tree volume from diameter and height $V=0.0000622D^{1.6918}H^{1.1397}$ 5) Total annual tree volume growth was $5.4041m^3/ha$, and ranged from 5.6131 to $5.1984m^3/ha$. 6) Annual growth rate of total tree volume and its error were 8.8% and 3.9%, respectively. The annual volume growth per tree for any districts can be estimated by this method, and the annual volume growth will be successfully predicted. Because of poor forest growing stock in Korea, annual amount of allowable cut should not exceed annual tree volume growth for better forest management. Accordingly, annual amount of allowable cut should be either equal to or less than annual tree volume growth for the balanced establishment between timber supply and demand in Korea. Demand shortage will be substituted with imported timber. Such plans enable Korean Government to develop a better policy of forest resources management.