• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.47-65
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• 2023

As stakeholder demands and sustainable finance grow, ESG management and ESG evaluation are becoming important. SMEs should also prepare for the trends of ESG rating practices that affects supply chain management and financial transactions. However, SMEs have no choice but to focus on survival first, so there are restrictions on putting into ESG management. In addition, there is a lack of research on the legitimacy of ESG management by SMEs, and volatility in ESG evaluation systems and rating grades is also increasing. Accordingly, it is necessary to review ESG evaluation trends and practical guidelines along with the review of previous studies. As a result of the exploratory study, SMEs need to implement ESG management and make efforts to specialize in ESG related new businesses under conditions in which their survival base is guaranteed in terms of implementation strategies. In addition, it is necessary to focus on the strategic use of various evaluation results along with accumulating information favorable for ESG evaluation through organizational learning and software management. The implications of this study are that various studies such as the classification criteria for SMEs and the relationship between ESG evaluation grades and long-term survival rates are needed in ESG evaluation of SMEs. At the government policy level, it is time to consider the ESG evaluation system exclusively for SMEs so that ESG management can be implemented and ESG evaluation at different levels by industry and size.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.1-15
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• 2023

Impact investment involves investing in companies that pursue both social value and financial returns. It focuses on addressing various social problems through innovative solutions while generating profits. The domestic impact investment ecosystem has experienced significant growth with the support of the government and public institutions. In 2021, it witnessed a 3.5-fold increase over three years, reaching a total of 700 billion won in operating assets. In order to foster qualitative growth alongside this quantitative expansion, it is crucial to conduct research specifically on impact investment, which sets it apart from conventional venture investment. This study aims to empirically analyze the unique factors that influence impact investment decisions. Firstly, the factors affecting investment decisions were identified through a literature analysis. Then, a consultation and Delphi survey involving 11 representatives and evaluators from impact investment companies was conducted to determine the major investment determinants. Subsequently, an AHP (Analytic Hierarchy Process) survey was carried out with 10 impact investment evaluators to ascertain the relative importance of these factors. The analysis revealed the following order of importance for the top factors: market>entrepreneur(team)>product/service>finance. Furthermore, the importance of specific factors was identified in the following order: market competition and entry barriers>new market creation>market growth and potential expansion>team expertise and capabilities. Unlike previous studies that primarily focus on general startup investment factors, this research demonstrates that impact investment places greater emphasis on market-related factors and considers the sustainability and profitability of the business model to be more important than the social impact of social ventures.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.31-47
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• 2022

The TIPS, a representative public-private cooperative project to revitalize the start-up ecosystem, is a government supported policy that promotes successful commercialization through various start-up support for technology-based startups. The purpose of this study is to analyze the investment decision factors of the TIPS program and to derive priorities. In order to achieve the research purpose, first, the investment decision factors were derived through literature analysis, a Delphi surveys were conducted on investors and experts participating in the evaluation of the TIPS program, and an AHP analysis was conducted on 20 VCs to empirically analyze the priority of factors on investment decisions. As a result of the analysis, the importance of critical factors was confirmed in the order of entrepreneurs(team) > market > product/service > finance > network. The importance of detailed factors was found in the order of entrepreneur's reliability and authenticity > market growth and scalability > team members' expertise and capabilities > adequacy of current market size > new market creation. This study presented the capabilities of technology-based startups preparing to participate in the TIPS program by deriving factors that influence investment decisions from an investor's perspective and comparing and analyzing the importance. It is also meaningful that basic data on determinants of private-led investment decision-making were presented to stake-holders such as venture capital, accelerator, and start-up support institutions.

• Journal of the Daesoon Academy of Sciences
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• v.48
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• pp.407-443
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• 2024

The relationship between finance, natural disasters and epidemics, the Liang Province Rebellion of mostly Qiang ethnic groups, and the occurrence of displaced persons in the Later Han Dynasty, is examined in this article. Also explored is the financial crisis that had started accumulating in the Later Han Dynasty, as well as the Yellow Turban Rebellion and the displacement of the people. It is argued in this research that the financial crisis had an influence on the occurrence. The Yellow Turban Rebellion began in 184, seventeenth year of Lingdi's reign. The rebellion was an incident that occurred due to a complex combination of natural calamities and man-made disasters. Various natural disasters during the Lingdi period, poor measures for immigration, and Lingdi's refusal to accept Yangci and Liu Tao's advice that the immigrants should return home were the direct causes of the Yellow Turban Rebellion. In short, the increase in military spending due to natural disasters and the Liang Province Rebellion caused financial deterioration were the direct causes of the Yellow turban rebellion. The Yellow Turban Rebellion was suppressed in less than a year. Therefore, the Yellow Turban Rebellion itself was not the cause of the collapse of the Later Han Dynasty. It was rather case that the great fire in South Palace in Luoyang, the capital of Later Han Dynasty, in 185, the increase in taxes of 10 qian per mu (畝) to rebuild the palace, the open and compulsory encouragement of the trafficking of official posts, and the exploitation of civil servants, which destabilized the population. Thereupon, rebellions broke out among the people in various places. Therefore, unlike the Yellow Turban Rebellion, the collapse of the Later Han Dynasty should be viewed as primarily the result of man-made calamities rather than natural disasters.

• Information Systems Review
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• v.22 no.1
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• pp.125-146
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• 2020

With the penetration of the Internet and e-commerce, a 'crowdfunding' has emerged as a new way of financing. Crowdfunding has the advantage for a person to able to a simple way to finance her/his an innovative product or service from crowd. However, the success rate for crowdfunding projects is less than half. In this study, we introduce social exchange theory to explore the impact of trust and perceived psychological risk on the intention to participate in a crowdfunding website. Different from previous studies that have focused on a crowdfunding creator, we consider two different perspectives of a project creator and a project supporter. In addition, we compare perceptions of crowdfunding in different cultural contexts by conducting survey in two different countries Korea and Austria. Result shows that trust in recommendation and trust in website have different impacts on the intention to participate from two different perspectives. It also shows that perception of the quality and transparency of information provided by crowdfunding website has greater impact on trust in Korea than that in Austria. In case of perception of psychological risk, it has a negative impact on Austria's intention to create or support a project. On the other hand, it has relatively small impact on the intention to support and does not affect the intention to create a project in Korea.

• Information Systems Review
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• v.21 no.2
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• pp.117-137
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• 2019

In the Big Data era, data science has become popular with the production of numerous data in various domains, and the power of data has become a competitive power. There is a growing interest in unstructured data, which accounts for more than 80% of the world's data. Along with the everyday use of social media, most of the unstructured data is in the form of text data and plays an important role in various areas such as marketing, finance, and distribution. However, text mining using social media is difficult to access and difficult to use compared to data mining using numerical data. Thus, this study aims to develop Korean Natural Language Application (KoALA) as an integrated application for easy and handy social media text mining without relying on programming language or high-level hardware or solution. KoALA is a specialized application for social media text mining. It is an integrated application that can analyze both Korean and English. KoALA handles the entire process from data collection to preprocessing, analysis and visualization. This paper describes the process of designing, implementing, and applying KoALA applications using the design science methodology. Lastly, we will discuss practical use of KoALA through a block-chain business case. Through this paper, we hope to popularize social media text mining and utilize it for practical and academic use in various domains.

• Information Systems Review
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• v.21 no.2
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• pp.139-155
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• 2019

Recently, the domestic e-commerce market has achieved remarkable growth through the spread of e-commerce throughout the industry. Nevertheless, the ratio of e-commerce use by our small and medium-sized enterprises has turned out to be very low. The reason for this low participation rate of SMEs in B2B e-commerce market is due to various reasons, but also the lack of empirical performance measurement and evaluation considering the characteristics of B2B e-commerce market in which SMEs participate. Therefore, this study was intended to analyze the effectiveness of B2B e-commerce use of B2B e-commerce to companies that are provided in conjunction with e-Marketplace by public credit guarantee agencies with experience in use. To this end, 14 items related to finance derived through prior research were used to conduct management performance analysis and hypothesis verification from a financial perspective. The implications of this study are expected to be that an empirical performance analysis from the financial perspective of a B2B e-commerce guarantee Utilized company can be used as a basis for policymaking for the activation of the B2B e-commerce guarantee in the future, thus contributing to the establishment of a stable business environment by supporting the expansion of e-commerce by small and medium-sized businesses.

• Information Systems Review
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• v.20 no.2
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• pp.209-226
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• 2018

Location-based services have distinctive service characteristics compared to the past online commerce used on the desktop. In any place, mobile communication devices can be used to access online and utilize online shopping, and it is more convenient for users. In addition, by providing shopping and service information specific to each location, it is possible to provide convenience to the consumers according to their locations. In addition, it provides scarcity of information as well as location, thereby increasing consumers' desire to purchase. In this study, we investigated the effect of scarcity on the Purchase intention of consumers in location-based services. The steps of scarcity are: first, a step without scarcity, Second, providing time limit information, Third, providing quantity limitation information, Fourth, the experiment was designed to provide time and quantity limitation, and 4 groups were analyzed through experimental stimuli The purpose of this study is to verify the moderating effect of the dependent variable on the degree of scarcity by adding 'ubiquity', 'interactivity' and 'privacy' which are characteristics of location-based service. As a result of the analysis, scarcity of time and scarcity of quantity limitation scarcity stimuli showed a moderating effect on ubiquity, interactivity and consumer's purchase intention, and these variables also directly or indirectly affected positively. Consumer confidence was found to have a negative effect on consumers' purchase intentions.

• Korean Journal of Construction Engineering and Management
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• v.25 no.4
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• pp.34-44
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• 2024

In defense and military facility projects, adjustments to contract amounts due to design changes directly or indirectly affect factors such as increased construction costs and extended construction periods. Moreover, they can lead to differences of opinion and conflicts between the military and contracting parties. This case study analyzed the integrated management of defense and military facility projects by the Gyeonggi Southern Facilities Division, which oversees projects in Seoul and the southern Gyeonggi Province region for the Army, Navy, Marine Corps, and Air Force. Out of 388 completed projects, 103 cases with design changes were selected for analysis, aiming to ensure the reliability of data regarding the proportion of design changes in project completion. The study classified samples by the causes of design changes specified in the Ministry of Planning and Finance's contract regulations, assigning rankings based on the occurrence rates of each cause. Furthermore, it analyzed detailed factors for each cause of design change and derived implications to propose improvement measures. Considering the limited access to military primary data, this case study is expected to contribute to minimizing design changes in defense and military facility projects. Additionally, it is anticipated to be practically useful for subsequent research on contract amount adjustments resulting from design changes.

• Journal of Technology Innovation
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• v.11 no.1
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• pp.147-176
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• 2003

This Paper Presents a new measurement technique to derive the level of BSRC (Basic Science and Research Capacity) index by use of the factor analysis which is extended with the assumption of the standard normal probability distribution of the selected explanatory variables. The new measurement method is used to forecast the gap of Korea's BSRC level compared with those of major OECD countries in terms of time lag and to make their international comparison during the time period of 1981∼1999, based on the assumption that the BSRC progress function of each country takes the form of the logistic curve. The US BSRC index is estimated to be 0.9878 in 1981, 0.9996 in 1990 and 0.99991 in 1999, taking the 1st place. The US BSRC level has been consistently the top among the 16 selected variables, followed by Japan, Germany, France and the United Kingdom, in order. Korea's BSRC is estimated to be 0.2293 in 1981, taking the lowest place among the 16 OECD countries. However, Korea's BSRC indices are estimated to have been increased to 0.3216 (in 1990) and 0.44652 (in 1999) respectively, taking 10th place. Meanwhile, Korea's BSRC level in 1999 (0.44652) is estimated to reach those of the US and Japan in 2233 and 2101, respectively. This means that Korea falls 234 years behind USA and 102 years behind Japan, respectively. Korea is also estimated to lag 34 years behind Germany, 16 years behind France and the UK, 15 years behind Sweden, 11 years behind Canada, 7 years behind Finland, and 5 years behind the Netherlands. For the period of 1981∼1999, the BSRC development speed of the US is estimated to be 0.29700. Its rank is the top among the selected OECD countries, followed by Japan (0.12800), Korea (0.04443), and Germany (0.04029). the US BSRC development speed (0.2970) is estimated to be 2.3 times higher than that of Japan (0.1280), and 6.7 times higher than that of Korea. German BSRC development speed (0.04029) is estimated to be fastest in Europe, but it is 7.4 times slower than that of the US. The estimated BSRC development speeds of Belgium, Finland, Italy, Denmark and the UK stand between 0.01 and 0.02, which are very slow. Particularly, the BSRC development speed of Spain is estimated to be minus 0.0065, staying at the almost same level of BSRC over time (1981 ∼ 1999). Since Korea shows BSRC development speed much slower than those of the US and Japan but relative]y faster than those of other countries, the gaps in BSRC level between Korea and the other countries may get considerably narrower or even Korea will surpass possibly several countries in BSRC level, as time goes by. Korea's BSRC level had taken 10th place till 1993. However, it is estimated to be 6th place in 2010 by catching up the UK, Sweden, Finland and Holland, and 4th place in 2020 by catching up France and Canada. The empirical results are consistent with OECD (2001a)'s computation that Korea had the highest R&D expenditures growth during 1991∼1999 among all OECD countries ; and the value-added of ICT industries in total business sectors value added is 12% in Korea, but only 8% in Japan. And OECD (2001b) observed that Korea, together with the US, Sweden, and Finland, are already the four most knowledge-based countries. Hence, the rank of the knowledge-based country was measured by investment in knowledge which is defined as public and private spending on higher education, expenditures on R&D and investment in software.