• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.61-72
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• 2019

Since the financial crisis in 1997, large scale unemployment and poverty have become serious, but there has been a surge in public and social job creation projects. However, with the limitations of low-wage and short-term jobs, the need for long-term, high quality jobs gradually began to garner attention. In recent years, social enterprises have grown both quantitatively and qualitatively and interest in social enterprises has increased; more specifically, scholars are interested in the determinants of success and failure of social enterprises in the academic field. In this study, we examined the effects of social enterprise characteristics on financial and social performance. In particular, we empirically analyzed social enterprises registered in the Korea Social Enterprise Agency. The financial performance of the social enterprise was measured using the net income ratio, operating income ratio, and the return on asset. The social performance of the social enterprise was measured by the total number of workers and the employment rate of vulnerable social groups. The characteristics of the social enterprise included CEO characteristics (gender, age, experience in operating the social enterprise), firm size, and the elapsed time of authentication. The results of the empirical analysis are as follows. First, as a result of analysis for the effect on financial performance, we found that the financial performance has a statistically significant, positive relationship with firm size, organizational form, government subsidies, and capital adequacy ratio. And we found that the social performance has a statistically significant, negative relationship with CEO age and credit debt dependence. Second, as a result of analysis for the effect on social performance, we found that the total number of workers had a significant, positive relationship with CEO gender and CEO age, as well as firm size, government subsidies; whereas the total number of workers had a significant, negative relationship with certification type and industry dummy. Comparatively, the employment rate of the vulnerable social groups had a significant, positive relationship with CEO gender and certification type, but there was no statistically significant relationship with the government subsidies or firm size.

• (The) Research of the performance art and culture
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• no.34
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• pp.133-172
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• 2017

Mansuseongjeol was originally a term that referred to the birthday of Chinese emperors. In October 1897, when Emperor Gojong ascended the throne, his birthday could be called mansuseongjeol. The celebratory events for mansuseongjeol took place throughout various levels of society and regions. Various places and classes including government officials, foreigners, students, religious people, journalists, merchants, civic groups, and nation-wide open ports celebrated the birth of Emperor Gojong, and the classes celebrating the day became stronger and wider. In other words, in the sense that the celebration had the nature of being universal, national, and global in terms of classes, regions, and races, the event was distinguished. Due to such nature, celebrating culture proceeded in various ways and the imperial family provided donation. Celebration on mansuseongjeol extended to respect toward the emperor and patriotism so it contributed to strengthening the emperor's power and solidifying the unity of the people. Also, such an event was reported around the world through diplomats and reporters living in Korea, raising the national status of Korea in the world. However, after the breakout of Russo-Japanese War, Japan controlled the finance of the royal family, reduced the power of the emperor, and the celebration of mansuseongjeol was also reduced. Due to the suspension of royal family's financial support, crackdown from Japan, and the dethronement of Emperor Gojong, events for mansuseongjeol disappeared and only inside the palace, did formal celebrations continue centering on pro-Japan officials and Japanese people. The abdication of Emperor Gojong came with the collapse of Korean Empire and along with that, celebration of mansuseongjeol came to an end. In the circumstances, the culture of court banquet disintegrated, and the best performers of Korean Empire degenerated into mere entertainers. Though mansuseongjeol, the medium of expressing respect toward the emperor and patriotism, lost its status, it is significant that the cultural achievements, which were created during the process established with the support of the financial power of the royal family, serve as internal power that drove Korea's modern and contemporary cultural history.

• 한국사회정책
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• v.20 no.3
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• pp.77-115
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• 2013

The purpose of this study is to present empirical evidence for discussion of financing social welfare via estimating optimal tax burden in the main member countries of the OECD by using Hausman-Taylor method considering endogeneity of explanatory variables. Also, the author produced an international tax comparison index reflecting theoretical hypotheses on revenue-expenditure nexus within a model to compare real tax burden by countries and to examine feasibility of tax increase in Korea. As a result of the analysis, the higher the level of tax burden was, the higher the level of welfare expenditure was, indicating the connection between high burden and high welfare from the aspect of scale. The results also indicated that the subject countries recently entered into the state of low tax burden. Meanwhile, Korea had maintained low burden until the late 1990s but the tax burden soared up since the financial crisis related to the IMF. However, due to the impact of foreign economy and the tax reduction policy, it reentered into the low-burden state after 2009. On the other hand, the degree of social welfare expenditure's reducing tax burden has been gradually enhanced since the crisis. In this context, the current optimal tax burden ratio of Korea as of 2010 may be 25.8%~26.5% of GDP based on input of welfare expenditure variables, a percent that Korea was investigated to be a 'high tax burden-low ITC' country whose tax increase of 0.7~1.4%p may be feasible and that the success of tax system reform for tax increase might be higher probability when compare to others. However, measures of increasing social security contributions and consumption tax were analyzed to be improper from the aspect of managing finance when compared to increase in other tax items, considering the relatively higher ITC. Tax increase is not necessarily required though there may be room for tax increase; the optimal tax burden ratio can be understood as the level that may be achieved on average when compared to other nations, not as the "proper" level. Thus, discussion of tax increase should be accompanied with comprehensive understanding of models of economic developmental difference from nations and institutional & historical attributes included in specific tax mix.

• (The)Study of the Eastern Classic
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• no.67
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• pp.203-236
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• 2017

The objective of this study is to suggest the transmission direction and tasks of Ssireum, and the conclusions are like below. First, Ssireum has been designated as a national intangible cultural heritage(No.131) in December 2016. Second, in the current status of preservation and spread of Ssireum, there is no system related to the transmission of Ssireum such as cultivation of professional manpower, and facilities, programs, and administration/finance for transmitting Ssireum. Third, based on the "Intangible Cultural Heritage Preservation & Promotion Act", the transmission direction of Ssireum was suggested. (1)The designation of a college to transmit Ssireum would be needed. (2)The Ssireum curriculum should be established. (3) It would be necessary to secure trainees for transmitting Ssireum. (4)The production of teaching materials for transmitting Ssireum would be needed. (5)It would be needed to secure training institutes designated in each region and also teaching personnels for transmitting Ssireum. (6)The research direction for the correct transmission of Ssireum should be set up. Fourth, based on the "Ssireum Promotion Act", the transmission direction of Ssireum was suggested. (1)It is urgent to complement provisions for transmitting Ssireum. (2)For the transmission of Ssireum, instead of the transmission direction of Ssireum as a national intangible cultural heritage in the standardized perspective, it would be necessary to seek for the joint transmission direction between South & North Korea for research & documentation of Ssireum that could be systematized/shared between South & North Korea, development/spread of contents for discovering the original form of Ssireum, and the establishment of a base of transmission system for the preservation/promotion of Ssireum through the academic/institutional exchanges regarding Ssireum between South and North Korea. Moreover, the overall and fundamental transmission measures for the education, transmission, research, record, and informatization of Ssireum, and the cultivation of professional manpower should be established. Fifth, the contents of institutional tasks for Ssireum are like following. (1)The institutional complementation of the "Ssireum Promotion Act" should be done for the domestic/foreign promotion of Ssireum. (2)For the integration of Ssireum organizations, the administrative system should be unified. (3)The standard technical system manual for Ssireum should be produced. (4)The 'Ssireum Transmission Center' should be built for the preservation and systematic transmission of Ssireum. (5)The selection of a college for transmitting Ssireum and the establishment of a system to cultivate Ssireum successors should be done. (6)It would be necessary to establish database(DB) for the use of Ssireum techniques essential for the transmission of Ssireum.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.13-29
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• 2021

The purpose of this study was to analyze the spatial distribution and location factors of startups by generation (young and middle-aged) in Seoul. To this end, a research model was established that included factors of industry, population, and startup institutions by generation in 424 administrative districts using the Seoul Business Enterprise Survey(2018), which includes data on the age group of entrepreneurs. As an analysis method, descriptive statistics were conducted to confirm the frequency, average and standard deviation of startups by generation and major variables in the administrative districts of Seoul, and spatial distribution and characteristics of startups by generation were analyzed through global and local spatial autocorrelation analysis. In particular, the spatial distribution of startups in Seoul was confirmed in-depth by categorizing and analyzing startups by major industries. Afterwards, an appropriate spatial regression analysis model was selected through the Lagrange test, and based on this, the location factors affecting startups by generation were analyzed. The main results derived from the research results are as follows. First, there was a significant difference in the spatial distribution of young and middle-aged startups. The young people started to startups in the belt-shaped area that connects Seocho·Gangnam-Yongsan-Mapo-Gangseo, while middle-aged people were relatively active in the southeastern region represented by Seocho, Gangnam, Songpa, and Gangdong. Second, startups by generation in Seoul showed various spatial distributions according to the type of business. In the knowledge high-tech industries(ICT, professional services) in common, Seocho, Gangnam, Mapo, Guro, and Geumcheon were the centers, and the manufacturing industry was focused on existing clusters. On the other hand, in the case of the life service industry, young people were active in startups near universities and cultural centers, while middle-aged people were concentrated on new towns. Third, there was a difference in factors that influenced the startup location of each generation in Seoul. For young people, high-tech industries, universities, cultural capital, and densely populated areas were significant factors for startup, and for middle-aged people, professional service areas, low average age, and the level of concentration of start-up support institutions had a significant influence on startup. Also, these location factors had different influences for each industry. The implications suggested through the study are as follows. First, it is necessary to support systematic startups considering the characteristics of each region, industry, and generation in Seoul. As there are significant differences in startup regions and industries by generation, it is necessary to strengthen a customized startup support system that takes into account these regional and industrial characteristics. Second, in terms of research methods, a follow-up study is needed that comprehensively considers culture and finance at the large districts(Gu) level through data accumulation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.95-114
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• 2020

This paper, a meta-analysis of the effect of the start-up support policy on the start-up performance was conducted to examine the effect of the start-up support policy on the start-up performance of beneficiary companies and to provide theoretical and practical implications to support organizations and practitioners. To this end, 35 papers containing the correlation coefficient, which is a positive statistical value, were selected from the previous studies in academic journals and dissertations published in Korea from 2007 to 2020. In the preceding study of the start-up support policy, the independent variables include funding, education support, facility/equipment support, network support, mentoring support, consulting support, marketing support, management support, technical support, manpower support, and finance as a dependent variable. The effect size of the impact on aptitude and non-financial performance was reviewed. The pattern of the effect size was presented as a forest plot for easy visual understanding, and outliers were verified through sensitivity analysis for small-study-effect data with publication convenience. As a result of analyzing the effect size of the government-supported policy, it was verified that the effect size was generally medium or higher, affecting the entrepreneurial performance. Among the independent variables, the factor that has the greatest effect on startup performance is manpower support, followed by technical support, marketing support, management support, facility/equipment support, education support, mentoring support, funding, network support, and consulting support. It was analyzed that the effect size was large in order. As the 「Small and Medium Business Startup Support Act」 was recently reorganized from the manufacturing industry to digital transformation and smartization on October 8, 2020, the start-up support policy should consider the start-up stage and verify the priorities to organize the budget.

• Journal of Intelligence and Information Systems
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• v.28 no.2
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• pp.237-262
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• 2022

There has been a growing interest in IPOs (Initial Public Offerings) due to the profitable returns that IPO stocks can offer to investors. However, IPOs can be speculative investments that may involve substantial risk as well because shares tend to be volatile, and the supply of IPO shares is often highly limited. Therefore, it is crucially important that IPO investors are well informed of the issuing firms and the market before deciding whether to invest or not. Unlike institutional investors, individual investors are at a disadvantage since there are few opportunities for individuals to obtain information on the IPOs. In this regard, the purpose of this study is to provide individual investors with the information they may consider when making an IPO investment decision. This study presents a model that uses machine learning and text analysis to predict whether an IPO stock price would move up or down after the first 5 trading days. Our sample includes 691 Korean IPOs from June 2009 to December 2020. The input variables for the prediction are three tone variables created from IPO prospectuses and quantitative variables that are either firm-specific, issue-specific, or market-specific. The three prospectus tone variables indicate the percentage of positive, neutral, and negative sentences in a prospectus, respectively. We considered only the sentences in the Risk Factors section of a prospectus for the tone analysis in this study. All sentences were classified into 'positive', 'neutral', and 'negative' via text analysis using TF-IDF (Term Frequency - Inverse Document Frequency). Measuring the tone of each sentence was conducted by machine learning instead of a lexicon-based approach due to the lack of sentiment dictionaries suitable for Korean text analysis in the context of finance. For this reason, the training set was created by randomly selecting 10% of the sentences from each prospectus, and the sentence classification task on the training set was performed after reading each sentence in person. Then, based on the training set, a Support Vector Machine model was utilized to predict the tone of sentences in the test set. Finally, the machine learning model calculated the percentages of positive, neutral, and negative sentences in each prospectus. To predict the price movement of an IPO stock, four different machine learning techniques were applied: Logistic Regression, Random Forest, Support Vector Machine, and Artificial Neural Network. According to the results, models that use quantitative variables using technical analysis and prospectus tone variables together show higher accuracy than models that use only quantitative variables. More specifically, the prediction accuracy was improved by 1.45% points in the Random Forest model, 4.34% points in the Artificial Neural Network model, and 5.07% points in the Support Vector Machine model. After testing the performance of these machine learning techniques, the Artificial Neural Network model using both quantitative variables and prospectus tone variables was the model with the highest prediction accuracy rate, which was 61.59%. The results indicate that the tone of a prospectus is a significant factor in predicting the price movement of an IPO stock. In addition, the McNemar test was used to verify the statistically significant difference between the models. The model using only quantitative variables and the model using both the quantitative variables and the prospectus tone variables were compared, and it was confirmed that the predictive performance improved significantly at a 1% significance level.

• Journal of Intelligence and Information Systems
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• v.28 no.3
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• pp.259-278
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• 2022

With the spread of Artificial Intelligence (AI), various AI-based services are expanding in the financial sector such as service recommendation, automated customer response, fraud detection system(FDS), credit scoring services, etc. At the same time, problems related to reliability and unexpected social controversy are also occurring due to the nature of data-based machine learning. The need Based on this background, this study aimed to contribute to improving trust in AI-based financial services by proposing a checklist to secure fairness in AI-based credit scoring services which directly affects consumers' financial life. Among the key elements of trustworthy AI like transparency, safety, accountability, and fairness, fairness was selected as the subject of the study so that everyone could enjoy the benefits of automated algorithms from the perspective of inclusive finance without social discrimination. We divided the entire fairness related operation process into three areas like data, algorithms, and user areas through literature research. For each area, we constructed four detailed considerations for evaluation resulting in 12 checklists. The relative importance and priority of the categories were evaluated through the analytic hierarchy process (AHP). We use three different groups: financial field workers, artificial intelligence field workers, and general users which represent entire financial stakeholders. According to the importance of each stakeholder, three groups were classified and analyzed, and from a practical perspective, specific checks such as feasibility verification for using learning data and non-financial information and monitoring new inflow data were identified. Moreover, financial consumers in general were found to be highly considerate of the accuracy of result analysis and bias checks. We expect this result could contribute to the design and operation of fair AI-based financial services.

• Journal of Korea Entertainment Industry Association
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• v.14 no.4
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• pp.237-250
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• 2020

The purpose of this study was to investigate the relationship between the performance factors of dance performance and the intention to revisit the audience, and to investigate the structural relationship between viewing satisfaction and viewing value. For data processing, SPSS Ver. 21.0 and AMOS Ver. The program of 21.0 was used. Structural relationships were analyzed using a two-step approach, and the significance of the effects was verified using bootstrapping. In addition, a full mediating effect and a partial mediating effect were presented using the three-step regression analysis mediating effect. The results of the study are as follows. First, it was found that the viewing factors influenced the viewing satisfaction and the viewing value. Second, it was found that viewing satisfaction had an intention to revisit and influenced the viewing value. It was also found that the viewing value had an effect on the intention to revisit. Third, in the relationship between the viewing factors of the dance performance and the viewing value, it was found that the viewing satisfaction had a partial mediating effect. Fourth, it was found that the attendance factor of the dance performance was not related to the intention to revisit. However, it was found that the satisfaction of viewing and the value of viewing had a complete mediating effect in relation to the viewing factors of dance performances and the intention to revisit. Through these studies, the dance performance should overcome the inherent limitations of space-time limitations and present basic data for establishing a mid- to long-term marketing strategy that can respond quickly.

• Journal of Korean Home Economics Education Association
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• v.33 no.4
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• pp.139-157
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• 2021

The purpose of this study is to derive implications for Korean home economics curriculum to emphasize consumer competency of adolescents by analyzing the content components of consumer competency presented in 'consumer life' area of middle school home economics curriculum of 3 states in the U.S. The analysis results and implications are summarized as follows: First, the U.S. home economics curriculum is composed of various contents, including credit management, savings/investment/ insurance, taxes, and financial situation, and financial decision-making, to improve adolescent's understanding of finance. In the next revision of Korean curriculum, for financial stability in prolonged life after retirement, it is would be necessary to include contents on basic financial knowledge and technology for financial information utilization so that students can establish financial plans for different life stages in consideration of various variables such as changes in economic environment, etc. Second, the U.S. home economics curriculum was developed to help students make better purchase decisions by applying economic concepts such as prices and interest rates, economic trends and the impact of demand and supply, purchase methods and contract conditions, etc. However, Korean home economics curriculum only focus on purchase plan and purchase decision-making process. It would be necessary to foster consumer transaction competency by introducing economic concepts suitable middle school level. Third, to emphasize "consumer civic competency", Ohio was focusing on "claim of consumer rights" and Wisconsin was focusing on the "acceptance of consumer responsibility." In order to enhance adolescent's consumer civic competency, it would be necessary for Korean curriculum to balance the claim of right and the acceptance of consumer responsibility in the following term, and to emphasize the contents on consumer policies, laws and consumer advocacy to create a consumer environment where consumer sovereignty is realized.