• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.12 no.4
• /
• pp.15-24
• /
• 2017

The major goal of this paper falls on developing new rational valuation model, to help companies and investors in the early stage of growth as to preparing and negotiating valuation of investment, by applying new reasonable discount indexes of calculating Discount Cash Flow in valuation of the start-up which has been recognized the critical fatal flaws of DCF with them. There are three specific studies done in this paper. First, this paper found the solid and viable bases of rational discount indexes as to applying DCF in valuing companies in the early growth stage with reviewing the previous studies including Berkus method, Scorecard Method, and Risk factor Summation method classified the most effective tools of valuing pre-revenue generating companies. Second, this paper quoted and analyzed the previous models and studies, so called, 'DCF-Prime' of applying DCF method as to value companies in the early growth stage by taking all risk factors innate to the companies in the early growth stage as the discount rate Beta coefficient. Third, this paper propose more viable and solid valuation models, so called, 'DCF-Plus'of combing all validated valuation factors in Berkus, Scorecard, and Risk Factor Summation methods into applying separate discount bracket after DCF Valuation over the companies in the early growth stage instead of taking them as the factors of discount rate, beta coefficient, like the previous model of DCF-Prime. DCF-Plus mainly developed in this paper will not only provide more rational valuation bases as to investment negotiation between companies and investors in the early growth stage, but also providing more accountable guidelines to companies in the early growth as to prepare investment raising and accelerating their company's value by themselves.

• Journal of Intelligence and Information Systems
• /
• v.29 no.3
• /
• pp.145-165
• /
• 2023

Recommendation system plays a significant role on relieving difficulties of selecting information among rapidly increasing amount of information caused by the development of the Internet and on efficiently displaying information that fits individual personal interest. In particular, without the help of recommendation system, E-commerce and OTT companies cannot overcome the long-tail phenomenon, a phenomenon in which only popular products are consumed, as the number of products and contents are rapidly increasing. Therefore, the research on recommendation systems is being actively conducted to overcome the phenomenon and to provide information or contents that are aligned with users' individual interests, in order to induce customers to consume various products or contents. Usually, collaborative filtering which utilizes users' historical behavioral data shows better performance than contents-based filtering which utilizes users' preferred contents. However, collaborative filtering can suffer from cold-start problem which occurs when there is lack of users' historical behavioral data. In this paper, hybrid music recommendation system, which can solve cold-start problem, is proposed based on the playlist data of Melon music streaming service that is given by Kakao Arena for music playlist continuation competition. The goal of this research is to use music tracks, that are included in the playlists, and metadata of music tracks and playlists in order to predict other music tracks when the half or whole of the tracks are masked. Therefore, two different recommendation procedures were conducted depending on the two different situations. When music tracks are included in the playlist, LightFM is used in order to utilize the music track list of the playlists and metadata of each music tracks. Then, the result of Item2Vec model, which uses vector embeddings of music tracks, tags and titles for recommendation, is combined with the result of LightFM model to create final recommendation list. When there are no music tracks available in the playlists but only playlists' tags and titles are available, recommendation was made by finding similar playlists based on playlists vectors which was made by the aggregation of FastText pre-trained embedding vectors of tags and titles of each playlists. As a result, not only cold-start problem can be resolved, but also achieved better performance than ALS, BPR and Item2Vec by using the metadata of both music tracks and playlists. In addition, it was found that the LightFM model, which uses only artist information as an item feature, shows the best performance compared to other LightFM models which use other item features of music tracks.

• Asia Marketing Journal
• /
• v.13 no.4
• /
• pp.29-54
• /
• 2012

Recently, as film has been admitted as the artistic merit and higher value-added business, the past studies on film have been lively carried on various fields. Especially, the film business is thought to be value-added business and has explored the causes of influencing spectators. However, there are no researches enough to explain what induces the choice and diffusion of the film. The film is not only hedonic products but also typical example of experiential products. So how to process film formation plays important roles in explaining the procedures of forming preference on the film and the movies spread more widely. But the great part of study of films has been concentrated on exploring hedonic factors of influencing spectator's choice. Until now there is not enough study for the relationship between experiential information processing and film preference. To explain film's preference, our study focuses on preference fluency and processing fluency that can provide an insight for our question about the relationship. In this article, to explain the procedures of processing experiential information and forming preference on the film, our study focuses on finding the relationship between film's processing fluency and film's preference fluency and explores the factors that affect film's processing fluency. To achieve the goal of this study, we distinguish factors of film's conceptual fluency from factors of film's perceptual fluency and explore the paths from the factors to film's preference fluency. The factors which have effects on perceptual fluency are hypothesized to be distinction of image expression, distinction of sound expression, correspondence between actors' image and their role. The factors which have effect on conceptual fluency are supposed to be well-organized story, suitability of lines expression. The experiments in which students were sampled at 'C' university were conducted in 2010 (december). Data collection was proceeded through questionnaires. We test the hypothesized model by using structural equation modeling(Amos 17.0). The fit indices for the model are as follows : x²=416.266(df=213, p=0.00), GFI=0.855, AGFI=0.812, RMSEA =0.069, IFI=O.925, CFI=0.920, TLI=0.905. According to the guidelines, there is evidence that our measurement model fits data. The results of empirical study are as follows. The path from film's perceptual fluency to film's preference fluency is supported(estimate: 0.223, C.R: 2.641). The path from film's conceptual fluency to film's preference fluency is supported(estimate: 0.397, C.R: 4.863). The path from distinction of image expression to film's perceptual fluency is not supported(estimate: 0.113, C.R: 1.665). The path from distinction of sound expression to film's perceptual fluency is supported (estimate: 0.190, C.R: 2.042). The path from correspondence between actors' image and their role to film's perceptual fluency is supported(estimate: 0.686, C.R: 5.566). The path from well-organized story to film's conceptual fluency is supported(estimate: 0.396, C.R: 4.023). The path from suitability of lines expression to film's conceptual fluency is supported(estimate: 0.536, C.R: 5.441). Concludingly, our study explored the influencing factors of film's processing fluency inducing film's Preference fluency. First, film's perceptual fluency and film's conceptual fluency have positive effects on film's preference fluency. Second, distinction of image expression is not significant on film's perceptual fluency, but distinction of sound expression and image's correspondence of actors' image and their role have positive effects on film's perceptual fluency. Lastly, well-organized story and suitability of lines expression have positive effects on film's conceptual fluency.

• Asia Marketing Journal
• /
• v.13 no.3
• /
• pp.25-53
• /
• 2011

This study probes the effect of loyalty program on the customer retention based on the real transaction data(n=2,892) acquired from education service industry. We try to figure out the outcomes of reward program through more than 1 year-long data gathered and analyzed according to quasi-experimental design(i.e., before and after design). We adopt this kinds of research scheme in regard that previous studies measured the effect of loyalty program by dividing the customers into two group(i.e., members vs. non-members) after the firms or stores had started the program. We believe that it might not avoid the self-selection bias. The research questions of this study could be explained such as: First, most research said that the loyalty programs could increase the customer loyalty and contribute to the sustainable growth of company. But there are little confirmation that this promotional tool could be justified in terms of financial perspective. Thus, we are interested in both the retention rate and financial outcomes caused by the introduction of loyalty programs. Second, reward programs target mainly current customer. Especially CRM(customer relationship management) said that it is more profitable for company to build positive relationship with current customer instead of pursuing new customer. And it claims that reward program is excellent means to achieve this goal. For this purpose, we check in this study whether there is a interaction effect between loyalty program and customer type in retaining customer. Third, it is said that dis-satisfied customers are more likely to leave the company than satisfied customers. While, Bolton, Kannan and Bramlett(2000) claimed that reward program could contribute to minimize the effect of negative service by building emotional link with customer, it is not empirically confirmed. This point of view explained that the loyalty programs might work as exit barrier to current customer. Thus, this study tries to identify whether there is a interaction effect between loyalty program and service experience in keeping customer. To achieve this purpose, this study adopt both Kaplan-Meier survival analysis and Cox proportional hazard model. The research outcomes show that the average retention period is 179 days before introducing loyalty program but it is increased to 227 days after reward is given to the customers. Since this difference is statistically significant, it could be said that H1 is supported. In addition, the contribution margin coming from increased transaction period is bigger than the cost for administering loyalty programs. To address other research questions, we probe the interaction effect between loyalty program and other factors(i.e., customer type and service experience) affecting it. The analysis of Cox proportional hazard model said that the current customer is more likely to engage in building relationship with company compared to new customer. In addition, retention rate of satisfied customer is significantly increased in relation to dis-satisfied customer. Interestingly, the transaction period of dis-satisfied customer is notably increased after introducing loyalty programs. Thus, it could be said that H2, H3, and H4 are also supported. In summary, we found that the loyalty programs have values as a promotional tool in forming positive relationship with customer and building exit barrier.

• Journal of Environmental Science International
• /
• v.17 no.6
• /
• pp.611-621
• /
• 2008

This study intends to provide the necessary basic data needed for predicting the water quality and examining changes in water quality on the basis of the hydrological changes: an outflow or the character of a flow by investigating the interaction of the parameters through the estimation of optimal parameters need for predicting the water quality of the dam basin and the sensitivity among those estimated parameters. Im-Ha Dam in the upstream area of the Nakdong River was selected for analysis, and the water quality survey data necessary for parameter estimation was based on the monthly water quality data (water temperature, BOD, T-N and T-P) between December 1, $2005{\sim}$November 31, 2006. K1C(the saturated growth rate of plant plankton), K1RC (endogenous respiratory quotient of plankton), KDC(deoxidized ratio), K71C(minealized ratio of dissolved organic phosphorus), K83C(mineralized ratio of dissolved organic nitrogen) have been considered as the factors of the water quality performed in this water quality simulation, that is, the most effective parameters on BOD, T-N and T-P. In the result of the analysis of the sensitivity, KDC(deoxidized ratio) was the most sensitively reacted parameter on BOD and it was K71C(mineralized ratio of dissolved organic phosphorus) and K83C(mineralized ratio of dissolved organic nitrogen) on T-N and T-P. It is considered that it will be possible to apply the most optimal parameter to an analysis of the water quality simulation at Im-Ha Ho basin in the goal year by examining the interaction of the parameters through the parameters sampling which are able to applicable to prediction of the water quality and the analysis of the its sensitivity, in the future, also the analysis on the basis of the hydrological conditions: an outflow or the character of a flow will be needed.

• Journal of Korean Society of Transportation
• /
• v.34 no.1
• /
• pp.29-42
• /
• 2016

Speeding is an important factor in traffic safety. Speed not only affects crash severity, but is also related to the possibility of crash occurrence. This study presents results from an analysis of 27,968 speed violation cases collected from 36 red light and speed enforcement cameras at signalized intersections in the city of Cheongju. Data included details of their violation history such as speeding tickets within a recent 3-year span and their demographic characteristics. The goal of this analysis is to understand the correlation between speed violations and various factors in terms of humans, vehicles and road environments. This study used descriptive statistics and Binary Logistics Regression(BLR) analysis with SPSS 20.0 software. The major results of this study are as follows. First, speed violations occurred at rural and suburban area. Second, about 25.6% of the violators committed to more than 20km/h over a speed limit. Third, the difference between speed violators and normal drivers clearly appeared in location of intersection(urban/rural/suburban area), gender and age. Finally, a statistically significant model(Hosmer and Lemeshow test: 11.586, p-value: 0.171) was developed through the BLR.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.11 no.1
• /
• pp.55-68
• /
• 1991

In this study, Mixed coordination method was selected to optimize the shape of the truss structures which takes multi-loading condition, allowable stress, buckling stress, displacement constraints into consideration. The structure was devided into substructures by Goal coordination method and the substructures were optimized by model coordination method which used two-level technique. Therefore the number of design variables and constrints can be decreased considerable. Under the condition of the same disign, the weight of truss structures can be decreased more considerable by means of optimizing even the shape of truss than by means of optimizing the section of truss while fixing geometrical configuration of it, even though there might be a little difference according to the early geomatrical shape of the truss and the design condition. Thus, the shape optimization of truss structures which utilize the results of this study can be helpful to the economical design of truss structures.

• Journal of the Korea Society of Computer and Information
• /
• v.25 no.9
• /
• pp.45-52
• /
• 2020

In this paper, we propose an intention to study the purchase of smart music by Chinese consumers. To study the influence of the originality and usefulness of intelligent music products on the purchase intention of Chinese consumers, and to explore how the originality and usefulness of intelligent music products affect the purchase intention. To achieve this goal, 372 questionnaires were collected through the Internet for frequency analysis, factor analysis, confidence analysis and structural equation analysis of data collection, and were carried out by SPSSV22.0 and AMOSV22.0 methods. Research the validation of assumptions in the model to reveal the psychological and behavioral responses of consumers to smart music products. The results show that the originality and usefulness of new products not only directly affect the purchase intention of Chinese consumers, but also indirectly affect their purchase intention by enhancing their attractiveness. The conclusion of this study is of guiding significance for the development of intelligent music product development and marketing strategy.

• Journal of the Korean Association of Geographic Information Studies
• /
• v.19 no.4
• /
• pp.1-16
• /
• 2016

After entering a more stable growth phase since the 2000s, new urban development has become smaller and fragmented and interiors of existing cities are aging and becoming underutilized. Therefore, using vacant and underutilized land in urban area has high value in national urban policies in terms of compact urban development and circular land use management. To do so, it is necessary to develop scientific research methods and tools to better understand the characteristics and potential of vacant and underutilized land. The main goals of the study are as follows. First, this research aims to develop a pilot system for analysis and assessment of abandoned, vacant, and underutilized space. The pilot system will act as a scientific policy support measure to systematically identify vacant and underutilized space. Busan Metropolitan City, with a variety of vacant and underutilized space, was selected as the case study area. The second goal is to develop a planning support system for abandoned, vacant and underutilized Land using open source GIS software, uDig. GIS based decision support systems or planning support systems to resolve spatial problem is not a new innovation, but using open source GIS provides new opportunities and potential. To conclude, the research will derive implications for future work.

• International Commerce and Information Review
• /
• v.16 no.4
• /
• pp.263-280
• /
• 2014

The dynamics of global alliance networks can be analyzed in numerous ways. We have chosen to approach it in terms of alliance stability. Although increasing academic attention has been devoted to the alliance dynamics field, the majority of prior research has neither contributed to a coherent knowledge foundation(an academic gap) nor provided adequate answers to managerial questions(a managerial relevance gap). We respond to their call for research by developing an integrated process model that integrates various studies on alliance stability. The primary tasks were (1) to characterize and conceptualize the stability concept to fill the academic gap, and (2) to identify critical endogenous factors underlying alliance stability over the different developmental stages to fill the managerial gap. Knowledge acquired in this paper is also expected to offer alliance managers and practitioners some valuable implications as they strive for stable and successful collaborative relationships. As one of the basic arguments, stability has been viewed as a necessary condition for the achievement of collaborative objectives. When firms form, implement, adjust and evaluate their alliances, they should have the goal of stability in mind. At the same time, management should be in a position to determine the specific actions needed for stability at any given moment in the alliance's lifetime.