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Venture Capital Investment and the Performance of Newly Listed Firms on KOSDAQ (벤처캐피탈 투자에 따른 코스닥 상장기업의 상장실적 및 경영성과 분석)

  • Shin, Hyeran;Han, Ingoo;Joo, Jihwan
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.2
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    • pp.33-51
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    • 2022
  • This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

Seasonal Variations of Particle Fluxes in the Northeastern Pacific (북동태평양 심해에서 관측된 퇴적물 입자 플럭스의 계절적 변동)

  • Kim, Hyung-Jeek;Kim, Dong-Seon;Hyeong, Ki-Seong;Kim, Kyeong-Hong;Son, Ju-Won;Hwang, Sang-Chu;Chi, Sang-Bum;Kim, Ki-Hyun;Khim, Boo-Keun
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.13 no.3
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    • pp.200-209
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    • 2008
  • Particle fluxes were measured with a time-series sediment trap from July 2003 to June 2005 at the St. KOMO(KOMO; Korea Deep-Sea Environmental Study Long-Term Monitoring Station, $10^{\circ}30'N,\;131^{\circ}20'W$) in the northeastern Pacific. Total mass fluxes at a depth of 4,960 m showed distinct seasonal variations with high values in the winter(December-February) and spring(March-May) and low values in the summer(June-August) and fall(September-November). Biogenic origin fluxes also displayed distinct seasonal variations similar to total mass fluxes. Particularly, calcium carbonate fluxes in winter and spring were more than two times greater than those in summer and fall. The prominent seasonal variations of total mass and biogenic fluxes were closely related with the seasonal changes of primary production in the surface waters; in winter and spring, primary production increased due to the enhanced supply of nutrients below the surface mixed layer by strong wind and less stratification, whereas it decreased as a result of the less supply of nutrient by reduced wind speed and strong stratification in summer and fall. The seasonal variations of total mass and biogenic fluxes in this study were higher than the differences of total mass and biogenic fluxes caused by the environmental changes such as El $Ni\tilde{n}o$ and La $Ni\tilde{n}a$ events in the previous studies. In order to understand the effects of El $Ni\tilde{n}o$ and La $Ni\tilde{n}a$ on the particle flux, therefore, the seasonal variation of particle flux in the northeastern equatorial Pacific needs to be well defined.

Analysis of the 2015 Revised and 2022 Revised Elementary School Science Achievement Standards Using the TIMSS 2023 Scientific Cognitive Domain Analysis Framework (TIMSS 2023 과학 인지 영역 분석틀을 활용한 2015 개정 및 2022 개정 초등 과학과 성취 기준 분석)

  • Sungchan Shin
    • Journal of The Korean Association For Science Education
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    • v.44 no.3
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    • pp.249-262
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    • 2024
  • The purpose of this study is to analyze the achievement standards of the 2015 revision and 2022 revision of the science curriculum using the TIMSS 2023 science cognitive domain analysis framework. The subject of the study is the achievement standards for all elementary school areas in the 2015 and 2022 revised science curriculum. Three field teachers and one elementary science education expert who majored in elementary science education participated in the research analysis. The results of this study are as follows. First, in the 2022 revised movement and energy field, the ratio of the 'knowing' area was about 16% higher than the 2015 revision, and the ratio of the 'reasoning' area also increased by about 5.8%. Second, in the material field, the proportion of TIMSS 2023 cognitive domains was in the order of 'knowing', 'applying', and 'reasoning' regardless of grade group and curriculum revision period. Third, in the field of life sciences, the proportion of TIMSS 2023 cognitive domains differed depending on grade group and curriculum revision period. Fourth, in the Earth and Space field of the 2022 revision, similar to the other three fields, the proportion of the 'Knowing' field increased and while the 'Applying' field decreased. However, in the 2022 revision, the 'reasoning' area in all three other fields increased, but decreased only in the earth and space fields. Fifth, the 2015 revised integrated unit and the 2022 revised science and society field only covered the elements of 'recognizing' and 'presenting examples' in the 'knowing' area, 'making relationships' and 'explaining' in the 'applying' area and 'Synthesize' in the 'reasoning' area. In the 2022 revised elementary school science field, the proportion of the 'knowing' section was 52.5%, the proportion of the 'applying' section was 33.8%, and the proportion of the 'reasoning' section was 13.7%. In conclusion, in the 2022 revised elementary science achievement standards, the ratio of the 'applying' and 'reasoning' areas was low because the reliance on the 'knowing' area was too high.

Development of deep learning network based low-quality image enhancement techniques for improving foreign object detection performance (이물 객체 탐지 성능 개선을 위한 딥러닝 네트워크 기반 저품질 영상 개선 기법 개발)

  • Ki-Yeol Eom;Byeong-Seok Min
    • Journal of Internet Computing and Services
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    • v.25 no.1
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    • pp.99-107
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    • 2024
  • Along with economic growth and industrial development, there is an increasing demand for various electronic components and device production of semiconductor, SMT component, and electrical battery products. However, these products may contain foreign substances coming from manufacturing process such as iron, aluminum, plastic and so on, which could lead to serious problems or malfunctioning of the product, and fire on the electric vehicle. To solve these problems, it is necessary to determine whether there are foreign materials inside the product, and may tests have been done by means of non-destructive testing methodology such as ultrasound ot X-ray. Nevertheless, there are technical challenges and limitation in acquiring X-ray images and determining the presence of foreign materials. In particular Small-sized or low-density foreign materials may not be visible even when X-ray equipment is used, and noise can also make it difficult to detect foreign objects. Moreover, in order to meet the manufacturing speed requirement, the x-ray acquisition time should be reduced, which can result in the very low signal- to-noise ratio(SNR) lowering the foreign material detection accuracy. Therefore, in this paper, we propose a five-step approach to overcome the limitations of low resolution, which make it challenging to detect foreign substances. Firstly, global contrast of X-ray images are increased through histogram stretching methodology. Second, to strengthen the high frequency signal and local contrast, we applied local contrast enhancement technique. Third, to improve the edge clearness, Unsharp masking is applied to enhance edges, making objects more visible. Forth, the super-resolution method of the Residual Dense Block (RDB) is used for noise reduction and image enhancement. Last, the Yolov5 algorithm is employed to train and detect foreign objects after learning. Using the proposed method in this study, experimental results show an improvement of more than 10% in performance metrics such as precision compared to low-density images.

Distribution Patterns of Surface Sediments of the Jangan Linear Sand Ridge off the Northern Taean Peninsula, in the Mid-west Coast of Korea (서해 중부 태안반도 북부 해역의 장안사퇴 표층퇴적물 분포 특성)

  • TAE SOO CHANG;EUNIL LEE;DO-SEONG BYUN;HWAYOUNG LEE;SEUNG-GYUN BAEK
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.29 no.1
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    • pp.14-27
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    • 2024
  • Unlike the shelf sand ridges moribund in motion, nearshore sand ridges are highly mobile, sensitive to changes in ocean environments, thereby becoming of particular interest with respect to morphological changes. About 5 km off the Daesan port, the Jangan Sand Ridge has been undergoing severe subsea morphological change over the past two decades. Understanding the nature of sand ridges is critical to elucidate the causes of morphological changes. In this context, this study aims at understanding the characteristics and distribution patterns of surface sediments of the ridge and its vicinity. For this purpose, 227 sediment samples were acquired using a grab-sampler, the grain sizes being analysed by the sieve-pipette method. In addition, comparison of grain sizes in sediments between 1997 and 2021 was made in order to investigate the 25-years change in sediment composition. Surface sediments along the ridge axis are fine to medium sands with 2-3 phi in mean grain size, whereas, in the trough of ridge, the sediments are composed of gravels and muddy sandy gravels with mean sizes of -2 to -6 phi. Sediments in the crest of the ridge are well-sorted with normal distribution, on the other hand, the basal sediments are poorly-sorted and positively skewed. Along the ridge crest, the sediments are negatively skewed. From 1997 to 2021, the ridge sediments became largely coarser about 0.5 phi. Such coarsening trend in mean grain size can be explained either by elimination of fine sediments during high waves in winter or elimination of fines suspended during sand mining activities in the past. Spatial distribution pattern of surface sediments shows that ca. 30 m thick of the sand ridge itself overlies the thin relict gravels. The strong asymmetry of sand ridge, the exposure of ridge base, and reworked gravel lags suggest that Jangan sand ridge is probably sediment-deficit and hence erosive in nature at present.

The Evaluation of the Packaging Properties and Recyclability with Modified Acrylic Emulsion for Flexible Food Paper Coating (유연 종이 식품 포장재의 개질 아크릴 에멀젼 코팅 특성 및 재활용성 평가)

  • Myungho Lee;In Seok Cho;Dong Cheol Lee;Youn Suk Lee
    • KOREAN JOURNAL OF PACKAGING SCIENCE & TECHNOLOGY
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    • v.29 no.3
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    • pp.153-161
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    • 2023
  • The worldwide effects of COVID-19 have led to a surge in online shopping and contactless services. The consumption pattern has caused the issues such as the environmental pollution together with the increase of plastic waste. Reducing the reliance on the petroleum based plastic use for the package and replacing it with environmentally friendly material are the simple ways in order to solve those problems. Paper is an eco-friendly product with high recyclability as the food packaging materials but has still poor barrier properties. A barrier coating on surface of the paper can be achieved with the proper packaging materials featuring water, gas and grease barrier. Polyethylene (PE) or polypropylene (PP) coatings which are generally laminated or coated to paper are widely used in food packaging applications to protect products from moisture and provide water or grease resistance. However, recycling of packaging containing PE or PP matrix is limited and costly because those films are difficult to degrade in the environment. This study investigated the recyclability of modified acrylic emulsion coating papers compared to PE and PP polymer matrixes as well as their mechanical and gas barrier properties. The results showed that PE or modified acrylic emulsion coated papers had better mechanical properties compared to the uncoated paper as a control. PE or PP coating papers showed strong oil resistance property, achieving a kit rating of 12. Those papers also had a significantly higher percentage of screen reject during the recycling process than modified acrylic coated paper which had a screen rejection rate of 6.25%. In addition an uncoated paper had similar value of a screen rejection rate. It may suggest that modified acrylic emulsion coating paper can be more easily recycled than PE or PP coating papers. The overall results of the study found that modified acrylic emulsion coating paper would be a viable alternative to suggest a possible solution to an environmental problem as well as enhancing the weak mechanical and poor gas barrier properties of the paper against moisture.

A Method of Utilizing ESG Evaluation by Small and Medium Enterprises: Focusing on the relationship between ESG Performance measure and Corporate Value (중소기업의 ESG 평가지표 활용 방안: ESG 평가지표와 기업가치의 관계를 중심으로)

  • Park Jae Hyun;Han Hyang Won
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.6
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    • pp.87-104
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    • 2023
  • Recently, concerns are growing over small and medium-sized companies holding out on debt as domestic loan interest rates have risen sharply due to the prolonged impact of COVID-19 and soaring raw material prices. In addition, loans from small and medium-sized enterprises, which are difficult in the business environment, are increasingly being rejected due to high loan interest rates and excessive submission documents and financial statements-oriented screening of loans by the financial sector. Therefore, since it is necessary to discuss ways to promote financing and investment by SMEs, this study intends to suggest ways to promote investment through the use of SMEs' ESG systems. The purpose of this study is to suggest that the use of ESG evaluation indicators used as non-financial indicators helps predict the corporate value of SMEs and the importance of SMEs actively participating in ESG information disclosure. This study suggests the necessity of introducing and practicing ESG by SMEs where financing is important, and aims to analyze as an empirical result that the use of non-financial indicators helps predict corporate value. As a result of the study, the ESG performance and corporate value of SMEs showed a positive (+) relationship. It can be seen that both the grades and corporate value of SMEs by ESG sector have a positive (+) influence relationship. The total ESG rating was confirmed to have a positive effect on corporate value, and it was confirmed that SMEs with higher ESG environment, social, and governance ratings were evaluated higher. According to the research results, it is suggested that SMEs also need to use ESG evaluation indicators, and in order to promote the growth of SMEs, it is suggested that research on ways to re-examine the corporate value of SMEs is necessary. Therefore, this study suggests that the use of ESG should be actively recommended and implemented as a way to establish a management strategy for SMEs, and that efforts to disclose ESG information can soon help SMEs solve information asymmetry. In addition, SMEs want to understand the investment mechanism that the introduction and practice of ESG can lead to the improvement of the value of SMEs and suggest the necessity of SME-type ESG policies in the future.

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Effect of GABA Regulation and Activities of Filaggrin and Claudin-1 through Inhibiting Stress Hormone Production by Prunus tomentosa Extract In Vitro (앵두 추출물의 세포 수준에서의 스트레스 호르몬 생성 억제를 통한 GABA 조절 및 Filaggrin 과 Claudin-1 의 활성 효과)

  • Won Yeoung Choi;Sung Min Park;Ra Hye Kim;Hyoung Jin Lee;Jung No Lee;Hwa Sun Ryu
    • Journal of the Society of Cosmetic Scientists of Korea
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    • v.50 no.2
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    • pp.179-192
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    • 2024
  • In this study, six types of natural products, Prunus tomentosa (P. tomentosa), Akebia quinata (A. quinata), Prunus armeniaca (P. armeniaca), Smallanthus sonchifolius (S. sonchifolius), Citrus japonica (C. japonica), and Citrus australasica (C. australasica), were used to verify the effect of improving sleep and skin barriers by stress relief. As a result of the experiment, the production of cortisol, a stress hormone, was significantly inhibited by the P. tomentosa, C. australasica, A. quinata, and C. japonica among the six natural products. In addition, the expression of GAD67, a GABA-producing enzyme involved in sleep regulation, showed a significant increase in P. tomentosa purified water extract and C. australasica 50% ethanol extract, and the extract by each P. tomentosa solvent was found to have the highest total polyphenol content. Based on the results, the P. tomentosa extract with the highest activity was finally selected, and subsequent experiments were conducted. Among each P. tomentosa solvent extract, the DPPH radical scavenging activity was the highest in the 30% ethanol extract, and purified water extract increased GABA production and skin barrier factors filaggrin and claudin-1 expression the highest. HPLC analysis confirmed quercitrin as the main component of P. tomentosa extract, and quercitrin content by extraction solvent was high in the order of 30% ethanol > purified water > 70% ethanol > 50% ethanol. Quercitrin inhibited the production of cortisol in a concentration-dependent manner, significantly increasing GAD67 expression and GABA production, which had been reduced by cortisol. From the results of this study, it has been demonstrated that P. tomentosa can be used as a cosmetic material to help improve sleep and strengthen skin barriers by relieving stress.

Risk Education and Educational Needs Related to Science and Technology: A Study on Science Teachers' Perceptions (중등 과학교사들이 생각하는 과학기술 관련 위험교육 실태와 교육 요구)

  • Jinhee Kim;Jiyeon Na;Yong Wook Cheong
    • Journal of The Korean Association For Science Education
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    • v.44 no.1
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    • pp.57-75
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    • 2024
  • This study aimed to investigate the current state and educational needs of risk education related to science and technology as perceived by secondary science teachers. A survey was conducted with a total of 366 secondary science teachers. The results are as follows. First, There were more teachers who had not provided education on risks arising from science and technology in terms of risk perception, risk assessment, and risk management than those who had not. Global warming was the most common risk taught by teachers, followed by earthquakes, artificial intelligence, and traffic accidents. Second, teachers recognized that they lacked understanding that the achievement standards of the 2022 revised science curriculum include risks that may occur due to science and technology, but they thought they were prepared to teach. Third, teachers recognized that their understanding of risk perception was higher than that of risk management and risk assessment. Fourth, the experience of teachers in training on risk was very limited, with fewer having training in risk assessment and risk management compared to risk perception. The most common training experienced was in laboratory safety. Fifth, teachers recognized that their capabilities for the 10 goals of risk education were not high. Middle school teachers or teachers majoring in integrated science education evaluated their capabilities relatively highly. Sixth, many teachers thought it was important to address risks in school science education. They prioritized 'information use', 'decision-making skills', and 'influence of mass media', in that order, for importance and called for urgent education in 'action skills', 'information use', and 'influence of risk perception'. Seventh, as a result of deriving the priorities of education needs for each of the 10 goals of risk education, 'action skills', 'influence of risk perception', and 'evaluate risk assessment' were ranked 1st, 2nd, and 3rd, respectively.

A Study on the Perception of Research Data Managers to Establish a Korea Research Data Commons System (국가연구데이터커먼즈 체계 수립을 위한 연구데이터 관리자들의 인식에 관한 연구)

  • Seong-Eun Park;Mikyoung Lee;Minhee Cho;Sa-Kwang Song;Dasol Kim;Hyung-Jun Yim
    • Journal of the Korean Society for information Management
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    • v.41 no.1
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    • pp.465-486
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    • 2024
  • The purpose of this study is to identify the current status of infrastructure and services for analyzing research data for research data managers at government-funded research institutions under the National Research Council for Science and Technology (NST) who will actually use the Korea Research Data Commons (KRDC), which is being developed by the Korea Institute of Science and Technology Information (KISTI) and to investigate the perceptions of research data managers related to the establishment of KRDC system. For the study, we conducted a survey targeting 24 government-funded research institutes, excluding KISTI, and interviewed research data managers from 9 of the 15 institutions surveyed who agreed to follow-up interviews. As a result of the survey, most institutions were providing related services, and their willingness to introduce an integrated analysis framework for the use of research data and provide a system for using externally released analysis software was also high. Meanwhile, when we investigated the external disclosure status of each institution's analysis services through follow-up interviews, only a minimal number of institutions were disclosing them to the outside world. The findings reveal that there is a demand to utilize analysis infrastructure and services when provided through the framework. However, it is difficult to disclose and share the analysis resources held by each organization. In order to establish the KRDC system, it is essential to share research sites' analysis infrastructure and services, and in addition, changes in the perception of research sites and institutional changes are necessary. Furthermore, there is a need to establish policies that consider the system's convenience, security, and compensation system raised in the follow-up interviews.