• Journal of the Korea Institute of Building Construction
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• v.22 no.3
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• pp.305-316
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• 2022

Domestic construction companies have difficulty in establishing strategies when entering overseas markets because they do not have an overseas construction economic sentiment index to refer to for data on overseas construction prospects. Considering that the fluctuation of overseas construction orders over the past decade has been substantial and large companies and SMEs are actively advancing overseas, this study developed an evaluation model for an overseas construction business sentiment index to grasp the economic experience of overseas construction companies. In 2021 Korean companies earned 30.6 billion in overseas construction contracts, 87% the level of the previous year, despite difficulties such as COVID-19 and low oil prices, thanks to efforts by construction companies to strengthen their strategies for entry, such as regional diversification, and government support for winning orders. Since the overseas construction industry fluctuates greatly due to changes in the international environment, it is necessary to investigate and analyze the economic sentiment index of overseas construction companies. In particular, despite the increase in overseas expansion of small and medium-sized construction companies and engineering companies, the provision of information on the overseas construction market sentiment index is insufficient, limiting the establishment of strategies for overseas construction expansion. Therefore, this study intends to develop an overseas construction market sentiment index model that can understand the economic sentiment of overseas construction companies, provide a forecast for overseas construction, and use it to establish overseas construction strategies and policies.

• International journal of advanced smart convergence
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• v.11 no.1
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• pp.19-27
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• 2022

Across the world, 'housing' comprises a significant portion of wealth and assets. For this reason, fluctuations in real estate prices are highly sensitive issues to individual households. In Korea, housing prices have steadily increased over the years, and thus many Koreans view the real estate market as an effective channel for their investments. However, if one purchases a real estate property for the purpose of investing, then there are several risks involved when prices begin to fluctuate. The purpose of this study is to design a real estate price 'return rate' prediction model to help mitigate the risks involved with real estate investments and promote reasonable real estate purchases. Various approaches are explored to develop a model capable of predicting real estate prices based on an understanding of the immovability of the real estate market. This study employs the LSTM method, which is based on artificial intelligence and deep learning, to predict real estate prices and validate the model. LSTM networks are based on recurrent neural networks (RNN) but add cell states (which act as a type of conveyer belt) to the hidden states. LSTM networks are able to obtain cell states and hidden states in a recursive manner. Data on the actual trading prices of apartments in autonomous districts between January 2006 and December 2019 are collected from the Actual Trading Price Disclosure System of the Ministry of Land, Infrastructure and Transport (MOLIT). Additionally, basic data on apartments and commercial buildings are collected from the Public Data Portal and Seoul Metropolitan Government's data portal. The collected actual trading price data are scaled to monthly average trading amounts, and each data entry is pre-processed according to address to produce 168 data entries. An LSTM model for return rate prediction is prepared based on a time series dataset where the training period is set as April 2015~August 2017 (29 months), the validation period is set as September 2017~September 2018 (13 months), and the test period is set as December 2018~December 2019 (13 months). The results of the return rate prediction study are as follows. First, the model achieved a prediction similarity level of almost 76%. After collecting time series data and preparing the final prediction model, it was confirmed that 76% of models could be achieved. All in all, the results demonstrate the reliability of the LSTM-based model for return rate prediction.

• The Korean Journal of Franchise Management
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• v.9 no.4
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• pp.7-19
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• 2018

Purpose - Recently, global management in Korea franchise industry is becoming an important keyword. As an important branch market, Chinese market plays a major role not only by making experience of the competitiveness among global brands which offers a foothold to become a top global brand, but also by actualizing an economies of scale in production, sales, etc. Therefore, it is necessary to identify key successful factor influencing customer evaluation and responses of Korean franchise restaurant targeting Chinese consumers in China context. The purpose of this study is to examine the effects for Korean franchise restaurant selection attributes on perceived value, customer satisfaction and customer loyalty in Chinese context with SmartPLS 3 and Artifical Neural Network(ANN). Research design, data, and methodology - For these purposes, the authors developed several hypotheses. A questionnaire survey was conducted on the panel of online survey companies for Chinese consumers who have visited Korean franchise restaurants. A total of 404 data were analyzed using structural equation modeling(SEM) and artifical neural network(ANN) with SPSS 22.0 and SmartPLS 3.0. Result - The findings of this study are as follows: First, the alternative model findings show that facilities & atmosphere, employee service, and menu influenced on utilitarian value, customer satisfaction, and customer loyalty directly. Second, employee service influenced on customer satisfaction. Third, menu influenced on hedonic value. Fourth, brand reputation influenced on utilitarian value. Fifth, hedonic value increase customer satisfaction and customer loyalty. Sixth, hedonic value increase customer loyalty. Seventh, customer increase customer loyalty. And, the ANN analysis shows that utilitarian value is the first most important factor influencing customer satisfaction, followed by hedonic value, facilities & atmosphere, menu and employee service. However, the ANN analysis shows that customer satisfaction is the first most important factor influencing customer loyalty, followed by utilitarian value, hedonic value, brand reputation, menu, and employee service. Conclusions - This study provides practical implications for enhancing customer satisfaction and customer loyalty by applying the ANN technique that complements the limitations of the linear structural relationship analysis using the proposed model and the alternative model. In other words, the SEM-ANN model provides guidelines on how Korean franchise restaurants should formulate facilities & atmosphere, employee service, and menu mix strategies in China. In addition, ANN 's analysis shows that restaurant brand reputation plays a pivotal role in increasing customer loyalty. The fact suggests that Korean franchise companies should establish their domestic brand reputation prior to their entry into overseas markets such as China.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.1-16
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• 2022

This paper studies the impact of regulatory approaches on innovation and entrepreneurship. As technological progress and environmental changes avail new business opportunities to innovative startups, many governments find it difficult to regulate new and unprecedented businesses promoted by the innovative firms. In order to provide academic and practitional implications on the regulatory design with which to support innovation and entrepreneurship, this paper aims to review classical theories on the demand and supply of regulation as well as empirical research on the impact of regulation on market entry and incentives for innovation. Based on the findings, this paper discusses the recent controversies around the regulatory approaches on new businesses pursued by startups, which are as known as the "positive regulatory approach" vs. "negative regulatory approaches" among practitioners and policy makers in Korea. This paper claims that the Korean context provides an useful opportunity to investigate how the ongoing transition of the once "fast follower" economy into a pacesetter one changes the nature of businesses pursued by firms, investors, and related market players and, accordingly, calls for the changes in the way the government intervenes in markets to regulate businesses of firms. By doing so, this paper sheds light on the role of the government in establishing an entrepreneurial ecosystem where innovative ideas of startups can be tested and nurtured.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.101-114
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• 2022

Recently, various studies on the entrepreneurial ecosystem have been conducted. The entrepreneurial ecosystem is composed of various elements such as entrepreneurs, governments, and infrastructure, and these factors interact to contribute to economic development. The purpose of this study was to analyze differences in importance and performance of the entrepreneurial ecosystem for startups using the importance-performance analysis (IPA) method. Based on this, the importance and current level of the components of the entrepreneurial ecosystem were identified and policy implications were presented. The results of the study are as follows. The importance ranking was in the order of startup support program(4.43), startup funding (4.39), market accessibility(4.30). The ranking of performance was startup support program(3.81), ease of starting a business(3.76), support for startup support institutions(3.66), and startup funding(3.66). All elements of the entrepreneurial ecosystem showed higher importance than performance. This means that the components of the entrepreneurial ecosystem in Korea are recognized as important, but do not play a significant role in terms of performance for startups. In addition, the factors with the highest improvement in the importance-performance matrix were 「safety nets for startup failure」, 「culture of acceptance of failure」, 「ease of market entry」, 「ease of startup survival」, and 「ease of exit」. This study suggested improvement measures such as establishing a social safety net, improving awareness of startup failure culture, matching successful startups, strengthening scale-up support by growth stage, easing regulations in new business fields, and diversifying investment recovery strategies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.1-13
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• 2017

The purpose of this study is to find out which factors determine the success of start-up in the initial market and what are the most important determinants. For the empirical analysis, the questionnaire related to the analysis of success factors for start-up success was designed according to the quantitative analysis (AHP technique). First, we selected 8 representative success factors for successful start-up in the initial market. In order to determine the degree of priority among these factors, we surveyed 12 entrepreneurs who are interested in entrepreneurship, universities, research institutes, and public officials. As a result of the empirical analysis, 51% of the funds in the tier 1 were ranked as the top priority to determine success factors. Followed by research and development (32.5%), management (8.7%) and marketing (7.8%). In particular, when each of the four items is calculated as 100 according to the result of the tier 1, and the tier 2 is converted, the foreign investment is analyzed as 43.7%. It was followed by 15.14% of R & D facilities, 14.07% of ideas, 8.7% of managerial ability, 7.29% of domestic investment, 5.85% of buyer feedback, 3.3% of development strategy and 1.95% of marketing strategy. Among the eight success factors, overseas investment items showed the closest preference to half, and it was the most important variable that determines the success or failure of market entry. The implication of this study is that many start-ups in Korea expect to receive investment and support from overseas accelerators. This means that overseas investment itself has been recognized as a start-up that makes services and products that can be used in the global market. A high preference for attracting foreign investment is due to the fact that the amount of investment is larger than that of Korea and that it can flexibly cope with the pressure on the performance compared to domestic investors. In this study, it was meaningful that we could confirm this fact through questionnaires of start-up experts. In future research, we need to find a viable alternative through studying how to provide start-up to foreign direct investment at the national level.

• Journal of Distribution Research
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• v.17 no.5
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• pp.39-57
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• 2012

The unabated influx of micro businesses has turned the Korean retailing market to a rat race, which causes severe financial distress for micro business owners due to heavy competition. The woes of these micro business owner's are exacerbated by the presence of large scale distributors such as Super Supermarket(SSM) and large discount stores. In summary, the Korean retail market is overburdened an uneconomically viable. Retailing has low barriers to entry which attracts unskilled labor or those with little capital. These start-ups have low opportunity costs since they would make low wages elsewhere in the economy. Thus, these owners are content with relatively low returns on their investment. These 'subsistence ventures' are maintained for economical viability rather than economic growth. These 'subsistence ventures' intensifies competition among small-scale businesses. The presence of large retail corporations also aggravates the situation. The recent stagnation of the economy has worsened the retail market in Korea. The overwhelming competition solidifies the coarse structural system and the prolonged economic sluggishness has increased the risk of insolvency for micro business owners. As the economy continues to stagnate, the imminent risk in retailing market will rise up to surface threatening economic stability. More systematic inflows and outflows of retailers are required in order to redress this structural problem. It has been empirically shown that the self-employment rate is high in Korea compared to other OECD countries. To draw the comparison of self-employment rate by industry, Korea shows high rates among transportation, whole sale, retail, education, lodging, and restaurants. In the case of the transportation and education service sectors, this high rate can be explained by the idiosyncratic nature of Korean culture. In the transportation sector, political policies favor private cap service and private freight carriers. In the education service sector, Koreans put particular emphasis on education that leads to many private institutions that outnumber other OECD countries. For these singular reasons, Korea maintains high micro business, self-employed rates particularly in retailing. A comparable nation is Japan, with its similar social, economic, cultural environment among OECD countries. Unlike Korea, Japan has much lower rates of micro business which continues to decrease. Also Korean retailers are much more destitute than Japanese. The fundamental problem of Korean retailing is the involuntary exit of these 'subsistence ventures,' micro businesses with low margins, in which a small drop in demand can lead to financial difficulties for the owner. This problem will be exacerbated when Korean babyboomers retire and join the micro business ventures. The first priority in order to cope with the severity of oversupply in retailing is to provide better opportunities for the potential self-employers. There should be viable alternatives to subsistent ventures. Strengthening the retirement program, scrutiny of exit process, reconfiguration of policy funds are the recommendations.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.8
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• pp.215-225
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• 2016

This study seeks to find an alternative to the requirement for proving the competitiveness of Korean performing arts before entering into the overseas market by deriving the factors causing entry into the market to be delayed based on an analysis of the current status. Between 2007 to 2014, the overseas revenues from Korean performing arts increased by 16.4% compared to the total amount of financial support, as the number of free performances given overseas and the average guaranteed number of performances overseas are both at a standstill. Also, the size of the audience increased by a mere 3.3 times, which is an even lower growth rate than that for the number of performances, 3.8 times, during the same period. Furthermore, the audience size per unit is suffering from long-term stagnation. The main causes are as follows: 1) applying one-dimensional methods to performing arts exchanges and expanding the overseas market, 2) the existing confused concepts between profit and non-profit contents, 3) the weaknesses of the market expansion strategy, because of programming practices focusing on providers, such as presenters and producers, rather than consumers. As a result, the necessary basic research, including consumer surveys, has not been done yet. In order to understand the implications of this analysis and solve the problem of the delayed overseas expansion of Korean performing arts, the Korean wave industry was examined as a representative example. Consumer surveys for the performing arts, possibly benchmarked to the "Korean Wave Consumer Survey Index (KWCSI)", are expected to be done in the near future. In addition, through the development of a specific consumer index of the performing arts, customized marketing strategies by continent and country need to be established. This empirical study of the overseas expansion of performing arts can be utilized as a bridge between the academic and real worlds. This work may also enable a variety of strategies to be established for the overseas expansion of the performing arts.

• Journal of Fashion Business
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• v.6 no.2
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• pp.1-16
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• 2002

The need for ready-to-wear clothing increases as the problem comes to arise from the fit of custommade clothing due to the characteristics of middle-aged women's somatotype. At this point of time, a study on the realities of production of custom-made clothing in middle-aged women's clothing business firms is of very greatly significance. Therefore, this study was intended to identify the problem and improvements through the survey research of production of custom-made clothing in middle-aged women's clothing business firms and further present the plan for development of custom-made clothing business. The questionnaire was framed based on the contents extracted from the preliminary questionnaire research for the pattern section chief of each business firm. Collected data were statistically processed using the SPSS 10.0 Windows program. As a result, the following findings were obtained: 1. The target age of the middle-aged women's clothing business firms ranged from more than 45 years to less than 50 years of age. Clothing business firms much made inroads into the ready-to-wear clothing market largely in the 1980s and the 1990s. Their active entry into the custom-made clothing market occurred in the 1970s and the 1980s. 2. In terms of the clothing production method of middle-aged women's clothing firms, some private boutique and designer brand clothing firms entered the clothing market with a focus on custom-made clothing in the beginning of its organization and introduced the production method of ready-to-wear clothing in accordance with changes in production methods and consumers' needs and wants. National brand clothing firms manufactured clothing with a focus on ready-to-wear clothing from the beginning of its organization, but at last they manufactured both partial custom-made and whole custom-made as the problem arose from ready-to-wear clothing. Seeing that their clothing production showed the ratio readyto-wear to custom-made clothing of 2.58:1. And it was found that the manufacture of ready-to-wear and custom-made clothing took into consideration the great difference in the pattern, size and design plan. The research of the clothing production process showed that whole custom-made and partial custommade were distinguished according to whether or not the sample was presented. 3. The ready-to-wear pattern of middle-aged women's clothing firms were used with a focus on the 'patternmaker-developed pattern' and company-developed pattern'. Most clothing businesses produced clothing in 4 to 5 basic sizes, which is found to be insufficient to complement the physical characteristics of middle-aged women with many specific somatotypes. In the pattern of custom-made clothing, the 'pattern of ready-to-wear were applied' or the 'customized pattern was developed'. Actual measurements were most used as the size of custom-made, and accordingly it is predicted that the level of satisfaction is higher with the fit of custom-made clothing than that of ready-to-wear. The selling place and the head office showed the similar percent as the place for measuring the size of custom-made clothing. Size measurers were mostly the shop master. And it was found that most clothing business firms had a problem when the measured size was applied to the pattern. Accordingly, it is necessary to provide education on size measurement for shop masters. 4. It was found that in the middle-aged women's clothing firms, the pattern correction of the length of sleeve, jacket and slacks occupied the highest percent. Accordingly, it is necessary to provide for the size system to complement the accurate somatotype characteristics of middle-aged women. 5. In custom-made clothing customer management, most firms engaged in customer somatotype management through size management. They provided customers with commodity information by informing them of the sales and event period and practiced human management for customers by maintaining the get-together and friendly relationship. 6. Middle-aged women's clothing businesses responded that it would be necessary to improve the fit of custom-made clothing and complement their pursuit for individuality as the plan to improve its quality. In consequence, it suggests that middle-aged women's clothing businesses should provide middle-aged women with the clothing of better-suited size and refined design. Middle-aged women's clothing businesses responded that it was the most urgent task to form the custom-made clothing manufacturing team as the plan to expand the custom-made clothing market, which is identified as their emphasis on the systematized production of custom-made clothing.

• Journal of Internet Computing and Services
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• v.14 no.5
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• pp.101-117
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• 2013

As the number of online game user has been rapidly increased thanks to the recent vitalization of online contents market, not only new business opportunity but also the opportunity to create high profits have been provided as well. However, the increase of the number of online game user and the rapid expansion of the market evoke a cutthroat completion among online game service providers, and also high barriers to entry to online game market have been erected. Thus, what kinds of efforts need for the business success and sales increase in online game market? In lots of researches regarding online contents business, the deepening of loyalty was considered as a critical factor for the business success. According to the study on user's behavior in online environment, users would experience the Flow while using online service, and then, if they were in state of the Flow, they would use the service constantly. High customer loyalty to online game means high will to use the online game too. The purpose of this research was i) to examine what factors enable users to be naturally immersed in online game while playing it, ii) to examine what properties of online game can make game more interesting and exciting, iii) to verify that such factors are critical in deepening customer loyalty, and iv) to suggest some essential factors to be fun and exciting games, on where the focus should be put, and the directionality for the development for sales expansion of online game developer or online game service provider. The research results are as below: First, the involvement and the perceived quality which were characteristics of brand appeared to be factors most affecting Flow. This shows that once game user get interested in online game that user has played frequently, even though new games are released, user will continuously flow the game not moving to new games, and also shows that users not only get more interested but also put more trust in games in the site to where users are frequently going than games in other sites, and consequently user can increasingly flow the game. Second, the compensation and graphics which are the characteristics of contents appeared to be factors affecting Flow. Proper compensation which is given to game users triggers fun and interests in game and makes them flow more and more. And graphics make users to feel game space as if real space and let them flow in game with more reality. Third, challenges, support, and the stability which are technical characteristics appeared to be factors affecting Flow. Challenges enable users to not only experience new virtual world but also solve various difficulties and obstacles. Once users feel fun and interests through this challenge, they can naturally flow games. In addition, the stability of network provides reliability in security and hacking. By doing so, it can induce users to flow more and more. Lastly, when aforementioned characteristics including contents characteristics, technical characteristics, and brand characteristics are organically combined each other, game users feel fun and total minutes are naturally increased, so that game users experience Flow, and consequently the customer loyalty will be deepened as well.