• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.3
• /
• pp.145-158
• /
• 2021

The purpose of this study is to examine the influence of the ownership structure of unlisted firms on KOSDAQ listing. There are few studies analyzing the characteristics of listing success based on ownership structure. For startup executives, there is not enough data to refer to the ownership structure that can increase the possibility of listing. This paper examines the effects of ownership structure on IPO success through comparison between listed successful and failed companies among the companies in application for KOSDAQ listing eligibility review. The major findings are as follows; (1) Venture capital investment and shareholding have a statistically positive effect on the success of KOSDAQ listing. This results indicate that the venture capital's investment alleviate the problem of information asymmetry, and it is a valid signal for market participants. The result means the role of venture capital seems to be important when companies are listed on the KOSDAQ. (2) The largest shareholder's stake has an inverted-U shape relationship with listing success. In other words, the ownership concentration mitigates moral hazard problem, which leads to listing success. However, if the ownership concentration exceeds a certain level, the chances of success in listing will decrease due to concerns over the pursuit of private interests. The result suggests that the largest shareholder's stake reduce agency problem. This study academically contributes to the existing literature by demonstrating the ownership structure affects IPOs, and explaining the results based on agent theory and signal theory. Our results provide practical implications for companies preparing for an IPO on the KOSDAQ.

• Journal of The Korean Association For Science Education
• /
• v.38 no.4
• /
• pp.467-480
• /
• 2018

This study aims to investigate how flipped learning-based socioscientific issue instruction (FL-SSI instruction) affected middle school students' key competencies and character development. Traditional classrooms are constrained in terms of time and resources for exploring the issues and making decision on SSI. To address these concerns, we designed and implemented an SSI instruction adopting flipped learning. Seventy-three 8th graders participated in an SSI program on four topics for over 12 class periods. Two questionnaires were used as a main data source to measure students' key competencies and character development before and after the SSI instruction. In addition, student responses and shared experience from focus group interviews after the instruction were collected and analyzed. The results indicate that the students significantly improved their key competencies and experienced character development after the SSI instruction. The students presented statistically significant improvement in the key competencies (i.e., collaboration, information and technology, critical thinking and problem-solving, and communication skills) and in two out of three factors in character and values as global citizens (social and moral compassion, and socio-scientific accountability). Interview data supports the quantitative results indicating that SSI instruction with a flipped learning strategy provided students in-depth and rich learning opportunities. The students responded that watching web-based videos prior to class enabled them to deeply understand the issue and actively engage in discussion and debate once class began. Furthermore, the resulting gains in available class time deriving from a flipped learning approach allowed the students to examine the issue from diverse perspectives.