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An Empirical Study on the Determinants of Impact Investment (임팩트 투자 결정요인에 관한 실증연구)

  • Goh, Byeong Ki;Kim, Da Hye;Sung, Chang Soo
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.3
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    • pp.1-15
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    • 2023
  • Impact investment involves investing in companies that pursue both social value and financial returns. It focuses on addressing various social problems through innovative solutions while generating profits. The domestic impact investment ecosystem has experienced significant growth with the support of the government and public institutions. In 2021, it witnessed a 3.5-fold increase over three years, reaching a total of 700 billion won in operating assets. In order to foster qualitative growth alongside this quantitative expansion, it is crucial to conduct research specifically on impact investment, which sets it apart from conventional venture investment. This study aims to empirically analyze the unique factors that influence impact investment decisions. Firstly, the factors affecting investment decisions were identified through a literature analysis. Then, a consultation and Delphi survey involving 11 representatives and evaluators from impact investment companies was conducted to determine the major investment determinants. Subsequently, an AHP (Analytic Hierarchy Process) survey was carried out with 10 impact investment evaluators to ascertain the relative importance of these factors. The analysis revealed the following order of importance for the top factors: market>entrepreneur(team)>product/service>finance. Furthermore, the importance of specific factors was identified in the following order: market competition and entry barriers>new market creation>market growth and potential expansion>team expertise and capabilities. Unlike previous studies that primarily focus on general startup investment factors, this research demonstrates that impact investment places greater emphasis on market-related factors and considers the sustainability and profitability of the business model to be more important than the social impact of social ventures.

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Improvement Plans of the Entrepreneurial Ecosystem Using Importance-Performance Analysis (IPA 분석을 통한 창업생태계 개선방안 도출)

  • Kim, Su-Jin;Seo, Kyongran;Nam, Jung-Min
    • 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.

A Study on Improvement for Identification of Original Authors in Online Academic Information Service (온라인 학술정보 서비스 상 원저작자 식별 개선 방안 연구)

  • Jung-Wan Yeom;Song-Hwa Hong;Sang-Hyun Joo;Sam-Hyun Chun
    • The Journal of the Institute of Internet, Broadcasting and Communication
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    • v.24 no.3
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    • pp.133-138
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    • 2024
  • In the modern academic research environment, the advancement of digital technology provides researchers with increasingly diverse and rich access to information, but at the same time, the issue of author identification has emerged as a new challenge. The problem of author identification is a major factor that undermines the transparency and accuracy of academic communication, potentially causing confusion in the accurate attribution of research results and the construction of research networks. In response, identifier systems such as the International Standard Name Identifier (ISNI) and Open Researcher and Contributor ID (ORCID) have been introduced, but still face limitations due to low participation by authors and inaccurate entry of information. This study focuses on researching information management methods for identification from the moment author information is first entered into the system, proposing ways to improve the accuracy of author identification and maximize the efficiency of academic information services. Through this, it aims to renew awareness of the issue of author identification within the academic community and present concrete measures that related institutions and researchers can take to solve this problem.

Korea's Defense Industry Export Strategy to Enter the World's Big4 - Focusing on Securing Cutting-edge Technology and Joint Research and Development (한국 방산수출 세계 빅4 진입 전략 -첨단기술 확보와 공동연구개발을 중심으로)

  • PARK JUNG HWAN
    • The Journal of the Convergence on Culture Technology
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    • v.10 no.1
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    • pp.227-233
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    • 2024
  • Korea achieved its highest ever defense export performance in 2022. Defense exports are the most effective way to promote the defense industry by exporting Korea's weapons to foreign countries. In addition, to continuously supply excellent weapon systems, a solid defense industry must be established. So defense industry exports are an important issue at the national level, the Korea government is actively supporting policies for the Presidential office as a control tower. In particular, the topic of entry into the defense industry export big4 is being raised in Korea. As an innovative defense export promotion plan, this paper presents a strategic plan of joint research and development that export customized to the needs of purchasing countries and securing cutting-edge technology that can possess world-class weapon systems. In other words, in order to secure cutting-edge technology, the military must break away from existing methods and boldly select cutting-edge technology, provide sufficient budget support, and grant autonomy to development agencies. A rapid acquisition system must also be introduced so that this technology can be applied to advanced weapons in a timely manner. Export joint research and development is intended to promote flexible technology transfer excluding ultra-sensitive core technologies and to form strategic partnerships, taking into account the purchasing country's willingness to possess cutting-edge technology. Through this, we have helped Korea's defense industry exports enter the world's big4 through groundbreaking new strategy.

Clinical Epidemiology for Elderly Patients of Oral Medicine Clinic (구강내과에 내원하는 노인 환자들의 임상 역학 연구)

  • Oh, Hyun-Sun;Kim, Hye-Kyoung;Park, Jo-Eun;Kim, Ki-Suk;Kim, Mee-Eun
    • Journal of Oral Medicine and Pain
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    • v.38 no.1
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    • pp.19-28
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    • 2013
  • With Korea's rapid entry to aged society, elderly population has become a major age group both in the whole society and medical field and its importance will be constantly stressed out. Elderly population is also important in the field of oral medicine which deals with chronic and recurrent diseases in the orofacial region of non-dental origin but there exist few studies indicating epidemiology of elderly patients in this regards. This study aimed to investigate change of age distribution of new patients in a university-based dental hospital and oral medicine clinic for last decade and to investigate clinical epidemiology of elderly patients (${\geq}$ 65 years) of oral medicine clinic. This study was performed retrospectively using medical records of the new patients in Dankook University Dental Hospital in 2001 and 2011. According to the study, percentage of elderly new patients increased in both dental hospital and oral medicine clinic and degree of the increase was greater in oral medicine clinic than in the whole hospital (p=0.000). 13.5% of adult patients ${\geq}$ 18 years of oral medicine clinic were elderly patients ${\geq}$ 65 years. 83% of elderly patients were suffering from one or more systemic diseases. Although TMD was the most common reason for elderly patients who visited oral medicine clinic, oral soft tissue diseases, dry mouth, burning mouth syndrome and oromandibular dystonia was more frequently diagnosed in elderly patients compared to adult patients aged 18 to 64 years. Pain severity and interference of Brief Pain Inventory and depression and anxiety scores of Hospital Anxiety Depression Scales were higher in elderly patients than in the adult patients (p<0.05). Increase of elderly patients with chronic oral diseases and pain needs more attention of dentists and specialists of oral medicine to improvement of assessment and development of tailored management because large portion of the elderly patients have systemic diseases, polypharmacy and impaired communication, possibly restricting treatment options.

The Factors Affecting Attitudes Toward HSDPA Service and Intention to Use: A Cross-Cultural Comparison between Asia and Europe (대영향(对影响)HSDPA복무적태도화사용의도적인소적연구(服务的态度和使用意图的因素的研究): 재아주화구주지간적(在亚洲和欧洲之间的)-개과문화비교(个跨文化比较))

  • Jung, Hae-Sung;Shin, Jong-Kuk;Park, Min-Sook;Jung, Hong-Seob;Hooley, Graham;Lee, Nick;Kwak, Hyok-Jin;Kim, Sung-Hyun
    • Journal of Global Scholars of Marketing Science
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    • v.19 no.4
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    • pp.11-23
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    • 2009
  • HSDPA (High-Speed Downlink Packet Access) is a 3.5-generation asynchronous mobile communications service based on the third generation of W-CDMA. In Korea, it is mainly provided in through videophone service. Because of the diffusion of more powerful and diversified services, along with steep advances in mobile communications technology, consumers demand a wide range of choices. However, because of the variety of technologies, which tend to overflow the market regardless of consumer preferences, consumers feel increasingly confused. Therefore, we should not adopt strategies that focus only on developing new technology on the assumption that new technologies are next-generation projects. Instead, we should understand the process by which consumers accept new forms of technology and devise schemes to lower market entry barriers through strategies that enable developers to understand and provide what consumers really want. In the Technology Acceptance Model (TAM), perceived usefulness and perceived ease of use are suggested as the most important factors affecting the attitudes of people adopting new technologies (Davis, 1989; Taylor and Todd, 1995; Venkatesh, 2000; Lee et al., 2004). Perceived usefulness is the degree to which a person believes that a particular technology will enhance his or her job performance. Perceived ease of use is the degree of subjective belief that using a particular technology will require little physical and mental effort (Davis, 1989; Morris and Dillon, 1997; Venkatesh, 2000). Perceived pleasure and perceived usefulness have been shown to clearly affect attitudes toward accepting technology (Davis et al., 1992). For example, pleasure in online shopping has been shown to positively impact consumers' attitudes toward online sellers (Eighmey and McCord, 1998; Mathwick, 2002; Jarvenpaa and Todd, 1997). The perceived risk of customers is a subjective risk, which is distinguished from an objective probabilistic risk. Perceived risk includes a psychological risk that consumers perceive when they choose brands, stores, and methods of purchase to obtain a particular item. The ability of an enterprise to revolutionize products depends on the effective acquisition of knowledge about new products (Bierly and Chakrabarti, 1996; Rothwell and Dodgson, 1991). Knowledge acquisition is the ability of a company to perceive the value of novelty and technology of the outside (Cohen and Levinthal, 1990), to evaluate the outside technology that has newly appeared (Arora and Gambaradella, 1994), and to predict the future evolution of technology accurately (Cohen and Levinthal, 1990). Consumer innovativeness is the degree to which an individual adopts innovation earlier than others in the social system (Lee, Ahn, and Ha, 2001; Gatignon and Robertson, 1985). That is, it shows how fast and how easily consumers adopt new ideas. Innovativeness is regarded as important because it has a significant effect on whether consumers adopt new products and on how fast they accept new products (Midgley and Dowling, 1978; Foxall, 1988; Hirschman, 1980). We conducted cross-national comparative research using the TAM model, which empirically verified the relationship between the factors that affect attitudes - perceived usefulness, ease of use, perceived pleasure, perceived risk, innovativeness, and perceived level of knowledge management - and attitudes toward HSDPA service. We also verified the relationship between attitudes and usage intention for the purpose of developing more effective methods of management for HSDPA service providers. For this research, 346 questionnaires were distributed among 350 students in the Republic of Korea. Because 26 of the returned questionnaires were inconsistent or had missing data, 320 questionnaires were used in the hypothesis tests. In UK, 192 of the total 200 questionnaires were retrieved, and two incomplete ones were discarded, bringing the total to 190 questionnaires used for statistical analysis. The results of the overall model analysis are as follows: Republic of Korea x2=333.27(p=0.0), NFI=0.88, NNFI=0.88, CFI=0.91, IFI=0.91, RMR=0.054, GFI=0.90, AGFI=0.84, UK x2=176.57(p=0.0), NFI=0.88, NNFI=0.90, CFI=0.93, IFI=0.93, RMR=0.062, GFI=0.90, AGFI=0.84. From the results of the hypothesis tests of Korean consumers about the relationship between factors that affect intention to use HSDPA services and attitudes, we can conclude that perceived usefulness, ease of use, pleasure, a high level of knowledge management, and innovativeness promote positive attitudes toward HSDPA mobile phones. However, ease of use and perceived pleasure did not have a direct effect on intention to use HSDPA service. This may have resulted from the fact that the use of video phones is not necessary for everyday life yet. Moreover, it has been shown that attitudes toward HSDPA video phones are directly correlated with usage intention, which means that perceived usefulness, ease of use, pleasure, a high level of knowledge management, and innovativeness. These relationships form the basis of the intention to buy, contributing to a situation in which consumers decide to choose carefully. A summary of the results of the hypothesis tests of European consumers revealed that perceived usefulness, pleasure, risk, and the level of knowledge management are factors that affect the formation of attitudes, while ease of use and innovativeness do not have an effect on attitudes. In particular, with regard to the effect value, perceived usefulness has the largest effect on attitudes, followed by pleasure and knowledge management. On the contrary, perceived risk has a smaller effect on attitudes. In the Asian model, ease of use and perceived pleasure were found not to have a direct effect on intention to use. However, because attitudes generally affect the intention to use, perceived usefulness, pleasure, risk, and knowledge management may be considered key factors in attitude development from which usage intention arises. In conclusion, perceived usefulness, pleasure, and the level of knowledge management have an effect on attitude formation in both Asian and European consumers, and such attitudes shape these consumers' intention to use. Furthermore, the hypotheses that ease of use and perceived pleasure affect usage intention are rejected. However, ease of use, perceived risk, and innovativeness showed different results. Perceived risk had no effect on attitude formation among Asians, while ease of use and innovativeness had no effect on attitudes among Europeans.

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A study on the activation plan of domestic franchise companies third party logistics (국내 프랜차이즈 기업의 제3자 물류 활성화에 관한 연구 : 본아이에프 사례 중심으로)

  • Cho, Jun-ho;Lee, Sang-Youn
    • The Journal of Industrial Distribution & Business
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    • v.2 no.2
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    • pp.15-24
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    • 2011
  • Modern enterprises should concentrate their efforts on continuous improvements in focusing their development in the core areas of business and to reduce their expenses and to enhance the quality of service for customers. The enterprises should focus on their core business while outsourcing the non-core areas of business to external specialists for the purpose of reducing cost. In South Korea, the enterprises are becoming increasingly interested in outsourcing their logistics function, especially in using IT technologies to the 3PL. The underlying reason for this trend is because the logistics costs of Korean businesses are much higher than that of other advanced countries. This higher logistic costs weakens the price competitiveness of Korean companies in the overseas export markets and even dampening the balance of international trade. Domestically, the higher logistics costs have the effect of raising prices in the local markets and thus affecting the local economy. Therefore a solution is urgently needed to save the logistics costs for the Korean companies in the interest of increasing national competitiveness. Outsourcing to the 3PL is becoming an attraction solution to this problem. Thanks to the increasing supply of professional logistics companies, many of the enterprises are switching to the Third Party Logistics. Nevertheless the enterprises do not yet utilize the integrated third-party logistics services on a full scale. This study analyzes present conditions and problems of the domestic third-party logistics market and suggests directions for future development. To solve the problems in the domestic third-party logistics market, four actions are recommended. First there should be new supporting policies in the laws and regulations and a system for small and medium sized companies to grow. Solutions to structural problems such as abnormal multilevel merchandising, illegal operation of private cars, and freight dumping should be implemented concurrently. Furthermore, standards for new companies entry into the market should be enhanced to allow only the competitive distribution companies to enter the market. Second, development of variety of educational programs is needed through establishing human-resource development system and specialized formal educational institution focused on this market. Third, the third party distribution companies, which seek long-term relationships with the owners of goods, should endeavor to strengthen their communications capability. Fourth, adoption of high-tech distribution system and the advent of U-Logistics, making use of RFID is urgent. This study has the limitation of objectivity because it does not include various comparative case studies about companies relating to the Third Party Logistics and domestic franchise companies. However, this study is significant to the extent that it analyzes the general present conditions and the problems of domestic Third Party Logistics and suggests recommendations for revitalization of Third Party Logistics. For future studies, analyzing the successful cases of international third party logistics companies' empirical data and studying the application into domestic franchise companies would improve the objectivity of the results. This would assist the domestic third party logistics companies not only to perform excellent domestic logistics function but also to enter into the global market for international logistics.

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International Success the Second Time Around: A Case Study (제이륜국제성공(第二轮国际成功): 일개안례연구(一个案例研究))

  • Colley, Mary Catherine;Gatlin, Brandie
    • Journal of Global Scholars of Marketing Science
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    • v.20 no.2
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    • pp.173-178
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    • 2010
  • A privately held, third generation family owned company, Boom Technologies, Inc. (BTI), a provider of products and services to the electric utility, telecommunications and contractor markets, continues to make progress in exporting. Although export sales only equaled 5% of total revenue in 2008, BTI has an entire export division. Their export division's Managing Director reveals the trial and errors of a privately held company and their quest for success overseas. From its inception, BTI has always believed its greatest asset is its employees. When export sales struggled due to lack of strategy and direction, BTI hired a Managing Director for its export division. With leadership and guidance from BTI's president and from the Managing Director, they utilized the department's skills and knowledge. Structural changes were made to expand their market presence abroad and increase export sales. As a result, export sales increased four-fold, area managers in new countries were added and distribution networks were successfully cultivated. At times, revenue generation was difficult to determine due to the structure of the company. Therefore, in 1996, the export division was restructured as a limited liability company. This allowed the company to improve the tracking of revenue and expenses. Originally, 80% of BTI's export sales came from two countries; therefore, the initial approach to selling overseas was not reaching their anticipated goals of expanding their foreign market presence. However, changes were made and now the company manages the details of selling to over 80 countries. There were three major export expansion challenges noted by the Managing Director: 1. Product and Shipping - The major obstacle for BTI was product assembly. Originally, the majority of the product was assembled in the United States, which increased shipping and packaging costs. With so many parts specified in the order, many times the order would arrive with parts missing. The missing parts could equate to tens of thousands of dollars. Shipping these missing parts separately in another shipment also cost tens of thousands of dollar, plus a delivery delay time of six to eight weeks; all of which came out of the BTI's pockets. 2. Product Adaptation - Safety and product standards varied widely for each of the 80 countries to which BTI exported. Weights, special licenses, product specification requirements, measurement systems, and truck stability can all differ from country to country and can serve as a type of barrier to entry, making it difficult to adapt products accordingly. Technical and safety standards are barriers that serve as a type of protection for the local industry and can stand in the way of successfully pursuing foreign markets. 3. Marketing Challenges - The importance of distribution creates many challenges for BTI as they attempt to determine how each country prefers to operate with regard to their distribution systems. Some countries have competition from a small competitor that only produces one competing product; whereas BTI manufactures over 100 products. Marketing material is another concern for BTI as they attempt to push marketing costs to the distributors. Adapting the marketing material can be costly in terms of translation and cultural differences. In addition, the size of paper in the United States differs from those in some countries, causing many problems when attempting to copy the same layout and With distribution being one of several challenges for BTI, the company claims their distribution network is one of their competitive advantages, as the location and names of their distributors are not revealed. In addition, BTI rotates two offerings yearly: training to their distributors one year and then the next is a distributor's meeting. With a focus on product and shipping, product adaptation, and marketing challenges, the intricacies of selling overseas takes time and patience. Another competitive advantage noted is BTI's cradle to grave strategy, where they follow the product from sale to its final resting place, whether the truck is leased or purchased new or used. They also offer service and maintenance plans with a detailed cost analysis provided to the company prior to purchasing or leasing the product. Expanding abroad will always create challenges for a company. As the Managing Director stated, "If you don't have patience (in the export business), you better do something else." Knowing how to adapt quickly provides BTI with the skills necessary to adjust to the changing needs of each country and its own unique challenges, allowing them to remain competitive.

A Study on the Determinants of Demand for Visiting Department Stores Using Big Data (POS) (빅데이터(POS)를 활용한 백화점 방문수요 결정요인에 관한 연구)

  • Shin, Seong Youn;Park, Jung A
    • Land and Housing Review
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    • v.13 no.4
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    • pp.55-71
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    • 2022
  • Recently, the domestic department store industry is growing into a complex shopping cultural space, which is advanced and differentiated by changes in consumption patterns. In addition, competition is intensifying across 70 places operated by five large companies. This study investigates the determinants of the visits to department stores using the big data concept's automatic vehicle access system (pos) and proposes how to strengthen the competitiveness of the department store industry. We use a negative binomial regression test to predict the frequency of visits to 67 branches, except for three branches whose annual sales were incomplete due to the new opening in 2021. The results show that the demand for visiting department stores is positively associated with airport, terminal, and train stations, land areas, parking lots, VIP lounge numbers, luxury store ratio, F&B store numbers, non-commercial areas, and hotels. We suggest four strategies to enhance the competitiveness of domestic department stores. First, department store consumers have a high preference for luxury brands. Therefore, department stores need to form their own overseas buyer teams to discover and attract new luxury brands and attract customers who have a high demand for luxury brands. In addition, to attract consumers with high purchasing power and loyalty, it is necessary to provide more differentiated products and services for VIP customers than before. Second, it is desirable to focus on transportation hub areas such as train stations, airports, and terminals in Gyeonggi and Incheon. Third, department stores should attract tenants who can satisfy customers, given that key tenants are an important component of advanced shopping centers for department stores. Finally, the department store, a top-end shopping center, should be developed as a space with differentiated shopping, culture, dining out, and leisure services, such as "The Hyundai", which opened in 2021, to ensure future growth potential.

A Correlation Analysis between International Oil Price Fluctuations and Overseas Construction Order Volumes using Statistical Data (통계 데이터를 활용한 국제 유가와 해외건설 수주액의 상관성 분석)

  • Park, Hwan-Pyo
    • Journal of the Korea Institute of Building Construction
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    • v.24 no.2
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    • pp.273-284
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    • 2024
  • This study investigates the impact of international oil price fluctuations on overseas construction orders secured by domestic and foreign companies. The analysis employs statistical data spanning the past 20 years, encompassing international oil prices, overseas construction orders from domestic firms, and new overseas construction orders from the top 250 global construction companies. The correlation between these variables is assessed using correlation coefficients(R), determination coefficients(R2), and p-values. The results indicate a strong positive correlation between international oil prices and overseas construction orders. The correlation coefficient between domestic overseas construction orders and oil prices is found to be 0.8 or higher, signifying a significant influence. Similarly, a high correlation coefficient of 0.76 is observed between oil prices and new orders from leading global construction companies. Further analysis reveals a particularly strong correlation between oil prices and overseas construction orders in Asia and the Middle East, potentially due to the prevalence of oil-related projects in these regions. Additionally, a high correlation is observed between oil prices and orders for industrial facilities compared to architectural projects. This suggests an increase in plant construction volumes driven by fluctuations in oil prices. Based on these findings, the study proposes an entry strategy for navigating oil price volatility and maintaining competitiveness in the overseas construction market. Key recommendations include diversifying project locations and supplier bases; utilizing hedging techniques for exchange rate risk management, adapting to local infrastructure and market conditions, establishing local partnerships and securing skilled local labor, implementing technological innovations and digitization at construction sites to enhance productivity and cost reduction The insights gained from this study, coupled with the proposed overseas expansion strategies, offer valuable guidance for mitigating risks in the global construction market and fostering resilience in response to international oil price fluctuations. This approach is expected to strengthen the competitiveness of domestic and foreign construction firms seeking success in the international arena.