• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.1
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• pp.1-21
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• 2024

Recently, venture capital investment has been shrinking globally due to high interest rates and economic slowdown. Korea is no exception. Due to the downturn in the M&A and public markets, increasing economic uncertainty, and the aftermath of corporate bankruptcies, venture capitalists are facing many difficulties in raising funds. In the changed economic environment, the investment decision factors of venture capitalists have also changed. However, studies on VCs' investment decisions have focused on the general economic environment. This study examines how VCs' investment decision-making factors change during economic recessions and booms. To this end, we interviewed active investors who have experienced both economic recessions and booms to compare how VCs' investment decision factors change: 1) personal characteristics of founders, 2) experience of founders, 3) product/service, 4) market, 5) financial situation, 6) contract terms and 7) venture capital co-investment. The results showed that founder's personal characteristics, experience, and product/service were more important during the economic recession. Market is slightly more important during economic booms. The importance of financial situation and investment conditions increased sharply during the recession compared to the boom. Finally, venture capital co-investment did not differ significantly between recessions and booms. By understanding the investment decision-making factors of venture capitalists in the recent difficult venture investment environment, this study aims to help startups raise funds and survive in a difficult market.

• Journal of Distribution Science
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• v.10 no.1
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• pp.43-52
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• 2012

With the slowdown in environmental issues and the change of environmental consciousness, ecotourism is being discussed in various social fields. Ecotourism is being popularized for environmental protection, and now it is becoming a mainstream product from one of mass tourism. Ecotourism's emphasis on sustainable development in the tourism destination's society, economy, and environment, through ecotourism study and education, enable people to understand the core value of the ecological environment. 2011 was nominated as "the Year of World Forest" by the UN. In the recent years, forests are becoming increasingly important with their own values and functions in environment, economy, society, and culture. In particular, the global environmental issues caused by climate change are becoming an international agenda. Forests are the only effective solution for the carbon dioxide that causes global warming. Moreover, forests constitute a major part of ecotourism, and are now most used by ecotourists. For example, Korea, wherein 60% of the land is forest, attracts ecotourists. With the increasing interests in environment, the number of tourists visiting the ecosystem forest, which is highly valued for its conservation, is increasing significantly every year and is receiving considerable attention from the government. However, poor facilities in the forest ecotourism sites and improper market strategies are the reasons for the poor running of these sites. Furthermore, tourists' environmental awareness affects ecology environmental pollution or the optimization of forest ecotourism. In order to verify the relationships among tourist attractiveness, environmental consciousness, charm degrees of the attractions, and attitudes after tours, we established some scales based on existing research achievement. Then, using these scales, the researcher completed the questionnaire survey. From December 20, 2010 to February 20, 2011, after conducting surveys for 12 weeks, we finally obtained 582 valid questionnaires, from a total of 700 questionnaires, that could be used in statistical analysis. First, for the method of research and analysis, the researcher initially applied the Cronbach's (Alpha) for verifying the reliability, and subsequently applied the Exploratory factor analysis for verifying the validity. Second, in order to analyze the demographics, the researcher makes use of the Frequency analysis for the AMOS, measurement model, structural equation model computing, and also utilizes construct validity, convergent validity, discriminant validity, and nomological validity. Third, for the analysis of the ecotourists' environmental consciousness, impacts on tourist attractiveness, charm degrees of the attractions, and attitudes after the tour, the researcher uses AMOS 19, with the path analysis and equation of structure. After the research, researchers found that high awareness of natural protection lead to high tourist motivation and satisfaction and more positive attitude after the tour. Moreover, this research shows the psychological and behavioral reactions of the ecotourists to the ecotourist development. Accordingly, environmental consciousness does not affect the tourist attractiveness that has been interpreted as significant. Furthermore, people should focus on the change of natural protection consciousness and psychological reaction of ecotourists while ensuring the sustainable development of ecotourists and developing some ecotourist programs.

• Journal of radiological science and technology
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• v.32 no.2
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• pp.177-182
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• 2009

Purpose : This study presents the optimization of flip angle (FA) to obtain higher contrast to noise ratio (CNR) and lower specific absorption rate (SAR). Materials and Method : T1-weighted images of the cerebrum of brain were obtained from 50$^\circ$ to 130$^\circ$ FA with 10$^\circ$ interval. Signal to noise ratios (SNRs) were calculated for white matter (WM), gray matter (GM), and background noise. The proper FA was analyzed by T-test statistics and Kruskal-wallis analysis using R1 = 1- exp ($\frac{-TR}{T1}$) and Ernst angle cos $\theta$ = exp ($\frac{-TR}{T1}$). Results : The SNR of WM at 130$^\circ$ FA is approximately 1.6 times higher than the SNR of WM at 50$^\circ$. The SNR of GM at 130$^\circ$ FA is approximately 1.9 times higher than the SNR of GM at 50$^\circ$. Although the SNRs of WM and GM showed similar trends with the change of FA values, the slowdown point of decrease after linear fitting were different. While the SNR of WM started decreasing at 120$^\circ$ FA, the SNR of GM started decreasing at less than 110$^\circ$. The highest SNRs of WM and GM were obtained at 130$^\circ$ FA. The highest CNRs, however, were obtained at 80$^\circ$ FA. Conclusion : Although SNR increased with the change of FA values from 50$^\circ$ to 130$^\circ$ at 3T SE T1WI, CNR was higher at 80$^\circ$ FA than at the usually used 90$^\circ$ FA. In addition, the SAR was decreased by using smaller FA. The CNR can be increased by using this optimized FA at 3T MR SE T1WI.

• Journal of The Korean Society of Grassland and Forage Science
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• v.37 no.1
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• pp.35-43
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• 2017

This study was to research the relationships between rice straw degradation and changes of fibrolytic bacteria population during the in vitro rumen fermentation. Dry matter(DM) digestion of rice straw and population of fibrolytic bacteria were measured at the 0. 4, 8, 12 and 48 hours during the incubation. The populations of F. succinogenes. R. albus and R. flavefaciens were defined as log copy number of 16S rDNA by technical method of Quantitative real-time PCR. Total population of F. succinogenes, R. flavefaciens and R. albus was sum of bactera attached on rice straw and suspended in medium. It's population was increased with incubation, reached top level of 29.0 Log copy No at the 24 hour and then decreased. In the meantime, DM digestion of rice straw showed the higher increasement from the 8 hour to the 24 hour than from the 0 hour to the 8 hour, and then a slowdown in increasing trend of digestibility. Attachments of F. succinogenes, R. flavefaciens and R. albus were detected immediately after start of in vitro rumen incubation. At the same time, the colonized bacterial share were respectively 34.5%, 84.4% and 67.9% in total population. All of them was reached the highest colonized bacterial share above 94.7% at the 4 hour incubation. However population of attached bacteria was shown the highest level at the 12 hour or the 24 hour incubation. Kinetics of colonization were formed area of top speed from the 12 hour to the 24 hour and respectively reached 10.33, 9.28 및 8.30 Log copy No/h/g DM at the 24 hour by F. succinogenes, R. flavefaciens and R. albus. The kinetics of rice straw degradation was formed top level of 0.95% DM/h at the 24 hour. The present results gave clear evidence that degradation of rice straw was increased with the development of total fibrolytic bacteria in process of rumen fermentation. Also, their attachment was largely occurred immediately after insertion of rice straw, the colonized bacteria was actively proliferated, and then degradation of rice straw was maximized.

• Journal of the Korea institute for structural maintenance and inspection
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• v.16 no.2
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• pp.19-30
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• 2012

Due to the fact that the social environment is improved and the urban development is stabilized, the demand of new construction of apartment becomes slowdown. Accordingly, there are many researches to lengthen the service life of the existing apartment through the remodeling and its importance is continuously rising. However, reliable design specifications and guidelines for the design of remodeling with partial demolition are not provided yet in Korea. Specially, in the apartment remodeling, slab collapse accidents take major portion in all accidents that reported by Korean Government. It is very important to prevent intial crack of slab because intial crack could cause severe accident like collapse of all structure in a short period of time. The purpose of this study is to develop structural guidelines that could guarantee the structural safety and serviceability of slab structure and could be adopted in Korean remodeling with partial demolition. There are mainly two components to determine structural behavior of slab structure. One is the shape of slab structure and the other is load which is resisted by the slab structure. In this study, the weight per unit volume of concrete debris and concrete strength are estimated through the analysis of previous researches to recognize the relationship between the shape of slab and load that loaded on the slab. Accordingly, approximately 300 pieces of floor plan are collected and analyzed. The finite element analysis is conducted using these analyzed and estimated results. From the finite element analysis results, the limited stacking height of debris is suggested and the stacking method is also discussed. In addition, to find the relationship between movement of demolition equipment and structural behavior of slab, the static and dynamic loading tests are conducted. From the results of loading tests, the impact factor which will be considered in the remodeling design could be estimated.

• Analyses & Alternatives
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• v.7 no.1
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• pp.229-258
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• 2023

For the main countries of the Asia-Pacific region, the United States, China and Russia, a situation of "new normality" is emerging. Moreover, for each of the countries, this "new normality" has its own meaning. For the United States, this is an aggravation of the military confrontation with China in the Taiwan Strait. For China, this is an increase in the degree of rivalry with the United States and a slowdown in the pace of economic development with a very high probability of their decline in the future. For Russia, this is an almost complete curtailment of relations with the United States against the background of a special military operation and imposed sanctions. These nuances, in addition to the results of the 20th CPC Congress, will determine the main trends in Sino-American and Sino-Russian relations. It seems that China's attitude towards Russia will not change against the background of the Ukrainian crisis. Beijing will maintain a position of "benevolent neutrality" towards Moscow. At the same time, the balance between "goodwill" and "neutrality" may vary depending on the scope of Sino-Russian cooperation. For example, in the economic sphere, Chinese companies will be afraid to cooperate with Russian partners for fear of secondary sanctions. However, in general, Russia will retain its importance for China as the strongest anti-American pole. In relations with the United States, China will continue to firmly defend its interests, while at the same time not excluding the normalization of relations with Washington in certain areas of cooperation: strategic stability, non-traditional threats, ecology, etc. In general, the decisions of the 20th CPC Congress do not allow us to say either in favor or against the idea of China's readiness to resume dialogue with the United States in the post-congress period. Sino-American relations, as noted above, have their own logic and will probably continue to develop within its framework. However, so are Sino-Russian relations. Within the framework of these logics, Beijing seems to continue to balance between the two vectors of its foreign policy. On the one hand, this is the development of bilateral cooperation with Russia in order to strengthen its own negotiating positions in the confrontation with the United States: military cooperation with an emphasis on joint exercises, political cooperation based on anti-Americanism, economic cooperation with an eye to the risks of secondary sanctions. On the other hand, it is unacceptable for China to recognize the collapse of Ukraine, the inadmissibility of a direct military clash with the United States and the extreme undesirability of further aggravation of relations with the United States on the factor of Chinese friendship with Russia.

• The Korean Journal of Franchise Management
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• v.2 no.2
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• pp.95-110
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• 2011

As global economic conditions are getting uneasy and polarization of our economy is intensified, the economic sentiment of small businesses is still low and unstable. The collapse of worldwide banking systems due to sub prime crisis in 2007 became the catalyst that shakes financial industries in each country in the world; the most sentiment people, small businesspersons, also have hard time facing survival way out, facing a great crisis. All organizing powers including manufactures, wholesales and retails are being gradually greater in mutual relations and dependence, and unstable factors about risks are also increasing. For exterior environmental and physical risk factors which cannot make small businesses survive themselves by developing ways out are eventually increasing, those who cannot cope with these factors face a great crisis. Although the government tries hard to overcome this situation conducting many ways, the effect does not continue. It is the real state that independent business markets including overall employment and establishing business have vicious cycle that they cannot be improved, due to increase of employment centered on short-term labors which lack durability in creation of employment and decline of household income. Recently, growth shows indication of slowdown because of multinational risk factors including financial crisis in each country in Europe, the death of Kim Jung-il, relationship with North Korea, and unstability of war situation in the Middle East Asia. Experts expect that growth rate will be about 4%, and independent business that ordinary people feel is still gloomy. It's reality that there is no adequate alternative for lack of jobs, unstable employment and a means of living after retirement. Also, the fact that large companies enter the market which is narrow and in the excessive competition should be an environmental factor that makes the situation worse. The business concept, a franchise, is the part we should think about whether it is the institutional solution that can guarantee independent businessmen stable life. Major companies are frightfully entering the market today, breaking the barrier to entry and shouting of a win-win with independent businesses. It's the small businesspersons who go through painful domestic recession, cannot predict the future and manage confusing and unstable independent business. It's very important to restore the domestic economy through wisely boosting consumption as soon as possible. It's also important to lead the situation by gathering powers of the government and related organizations, agonizing, suggesting solutions, and establishing accurate directions. The purpose of this study, therefore, is to suggest ways to strengthen competitiveness of small businesspersons by examining small business support policies which are currently implemented.

• Journal of Technology Innovation
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• v.17 no.1
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• pp.1-48
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• 2009

Recently we have found some symptoms that R&D fiscal incentives might not work well what it has intended through the analysis of current statistics of firm's R&D data. Firstly, we found that the growth rate of R&D investment in private sector during the recent decade has been slowdown. The average of growth rate (real value) of R&D investment is 7.1% from 1998 to 2005, while it was 13.9% from 1980 to 1997. Secondly, the relative share of R&D investment of SME has been decreased to 21%('05) from 29%('01), even though the tax credit for SME has been more beneficial than large size firm, Thirdly, The R&D expenditure of large size firms (besides 3 leading firms) has not been increased since late of 1990s. We need to find some evidence whether fiscal incentives are effective in increasing firm's R&D investment. To analyse econometric model we use firm level unbalanced panel data for 4 years (from 2002 to 2005) derived from MOST database compiled from the annual survey, "Report on the Survey of Research and Development in Science and Technology". Also we use fixed effect model (Hausman test results accept fixed effect model with 1% of significant level) and estimate the model for all firms, large firms and SME respectively. We have following results from the analysis of econometric model. For large firm: i ) R&D investment responds elastically (1.20) to sales volume. ii) government R&D subsidy induces R&D investment (0.03) not so effectively. iii) Tax price elasticity is almost unity (-0.99). iv) For large firm tax incentive is more effective than R&D subsidy For SME: i ) Sales volume increase R&D investment of SME (0.043) not so effectively. ii ) government R&D subsidy is crowding out R&D investment of SME not seriously (-0.0079) iii) Tax price elasticity is very inelastic (-0.054) To compare with other studies, Koga(2003) has a similar result of tax price elasticity for Japanese firm (-1.0036), Hall((l992) has a unit tax price elasticity, Bloom et al. (2002) has $-0.354{\sim}-0.124$ in the short run. From the results of our analysis we recommend that government R&D subsidy has to focus on such an areas like basic research and public sector (defense, energy, health etc.) not overlapped private R&D sector. For SME government has to focus on establishing R&D infrastructure. To promote tax incentive policy, we need to strengthen the tax incentive scheme for large size firm's R&D investment. We recommend tax credit for large size film be extended to total volume of R&D investment.