This study investigates the case of the Neosemitech Corp., which was listed in KOSDAQ in 2009 through backdoor listing, and was subsequently delisted after the revelation of window dressing evidenced by audit opinion disclaimer issued by external auditor in the following year. The founder of the company was noted as one of the leading engineers in the Gallium-Arsenic chemical semiconductor manufacturing business and was successful in developing own production technologies which played pivotal roles in establishing and nurturing the company in a relatively short period of time. He was preoccupied with short-sighted fame and self-interests, however, to pursue fund raising through accounting shenanigans and unjustifiable circumventions, which eventually resulted in massive damages to the company and numerous investors as well as unshakable dishonor to his own personal reputation as an elite engineer. This case vividly demonstrates that the CEO of a technology-oriented venture company could nullify whatever potential the company may possess provided that he or she ignores the simple fact that a company cannot survive without generating good values to society on a long-term basis. This paper also suggests that a careful analysis of prior financial statements could help to enable the readers to detect the symptoms of earnings manipulation as an early warning signal of imminent delisting and business distress.

From a perspective of organizational ecology which pays attention to the dynamics at the population level, this study examines the factors affecting the venture founding rate of Korean film production firms. Without taking much into consideration the effects of outside environment and competing organizations’ decisions, previous venture studies have often explained venture founding as an outcome of individual entrepreneurs’ or firms’ independent decisions. Venture founding, however, cannot be regarded as an outcome of individual entrepreneurs’ or individual firms’ independent decisions, but should be regarded as an outcome of interaction in which individual entrepreneurs or firms make decision taking into account the effects of external environment and competing organizations’ decisions. To understand venture founding process properly, therefore, we should pay attention not only to the dynamics at the level of individual entrepreneur or individual firm, but also to the dynamics at the level of organizational population. This study examines the conditions of venture founding in the Korean film industry from an organizational ecology perspective. Specifically, by using the event count analysis, this study demonstrates that population density, the strength of venture founding bandwagon, and the level of market segmentation have significant effects on the venture founding rates of Korean film production firms.

This paper explored the new product performance and entrepreneurial intention between strategic orientation and innovation climate in venture business' CEO. First, this study investigated how strategic orientation(customer orientation, competitor orientation, technology orientation) affected innovation climate, and then analyzed how innovation climate influenced new product development performance and entrepreneurial intentions. Second, how technology orientation affected new product development performance, and then analyzed how new product performance influenced entrepreneurial intentions. We administerd a survey with 150 venture business’ CEOs located in the metropolitan area.
The analysis results indicate that technology orientation affects innovation climate. According to the analysis, innovation climate also affect new product performance, and technology orientation affect new product performance then new product performance influences entrepreneurial intentions. This study shows the casual relationship between variables including strategic orientation, innovation climate, new product performance and entrepreneurial intentions. In particular, this finding confirms that technology orientation as one of strategic orientation affects new product performance and entrepreneurial intentions.

In this study, we examine the determinants of back-door listing in South Korea Stock Market by using 186 firm-year observations of back-door listing firms and 522 firm-year observations of initial public offering firms provided by DART (Data Analysis, Retrieval and Transfer System) data base from 2001 to 2009. And we used the firm-age, firm-size, debt-to-equity ratio, profitability(return on assets. cashflows from operating income, ordinary income ratio), age of CEOs when firms’ going public and investments of venture capitals as the possible back-door listing determinants.
As a result, firms that have longer firm-age, smaller firm-size, higher debt-to-equity ratio, less profitable and younger of CEOs’ age have higher probability of choosing of back-door listing than choosing of initial public offering when they are going public. Also investment of venture capital as an institutional investor increases the probability of IPO but we can not find any significant relationships between the percentage of venture capital investment and the type of listing.
The results imply that investors should give additional consideration to the firm characteristic when they make investment decision for newly listed firms by back-door listing.

This research analyzes the phenomenon of “short-lived delisting”, which refers to the fact that some IPO firms end up with forced delisting after short listing period. We have found that firms with bigger size, lower debt ratio, longer history of business, and higher inside ownership are less likely to result in short-lived delisting. This result implies that the possibility of short-lived delisting is negatively correlated with the degree of sufficiency for listing requirements.
Secondly, we could not find strong evidence supporting for certification role of IPO mechanisms. Underwriters’ reputation does not significantly correlated with short-lived delisting. We could not find any evidence that short-lived delisted firms pay higher underwriters’ fee.
Thirdly, firms raising more capital through IPO are less likely to result in short-lived delisting. However the usage of funded capital is not related with the possibility of short-lived delisting. This result contradicts with the notion that firms undertaking IPO for long-term investment, such as PPE investment or R&D investment, would be more likely to successfully stay in listing status.

Human resource management activities are treated most secret matters not only internally but externally, and increased the necessity of outsourcing gradually than taking up the position that operating and controlling in person. Although human resource outsourcing has been implementing, few empirical studies on these issues are conducted. Therefore, the purposes of this study are as follows;
First, this research tried to verify that the organizational and sectional characteristics of the outsourcing client influence on human resource outsourcing degree. Second, this study investigated effects of human resource outsourcing degree on human resource management effectiveness.
Research findings are summarized as follows; First, cost-leadership strategy had positive effects on human resource outsourcing degree but influence on trade s or a joint labor-management conference had negative effects on human resource outsourcing degree for the organizational characteristics of the outsourcing client. Second, specificity of human resource affairs and competency of human resource department had negative effects on human resource outsourcing degree but supports of human resource department had positive effects on human resource outsourcing degree for the sectional characteristics of the outsourcing client.