This paper attempts to define corporate transparency based on the nature of the firm where the asymmetric information takes place among the economic actors and to find out some attributors to evaluate the levels of corporate transparency.
Corporate transparency is one of increasingly interesting subjects to academic and financial area because the level of corporate transparency is often regarded as one of the leading indicators of good corporate governance and an investment guide for investors. However, the concepts of corporate transparency were not based on the nature of the firm.
We define that corporate transparency is the disclosure of adequate information excepting nonpublic information on the subject of the firm's ownership structure and investor relation, its corporate decision making systems in the board and management structure, its monitoring structure and processes, and its operating and financial statement and practices, which should have the characteristics of accessibility, timeliness, and reliability.
According to this definition, corporate transparency is categorized into four sub-categories transparency of ownership structure, transparency of corporate governance practices, transparency of the board of directors, and transparency of accounting. Each sub-category introduces its items that are important attributors in evaluating the level of corporate transparency.

The purchase-contemplating phase of consumers is divided into three steps: an information-gathering step; a price-studying step; and an active purchase-considering step. Accordingly, consumers are divided into three groups: the purchase-considering initial-stage consumer group, the passive potential consumer group, and the active potential consumer group. Each of these groups has its own purchase-delaying factors in each step. In general, the more highly networked markets and societies become, the more resistance to innovation consumers have. The game theory has it that as the network becomes more complex, a member’s purchasing decision is influenced by the assumption that other members on the closely connected network will do the same. As a result, it is more difficult for manufacturers to crack the market in a highly networked society than in the environment in which its members are independent. Therefore, it is essential that manufacturers figure out the characteristics of the network and make use of it in order to open new markets with innovative products. This study considers the reasons consumers delay purchasing innovative products introduced into a highly networked society and looks for ways to cope with this trend, by investigating the case of the Bluetooth EarSet sales in South Korea.

This study attempts to examine M&A impact on shareholder wealth and business performance focussing on a sample of 56 Korean firms which completed M&As between 2000 and 2003. Analysis results are as follows: (1)Acquiring firms experienced an increase in shareholder wealth. In addition, the results reveal that the KOSDAQ market responds inefficiently to the information relating to corporate M&As. (2)Acquired firms' financial situation was poorer than that of acquiring firms. The primary purpose of undertaking M&As was to enhance the technical synergy that they needed. (3) New firms' financial situation was poor both in year 1 and year 2 following completion of their M&A. (4) Besides, the estimated residual value of these firms was found negative (-) for 2 years in a row after their merger, thereby leading to a decrease in shareholder wealth. It thus remains a question whether or not M&As would ever be a truly sound decision for such firms.

This study tries to explain the fact that venture firm’s performance changed by R&D capability which is formed combination with invisible resource.
In order to that, we analysed venture firms in Daeduck Valley and Seoul Metropolitan Area. The empirical results show that innovativeness, commitment to learning, use of market information use, experience of foreign market are positively related to venture’s R&D capability. And, venture’s R&D capability which means combination with 4 resources is related to venture’s performance significantly. This study supported the previous research result supposing that resources and R&D capability are very important to improve venture firm’s performance.
Confirming the antecedents of R&D capability as venture’s capabilities will provides implications to venture firm at this time when emphasis venture firm’s sustainable competitive advantages.

The main purpose of this research is to examine age-dependent risk and buffering mechanism related to venture’s survival according to growth stages. For the purpose, this research examined the survival or failure of 115 Korean technology- based small and medium ventures according to growth stages after the 1997 Asian financial crisis in Korea. Through analyses, this research found that several significant differences between management challenges and resources as buffering mechanism in survival across the growth stages. These results mean that different management challenges and resources for risk management are important in reducing age-dependent risk across the growth stages.

The purpose of this study is to identify the usefulness of the evaluation for the venture company certification. For this purpose, the study investigates relationship between performance of new venture and venture company certification index. Also we investigates relationship between market value of new venture and venture company certification index.
The results show that the venture company certification indexes are not affect the performance of new venture after venture company certification. Although the concept of venture company certification is based on new technology, business performance must be a crucial factor for growth and development of venture company. Therefore venture company certification indexes are need some adjustment on potential of business performance.

This study examines the value-relevance of abnormal earings and net assets according to plant and equipment investment and also investigates whether there is a significant difference in value relevance. And this study examines the value-relevance of plant and equipment investment in KOSDAQ venture firms, KOSDAQ non-venture firms and KSE firms.
Using 6,074 firms over the period 2000～2005, we adopt multiple regression as the research method. Our specific main findings are as follows.
First, the value-relevance of abnormal earnings and net assets in the increase of plant and equipment investment is more than that of the decrease of plant and equipment investment. Second, there is the significant value-relevance of abnormal earnings and net assets in KOSDAQ firms while we cannot find then value-relevance of abnormal earnings and net assets.