기업 내러티브(Narrative)가 초기 코인 공개(Initial Coin Offering)에 미치는 영향: 콘텐츠 차별화 효과를 중심으로

학위논문(석사) -- 서울대학교대학원 : 경영대학 경영학과, 2023. 8. 유병준.Initial Coin Offering (ICO) is an innovative method of financing used by blockchain ventures. To overcome inefficiencies caused by information asymmetry, entrepreneurs send signals about the ventures higher quality to potential investors. While scholars have examined non-content determinants of ICO success, there is sparse research on the effect of content features. Synthesizing cultural entrepreneurship theory and signaling theory, we use data mining and natural language processing to explore whether video narrative distinctiveness and technology-related language signal venture quality. Using 4,087 ICOs from ICObench.com, results show that video availability is positively related to ICO success. Also, the effect of video distinctiveness and the moderating effect of technology-related language is positively significant for fundraising success and the amount of funds raised, but insignificant for coin listing success. Our research offers theoretical contributions to the entrepreneurial financing and ICO literature. Additionally, our research has practical implications for entrepreneurs and ICO platforms.초기 코인 공개 (Initial Coin Offering)는 블록체인 벤처기업들이 투자 유치를 위해 활용하는 자금조달 방법이다. ICO 관련 규율 및 체계가 미비한 상황에서 ICO 시장 내 정보 비대칭 문제가 발생하고 있다. 정보 비대칭으로 인한 비효율을 극복하기 위해 기업가들은 투자자들에게 벤처의 장점을 부각시키는 긍정적인 신호를 보낸다. 과거 문헌연구는 ICO 성공 요소 중 비콘텐츠 (Non-content features) 결정요인에 집중한 반면, 본 논문은 콘텐츠 결정요인 (Content features)에 대해 연구한다. 본 논문은 비디오 내러티브 (Narrative)의 차별화와 기술 관련 언어가 ICO 성공과 어떠한 연관성이 있는지 탐구한다. 문화적 기업가정신 이론 (Cultural Entrepreneurship Theory)과 신호 이론 (Signaling Theory)에 바탕을 두며, 데이터 마이닝과 자연어 처리를 사용해 ICObench.com 내 4,087개의 ICO를 분석한다. 결과에 의하면 비디오 존재 여부는 ICO 성공여부와 긍정적인 상관관계가 있다. 또한, 비디오 내러티브의 차별화와 기술관련 언어의 조절효과는 모금 성공률 (fundraising success) 와 모금액 (amount of funds raised) 과 긍정적인 상관관계가 있지만, 코인 상장 여부(coin listing success) 와는 유의한 관계성을 보이지 않았다. 본 연구는 창업재무 (entrepreneurial financing) 및 ICO 문헌에 기여한다는 이론적 의의를 가지며, 기업가와 ICO 플랫폼들이 사업을 영위해 나가는데도 실질적인 도움을 줄 수 있다.Chapter 1. Introduction 1 Chapter 2. Literature Review 6 2.1. ICO Performance, Content, and Non-Content Features 6 2.2. Role of Video as an Entrepreneurial Narrative 8 2.3. Cultural Entrepreneurship Theory and Signaling Theory 9 Chapter 3. Hypothesis Development 11 3.1. Video Availability 13 3.2. Video Distinctiveness 13 3.3. Moderating Effects of Linguistic Features 14 Chapter 4. Methods 16 4.1. Dataset Construction 16 4.2. Measures 17 4.2.1 Dependent Variables 17 4.2.2 Independent Variables 18 4.2.3 Control Variables 19 Chapter 5. Results 23 Chapter 6. Discussion 29 6.1. Discussion 29 6.2. Theoretical and Managerial Contributions 30 6.3. Limitations and Future Research Directions 31 Bibliography 33 Appendix 37 Abstract in Korean 43석

Comparison of surgical outcomes between integrated robotic and conventional laparoscopic surgery for distal gastrectomy: a propensity score matching analysis

This study was aimed to compare the surgical outcomes between conventional laparoscopic distal gastrectomy (CLDG) and integrated robotic distal gastrectomy (IRDG) which used both Single-Site platform and fluorescence image-guided surgery technique simultaneously. Retrospective data of 56 patients who underwent IRDG and 152 patients who underwent CLDG were analyzed. Propensity score matching analysis was performed to control selection bias using age, sex, American Society of Anesthesiologists score, and body mass index. Fifty-one patients were selected for each group. Surgical success was defined as the absence of open conversion, readmission, major complications, positive resection margin, and inadequate lymph node retrieval (<16). Patients characteristics and surgical outcomes of IRDG group were comparable to those of CLDG group, except longer operation time (159.5 vs. 131.7 min; P < 0.001), less blood loss (30.7 vs. 73.3 mL; P = 0.004), higher number of retrieved lymph nodes (LNs) (50.4 vs. 41.9 LNs; P = 0.025), and lower readmission rate (2.0 vs. 15.7%; P = 0.031). Surgical success rate was higher in IRDG group compared to CLDG group (98.0 vs. 82.4%; P = 0.008). In conclusion, this study found that IRDG provides the benefits of higher number of retrieved LNs, less blood loss, and lower readmission rate compared with CLDG in patients with early gastric cancer.ope

Securing Resection Margin Using Indocyanine Green Diffusion Range on Gastric Wall during NIR Fluorescence-Guided Surgery in Early Gastric Cancer Patients

Near-infrared (NIR) fluorescence lymphography-guided minimally invasive gastrectomy using indocyanine green (ICG) is employed to visualize draining lymphatic vessels and lymph nodes. Endoscopically injected ICG spreads along the gastric wall and emits fluorescence from the serosal surface of the stomach. We aimed to assess the efficacy of ICG diffusion in securing the resection margin. We retrospectively analyzed 503 patients with early gastric cancer located in the body of the stomach who underwent fluorescence lymphography-guided gastrectomy from 2018 to 2021. One day before surgery, ICG was endoscopically injected into four points of the submucosal layer peritumorally. We measured the extent of resection and the resection line based on the ICG diffusion area from the specimen using NIR imaging. The mean area of the ICG diffusion was 82.7 × 75.3 and 86.7 × 80.2 mm2 on the mucosal and serosal sides, respectively. After subtotal gastrectomy, the length of the proximal resection margin was 38.1 ± 20.1, 33.4 ± 22.2, and 28.7 ± 17.2 mm in gastroduodenostomy, loop gastrojejunostomy, and Roux-en-Y gastrojejunostomy, respectively. The ICG diffusion area along the gastric wall secured a resection margin of &gt;28 mm. The ICG diffusion range can be used as a simple and easy method for determining the resection margin during gastrectomy using NIR imaging.ope

Safe Discharge Criteria After Curative Gastrectomy for Gastric Cancer

Purpose: This study aimed to investigate the relationship between clinical and laboratory parameters and complication status to predict which patients can be safely discharged from the hospital on the third postoperative day (POD). Materials and methods: Data from a prospectively maintained database of 2,110 consecutive patients with gastric adenocarcinoma who underwent curative surgery were reviewed. The third POD vital signs, laboratory data, and details of the course after surgery were collected. Patients with grade II or higher complications after the third POD were considered unsuitable for early discharge. The performance metrics were calculated for all algorithm parameters. The proposed algorithm was tested using a validation dataset of consecutive patients from the same center. Results: Of 1,438 patients in the study cohort, 142 (9.9%) were considered unsuitable for early discharge. C-reactive protein level, body temperature, pulse rate, and neutrophil count had good performance metrics and were determined to be independent prognostic factors. An algorithm consisting of these 4 parameters had a negative predictive value (NPV) of 95.9% (95% confidence interval [CI], 94.2-97.3), sensitivity of 80.3% (95% CI, 72.8-86.5), and specificity of 51.1% (95% CI, 48.3-53.8). Only 28 (1.9%) patients in the study cohort were classified as false negatives. In the validation dataset, the NPV was 93.7%, sensitivity was 66%, and 3.3% (17/512) of patients were classified as false negatives. Conclusions: Simple clinical and laboratory parameters obtained on the third POD can be used when making decisions regarding the safe early discharge of patients who underwent gastrectomy.ope

Similar Operative Outcomes between the da Vinci Xi® and da Vinci Si® Systems in Robotic Gastrectomy for Gastric Cancer

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Fluorescent Lymphography-Guided Lymphadenectomy during Minimally Invasive Completion Total Gastrectomy for Remnant Gastric Cancer Patients

No study has evaluated fluorescent lymphography for lymphadenectomy in remnant gastric cancer (RGC). This study aimed to assess the clinical application of fluorescent lymphography in minimally invasive completion total gastrectomy for RGC. Patients who had undergone minimally invasive completion total gastrectomy for RGC from 2013 to 2020 were retrospectively reviewed. The perioperative outcomes and long-term prognosis were compared between patients who had undergone minimally invasive completion total gastrectomy with fluorescent lymphography (the FL group) and those without fluorescent lymphography (the non-FL group). The FL group comprised 32 patients, and the non-FL group comprised 36 patients. FL visualized lymphatics in all 32 patients without complications related to the fluorescent injection. The median number [the interquartile range] of LN retrieval was significantly higher in the FL group (17 [9.3-23.5]) than in the non-FL group (12.5 [4-17.8]); p = 0.016). The sensitivity of fluorescent lymphography in detecting metastatic LN stations was 75%, and the negative predictive value was 96.9% in the FL group. The overall relapse-free survivals were comparable between the groups (p = 0.833 and p = 0.524, respectively). FL is an effective tool to perform a more thorough lymphadenectomy during minimally invasive completion total gastrectomy for RGC. Using FL in RGC surgery may improve surgical quality and proper staging.ope

Improved glycemic control with proximal intestinal bypass and weight loss following gastrectomy in non-obese diabetic gastric cancer patients

Purpose: The aim of this study was to assess whether gastrectomy influences glycemic control in non-obese diabetic gastric cancer patients and to identify factors related to glucose metabolism after gastrectomy. Materials and Methods: We retrospectively analyzed changes in glucose metabolism in 238 non-obese (body mass index < 30 kg/m2) patients with type II diabetes who underwent distal gastrectomy with either gastroduodenostomy (n = 91) or gastrojejunostomy (n = 147) for stage I gastric cancer. We collected demographics, diabetes-related features, surgery-related features, and changes in glucose metabolism during follow-up. The effect of surgery on the course of diabetes was evaluated at different time points according to fasting blood glucose levels and use of diabetes-related medication. Results: Preoperatively, the mean body mass index was 24.3 ± 2.3. Weight, body mass index and fasting blood glucose of all patients were significantly lower compared to preoperative levels at all time points. Weight loss after 6 months and the percentage of patients whose weight loss ratio was higher than 10% after one year were greater in the gastrojejunostomy group than the gastroduodenostomy group. Overall, 88 (37%) patients showed improvement in their diabetes course at one month after surgery; 152 (64%) showed improvement after 2 years. Duration of diabetes, weight loss, and reconstruction type were associated with improvement in diabetes at different time points. At 6 months and thereafter, the percentage of patients with an improved diabetes course was highest in the gastrojejunostomy plus higher than 10% weight loss group. Conclusions: Although weight loss may be associated with adverse effects of gastrectomy, postoperative weight loss in an acceptable range is a useful measure of the better glycemic control for the group of diabetic patients. Selecting gastrojejunostomy during gastrectomy and inducing acceptable weight loss after gastrectomy could be beneficial to the non-obese diabetic gastric cancer patients for improved glycemic control.ope

Underweight Body Mass Index as a Predictive Factor for Surgical Site Infections after Laparoscopic Appendectomy

PURPOSE: Analyses of risk factors associated with surgical site infections (SSIs) after laparoscopic appendectomy (LA) have been limited. Especially, the association of an underweight body mass index (BMI) with SSIs has not been clearly defined. This study aimed to identify the impact of underweight BMI in predicting SSIs after LA. MATERIALS AND METHODS: The records of a total of 101 consecutive patients aged ≥16 years who underwent LA by a single surgeon between March 2011 and December 2012 were retrieved from a prospectively collected database. The rate of SSIs was compared among the underweight, normal and overweight and obese groups. Also, univariate and multivariate analyses were performed to identify the factors associated with SSIs. RESULTS: The overall rate of SSIs was 12.8%. The superficial incisional SSI rate was highest in the underweight group (44.4% in the underweight group, 11.0% in the normal group, and 0% in the overweight and obese group, p=0.006). In univariate analysis, open conversion and being underweight were determined to be risk factors for SSIs. Underweight BMI was also found to be a significant predictor for SSIs in multivariate analysis (odds ratio, 10.0; 95% confidence interval, 2.0-49.5; p=0.005). CONCLUSION: This study demonstrated underweight BMI as being associated with SSIs after LA. Surgeons should be more cautious to prevent SSIs in patients that are underweight when performing LA.ope

Prognostic Value of Postoperative Neutrophil and Albumin: Reassessment One Month After Gastric Cancer Surgery

Objective: The prognostic value of postoperative parameters reflecting the inflammatory and nutritional status of patients undergoing cancer surgery has been rarely studied. This study investigated the prognostic value of inflammatory and nutritional parameters measured preoperatively and 1 month after curative gastrectomy for gastric cancer. Methods: Data from a prospectively maintained database of 1,194 patients with gastric cancer who underwent curative surgery in 2009-2018 were retrospectively reviewed. Demographics, clinicopathologic characteristics, operative data, survival data, and laboratory parameters were extracted. Neutrophil counts, lymphocyte counts, and albumin levels before surgery and 1 month postoperatively were analyzed. Results: In multivariable analysis adjusted for age, sex, and pathologic stage, high neutrophil count (hazard ratio [HR] 1.09, 95% confidence interval [CI] 1.01-1.17, p = 0.022) and low albumin (HR 0.45, 95% CI 0.27-0.74, p = 0.002) 1 month postoperatively were independent prognostic factors for overall survival. High neutrophil count (HR 1.09, 95% CI 1.02-1.16, p = 0.015) 1 month postoperatively was also an independent prognostic factor for recurrence-free survival after adjusting for age, sex, body mass index, extent of gastrectomy, and pathologic stage. Patients were classified into risk groups based on thresholds of 4.2 × 103 cells/mm3 and 4.1 g/dl for 1-month neutrophil count and albumin. High-risk groups had a significantly worse prognosis than low-risk groups for overall survival (HR 5.87, 95% CI 3.28-10.51, p <0.001) and recurrence-free survival (HR 1.52, 95% CI 1.07-2.16, p = 0.021). Conclusions: Neutrophil count and albumin level 1 month after curative surgery reflect long-term prognosis better than preoperative values. These parameters can be used to stratify patients with the same stage into different prognostic groups.ope

Clinical Implications of Microsatellite Instability in Early Gastric Cancer

Purpose: We aimed to evaluate the clinical characteristics of microsatellite instability in early gastric cancer. Materials and methods: The microsatellite instability status of resected early gastric tumors was evaluated using two mononucleotide repeat markers (BAT25 and BAT26) and three dinucleotide repeat markers (D5S346, D2S123, and D17S250). Tumors with instability in two or more markers were defined as microsatellite instability-high (MSI-H) and others were classified as microsatellite stable (MSS). Results: Overall, 1,156 tumors were included in the analysis, with 85 (7.4%) classified as MSI-H compared with MSS tumors. For MSI-H tumors, there was a significant correlation with the female sex, older age, tumor location in the lower gastric body, intestinal histology, lymphovascular invasion (LVI), and submucosal invasion (P<0.05). There was also a trend toward an association with lymph node (LN) metastasis (P=0.056). In mucosal gastric cancer, there was no significant difference in MSI status in tumors with LN metastasis or tumors with LVI. In submucosal gastric cancer, LVI was more frequently observed in MSI-H than in MSS tumors (38.9% vs. 25.0%, P=0.027), but there was no difference in the presence of LN metastases. The prognosis of MSI-H tumors was similar to that of MSS tumors (log-rank test, P=0.797, the hazard ratio for MSI-H was adjusted by age, sex, pT stage, and the number of metastatic LNs, 0.932; 95% confidence interval, 0.423-2.054; P=0.861). Conclusions: MSI status was not useful in predicting prognosis in early gastric cancer. However, the frequent presence of LVI in early MSI-H gastric cancer may help guide the appropriate treatment for patients, such as endoscopic treatment or limited LN surgical dissection.ope