A Study on Entrepreneurship, Competitiveness of SWOT, and Performance in Hidden Champion Firm

히든챔피언기업의 기업가정신, SWOT요인의 경쟁(대응)능력, 성과간의 관계에 관한 연구

  • Lee, Sang Suk (Division of Business Administration, Kangnam University)
  • Received : 2015.11.24
  • Accepted : 2016.04.14
  • Published : 2016.04.30

Abstract

This paper aims to investigate the relations among the entrepreneurship, SWOT factors, and performance in Korean hidden champion firms. 112 potential Korean hidden champions were drawn at random from the hidden champion candidates of Export-Import Bank of Korea. For analyzing the relationship of them, the entrepreneurship factors categorized with organizational risk taking, innovativeness, and proactiveness from previous researches(Khandwalla, 1977; Miller, 1983; Miller & Friesen, 1978, 1982). Also, four SWOT factors classified into strength, weakness, opportunities, and threat by confirmatory factor analysis. As a result, we found some statistically significant effects between the SWOT factors and entrepreneurship factors, and they sequentially affects to performance. That is, as a presented with previous research, there is verified that entrepreneurship is caused by organizational risk taking, innovativeness, and proactiveness. Also, SWOT factors significantly affect to business performance. Some guidelines for practicing potential Korea hidden champions as a result of this would include; first of all, it is important to support the potential hidden champions consulting approach in global perspectives; secondly, effective governmental support programs for hidden champions should be developed for positive impacts of according to these results.

본 연구는 한국형 히든챔피언의 기업가정신이 SWOT경쟁(대응)능력에 영향을 미치고, 이는 성과에 유의한 영향을 줄 수 있다는 것을 검증하였다. 이러한 연구의 목적을 달성하기 위하여 기업가정신은 기존연구자들(Khandwalla, 1977; Miller, 1983; Miller & Friesen, 1983)에 의해서 주장해 왔던 위험감수성, 진취성, 혁신성의 차원을 포함하는 변수들을 이용하였으며, SWOT요인의 경쟁(대응)능력, 성과간의 관계분석을 위하여 구조방정식모형을 이용하였다. 본 연구의 가설 검정 결과는 다음과 같이 요약될 수 있다. 첫째, 가설(HI)은 히든챔피언의 기업가정신(진취성, 위험감수성, 혁신성)이 SWOT요인의 경쟁(대응)능력에 정(+)의 영향을 미치는 것으로 나타났다. 즉, 히든챔피언의 기업가정신이 강할수록 더 높은 SWOT요인의 경쟁(대응)능력을 기대할 수 있다고 볼 수 있다. 특히 기업가정신의 구성요소 중에서 혁신성은 다른 요인에 비해서 큰 비중을 차지하고 있는 것으로 분석되었다. 둘째, 가설(HII)은 SWOT요인의 경쟁(대응)능력은 성과에 정(+)과 부(-)의 영향을 미치는 것으로 나타났다. 즉, 강점과 기회요인은 긍정적인 영향을 미치는 반면에 약점과 위험요인은 부정적인 영향을 미치고 있으며 강점과 기회요인이 약점과 위험요인에 비해 상대적으로 크게 영향을 주는 것으로 나타났다. 본 연구 결과는 히든챔피언의 경쟁우위전략을 제시하기 위한 기초적인 자료로 이용할 수 있을 것으로 판단되며, 이러한 결과를 적용하여 앞으로 히든챔피언의 육성 및 정책을 마련하기 위한 참고자료가 될 것으로 기대한다.

Keywords

References

  1. Autio, E., Sapienza, H. & Almeida, J.(2000). Effects of Age Entry, Knowledge Intensity, and Imitability on International Growth, Academy of Management Journal, 43(5), 909-924. https://doi.org/10.2307/1556419
  2. Avlonitis, G. J. & Salavou H. E.(2007). Entrepreneurial orientation of SMEs, product innovativeness, and performance, Journal of Business Research, 60(5), 566-575. https://doi.org/10.1016/j.jbusres.2007.01.001
  3. Bloodgood, J. M.(2006). Venture Adolescence Internationalization and Performance Implications of Maturation, International Journal of Entrepreneurial Behavior and Research, 12(2), 67-85. https://doi.org/10.1108/13552550610658143
  4. Chang, S. D.(2013). A Comparative Study of Succeeded and Failed Venture Firms, Korean Venture Management. 6(2), 101-125.
  5. Cho, B. S.(2013). A Study on the Sustainable Growth Factors of Germany's Hidden Champions : A Case Study Based on the Long-Surviving Family Businesses in Germany, The Korean Small Business Research, 35(3), 79-110.
  6. Chung, N. K.(2009). KMU's Finanzierung von Korea und Deutschland, Koreanische Zeitschrift fur Wirtschaftswissenschaften, 27(2), 29-55.
  7. Chung, Y. K. & Lee, S. S.(2013). A Study on Development Strategy of Korean Hidden Champion Firm Utilizing the SWOT/AHP Technique, Asia-Pacific Journal of Business and Venturing, 8(3), 97-111.
  8. Cooper, A. C. &. Gascon, J. G.(1992). Entrepeneurs, Processes of founding, and new-firm performance, In D. L. Sexton and J. D. Kassadra, eds, The State of the Art of Entrepreneurship, Boston: PWS-Kent.
  9. Cooper, A. C., Gimeno-Gascon, J. F. & Woo, C.(1994). Initial Human and Financial Capital as Predictors od New Venture Performance, Journal of Business Venturing, 5(3), 371-395.
  10. Coviello, N. E. & Jones, M. V.(2004). Methodological issues in international entrepreneurship research, Journal of Business Venturing, 19(4), 485-508. https://doi.org/10.1016/j.jbusvent.2003.06.001
  11. Coviello, N. E. & Munro, H. J.(1995). Growing the Entrepreneurial Firm: Networking for International Market Development, European Journal of Marketing, 29(7), 49-61. https://doi.org/10.1108/03090569510095008
  12. Covin, J. G. & Slevin, D. P.(1991). A Conceptual Model of Entrepreneurship as Firm Behavior, Entrepreneurship Theory and Practice, 16(1), 7-21. https://doi.org/10.1177/104225879101600102
  13. Dimitratos, P., Lioukas, S. & Carter, S.(2004). The relationship between entrepreneurship and international performance: the importance of domestic environment, International Business Review, 1(1), 19-41.
  14. Fornell, C(1992). A National Customer Satisfaction Barometer: The Swedish Experience, Journal of Marketing, 56(1). 6-21. https://doi.org/10.1177/002224299205600103
  15. Hitt, M. A. & Ireland, R. D.(1984). Corporate distinctive competence and performance: Effects of perceived environmental uncertainty, size, and technology, Decision Sciences, 15(3), 324-349. https://doi.org/10.1111/j.1540-5915.1984.tb01222.x
  16. Hitt, M. A., Hoskisson, & Ireland, R. E.(1994). A Mid-range Theory of the Interactive Effects of International and Product Diversification on Innovation and Performance, Journal of management, 20(2), 297-326. https://doi.org/10.1016/0149-2063(94)90018-3
  17. Jayswal, S., Jewkes E. & Ray, S.(2011). Product differentiation and operations strategy in a capacitated environment, European Journal of Operational Research, 201(3), 716-718.
  18. Kerlinger, F.(1973). Foundation of behavioral research, Holt, Rinehart and Winston, Orlando, FL.
  19. Khandwalla, P. N.(1997). The Design of Organizations, Harcourt Brace Jovanovich, New York.
  20. Kim, S. W.(2010). An Analysis of Critical Factors in The Success of Global "Hidden Champion" Enterprises, The Korean Venture Management Review, 13(1), 87-114.
  21. McKieman, P. & Purg, D.(2013). Hidden Champions in CEE and Turkey, Springer-Verlag Berlin Heidelberg.
  22. Knight, G. A, & Cavusgil, S. T.(2004). Innovation, organizational capabilities and the born-global firm, Journal of International Business Studies, 35(2), 124-141. https://doi.org/10.1057/palgrave.jibs.8400071
  23. Koh, I. K. & Lee, S. S.(2007). An Exploratory Study on the Components of Business Plan, Daehan Association of Business Administration, 20(1), 1-26.
  24. Lee, J. W. & Kim, M. J.(2014). The Impact of Strategic Fit and Cooperative Relationships on the Performance of SMEs: An Empirical Study of Samsung Electronics' Suppliers, Asia Pacific Journal of Small Business, 36(1), 45-67.
  25. Lee, J. W. & Lee, S. H.(2009). Reasons of According to Strategy of New Venture Growth, The Small Business Review, 31(3), 2-17.
  26. Lumpkin, G. T. & Dess, G.(1996). Clarifying the Entrepreneurial Orientation Construct and Liking It to Performance. Academy of Management Review, 21(1), 135-172. https://doi.org/10.5465/amr.1996.9602161568
  27. Lumpkin, G. T. & Dess, G. G.(2001). Linking two demensions of entrepreneurial orientation to firm performance: the moderating role of environment and industry life cycle, Journal of Business Venturing, 16(5), 429-451. https://doi.org/10.1016/S0883-9026(00)00048-3
  28. Matsuno, K., Mentzer, J. T. & Ozsomer, A.(2002). The Effects of Entrepreneurial Proclivity and Market Orientation on Business Performance, Journal of Marketing, 66(3), 18-32. https://doi.org/10.1509/jmkg.66.3.18.18507
  29. McDougall, P. P.(1989). International versus Domestic Entrepreneurship: New Venture Strategic Behavior and Industry Structure, Journal of Business Venturing, 4, 387-400. https://doi.org/10.1016/0883-9026(89)90009-8
  30. McDougall, P. P., Shane, S. & Ovitta, B. M.(1994). Explaining the Formation of International New Venture: The Limits of Theories from International Business Research, Journal of Business Venturing, 9(6), 469-487. https://doi.org/10.1016/0883-9026(94)90017-5
  31. Miller, D.(1983). The Correlates of Entrepreneurship in Three Types of Firms, Management Science, 29(7), 770-791 https://doi.org/10.1287/mnsc.29.7.770
  32. Miller, D., & Friesen, P. H.(1983). Strategy-Marking and Environment: The Third Link, Strategic Management Journal, 4(3), 221-235. https://doi.org/10.1002/smj.4250040304
  33. Ministry of Knowledge and Economy(2012). Midium Sized Firm 3,000 Plus Project, Korea.
  34. Mintzberg, G.(1989). Mintzberg on Management, The Free Press, New York.
  35. Miesenbock, K. J.(2004). Small Business and Exporting: a literature Review, International Small Business Review, 6(2), 42-61.
  36. Murphy, G .B., Trailer, J. W. & Hill, R. C.(1996). Measuring of Performance in Entrepreneurship Research, Journal of Business Research, 36, 15-23. https://doi.org/10.1016/0148-2963(95)00159-X
  37. Park, K. H.(2010). The Determinants of the Internationalization Speed of Technology-based Small Venture, Journal of International and Area Studies, 11(3), 321-349.
  38. Park, W. & Park, K. H.(2012). An Empirical Study on the Core Competences for Development of Global Small Giant Companies, Journal of society of Korea industrial and systems engineering, 35(4), 202-210. https://doi.org/10.11627/jkise.2012.35.4.202
  39. Reuber, A. R. & Fisher, E.(1997), The influence of the Management Team's International Experience on the Internationalization Behaviors of SMEs, Journal of International Business Studies, 28(4), 807-824. https://doi.org/10.1057/palgrave.jibs.8490120
  40. Schafer, D.(1990). Level of Entrepreneurship and Scanning Source Usage in very Small Business. Entrepreneurship: Theory and Practice, 15(2), 19-31.
  41. Sharder, R. C.(2001). Collaboration and Performance in Foreign Markets: The Case of Young Higt-technology Manufacturing Firms, Academy of Management Journal, 44(1), 45-60.
  42. Simon, H.(1996). Hidden Champions : Lessons from 500 of the World's Best Unknown Companies, Havard Business School Press.
  43. Slater, S. F. & Narver, J. C.(1994). Does Competitive Environment Moderate the Market Orientation-Performance Relationship?, Journal of Marketing, 58(1), 46-55. https://doi.org/10.1177/002224299405800104
  44. Tsai, W. & Ghoshal, S.(1998). Social Capital, and Value Creation: The Role of Intrafirm Networks, Academy of Management Journal, 41(4), 464-476. https://doi.org/10.2307/257085
  45. Venkatraman, N. & Ramanujan, V.(1986). Measurement of Business Performance in Strategy Research : A Comparison of Approaches. Academy of Management Review, 11(4), 801-814. https://doi.org/10.5465/amr.1986.4283976
  46. Venkatraman, S.(2004). Regional Transformation through Technological Entrepreneurship, Journal of Business Venturing, 19(1), 153-167. https://doi.org/10.1016/j.jbusvent.2003.04.001
  47. Venohr, B.(2007). The German Miracle Keeps Running: How Germany's Hidden Champion Stay Ahead in the Global Economy, Working Papers of Institute of Management Berlin at the Berlin School of Economics.
  48. Voudouris, L., Lioukas, S., Makridakis, S. & Spanos, Y.(2000). Greek Hidden Champions: Lessons from Small, Little-known Firms in Greece, European Management Journal, 8(6), 663-674.
  49. Wright, L. W. & Ricks, D. A.(1994). Trend in International Research: 25 Years Later, Journal of international business studies, 25(4), 687-701. https://doi.org/10.1057/palgrave.jibs.8490219
  50. Yiu, D., Lau, C. M. & Bruton, G. D.(2007). International Venturing by Emerging Economy Firms: the Mediating Effects of Networks and Coporate Entrepreneurship, Journal of International Business Studies, 38(4), 519-540. https://doi.org/10.1057/palgrave.jibs.8400278
  51. Yli-Renko, H. E., Autio & Tontti, V.(2002). Social Capital, Knowledge, and the International Growth of Technology-based New Firms, International Business Review, 11(3), 279-304. https://doi.org/10.1016/S0969-5931(01)00061-0
  52. Yoo, S. G. & Hong, S. G.(2014). A Case Study on the Hidden Champion Enterprises of Major EU Countries, International Commerce and Information Review, 16(1), 185-203.
  53. Yoon, J. W.(2013). A Study on the Effect of CSR and Entrepreneurship on Business Management Performance, Korean International Accounting Review, 50, 87-106.
  54. Young, S.(2000). What do Researchers Know about the Global Business Environment, International Marketing Review, 18(2), 120-129. https://doi.org/10.1108/02651330110389963
  55. Young, S., Dimitratos, P. & Dana, L.(2003). International Entrepreneurship Research: What Scope for International Business Theories?, Journal of International Entrepreneurship, 1(1), 31-42. https://doi.org/10.1023/A:1023286232541
  56. Zahra, S. A.(1991). Predictors and Financial Outcomes of Corporate Entrepreneurship: A exploratory Study, Journal of Business Venturing, 6(4), 259-286. https://doi.org/10.1016/0883-9026(91)90019-A
  57. Zahra, S. A.(1996). Technology Strategy and New Independent Biotechnology Study of Corporate-sponsored and Independent Biotechnology Venture, Journal of Business Venturing, 11(11), 289-321. https://doi.org/10.1016/0883-9026(95)00128-X
  58. Zahra, S. A., Ireland, R. D. & Hitt, M. A.(2000). International Expansion by New Venture Firms: International Diversity, Mode of Market Entry, Technology Learning, and Performance, Academy of Management Journal, 43(5), 925-950. https://doi.org/10.2307/1556420
  59. Zahra, S. A & Covin, J. G.(1995). Contextual Influences on the Corporate Entrepreneurship-Performance Relationship: A Longitudinal Analysis, Journal of Business Venturing, 10(1), 43-58. https://doi.org/10.1016/0883-9026(94)00004-E
  60. Zahra, S. A & Garvis, S.(2000). International Corporate Entrepreneurship and Company Performance: The Moderating Effect of International Environmental Hostility, Journal of Business Venturing, 15(5), 469-492. https://doi.org/10.1016/S0883-9026(99)00036-1