Korea Trade Review (무역학회지)

Korea Trade Research Association (한국무역학회)
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The Effect of New Product Development Capabilities on the Internationalization of Venture Firm: Moderation Role of Founder's Human Capitals

신제품개발역량이 벤처기업의 국제화에 미치는 영향: 창업자 인적자본의 조절효과를 중심으로

  • Taewoo Roh (Global Business School, Soonchunhyang University) ;
  • Kijun Lee (Global Business School, Soonchunhyang University) ;
  • Junggeun Kim (Global Business School, Soonchunhyang University) ;
  • Jiyeon Hwang (Global Business School, Soonchunhyang University)
  • 노태우 (순천향대학교 글로벌경영대학) ;
  • 이기준 (순천향대학교 글로벌경영대학) ;
  • 김정근 (순천향대학교 글로벌경영대학) ;
  • 황지연 (순천향대학교 글로벌경영대학)
  • Received : 2022.11.26
  • Accepted : 2022.12.22
  • Published : 2022.12.30
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Abstract

Amid the growing importance and growth potential of venture firms worldwide, this study aimed to figure out the effect of new product development capabilities (NPDC) on the internationalization of Korean venture firms and the moderating impact of founders' human capital. NPDC is a core competency that can cope with the rapidly changing market environment and is required when entering multinational markets. Therefore, we subdivided founders' human capital into professional experience, startup experience, education level, and marketing capacity and examined each moderating effect on a venture firm's internationalization. As a result of empirical analysis of 1,362 Korean venture firms using the Tobit model, this study found that venture firms with excellent NPDC tend to achieve a higher level of internationalization. In addition, among the founder's human capitals, professional experience, education level, and marketing competency moderated the positive relationship between NPDC and internationalization. In contrast, the founder's startup experience was insignificant. The results of this empirical analysis explain the factors that trigger the internationalization performance of venture firms from the perspective of dynamic capabilities and suggest that the founder's human capital played an essential role in the internationalization.

Keywords

Acknowledgement

This work was supported by the Soonchunhyang University Research Fund and Innovation Support Project.

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