• Journal of Technology Innovation
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• v.23 no.3
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• pp.373-396
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• 2015

This study analyzed the determinants of high-growth firms using the technology appraisal data of the Korea Technology Finance Corporation. This study is differentiated from previous studies for three reasons. First, it analyzed the determinants of firms that will grow into high-growth firms in the future, not the characteristics of current high-growth firms. Second, it analyzed high-growth firms by dividing them in two aspects: sales and employment. In other words, they were divided into three types: the case in which a firm achieves high growth in both sales increase and creation of jobs, the case in which a firm achieves high growth in creation of jobs but low growth in sales increase, and the case in which a firm achieves high growth in only sales increase but low growth in creation of jobs. Third, this study applied the technology appraisal indicators of Kibo Technology Rating System(KTRS) by the Korea Technology Finance Corporation as the explanatory variable. As a result of analysis, it was found that a firm achieved high growth in both sales and employment if the position in the technology life cycle was appropriate and the technology readiness level was high. However, it turned out that the management system of technical manpower had conflicting effects on high growth of employment and sales. In other words, a firm that had well managed its technical manpower achieved high growth in terms of employment, but rather showed low growth in terms of sales. This result suggests the inference that firms showing high growth in employment may appear mainly in the high-tech industry where management of technical manpower is important. Accordingly, as a result of adding dummy variables that represent whether or not firms are in the high-tech industry, it was found that the result supported the inference, as firms in the high-tech industry were highly likely to achieve high growth in employment.

• Journal of Korea Technology Innovation Society
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• v.22 no.1
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• pp.28-49
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• 2019

This paper explores the characteristics of innovation activities in high growth firms that contribute to national and regional economic growth and job creation. The analysis is based on the 2016 KIS data to analyze the difference in innovation activities between high growth firms and general firms. The main results are as follows: First, high growth firms have a higher proportion of R&D personnel than general firms. Second, high growth firms are actively introducing product innovation, process innovation, and organizational innovation as compared to general firms. In the innovation activities related to product innovation and process innovation, there is no statistically significant difference between high growth companies and general companies except for external R&D. Third, High growth firms are more likely to cooperate with other technology partners than general firms. But, there is no statistically significant difference between high growth firms and general firms in the external knowledge search and the diversity of cooperating partners. Fourth, in terms of protecting innovation, high growth firms are more likely to use all kinds of innovation protection method, such as 'utilizing intellectual property rights', 'maintaining confidentiality', 'adopting complex design methods', 'market preemption ahead of competitors', and the most important means is the intellectual property rights. Fifth, government innovation policies that high growth firms chose as important are 'innovation subsidies and loans', 'acquirement, utilization and protection of intellectual property rights' and 'human resource support'.

• The Journal of the Korea Contents Association
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• v.16 no.7
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• pp.300-308
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• 2016

Research on OECD and Korea have shown that high-growth startups are the keys to job creation and that these companies are very important for economic growth. Given that the large-scale entry of women into the labor force accelerates economic growth and women have far lower levels of participation in growth-oriented entrepreneurship than men do, accelerating female entrepreneurship could have positive effects on the Korean economy. This paper uses data from several databases to do a comparison analysis between women's and men's start-ups to explore the factors that explain the lag in building high-growth firms among women. Women startups make up nearly 34% of startups(defined as less than 7 years of establishment), but only 6% of high-growth startups. Women rarely own large businesses, reflecting their low levels of initial capital and outside financing. Regardless of gender, entrepreneurs face many of the same challenges in starting businesses, but this study shows three primary factors for female entrepreneurs that lead to a less high-growth startup: a greater financing gap than for men(this gap is more apparent for high-growth firms), a lack of ideas, knowledge, and experience(related to the lack of mentorship), and lastly the difficulty maintaining a work-life balance. The findings are very similar with those found in studie's in the US(financing gap, work-life balance, and lack of mentorship). Further studies are required to identify more specific factors behind the gender gap in ideas, knowledge, and experience.

• Journal of Korea Technology Innovation Society
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• v.15 no.3
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• pp.557-585
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• 2012

This paper presents on the project to design an academy for high-growth businesses which is taking place in the East Midlands of the UK, sponsored by the Regional Development Agency (RDA). The research aims to design and commission a learning organisation which will stimulate and support entrepreneurial leadership and management skills in growing companies. The paper attempts to build a policy framework for a learning organisation which is centred on a community of high-growth firms' owners and managers acting as a support network. This approach is compared with existing high growth development programmes and recommendations are made for the development, funding and implementation of high-growth support programmes.

• The Journal of the Korea Contents Association
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• v.19 no.8
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• pp.151-158
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• 2019

The high-technological in the electric and electronic industries is recognized in overseas markets as well. However, the competition for technologies in these industries is increasing. Therefore, electric and electronic firms should be more efficient in their production. so, This paper analyzes the efficiency of High-growth Electrical and Electronics firms using DEA model. We evaluate the CCR, BBC efficiency and RTS(return to scale) of 20 Korean high-growth Electrical and Electronics firms. There are a total of 12 efficient DMUs with a BCC of 1. There are a total of 4 efficient DMUs with a CCR of 1. A total of 11 DMUs were IRS in Scale Efficiency and a total of 6 DMUs were CRS in Scale Efficiency and a total of 3 DMUs were DRS in Scale Efficiency. We also suggest the Electrical and Electronics firms which can be benchmarked based on analyzed information.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.51-78
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• 2021

Followed by 'start-up', the theme of 'scale-up' has been considered as an important agenda in both corporate and policy spheres. In particular, although it is a term commonly used in industry and policy fields, even a conceptual definition has not been achieved from the academic perspective. "Corporate Growth" in the academic aspect and "Business Growth" in the practical management field have different understandings (Achtenhagen et al., 2010). Previous research on corporate growth has not departed from Penrose(1959)'s "Firm as a bundle of resources" and "the role of managers". Based on the theory and background of economics, existing research has mainly examined factors that contribute to firms' growth and their growth patterns. Comparatively, we lack knowledge on the firms' growth with a focus on 'annual revenue growth rate'. In the early stage of the firms, they tend to exhibit a high growth rate as it started with a lower level of annual revenue. However, when the firms reach annual revenue of more than 100 billion KRW, a threshold to be classified as a 'middle-standing enterprise' by Korean standards, they are unlikely to reach a high level of revenue growth rate. In our study, we used our sample of 333 companies (6.7% out of 5,000 'fastest-growing' companies) which reached 15% of the compound annual growth rate in the last three years with more than USD 100 million. It shows that sustaining 'high-growth' above a certain firm size is difficult. The study focuses on firms with annual revenue of more than $100 billion (approximately 120 billion KRW) from the 'Inc. 2020 fast-growing companies 5,000' list. The companies have been categorized into 1) Fast-growing companies (revenue CAGR 15%~40% between 2016 and 2019), 2) Hyper-growing companies (40%~99.9%), and 3) Super-growing (100% or more) with in-depth analysis of each group's characteristics. Also, the relationship between the revenue growth rate, individual company's strategy choice (market orientation, generic strategy, growth strategy, pioneer strategy), industry/market environment, and firm age is investigated with a quantitative approach. Through conducting the study, it aims to provide a reference to the 'Hyper-Growing Model' that combines the paths and factors of growth strategies. For policymakers, our study intends to provide a reference to which factors or environmental variables should be considered for 'optimal effective combinations' to promote firms' growth.

• Venture DIGEST
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• s.52
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• pp.19-19
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• 2004

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.157-175
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• 2021

This study categorized 3,214 companies out of the tech firms supported by the Korea Technology Finance Corporation's "technology guarantee scheme" through technology assessment from 2017 to 2019 into Fourth Industrial Revolution-related companies and general SMEs. The impact of the management characteristics of these 1,752 tech firms on the determination of high-growth firms was then empirically analyzed. This study used the OECD(2007) definition to define a "high-growth firm" as "an enterprise with average revenue growth greater than 20% per annum, over a two-year period." As the two sample groups showed non-normal distribution, this study conducted the Mann-Whitney U test, a nonparametric test, to analyze the mean differences and bivariate logistic regression in which the normality assumption is less stringent. The independent variables include fundamental characteristics; a regional dummy; a technological level dummy; and the capabilities of company representatives, human capital, and technological innovation. The corresponding sub-variables are representatives' level of education and experience in the same industry, full-time workers, research personnel, the extent of intellectual property rights, investment in research and development, firm age, total assets, region_metropolitan area, region_central region, technological level_high technology, and technological level_medium technology. As a result, the research hypothesis about representatives' level of experience in the same industry, full-time workers, total assets, and technological level_high technology was supported for the Fourth Industrial Revolution-related companies. For the general SMEs, the research hypothesis about representatives' level of experience in the same industry, research personnel, total assets, and region_metropolitan area was supported.

• Journal of Digital Convergence
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• v.17 no.7
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• pp.27-34
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• 2019

The IT industry has made rapid development and also had an economic impact on other industries Also, since the fourth industrial revolution has begun in recent years ago, so The convergence between IT and other industries is increasing. Therefore, the development of the IT industry will enhance the international competitiveness It will also have a major impact on the nation's economic growth. Therefore, IT firms should be more efficient in their production. so This paper analyzes the efficiency of High-growth IT firms using DEA model. We evaluate the CCR, BBC efficiency and RTS(return to scale) of 12 IT firms. As a result, there were 6 companies with BCC efficiency 1 and 4 companies with 1 CCR efficiency. The scale of profitability was analyzed by IRS as 7 companies and CRS as 5 companies. We also suggest the IT firms which can be benchmarked based on analyzed information. It is expected to provide investors and external stakeholders with very useful information on managerial management efficiency.

• The Korean Journal of Financial Management
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• v.16 no.1
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• pp.129-153
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• 1999

본 논문에서는 기업의 성장성변수(기업지분의 시장가치 대 장부가치 비율, MB)가 이익반응 계수에 체계적인 영향은 미치는가를 1991년부터 1994년까지 한국증권시장을 대상으로 재무분석가의 예측치에 의한 사건시점방법을 사용하여 실증적으로 분석하였다. 여러 사건시점을 분석한 결과 기업의 성장성과 이익반응계수가 유의적인 정의 관계가 있다는 것을 발견하였다. 이는 우리나라 증권시장에서 성장성이 높은 기업에서의 이익변화가 성장성이 낮은 기업에 비하여 주식수익률에 더 큰 영향을 미친다는 것을 의미한다, 이에 추가로 Skinner와 Sloan(1998)에서 발견된 고성장기업에서 부의 비기대이익에 대한 큰 폭의 주식수익률 하락이 우리나라 시장에서도 나타나는가를 분석하였다. 이들의 결과와는 달리 우리나라 증권시장에서는 이러한 현상이 발견되지 않았으며, 이는 고성장기업에 대하여서도 이익정보가 주식시장에 적절하게 반영된 다는 것을 나타낸다. 본 논문은 우리나라 증권시장에서 기업이익과 수익률간의 사건시점방법을 통한 연구에 있어서 기업의 성장성변수(기업의 시장가치대 장부가치의 비율)가 통제되어야 하는 변수라는 것을 나타낸다.