• Journal of Korea Technology Innovation Society
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• v.9 no.4
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• pp.812-841
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• 2006

Previous studies have shown that the ex-ante financial ratios, mainly used by financial institutions for loan evaluation purpose, are related to the ex-post finn's performance of venture firm's. The main objective of this study is to examine whether non-financial variables such as 'technology', 'marketability', and 'other business indexes' have extra explanatory power in forecasting the ex-post firm's performance of small and medium size venture firm's in Korea. The implications and results of this study are expected to be useful in loan evaluation, investment decision and internal management decisions of venture firms. Among small and medium sized manufacturing firms funded in the year of 1999 through 2005, 416 firms are selected for our analysis. The relationship between evaluation indexes and firm's success/failure is investigated using binary logistic regression analysis and factor analysis with an aid of SPSS program. The summarized results are as follows. First, current evaluation model, used for loan evaluation purpose for small and medium size manufacturing firms show the same discriminatory power as previous prediction model. Second, among the tested additional variables, significant indices are 'technological capability of CEO', 'managerial capability of CEO', and 'business feasibility'. Third, while previous studies on evaluation structure had 3 factors, this study showed that valuation's structure has 6 factors.

• Management & Information Systems Review
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• v.11
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• pp.71-89
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• 2002

관광벤처사업은 기존의 오프라인사업에 의존하던 관광업계에 새로운 대안으로서 부각되고 있지만 아직은 그 실효를 거두지 못하고 있는 실정이다. 그런데, 관광벤처사업은 소규모 저자본으로 접근 가능한 분야로서 관광벤처사업을 영위하고자 하는 기업이 늘어나고 있다. 정부에서도 1999년 관광전문투자조합 결성 및 자금 투자, 관광벤처사업과 관련된 관련 규정을 정비하는 것은 물론, 창업보육센터, 창업정보 종합지원시스템 구축 및 정보 지원, 벤처기업 기술력 향상 지원, 중소기업 상담회사와 같은 다양한 제도적 지원 등을 강구하고 있어 관광벤처사업의 전망은 밝은 편이다. 그러나 관광벤처사업은 까다로운 관광벤처 지정 조건, 제한된 지원, 협소한 범위와 낮은 기술력, 관광벤처 전문인력의 부재와 기업가 정신의 부족 등의 문제점들을 안고 있었으며, 따라서 지정요건의 완화, 정부차원의 지원 강화, 컨텐츠 다양화, 전문인력 양성체제 구축, 관광벤처 사업동기 부여 등의 활성화 방안이 필요한 것으로 나타났다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.10 no.11
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• pp.3340-3353
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• 2009

This paper aims to study the effect of academia-industrial cooperation on the technical innovation of small and medium-sized companies. A survey was conducted on about 1,100 businesses located in the Sihwa-Banwol industrial estate to analyze the consequence of three factors of academia-industrial cooperation. the joint use of equipments, technological support of universities to businesses, and cooperative technological development through technical guidance-on entrepreneurial capability and their knowledge-absorption ability, and ultimately on their technological innovation,. The validity of the survey result was tested through the Structural Equation Model. On the basis of the comparison between companies which have participated in academy-industry cooperation and companies which have not, this paper suggests that venture businesses should take advantage of the cooperation with universities to boost their competitiveness. The analysis of the three individual factors of the academy-industry cooperation based on the Structural Equation Model shows that all of them have remarkable influence on entrepreneurial capability, but that they don't have as much impact on businesses' knowledge absorption ability. However, the outcome of technological innovation of businesses is primarily influenced by entrepreneurial capability rather than their knowledge absorption ability. The survey also shows that the three factors of the cooperation have an equal impact on the competitiveness of companies regardless of their business type or their products' growth stages. As the companies involved in academy industry cooperation outweigh other businesses, in terms of technological innovation, the numbers of new product development, and the numbers of their process improvement cases, this paper argues that new strategies should be taken for the businesses to fully take advantage of academy-industry cooperation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.185-196
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• 2023

This paper investigates the effects of entrepreneurs' cognitive biases on business opportunity evaluation, given their strong entrepreneurial spirit, which is characterized by innovation, proactivity, and risk-taking. When making decisions related to business activities, entrepreneurs typically make rational judgments based on their knowledge, experience, and the advice of external experts. However, in situations of extreme stress or when quick decisions are required, they often rely on heuristics based on their cognitive biases. In particular, we often see cases where entrepreneurs fail because they make decisions based on heuristics in the process of evaluating and selecting new business opportunities that are planned to guarantee the growth and sustainability of their companies. This study was conducted in response to the need for research to clarify the effects of entrepreneurs' cognitive biases on new business opportunity evaluation, given that the cognitive biases of entrepreneurs, which are formed by repeated successful experiences, can sometimes lead to business failure. Although there have been many studies on the effects of cognitive biases on entrepreneurship and opportunity evaluation among university students and general people who aspire to start a business, there have been few studies that have clarified the relationship between cognitive biases and social networks among entrepreneurs. In contrast to previous studies, this study conducted empirical surveys of entrepreneurs only, and also conducted research on the relationship with social networks. For the study, a survey was conducted using a parallel survey method using online mobile surveys and self-report questionnaires from 150 entrepreneurs of small and medium-sized enterprises. The results of the study showed that 'overconfidence' and 'illusion of control', among the independent variables of entrepreneurs' cognitive biases, had a statistically significant positive(+) effect on business opportunity evaluation. In addition, it was confirmed that the moderating variable, social network, moderates the effect of overconfidence on business opportunity evaluation. This study showed that entrepreneurs' cognitive biases play a role in the process of evaluating and selecting new business opportunities, and that social networks play a role in moderating the structural relationship between entrepreneurs' cognitive biases and business opportunity evaluation. This study is expected to be of great help not only to entrepreneurs, but also to entrepreneur education and policy making, by showing how entrepreneurs can use cognitive biases in a positive way and the influence of social networks.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.145-157
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• 2017

SMEs play an important role in the domestic economy. Regarding competency to respond flexibly to unpredictable changes, agility of SMEs is more emphasized. Entrepreneurship orientation is an important factor in the source of SMEs that enable such competency. Entrepreneurial orientation refers to the tendency of a CEO or a member of a corporation to be innovative, risk-taking, and active in the face of various market opportunities. In other words, it refers to the tendency to be expressed in the activities of the entire company without regard to specific technologies or industries. Entrepreneurial orientation has a direct or indirect effect on business performance. Therefore, in this study, we conducted theoretical and empirical studies on the effect of entrepreneurial orientation of SME managers on business performance. Research hypotheses were derived through theoretical research. We focused on the mediating effect of innovation activity and tried to identify the mechanism that entrepreneurial orientation leads to business performance through product innovation and service innovation activity. We investigated whether innovativeness, proactiveness, and risk-taking, which are sub-variables of entrepreneurial orientation, affect business performance through product innovation and service innovation. We conducted a survey of SMEs in Busan and Kyungnam regions to examine the research hypotheses. The results show that product innovation and service innovation have mediating effects. The results of the study are as follows. Product innovation has mediating effect of innovativeness and risk-taking on business performance. Service innovation has been found to mediate innovativeness, proactiveness, and risk-taking on business performance. There was a difference in the mediation effect between the two innovations. Product innovation showed a low mediating effect and a large direct effect. On the other hands, service innovation is relatively more mediating than product innovation. The implications of the research results are derived in relation to the essential differences between product innovation and service innovation. Limitations of the study and directions for future research are presented.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.1
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• pp.1-10
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• 2018

The importance of entrepreneurship has been emphasized recently from academia and government officials and studies trying to investigate entrepreneurial alertness as core competence of entrepreneurial mindset in the research field of entrepreneurship continue. In domestic academic research, research on entrepreneurial alertness has not yet been conducted in earnest, unlike the active flow of research overseas. This paper aims to investigate what factors influence entrepreneurial alertness in the Korean environment, we conducted an empirical analysis through a questionnaire survey for CEOs of small and medium enterprises in Seoul, Gyeonggi province. In this study, we selected prior knowledge of markets and technology, positive attitude, social network, number of books per month as independent variables on entrepreneurial agility based on Ardichvili's Alertness model, and as control variables respondents' Demographic characteristics, such as gender, age, founding career were selected. According to the results of the empirical analysis, prior knowledge of markets and technology, positive attitudes, number of books per month as independent variables, showed positive influence on entrepreneurial alertness, showing statistical significance. However, the social network picked up measured variables by the number of regular meetings which are quantitative indicators, but found that there is no statistically significant effect on entrepreneurial alertness. Despite several limitations of this research, we investigate what factors influence entrepreneurial alertness through empirical research on entrepreneurial alertness impact factors that have not been explained in the domestic academic research. Although you saw it, it can be said that there is academic contribution.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.221-232
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• 2014

Many preliminary entrepreneurs are ready to start a business in every year. However, starting and preparing business have a lot of difficulties. Entrepreneurship is the most important factor for overcoming these difficulties. But, it is not easy to understand entrepreneurship to founders despite many research scholars. In this paper, we are focused on easy understanding of entrepreneurs. Instead of vague theories, we analyzed selected two companies in Korea. From the beginning until now, these companies have founders entrepreneurship and organization entrepreneurship. we studied these entrepreneurship factors with other Various causes. Analysis of two cases is summarized into three type. First, both companies had well-founded internal network system. Trained employees in internal network were flexible to meet the market conditions. Also, network effect made that employees can offer their idea and make discussions. Second, The company quickly recognized for organizational culture despite of most other companies recent awareness. This factor was the basic driving force for solving human resource management problem of small size companies. final factor is innovation capacity of these companies. Financial difficulties experienced of establishment is common to every company. However, two companies has continued to invest research and development despite of this financial problem. As a result, intellectual property management was accepted, as well as technology development. Clearly, these three factors are consistently applied since established and led to the company's continued growth and success.

• The Journal of the Korea Contents Association
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• v.19 no.3
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• pp.635-648
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• 2019

Many studies of entrepreneurship have focused on positive characteristics such as self-efficacy and self-leadership. However, recent studies are being conducted to find out effects of negative characteristics on entrepreneurship, such as ADHD-like behavior. This study investigated the impact of ADHD-like behavior on Entrepreneurial Orientation(EO) and Entrepreneurial Intention(EI). In addition, this study investigated the impact of schema related to opportunity recognition and entrepreneurial alertness on EO and EI. Data were collected from youth generation in Korea through online survey. The results show that the ADHD isn't significant for both risk-taking and innovativeness, but it has negative impact on pro-activeness. On the other hand, Schema has positive impact on all EO and EO has positive impact on EI. As a results, The higher ADHD-like behavior, the lower pro-activeness. Therefore ADHD-like behavior could lower EI through pro-activeness. However, Schema has positive impact on all EO, which has positive impact on EI.

• International Area Studies Review
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• v.12 no.3
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• pp.243-267
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• 2008

This research develops a theoretical model of the influence of firm's internal and external characteristics on foreign knowledge learning and international performance. To verify research hypotheses, 222 cases were collected as samples and the data was tested by structural equation modeling analysis. The result of the analysis shows that the CEO's foreign experience, entrepreneurship, technological innovation and use of foreign network have positive influence on the international performance. Besides CEO's foreign experience and use of foreign network affects the foreign knowledge learning, which shows the useful relationship of international performance and accordingly it is proved that the foreign knowledge learning has mediating effect between the firm's internal and external characteristics and international performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.165-175
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• 2023

In venture creation research, studying 'entrepreneurial leadership' is important for uncovering and comprehending the underlying causal process in innovative behavior performance. Although previous studies provide that entrepreneurial leadership enhances followers' innovative behavior, there is few research on entrepreneurial leadership and followers' characteristics interaction. The present study's focus is paradoxical effects of entrepreneurial leadership on self-efficacy and innovative behavior. On the basis of individual regulatory focus, this study suggests that interaction effects of entrepreneurial leadership and followers' regulatory focus differed in promotion view and prevention view followers' innovative behavior. To strengthen the casual mechanism, this study conducted in priming experiment method using employees in SMEs. This study used a 2(entrepreneurial leadership vs. control) x 2 (regulatory focus: promotion vs. prevention) between-participants design. The results of this study provide that (1) Individuals in promotion focus especially benefited from entrepreneurial leadership in terms of its effect on their self-efficacy and innovative behavior; (2) whereas entrepreneurial leadership was negatively related to self-efficacy and innovative behavior of followers' prevention focus. In sum, results of the present study supporting evidence for hypotheses, combined effect of entrepreneurial leadership and regulatory focus on innovative behavior through self-efficacy. Experimental results confirmed hypotheses of this study, revealing that promotion focus show more innovative behavior than prevention focus when their leaders' leadership style is entrepreneurial leadership. Also, the paradoxical effect of entrepreneurial leadership and regulatory focus of followers on innovative behavior was mediated by followers' self-efficacy. This study helps explain how leaders' entrepreneurial leadership boost followers' innovative behavior, particularly for those employees who have promotion focus. The current study contributes to the theory of entrepreneurial leadership and regulatory focus and innovation literature. Findings of this study shed light on the organizational processes that shape innovative behavior in venture/startup corporations and provide contributions for venture business field.