• The Korean Journal of Financial Management
• /
• v.20 no.1
• /
• pp.29-60
• /
• 2003

This study investigates the certification role by the types of venture capitalists in KOSDAQ IPOs. The sample covers 88 venture companies listed on KOSDAQ from January, 1997 to December, 2001. The major results are as follows. Firstly, IPOs of firms backed by New Technology Business Investment Companies are less underpriced than those of firms backed by Small Business Investment Companies. The underpricing difference between two groups is statistically significant. This sheds light on the evidence of the certification role of venture capitalist in KOSDAQ IPOs market. Secondly, our result also attests the certification role by the types of venture capitalists among Small Business Investment Company. IPOs backed by yen拉re capitalists of financial institutions are less underpriced than those backed by venture capitalists of individual wealthy investors. The underpricing difference between two groups is statistically significant. Finally, underpricing of New Technology Business Investment Company-backed IPOs is less than that of Small Business Investment Company-backed IPOs. In addition, we found that the size of underpricing is affected by business history, sub-scription ratio, and total assets prior to registration.

• The Journal of Small Business Innovation
• /
• v.19 no.4
• /
• pp.1-17
• /
• 2016

The purpose of this study is to suggest an efficient way for ventures to achieve innovation performance through R&D cooperative arrangements. Achieving innovation is one of the critical factors for the survival of ventures. Unlike established firms, ventures often do not have the specialized assets necessary to take technological developments to the product and market stages. Young and resource-constrained firms can achieve innovation by finding and accessing to the complementary resources from R&D cooperation. In the current business environment, many firms are likely to engage in multiple simultaneous R&D cooperations with different partners. Recent research stream addresses the importance of efficient cooperation management from the holistic portfolio perspective. Since maintaining the multiple cooperative relations require substantial amount of time and effort, managing cooperative relationships play a more important role to resource-constrained firms. In order to find an efficient composition of R&D cooperative partners, we mainly focus on the diversity of partner type and dependence level in partnership. We analyze the data on Korean manufacturing ventures collected in the Korean Innovation Survey (KIS) which was conducted by the Science and Technology Policy Institute (STEPI). The KIS questionnaire assesses the existence of cooperative relationships with different types of partners respectively. The types of cooperating partners are affiliated companies, suppliers, clients & customers, competitors or other firms in the same industry, consulting firms, universities, and research institutes. We confirm that ventures obtain relatively higher benefits from R&D cooperation compared with established firms in terms of innovation performance. The results show that a moderate level of diversity in cooperative partner type composition increases innovation. Moreover, diversity of cooperation dependency among the partners enhances innovation performance. Likewise, concentrating on the quality aspects of cooperative composition, such as diversity of partners and degree of dependencies, this study offers some implications for ventures in managing partners from an integrative perspective.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.10 no.4
• /
• pp.27-37
• /
• 2015

Start up a company is critical to the regional economy and job creation and so get support from government and other organizations, but there are still exist of high rate of failure and CEO's stressful fear of failure. New firms are of utmost importance for the vitality of national economic driving forces but for those failed firms, they caused social and economic problems directly and indirectly, and brought frustration to the founders. The many education and research programs about entrepreneurship and venture creation were undertaken by the country and organizations, but the education and research about the vigilance of failed to start up company were almost ignored. If the attention can be put into the research about failed companies and the research can make the founders and pre-CEOs aware the failure of establishing a company, that would be very valuable as scenarios to see the company risks. This case study shows the finding the reasons which caused the failure of small venture companies and it's implications in the filed of establishing companies. The technology based venture company which had run 10 years in Daedeok's IT field was selected as the research object. The results show that the important factors such as entrepreneur characteristics(lack of communication and management knowledge), business management(lack of business expertise) and technology(loss of unique feature of product and lack of product extension) were the root cause of failures.

• 한국벤처창업학회:학술대회논문집
• /
• 2008.04a
• /
• pp.33-59
• /
• 2008

Since the late 20th century, due to the globalization of markets and the rapid developments of information and communication technologies, the world has entered into the age of fierce competition. With their abundant low-cost labor, former communist countries such as China, Russia and East Europe and low-developed countries such as India and Brazil have received investments from major industrial companies. There are no other alternatives for Korea and OECD countries to move the industrial economy to the knowledge based innovation system. In knowledge based innovation system, economic development and employment of a region and nation depend solely on the number of its companies and their competitiveness. In this research, after reviewing the current state of technological innovation small companies in korea, we provide a theoretical framework to promote the level of technological innovative entrepreneurship. The framework is based on a value system model that consist of supply factors, demand factors, and supporting institutions. In order to create more innovative small businesses, we insist on the followings. First, more R&D activities related with promising new technologies should be performed. Second, more R&D funds for technological innovation small companies should be provided from governments. Third, more M&A transactions and technology transactions should be marketed freely and competitively. Fourth, more business incubating services and venture capital services should be provided. Fifth, entrepreneurship and innovation culture should be popular and institutionized among people.

• Journal of Venture Innovation
• /
• v.6 no.3
• /
• pp.61-72
• /
• 2023

In December 2020, the Fair Trade Act related to South Korea's separation of industrial capital was amended, and it was announced that the amendments would come into effect one year later, on December 30, 2021. The amendment's content involved breaking the previous principle of separating industrial capital from financial market penetration, allowing for the ownership of shares in general holding companies, small business startup investment companies, and technology business finance specialist companies. While the previous law was based on total issued shares' ownership, there were fluctuations in the subsequent trends of annual establishment and investment counts, as well as strategic investment counts of CVC (Corporate Venture Capital) before and after the law's amendment. CVC and IVC (Independent Venture Capital) are characterized differently based on their investment purposes, fund management types, and investment types. In this regard, the relaxation of the separation of industrial capital law is expected to have a positive impact on the future of the venture investment ecosystem and innovation ecosystem. In this study, we analyze the trends in the establishment count, investment count, and strategic investment count of domestic CVC from 2018, before the law amendment, to May 2023. Using 2021, the year the amended separation of industrial capital law was implemented, as a reference point, we examine changes in the trend. The analysis results indicate a significant increase in domestic CVC in 2021 compared to the previous year, along with an increase in investment counts, strategic investment counts, and the amount of investment in strategic investments. Based on these findings, this study suggests directions for further research related to future domestic CVC investment, strategic investment, and the activation of the venture investment market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.12 no.3
• /
• pp.107-117
• /
• 2017

Entrepreneurship is a means of improving national competitiveness that can expand the industry quantitatively and qualitatively based on new technologies and ideas. As a result, we are implementing a nationwide initiative support policy around the world. It leads to actual results and grows into a global company. It also has the advantage of being able to produce potential creative people through support for startups. In order to cultivate talented people suitable for startup in Korea, Venture For Korea, the internship program is being carried out with the aim of strengthening basic capabilities and establishing an exchange with existing companies. The purpose of this study is to verify the effectiveness of the system by using justice theory among the interns of the startup internship. In order to improve the accuracy of the study, the survey was done by a complete enumeration and the results were analyzed through Smart PLS 2.0. As a result of the analysis, the distributive justice and interactional justice among the fairness variables have a positive effect on the expectancy effect, and the expectancy effect has a positive effect on the satisfaction. However, procedural justice did not appear to have an effect on expectancy effects. This is because it's been only two years after the start of the internship program, and it seems to reflect the lack of consensus about the process among the stakeholders (enterprise, pre-entrepreneur, the government) related to the system. The results of this study are meaningful in that it deduces the insufficient part of the startup internship based on the justice theory. In other words, in order to increase the policy effect of the startup internship, it is necessary not only to emphasize only the purpose, but also to establish a policy direction complementing the procedural aspect.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.5 no.3
• /
• pp.27-45
• /
• 2010

It is strongly believed that multicast will become one of the most promising services on internet for the next generation. Multicast service can be deployed either on network-layer or application-layer. IP multicast (network-layer multicast) is implemented by network nodes (i.e., routers) and avoids multiple copies of the same datagram on the same link. Despite the conceptual simplicity of IP multicast and its obvious benefits, it has not been widely deployed since there remain many unresolved issues. As an alternative to IP multicast, overlay multicast (application-layer multicast) implements the multicast functionality at end hosts rather than routers. This may require more overall bandwidth than IP multicast because duplicate packets travel the same physical links multiple times, but it provides an inexpensive, deployable method of providing point-to-multipoint group communication. In this paper we develop an efficient method applied greedy algorithm for solving two models of overlay multicast routing protocol that is aimed to construct MDST (Minimum Diameter Spanning Tree : minimum cost path from a source node to all its receivers) and MST (Minimum Spanning Tree : minimum total cost spanning all the members). We also simulate and analyze MDST and MST.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.10 no.6
• /
• pp.215-223
• /
• 2015

Recently, in OECD countries, youth unemployment has become one of the most serious problems in society. Entrepreneurship creates innovative new companies that create more jobs than big traditional companies. In addition, entrepreneurship develops creative human resources leading to fertile ground for new technology and business innovation. Recently, regulatory theory has drawn a lot of attention and interest in the literature of psychology and marketing management. However, the theory has not been applied to the study of entrepreneurship. In this article, we try to examine the relationship among regulatory focus, entrepreneurial orientation, and entrepreneurial intentions of korean college students who show their interests in entrepreneurship. From our empirical study, we find the followings. First, promotion focus thriving on optimism, taking risks, and trying new actively affect positively on entrepreneurial orientation and entrepreneurial intention. Second, prevention focus concentrating on security, fulfilling responsibilities and maintaining efficiency does not always affect negatively on entrepreneurial orientation and entrepreneurial intention. In other words, prevention-focused students do not always have bad impression on entrepreneurship and may consider entrepreneurship as viable career path similar to average college students. Third, our empirical findings are consistent with previous studies that entrepreneurial intention is positively affected by entrepreneurial orientation.

• Journal of Venture Innovation
• /
• v.6 no.1
• /
• pp.59-73
• /
• 2023

In the era of the 4th Industrial Revolution, manufacturing is the implementation of smart factories through digital transformation, and refers to consumer-centered intelligent factories that combine next-generation digital new technologies and manufacturing technologies beyond the existing factory automation level. In order to successfully settle such a smart factory, it is necessary to train professionals. However, education for smart factories is difficult to have actual field mechanical facilities or overall production processes. Therefore, there is a need for a system that can visualize and control the flow and process of logistics at the actual production site. In this paper, the logistics flow of the actual site was implemented as a small FMS, a physical system, and the production process was implemented as a digital system. In real-time synchronization of the physical system and the digital system, the location of AGV and materials, and the process state can be monitored to see the flow of logistics and process processes at the actual manufacturing site. The developed digital twin system can be used as an effective educational system for training manpower in smart factories.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.3
• /
• pp.215-227
• /
• 2022

In the digital transformation paradigm, IT employee work as a key human resource to accept new technologies and to lead their organization to be settled them efficiently. However, due to relatively short term of their job life and high turnover rate, the companies and the organizations are still experiencing problem the lack of IT manpower or turnover. In this study, it attempted to analyze the relationship between IT employee's technostress factors such as techno-overload, techno-complexity, techno-uncertainty, techno-invasion, and techno-insecurity and job burnout through stress coping. To reveal the structural relationship between main variables, the survey was conducted on 318 IT employees. An EFA, CFA, and reliability analysis were performed to confirm reliability and validity, and the structural equation model was conducted to testify research hypotheses. The main results are as follows. First, it was found that techno-uncertainty and techno-insecurity had the significant positive effect on problem focused coping(PFC). And, techno-complexity, techno-uncertainty, and techno-insecurity were found to have a significant positive effect on emotion focused coping(EFC). Second, in the relationship between stress coping and job burnout, it was found that EFC had a significant positive effect on burnout. Third, in the relationship between technostress and burnout, techno-uncertainty and techno-invasion were found to have a significant positive effect on burnout. In addition, it was found that the mediator effect of stress coping between techno-overload and techno-complexity through EFC. Therefore, these outputs are expected to suggest how to motivate IT employees who work as key role in efficient management on IT assets and strengthen competitiveness in digital transformation paradigm.