• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.11-26
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• 2023

This study aimed to empirically analyze the effect of Korean companies' FDI(Foreign Direct Investment) on their financial performances, particularly divided into profitability, stability, growth and activity, while comparing distinct financial performances between SMEs(small and medium-sized enterprises) and large enterprises whose corporate attributes are different from each other. As research subjects, this study selected FDI Korean companies from the directory of oversea-expanded companies of KOTRA(Korea Trade-Investment Promotion Agency) and used financial data from a total of 409 companies(136 SMEs and 273 large enterprises) with complete financial data for the first five years after the initial investment out of all the financial data from 1990 to 2021. The analysis results can be summarized as follows; In the profitability sector, FDI had positive effects on ROA(Return on Assets) and ROS(Return on Sales) of SMEs, while having negative effects on those of large enterprises to the contrary. In the stability sector, FDI had no statistical significance for SMEs, while having significantly negative effect on LEV(Debt to Equity Ratio) of large enterprises. In the growth sector, FDI had significantly negative effect on AGR(Asset Growth) of SMEs, but showed no significant results for large enterprises. In the activity sector, FDI showed no statistical significance for SMEs, while having positive effects on ATR(Asset Turnover Ratio) and FATA(Fixed Asset Turnover Ratio) of large enterprises. In conclusion, it was found that when having made FDI, SMEs and large enterprises showed different financial performances from each other in terms of profitability, stability, growth and activity.

• NEWSLETTER 전기공업
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• no.99-24 s.241
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• pp.4-9
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• 1999

• 한국벤처창업학회:학술대회논문집
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• 2019.11a
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• pp.75-79
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• 2019

국내 창업 생태계는 최근 몇 년 사이에 양적으로 급속히 팽창하였다. 정부 또한 가장 시급한 문제로 일자리 창출을 꼽고 이에 대한 해결방안 중 하나로 창업지원을 대폭적으로 확대하며 중소기업에 대한 지원확대를 제시하고 있다. 이러한 배경 하에 창업의 양적 성장은 위에서 설명한 바와 같이 가시적으로 나타나고 있다. 하지만 창업기업의 양적확대라는 긍정적인 측면에도 불구하고 창업기업의 낮은 생존율은 개선의 시급함을 나타내고 있다. 국내 창업기업 10곳 중 7곳 이상이 창업 5년 이내에 폐업을 하고 있는 상황이다. 이와 같은 이유로 2015년부터 중소벤처기업부는 창업기업의 데스밸리(Death Valley) 극복 및 성과창출을 위해 창업 후 3년 이상 7년 이내 기업을 대상으로 자금 및 서비스를 지원하는 등 창업기업이 어려움을 극복하고 사업 지속 가능성을 높이기 위하여 다양한 노력을 하고 있다. 본 연구의 목적 역시 창업자가 사업을 진행하면서 겪는 어려움을 극복하는 요인과 사업지속의지가 어떠한 상관관계를 가지고 있는가를 조사하고 분석하는데 있다. 본 연구에서는 사업 어려움 극복영향 요인(창업자 역량, 지원시스템)이 사업지속의지에 미치는 영향에 관한 연구를 경영성과의 매개 역할과 사회적 지지의 조절 역할을 하는지를 중심으로 진행하였다. 따라서 본 연구에서는 창업자 역량과 지원시스템이 경영성과를 증진하고, 증진된 경영성과가 사업지속의지에 영향을 미칠 것이라는 인과적 경로를 검증하고자 한다. 사회적 지지를 조절변수로 설정하여 본 연구를 진행하였다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.105-116
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• 2023

While there have been studies on the impact of government financial support on the performance of these enterprises, there is limited research on how entrepreneurs' perceptions of such policies affect business performance. Additionally, there is scarce domestic research on the role of entrepreneurial persistence in achieving and sustaining entrepreneurial goals and its impact on business performance. Therefore, the aim of this study is to analyze how entrepreneurs' perceptions of government policy support affect business performance and to explore the mediating effect of entrepreneurial persistence, shedding light on the significance of perceptions and deepening the understanding of entrepreneurial persistence. This study utilizes entrepreneurs' perceptions of government support for South Korean small and venture enterprises, and entrepreneurship as independent variables, with entrepreneurial persistence as a mediating variable and non-financial performance of businesses as the dependent variable. Data was collected through surveys targeting founders, CEOs, and executives of small and venture enterprises. After excluding incomplete responses, a total of 205 survey responses were used for hypothesis testing. The results of this study are as follows. First, it was verified that the perception of SME policy support and entrepreneurship have a significant positive impact on business performance. Second, it was verified that entrepreneurial persistence partially mediates the relationship between the perception of SME policy support and entrepreneurship and business performance. The theoretical implications of this study are twofold. First, it highlights the significant positive impact of entrepreneurs' perceptions of policy support on the non-financial performance of small and venture enterprises. This contributes to the theoretical understanding by demonstrating that entrepreneurs' perceptions play a role in affecting business performance, in contrast to previous research that focused on the impact of policy financial support on business performance. Second, this study extends the theoretical understanding of entrepreneurial persistence, a relatively understudied concept in domestic research, by demonstrating its mediating role in the relationship between entrepreneurs' perceptions of government support and, entrepreneurship, and business performance. Practically, the study suggests that to enhance the performance of small and venture enterprises, the government should not only expand policy support but also seek ways to increase entrepreneurs' perceptions of such support.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.4
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• pp.49-57
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• 2015

This research is to analyze the mediating effect of product innovation between work-life balance (work-family balance, work-leisure balance and work-development balance) and corporate performance in venture SMEs. We test four hypothesis. First, we test the hypothesis that work-life balance has a positive effect on product innovation. Second, we test the hypothesis that product innovation has a positive effect on corporate performance. Third, we test the hypothesis that work-life balance has a positive effect on corporate performance. Fourth, we test a positive mediating role of product innovation between work-life balance and corporate performance. For this research, we administered the questionnaire surveys, and got the 162 effective data of korean venture SMEs. We use CFA and SEM analysis of research model by AMOS 18.0. As a result, we can find the four meaningful results. First, work-life balance, especially only work-development balance, has a positive effect on product innovation. Second, product innovation has a positive effect on corporate performance. Third, the relationships between work-life balance (work-family balance, work-leisure balance and work-development balance) and corporate performance are no significant after the mediating variable (product innovation) is added. Fourth, product innovation has a positive mediating effect between work-life balance, especially only work-development balance, and corporate performance. Although this research has some limitations of generalization because of the limited size of samples, we has meaningful information related to the venture companies in the academic and business field. Additionally, the Multiple Indicator Multiple Cause(MIMIC) model is recommended in the future research.

• 한국벤처창업학회:학술대회논문집
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• 2019.11a
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• pp.27-31
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• 2019

정부는 2018.2.8일 국정현안점검조정회의를 통해 국무조정실, 금융위원회, 기획재정부, 고용노동부, 중소벤처기업부 등 관계부처 합동으로 "사회적금융 활성화 방안"을 최종 확정하였다. 한국의 사회적금융은 보조 기부행위가 아닌 투자 융자 보증 등 회수를 전제로 사회적기업, 협동조합, 자활기업, 마을기업 등 사회적경제기업에게 다양한 자금을 지원하는 금융활동 전반을 말한다. 현재 민간의 자발적인 금융지원활동도 일부 있으나, 정부 공공재원 중심으로 기존의 서민금융진흥원의 사회적기업 신용대출, 중진공의 정책자금 대출, 신보 지신보 특례보증, 사회적기업 모태펀드 등 중기 서민 정책금융체계내의 사업이 대다수를 차지하고 있는 실정이다. 한국의 사회적금융은 미국과 일본, 영국 등의 선진국에 비하면 이제 태동기로서, 사회적경제기업은 자금 공급부족, 제도 금융권에서의 소외 등 자금조달에 큰 애로를 겪고 있다. 따라서, 공공부문 주도로 자금공급을 확대하고 있으나, 사회적경제기업의 자금수요에는 아직도 크게 미치지 못하는 상황이다. 특히, 지원방식이 짧은 만기, 대출 보증에 편중되는 등 사회적경제의 특수성에 대한 고려가 미흡하여 수요-공급 간 미스매치도 큰 상황과 자금수요자와 투자자를 이어주는 사회적금융 중개기관, 사회적성과 평가 등 시장 인프라도 전반적으로 크게 미비 되어 있어 민간의 참여를 제약하는 것도 그 이유이다. 본 연구에서는 한국의 시회적금융지원제도의 전반적인 현장의 실태를 중심으로 실무적인 측면에서 분석 및 향후과제를 도출하여 관계기관 등에 정책적인 시사점을 제공하고자 한다.

• Journal of Venture Innovation
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• v.7 no.2
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• pp.77-99
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• 2024

Small and medium-sized venture companies and small business owners play an important role in the Korean economy. According to the Ministry of SMEs and Startups' statistics survey in 2019, the proportion of all employees of small and medium-sized venture companies in Korea was 89.8%, which is overwhelmingly higher than that of Japan's 77.8% and Taiwan's 76.6%, so job creation for small and medium-sized venture companies in Korea is absolute. Compared to large companies, it is known that it is difficult for small and medium-sized venture companies in Korea to secure a competitive advantage due to low cost competitiveness, difficulties in R&D/marketing due to lack of capital, difficulties in securing networks, and lack of management know-how. Many scholars, including Kerr and Schumpeter, have studied entrepreneurship since the mid-1950s. Recently, research has been conducted in various fields such as business administration, psychology, and economics. However, research on the personal characteristics of CEOs of small and medium-sized venture companies such as entrepreneurial passion and corporate reputation, which is the overall image of companies, is still insufficient, and comparisons of effects between variables between groups (by industry, by pressure, etc.) have not yet been presented. Entrepreneurial passion plays an important role in promoting new business creation, job creation, and economic growth. Therefore, entrepreneurial Cultivating and promoting passion will also contribute to socioeconomic development. These are government policies, educational programs, and social awareness It can be achieved through improvement, etc., and is especially important in the current market conditions where innovation and growth are important. In conclusion Entrepreneurial passion is an important factor that has a positive effect on all individuals, businesses, and society. Therefore, research on entrepreneurial passion is It is an essential task to maximize these positive effects. In this study, in order to overcome the limitations of existing studies, entrepreneurs' Whether entrepreneurial passion, which is a personal characteristic, affects competitive advantage, absorption capacity and product and process innovation capabilities are Whether there is a mediating effect between entrepreneurial passion and competitive advantage. Finally, in the relationship between entrepreneurial passion and absorption capacity. The corporate reputation verifies whether it has a moderating effect, etc., and compares the influencing factors between variables by industry and pressure. It is intended to be verified empirically. In this study, 2023 conducted by the Small and Medium Business Distribution Center under the Ministry of SMEs and Startups for 312 CEOs of small and medium-sized venture companies and small business owners who participated in the online market support project for small and medium-sized venture companies and small business owners, December 2023 Survey and analysis were conducted from 1st to 20th, and the analysis used Smart PLS 4.0 to determine the impact on the relationship between variables. It was empirically verified. As a result of the study, it was found that entrepreneurial passion had a positive effect on absorption capacity, and the product was found And it was found to have a positive effect on process innovation capability and competitive advantage. In addition, the higher the corporate reputation, the more entrepreneurial it is. It was confirmed that passion had a greater effect on absorption capacity.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.9 no.3
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• pp.807-814
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• 2008

The fast globalization and the emergence of China have caused the change in relationship between big and medium enterprises. Therefore, the competition among medium enterprises became severe and the extremities in technical aspects became important. This study is aimed to comprehend the results and the affecting factors of R&D of Korean IT venture companies by reviewing of proceeding studies and actual proves. I define them considering of the character of the industries, the management of strategies and organizations, the process of R&D, and the performance which company made. As a result of empirical analysis are as the following : The character of industries affects the management of strategies and organizations. The management of strategies and organizations have an effect on the process of R&D and the process of R&D had an good effect on companies' capabilities and business performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.2
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• pp.97-105
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• 2015

This study aims to investigate the impacts of small venture firms' capabilities on their international performance and the role of environmental dynamics in these relationships. Specifically, the study examines how international marketing, technology, and network capabilities of small venture firms influence their international performance and how market and technology turbulences moderates these relationships. Employing 162 small venture firms in Korea, the result of multiple regression analysis found that marketing capability did not affect international performance while technology and network capabilities had positive, significant impacts on international performance. Market turbulence was found to have a negative moderation effect on the relationship of network capability and international performance. Technology turbulence had a negative moderation effect on the relationship of technology capability and international performance and a positive moderation effect on the relationship of network capability and international performance. The findings confirm the importance of capabilities in improving the international performance of small venture firms and generate strategic implications for their international success by emphasizing the effect of environmental dynamics.

• NEWSLETTER 전기공업
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• no.99-23 s.240
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• pp.3-13
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• 1999