• Korean Business Review
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• v.19 no.1
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• pp.157-174
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• 2006

In the past, because Korean private venture capital firms could get government support and subsidies, they could be survived in the market without having required management capabilities, advanced venture investment techniques, and professional supporting agencies and institutions. However, business environments have changed a lot recently. Now, only through identifying the optimal financial structures(the ratio of debt to equity), Korean private venture capital firms can minimize investment risks and ensure higher profits. Since Modigliani and Miller(1958) criticized the existence of the optimal financial structure, there have been numerous studies on the optimal financial structure of firms. However, there is no empirical study investigating the financial structure of venture capital firms. The purpose of this article is to analyze the relationship between firm characteristics, financial security indies, and financial profit indices of korean private venture capital firms. We gathered the data from various sources, including the web pages and the financial statements for 2003 and 2004. By using the student's t-test and the correlation analysis, we showed that there are differences in the current ratio and the ratio of net profit to net sales between new and old korean private venture capital firms. Even though it is known that korean private venture capital firms does not have enough knowledge and investment technique to compete with global venture capital firms, our result show that old korean private venture capital firms have already built some knowledge and understanding of venture capital investing.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2003.05a
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• pp.608-611
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• 2003

선진국입을 목전에 둔 한국경제의 발전을 위해서 지식과 기술을 기반으로 한 벤처기업의 생성과 발전은 매우 중요한 요소라 할 수 있다. 민과 관의 적절한 벤처 투자는 미래의 기업가들에게 신지식 창조의 동기를 부여하고 성장, 발전단계에 있는 기업들에게 자본을 공급함으로써 미래의 산업을 창조하는 매우 중요한 활동이다. 국내외적으로 벤처 투자자본에 대한 연구가 활발히 진행되어 왔으나 재무론을 바탕으로 한 벤처투자에 관한 연구와 다양한 벤처투자자본들의 유형과 투자행태 등을 설문지를 통해 밝혀내는 탐색적 연구들에 국한되어 연구, 발표되고 있는 실정이다. 본 연구에서는 벤처자본시장의 대표적 투자자본인 사적 창업투자회사와 정부 벤처정책투자 간의 전략적 상호작용을 가격모델을 통해 고찰하였다. Bertrand paradox의 가정에서 기술한 바와 같이 정부 벤처정책투자간 민간 창업투자회사들과 같은 투자전략을 구사하면 민간 창업투자회사들은 시장에서 살아남기 어렵고 결과적으로 정부는 벤처기업의 생성 및 발전지원이라는 목적에 부합되지 않은 투자를 한 것이 된다. Hotelling(1929)의 위치차별모델이 역설하는 바와 같이 정부 벤처정책투자는 사적 창업투자회사가 지향하는 투자와는 다른 투자정책을 구사할 때만 벤처기업 육성이라는 목표를 효율적으로 수행할 수가 있을 것이다. 이 연구 논문에서는 다양한 투자변수에 대한 Nash Equibrium이 존재함을 증명함으로써 사적 창업투자회사와 정부의 벤처정책투자가 벤처기업의 육성이라는 목적에 맞는 효율적 투자를 하기 위해 취해야 할 투자 전략들을 밝혀내었다.가 있는 것 같다. 따라서 본 연구에서는 웹기반 쇼핑시스템의 확산에 관련된 균형된 분석을 수행하기 위하여 경영(management)과 기술 (technology)을 조화롭게 고려한 관점에서 연구를 수행하고자 한다. 즉, 본 논문에서는 기술적 측면(technical aspect)과 경영적 측면(management aspect)을 동시에 고려하여 웹기반 쇼핑시스템의 주요만 특성을 살펴보고, 향후 정보통신 기술(ICT)의 확산에 관한 연구에서 두 가지 관점의 통합적 중요성에 대하여 강조하고자 한다. 그에 덧붙여 웹기반 쇼핑시스템과 다른 정보시스템을 비교하여 전자상거래 환경에서 웹기반 쇼핑시스템의 주요만 특성들이 두가지 연구관점에서 어떻게 개념화 될 수 있는지를 고찰하고자 한다. 이러만 분석에 기반하여 본 연구에서는 기술적 측면과 경영적인 측면을 동시에 고려한 웹기반 쇼핑시스템의 특성을 제시하고자 한다. 결론적으로 본 연구의 목적은 본 논문에서 적용한 기술(technical)과 경영(management)의 조화로운 연구관점이 향후 정보통신 기술이나 시스템, 그리고 전자상거래에 관련된 일련의 연구에 적응되어 보다 균형잡힌 논의와 분석이 이루어 질 수 있는 시발점이 되길 기대한다.생된 $CH_{4}$를 회수하여 이용하면 대체에너지원으로 활용 가치가 높은 것으로 판단된다./207), $99.2\%$(238/240), $98.5\%$(133/135) 및 $100\%$ (313)였다. 각각 두 개의 요골동맥과 우내흉동맥에서 부

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.1
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• pp.187-198
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• 2019

The purpose of this study is to seek ways of utilizing TLBMC by understanding business model of social ventures that are accompanied by social and environmental as well as economic missions. In order to achieve this, business models from economic, environmental and social perspectives will be analyzed, and we seek to enhance sustainability of social venture entrepreneurs. As the analysis tool, TLBMC(Triple Layered Business Model Canvas) expands upon the business model canvas that is widely utilized and recognizes economical terms. The TLBMC is proposed by Joyce, A., & Paquin, R. L.(2016) to help achieve a holistic view with horizontal and vertical associations. The study tries to overcome limitations of previous studies and observe a variety of economic, environmental, and social perspectives that social ventures should have with the TLBMC. As a result, it has the following implications; Firstly, creating separate social, environmental and economic business model canvas helps a business to have a holistic approach. Secondly, it was found that social venture characteristics of environmental and social perspectives were applied in practice. Lastly, we have established experience data on social venture business model. This study focuses on the opinions, the meanings and the subjective views of the participants. As a result, conclusions are drawn by the researchers ' assertions and has limitations as a research on case studies. However, this study will help people who are preparing or studying social ventures to have economic, environmental, and social perspectives. Also, redefinition of the direction and value of entrepreneurs operating social ventures, such as vision and mission, will help clarify the roles and responsibility of organizations. As a fundamental step for future empirical studies, this study could be the base for social venture business model studies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.83-96
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• 2020

Traditionally social problems had been largely left to be handled by non-profit organizations, not because of lack of interests in social causes but mostly because of lack of innovative ideas to solve them in commercially viable ways. This market failure has recently been fixed by social enterprises, which manage to provide both solutions for social issues and commercially viable business models. As a result, we have been witnessing a sudden spike of public interests in these social enterprises as well as a call for empirical investigation on social enterprises by prior studies. However, empirically investigating a social enterprise has been a challenging endeavor mostly due to the insufficient number of successful social enterprises. Answering to the call in this study, we empirically investigate Goyohan Taxi, a successful social enterprise that partners with visually impaired cabdrivers and offers a taxi service, by both longitudinally interviewing the founder and adopting in vivo observation throughout the entrepreneurial journey of Goyohan Taxi. Based on the single case study method, we find that Goyohan Taxi adopts two distinctive decision-making mechanisms, the de-escalation of commitment and the orthogonality of commercial and social goals. Although generalizability of the our finding is minimal due to the limitation of single case study method, our finding contributes to the research of social entrepreneurship by offering new avenue of research in decision-making process of social entrepreneurs.

• International Commerce and Information Review
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• v.15 no.3
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• pp.3-24
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• 2013

This study has examined the relationship between entrepreneurial orientation(EO), dynamic capability(DC) and export performance of international new ventures(INVs). Also, the moderating effect of external environment factors(the hostility at domestic markets and the industrial dynamics) were analysed. Empirical analysis was performed on 101 INVs. It was conducted using the PLS(Partial Least Square). The result of empirical analysis showed that there is a positive relationship between EO, DC and export performance. The result of moderating effect showed that two external environment factors have positive moderating effect on the relationship between EO and DC. However, there was not moderating effect of external environment factors on the relationship between DC and export performance.

• 한국벤처창업학회:학술대회논문집
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• 2017.11a
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• pp.117-123
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• 2017

본 연구는 '의도(Intention)는 행동을 예측할 수 있다'는 사회 심리학자들의 연구에 근간을 두고 사회적 기업가적 의도(Social Entrepreneurial Intention)에 영향을 미치는 요소들이 무엇인지를 규명하고자 하였다. 그동안 기업가적 의도(Entrepreneurial Intention)에 대한 많은 연구들에서 Ajzen의 계획된 행동이론(Theory of Planned Behavior: TPB)과 Shapero의 기업가정신행동모델(Shapero's Model of the Entrepreneurial Event: SEE)에 근간하여 이루어졌다. 이러한 연구에 기반하여 본 연구는 사회적 기업가정신 맥락에서 사회적 공감(Compassion), 도덕적 의무감(Moral Obligation), 사회적 지지에 대한 인식(Perceived Social Support)이 사회적 기업가적 의도에 영향을 미치는 요소임을 밝히고자 하였다. 본 연구는 자발적으로 사회적 기업가정신 및 기업가정신 과목 수강을 선택한 대학생 271명을 대상으로 하였으며 회귀분석을 통해 가설검증을 하였다. 공감능력(인지적 공감, 정서적 공감, 사회문제 공감)과 주관적 규범으로의 도덕적 의무감은 사회적 기업가적 의도에 영향을 미치며, 외부 환경에 대한 인식 즉 사회적 지지에 대한 인식의 정도에 따라 사회적 기업가적 의도는 영향을 받는 것으로 나타났다. 기존의 사회적 기업가정신에 영향을 미치는 요소들을 규명하는 연구들이 주로 기존 기업가정신 연구에서 사용된 변수를 사용함으로써 사회적 기업가정신의 특성을 잘 설명하지 못한다는 한계를 가지고 있었다. 본 연구는 공감, 도덕적 의무감, 사회적 지지에 대한 인식이 의도(Intention)에 영향요소임을 밝힘으로써 사회적 기업가적 의도 연구 분야에 기여했다고 볼 수 있다. 그러나 사회적 기업가적 의도를 파악하는데 있어서 학생들만을 대상으로 한 것은 본 연구의 한계점이라고 할 수 있다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.1-18
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• 2019

Venture capitalists (VCs) play an important role in finding and growing innovative venture companies with high growth potential but high risk. Venture capital investment does not depend on the system, unlike the investment for listed companies. Korea's venture capital industry has entered a period of growth, but lack of data has led to a lack of research on venture capital. Based on this background, this study attempts to analyze various factors affecting investment decision criteria of Korea VCs. In this study, I examined the major factors that VCs consider in decision making of investment through literature review, and I have drawn the research question accordingly. I will focus on the characteristics of founders, products / services, markets, financials, and networks that scholars share common investment decision criteria in Korean VCs. For the purpose of this study, the data were collected through the questionnaire surveyed by investment vetters working in current venture capital and analyzed using AHP analysis. Through this study, I tried to understand the Korean venture capital which has been poorly studied and what criteria and priorities Korean VCs make investment decisions in the Korean venture investment environment. The results of this research will contribute to the vitalization of venture investment, which is important for the upbringing of companies, by providing guidelines for establishing investment attraction strategies of venture companies.

• KDI Journal of Economic Policy
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• v.9 no.2
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• pp.135-166
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• 1987

본고(本稿)에서는 기술도입(技術導入)과 도입기술(導入技術)의 소화(消化) 개량(改良)을 통하여 비교우위영역(比較優位領域)을 단계적으로 고위기술분야(高位技術分野)로 확장(擴張)하면서 자주적(自主的) 기술개발력(技術開發力)을 배양하여 가는 선발개도국(先發開途國)의 산업기술발전과정(産業技術發展過程)에서 중소기업이 분담하는 기술분야(技術分野), 중소기업의 기술개발(技術開發)이 지니는 특성(特性) 및 중소기업의 기술개발(技術開發)에 영향을 미치는 환경요인(環境要因)을 동태적(動態的) 변화과정(變化過程)의 이해(理解)에 중점을 두고 정리하였다. 경제(經濟)의 개방화(開放化) 국제화(國際化)가 진전됨에 따라 중소기업부문(中小企業部門)에서도 국제분업(國際分業)을 지향하는 적극적인 구조조정(構造調整)이 불가피하다. 구조조정(構造調整)의 원활한 진행을 위한 중소기업정책(中小企業政策)의 형성(形成) 운용(運用)은 산업전반(産業全般)의 기술집약화(技術集約化)와 유기적 관련을 갖고 진행되는 중소기업부문(中小企業部門)의 고도화과정(高度化過程)에 대한 이해에 바탕을 두어야 할 것이다. 동태적(動態的) 변화과정(變化過程)의 기본적(基本的) 성격(性格)이 제시하는 중소기업정책(中小企業政策)의 기본방향은 산업 전반의 기술집약화(技術集約化)에 따르는 기술수요(技術需要)의 변화(變化)에 대응하여 개별중소기업(個別中小企業)들이 경영관리능력과 기술개발능력을 강화하려는 노력을 자극하고 지원하기 위한 합리적(合理的) 경쟁질서(競爭秩序)의 확립(確立) 및 산업하부구조(産業下部構造)의 확충(擴充)과 환경변화(環境變化)에 따라 중소기업부문(中小企業部門)의 생산자원(生産資源)이 창업(創業) 폐업(廢業) 사업전환(事業轉換)을 통하여 원활히 재조직되도록 하는 제도(制度) 시책(施策) 관행(慣行)의 개선(改善)에 있다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.2
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• pp.1-20
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• 2023

The purpose of this study is to identify the unique entrepreneurial behavioral attributes of social enterprises that are distinct from for-profit enterprises at the organizational level, derive a social entrepreneurship model that reflects the unique characteristics of social enterprises as strategic decision-making and organizational behavioral tendencies. In order to effectively achieve the purpose of this study, previous studies were reviewed, and qualitative studies were conducted using the grounded theory method based on this. In this study, social entrepreneurship was identified as five sub-factors through a series of analysis processes, and 'Social value orientation; Innovativeness; Pro-activeness; Risk taking; Cooperation orientation' was newly proposed. It also proposed a new social entrepreneurship framework that integrates and explains the multidimensional model of social entrepreneurship by reviewing and connecting the relationships between each sub-factor of the research model. The 'social entrepreneurship framework' classified the social entrepreneurship model into 'pro-social motivation', 'pro-social behavior', and 'entrepreneurial behavior' attributes and explained them by linking them with each sub-factor that constitutes social entrepreneurship. The most remarkable difference between this study and previous studies is that it identified and added 'Cooperation orientation' as a sub-factor constituting social entrepreneurship from the organizational-level behavioral point of view. Through this study, 'Cooperation orientation' was identified as a major behavioral tendency for social enterprises to materialize pro-social motivation, strengthen the economic foundation of business activities, and improve the efficiency of business operations. 'Cooperation orientation' is a major behavioral tendency that strengthens the legitimacy of business activities between pro-social motivation and profit-seeking of social enterprises, improves the performance of social value creation activities, and overcomes the difficulties of resource constraints through cooperation with the outside and improves operational efficiency. In addition, it was confirmed that 'Cooperation orientation' is a major behavioral tendency of social enterprises that is manifested simultaneously in social value-oriented activities and entrepreneurial activities pursuing profit. The 'Cooperation orientation' newly identified in the study supplements the previous research, increases the explanatory power of the theory of social entrepreneurship, and provides the basis for theoretical expansion to subsequent researchers.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.33-44
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• 2023

Entrepreneurial self-efficacy is an important variable that explains people's attitudes and behaviors toward start-ups. In this study, we focused on individual psychological characteristics variables such as luck in belief and positive cognitive bias that affect entrepreneurial self-efficacy. Among these variables, we paid particular attention to luck in belief. The belief that business success depends on luck is widespread, but scientific verification about it has not been much. The reason for the academic indifference is that luck is a kind of superstition, related to precognition or extrasensory perception, and randomly caused by the external environment. The study of luck began in earnest as a measure to measure luck as an individual characteristic variable such as personality was developed. The purpose of this study is to examine the existing studies on luck in belief and to examine the effect of this luck in belief on positive cognitive bias and entrepreneurial self-efficacy through empirical analysis. For empirical analysis, this study conducted an on-line survey of 400 ordinary people and conducted a structural equation model analysis using AMOS 21.0 to verify the hypothesis. As a result of hypothesis testing, all hypotheses that luck in belief would have a positive effect on positive cognitive bias(self-enhancement bias, illusion of control bias, unrealism optimistic bias) were adopted. The hypothesis that positive cognitive bias(self-enhancement bias, illusion of control bias, unrealistic optimism bias) will have a positive effect on entrepreneurial self-efficacy was also adopted. Additional analysis was conducted to examine the mediating role of positive cognitive bias in the relationship between luck in belief and entrepreneurial self-efficacy, which showed that 'luck in belief→positive cognitive bias →entrepreneurial self-efficacy' were statistically significant. Through this, we confirmed the mediating effect of positive cognitive bias in the relationship between luck in belief and entrepreneurial self-efficacy. In the conclusion, the implications and limitations of the study were presented based on the results of this study.