• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.17-30
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• 2022

The purpose of this study is to analyze the impact of the characteristics of start-up CEOs on the performance of investment attraction from the perspective of Series A investment. The results of the study are as follows. First, when the educational level of start-up CEOs was high and startup CEOs had start-up experience and investment attraction experience, venture investors such as venture capital had a significantly positive (+) effect on the investment for start-ups. This was systematically significantly positive even when control variables were introduced. When start-up CEOs had work experiences, there was no significantly positive effect on the total investment amount for start-ups but a significantly positive (+) effect on the average investment amount. Second, the standardization coefficient of total investment amount was larger in the case of start-up experience than that in the case of investment attraction experience while the standardization coefficient of average investment amount was larger in the case of investment attraction experience than that in the case of start-up experience. This suggests that the start-up experience is important for the total investment amount while the investment attraction experience is important for the average investment amount. Third, when the sales of start-ups were high at the time of Series A investment, the total investment amount and the average investment amount were also significantly high. Even if early start-ups are less profitable or have losses, the start-ups with a certain level of sales seem to be attractive investment targets for venture capital. The results of this study are useful for the investment decisions of venture capital and the financing strategies of start-ups. The implications for pre-CEOs preparing for start-ups art that the total amount of investment will increase if they have expertise through degree acquisition, challenge start-ups, gain start-up experience and implement investment attraction. Even if CEOs of start-ups do not have start-up experience, the average amount of investment for start-ups can increase if they have work experience in related industries.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.1-12
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• 2021

In this paper, we study empirically examined the adventurous investments in corporate venture capital (CVC) firms' investment in the U.S. based corporate venture capital industry. Unlike existing studies focusing CVC firm's characteristics related to parent corporates and regarding CVC firm as a vehicle of corporate venturing, we identified CVC firm as an independent learning agent to adapt to dynamic environment and investigate their exploration and exploitation in investments based on organizational learning theory. Specifically, we investigate the market-environmental factors affecting CVC's adventurous investment in different sector rather than previously done. First, we examined competition intensity in CVC industry might be related to CVC firm's explorative investments. Second, CVC firm's investment experiences might affect as an inertia to invest on unexperienced sector. Finally, we investigated risk preference effect on CVC firm's venturing investments. The empirical data analyzed in the study contained a total of 85 U.S. based CVC firms and their 2,306 investments from 1996 until 2017. After conducting a GEE regression analysis and a Logit regression analysis, we found the significance and direction of our independent and moderating variables strongly supported all of our four hypotheses in a highly robust manner.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2004.10a
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• pp.521-524
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• 2004

본 연구에서는 개인의 투자행태 및 투자성향을 파악하기 위한 구조화된 설문지를 개발하고 이를 이용하여 개인 투자자의 투자의사결정에 영향을 미치는 요인을 파악하였다. 연구결과, 개인 투자자의 연령, 성별, 연간소득, 투자경험, 손실 허용수준, 선호투자상품 등이 투자성향 및 자산 배분행태에 통계적으로 유의한 영향을 미치는 것으로 나타났다.

• The Journal of the Korea Contents Association
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• v.21 no.9
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• pp.771-789
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• 2021

This study aims to examine the experiences and behaviors of youth's stock investment with credit loans. Using a qualitative case study method (Creswell, 2015), we interviewed 7 young investors. As a result of the analysis, based on the research method within the case, it was possible to find out the process and reasons for how the participants had credit loan experience and invested in stocks. In addition, 19 common categories could be derived from this. Further analyses classified the process as "start of stock investment", "immersion into the investment", "stock investment through credit loans", and "consequence of stock investment with credit loans". The study concludes with several policy implications and suggestions for future studies.

• International Commerce and Information Review
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• v.14 no.3
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• pp.185-207
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• 2012

Vietnam is the easternmost country on the Indochina Peninsula in Southeast Asia. Many Korean companies have recently invested their factories to Vietnam from China. This Study measures the entry determinants and outcomes of Vietnam foreign direct investment of the Korea company. This study developed a research model to determinant factor in the Vietnam market entry and collected 98 survey responses from the Korean company to Vietnam investment. In the article analysis, Multiple regression results show that Vietnam investment outcome review are positively affected by "Scale of Investment company", "International Experience of Investment company", "Marketing Skill of Investment company" and "Vietnam's Market Scale", "Vietnam's Market Environment" factors in all a hypothesis. However, the result of this analysis showed that the "Financial management of investment company", and "Organization management of investment company" as independence is not statistically significant. This article suggests that the investment outcome of Vietnam foreign direct investment should take earned of the Korea company in Vietnam market.

• Journal of Technology Innovation
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• v.24 no.3
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• pp.1-28
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• 2016

This paper suggests objective practical investment index for venture capital investment evaluation, deviating from investment behavior that relies on venture capitalist's intuition and experience. To deduct universally valid practical venture investment index, We conducted a survey of venture capitalist 65 and analyzed the data using AHP method. The results show that when VCs determine whether to invest in a venture or not, market related factors are considered most important. For venture companies who hope to receive investment from VCs, market access, CEO's technical / managerial experience, and recommendation/reputation are considered as crucial factors.

• Electronics and Telecommunications Trends
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• v.9 no.4
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• pp.35-41
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• 1994

본 고는 한국을 포함한 17개국의 OECD 국가의 9개년간의 시계열자료와 횡단 자료를 결합한 panel 자료를 가지고 전기통신 투자와 경제 성장간의 인과 관계를 분석한다. 결과로 전기 통신 투자와 경제 성장 간의 상호적인 인과 관계를 확인한다. 이에 따라 2015년까지 정보 통신 기반 투자가 우리나라의 경제 성장에 영향을 미칠뿐만 아니라 경제가 성장함에 따라 정보 통신 투자가 유발된다는 사실을 경험적으로 제시한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.37-50
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• 2023

Venture capital invests the necessary capital and supports management and technology in promising small and medium-sized venture companies in the early stages of start-up with promising technology and excellent manpower. It plays a role as a key player in the venture ecosystem that realizes profits by collecting the investment through various means after growth. Venture capital's job is to recruit various investors(LPs) to invest in small and medium-sized venture companies with growth potential through the formation of venture investment funds, and to collect investment as companies grow, distribute and reinvest. The main tasks of venture capitalists, which play the most important role in venture investment, are finding promising companies, corporate analysis and evaluation, investment screening, follow-up management, and investment recovery. Venture capital's success indicators are fund formation and return on investment, and venture capitalists are rewarded with annual salary, performance-based incentive, and promotion with work performance such as investment, exit, and fund formation. Compared to the recent rapidly growing venture investment market, investment manpower is insufficient, and venture capital is making great efforts to foster manpower and establish infrastructure and systems for long-term service, but research has been conducted mainly from a quantitative perspective. Accordingly, this study aims to empirically analyzed the impact of investment experience, delegation of authority, job fit, and peer relationships on fund formation and return on investment according to the characteristics of the venture capital industry. The results of these empirical studies suggested that future venture capital needs a job environment and manpower operation strategy so that venture capitalists with high job fit and investment experience can work for a long time.

• 한국벤처창업학회:학술대회논문집
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• 2020.06a
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• pp.25-29
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• 2020

최근까지의 국내외 투자 의사결정 요인을 살펴보면 주로 벤처캐피탈리스트 투자 성공 요인이 연구되어 왔다. 하지만, 2018년 이후 폭발적으로 증가한 투자 자금과, 우수한 스타트업의 성장으로 인해, 기업가들의 투자 거절 사례가 빈번하게 발생하고 있다. 따라서 투자자는 우수한 스타트업에 투자하기 위해 어떤 조건에서 투자를 거절당하는지 인지해야 할 필요가 있다. 본 연구는 주로 초기 창업자들에게 투자하는 국내외 벤처캐피탈리스트 7명을 인터뷰 하여 거절된 투자의 요인을 살펴보고, 우수한 스타트업 투자 유치를 위한 방향을 제시하려고 한다. 연구 결과 최근 3년 이내 투자자들은 잦은 투자 거절 경험을 하였으며, 기업가의 투자사 거절 요인은 1) 투자자의 낮은 산업 전문성, 2) 투자자의 낮은 장기 지향성이다. 먼저, 기업가는 많은 투자 기회를 인식하며, 과거와 달리 비재무적 조건에 비중을 두는 것으로 나타났다. 그 중 투자 기업의 전문성은 특히 기술 스타트업에서 많이 발견되며, 투자자가 피투자기업이 속한 산업의 기술적 이해가 낮을수록 투자가 거절될 수 있으며, 투자 목적의 경우, 투자사가 제시하는 투자의 목적이 장기 지향성이 낮을수록 투자가 거절될 수 있다. 이는 스타트업의 대표와 투자사의 상호성에도 부정적인 영향을 주기 때문이다. 따라서 초기 기술 기업에 투자하는 투자사일수록 투자사가 보유하고 있는 산업전문성과 일치하는 스타트업에 투자를 제안해야 하며, 초기 기술 기업의 기업가는 높은 기업 애착도가 있음으로, 스타트업과 컨텍하는 단계에서부터 투자사의 투자 성향에 대해 끊임없이 알리며, 장기지향적인 투자를 제안해야 한다.

• Journal of Digital Contents Society
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• v.19 no.8
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• pp.1515-1525
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• 2018

Security threats in the 4th Industrial Revolution have expanded to the issue of safety, but the environment for information security of domestic companies is still at a low level. This study aims to propose policy implications by empirically analyzing factors affecting investment intention. We investigated the state of information security and protection behavior and expanded UTAUT to investigate correlations. The results showed that information assets affect facilitating conditions, and perceived and new concerns have impacts on social influence. Social influence affect experience and habits, but the impact on security investment intentions was rejected. Facilitation conditions, previous experiences and habits have great influences on investment intention, new service security investment intention. The influence of perceived and new concern are low or rejected. There are moderating effects between types of business, size, security organization, experience of infringement, security personnel ratio, and personal information collection. This study will help to establish policies for enhancing the level of information security.