• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.63-75
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• 2023

This study conducted empirical analysis on the factors affecting the investment performance of 205 domestic venture funds (with a total liquidation amount of 7.25 trillion KRW) newly formed from 2007 to 2017 and completely liquidated as of the end of 2022. Due to the nature of private equity funds, obtaining empirical data is extremely challenging, especially for data post-COVID-19 era liquidations. Nevertheless, despite these challenges, it is meaningful to analyze the impact on the investment returns of domestic venture funds using the most recent data available from the past 10 years. This study categorized the factors influencing venture fund performance into external environmental factors and internal factors. External environmental factors included "economic cycles," "stock markets," "venture markets," and "exit markets," while internal factors included the fund management company's capabilities in terms of "experience," "professional personnel," and "assets under management (AUM)." The fund structure was also categorized into "fund size" and "fund length" for comparative analysis. In summary, the analysis yielded the following results: First, the 3-year government bond yield, which represents economic cycles well, was found to have a significant impact on fund performance. Second, the average 3-month KOSDAQ index return after fund formation had a statistically significant positive effect on fund performance. Third, the number of IPOs, indicating the competition intensity at the time of venture fund liquidation, was shown to have a negative effect on fund performance. Fourth, it was observed that the larger the AUM of the fund management company, the better the fund's returns. Finally, venture fund returns showed variations depending on the year of formation (Vintage). Therefore, when individuals consider investing in venture funds, it is considered a highly effective investment strategy to construct an investment portfolio taking into account not only external environmental factors and internal fund factors but also the vintage year.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.121-137
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• 2022

The purpose of this study is to present the necessary success factors and strategies for high-tech social ventures and stakeholders in the related ecosystem by empirically identifying factors that affect their sustainable performance. Based on prior research, the dimensions of three performance factors were presented: core technology competency, core business competency, and social mission orientation. Then, such sub-dimensions such as technology innovation orientation, R&D capability, business model, customer orientation, social network, and social mission pursuit were derived. For empirical analysis, a survey was conducted on domestic high-tech social ventures, and the significance of the hypothesis was tested through PLS-structural equation analysis of the collected 243 valid data. As a result, it was found that the technology innovation orientation was embedded as an abstract organizational and cultural characteristic in the high-tech social venture, which is a research sample, and thus did not significantly affect the dependent variable. In other words, aiming for the latest cutting-edge technology alone cannot affect performance, and it is a result of proving the need for substantial influencing factors that can strengthen it. On the other hand, the business model had a significant effect only on social performance, which is presumed to be the limitation of measurement tools developed for social enterprises, and the results of additional multi-group analysis to determine the cause also supported the basis for this estimation. Excluding the previous two performance factors, R&D competency, customer orientation, social network, and social mission pursuit were all found to have a significant positive (+) effect on social and economic performance. This study laid a foundation for related research by identifying high-tech social ventures emerging in the ecosystem of a social economy and expanded empirical research models related to the performance of existing social enterprises and social ventures. However, in the research method or process, there were limitations such as factor derivation or verification for balance of dual performance, subjective measurement method, and sample representativeness. It is expected that more in-depth follow-up studies will continue by supplementing future limitations and designing improved research models.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.169-185
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• 2022

This study analyzed the effect of entrepreneurial competency on entrepreneurial intentions by using the entrepreneurial opportunity recognition as a mediator for middle and middle-aged office workers. The sub-variables of entrepreneurial competency are classified into management competency, technology competency, business competency and funding competency. 222 copies of questionnaires collected from middle-aged and elderly office workers residing across the country centered on the metropolitan area were used for empirical analysis. Based on a simple mediating model with singular mediator using SPSS v22.0 and PROCESS macro v4.0. was analyzed. As a result of the analysis, first, among entrepreneurial competencies, business competency and funding capacity were found to have a positive (+) significant effect on the entrepreneurial intentions, but management and technical competency did not have a significant effect. The higher the business competency and funding competency. Second, it was found that all of the sub-variables of entrepreneurial competency had a significant effect in the positive (+) direction on the recognition of entrepreneurial opportunities. It was confirmed that management competency has the greatest influence on the entrepreneurial opportunity recognition and technology competence has the smallest effect. Third, it was found that the entrepreneurial opportunity recognition had a significant effect on entrepreneurial intentions. The discovery of an opportunity recognizing opportunities for start-up is a prerequisite for entrepreneur. Fourth, it was found that the entrepreneurial opportunity recognition mediates between the management competency, technological competency, business competency, funding competency, and entrepreneurial intention. It suggests that opportunity discovery by recognizing opportunities for entrepreneurship is a prerequisite for start-up. As implications of this study, it suggests that in order to inspire middle-aged and elderly office workers to start their own business, it is necessary to have indirect experience with education and to establish and promote a government support system for financing.. Second, It suggests that education on leadership and organizational management is particularly necessary to strengthen the opportunity recognition. Third, it suggests that the discovery of opportunities to recognize opportunities for start-up is a prerequisite for entrepreneur. Therefore, it is necessary to prepare a manual and conduct training on opportunity search, recognition, evaluation, and utilization according to the stage of opportunity development. Fourth, it suggests that in order to strengthen the intention to start a business, ALso, it is necessary to manage both the entrepreneurial competency and entrepreneurial opportunities recognition at the same time. By presenting the practical directions that can be given differentially, we intend to contribute to the provision of practical directions and policy establishment for the promotion of entrepreneurial activities of office workers who can give vitality to the ecosystem.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.81-94
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• 2022

This study analyzed the effect of the entrepreneurship planning course provided by an women's university in Seoul on the enhancement of the core competencies of entrepreneurship of university students. To this end, pre- and post-test of core entrepreneurship competency were conducted on 63 female university students (32 in experimental group, 31 in control group) and then the results were analyzed. The course in which the experimental group participated was a team-based project learning course and it required a team of three people to draw an entrepreneurship plan containing social problem solving as the final result. The course was operated for a total of 8 weeks. To measure the level of entrepreneurship core competency in the pre- and post- test, the survey tool that was developed by the Ministry of Education and Korea Entrepreneurship Foundation (2020) was used. This tool composed by 'value creation', 'challenge', 'self-directed', and 'group creativity' competencies. As analyses methods, i) covariance analysis was performed using the pretest as a covariate, and then a two-way ANOVA was performed with treatment (experimental group, control group) and time point (pre test, post test) as two independent variables. Results show while there was no significant difference between the experimental group and the control group in the value creation competency, it significantly contributed to the enhancement of challenge, self-directed, and collective creativity competencies. Based on these results, implications and limitations were discussed, followed by future research direction.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.205-221
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• 2022

In this study, the authors investigated the effect of salesperson's Selling Influence Tactics (SIT) on customers' psychological obligation, trust in salespersons and repurchase intentions in the offline cosmetics purchase channel. In addition, we examined the moderating effect of service quality perceived by customers. To this end, a survey was conducted on 298 customers who had purchased cosmetics through the offline sales channel, and the authors conducted hypothesis testing through a structural equation model. As a result of the study, first, among salesperson's sales influence tactics, emotional appeal tactics (H1a), customer ingratiation tactics (H1d), and personal appeal tactics (H1e) were found to affect the psychological obligation of customers, and emotional appeal tactics (H2a), rational persuasion tactics (H2b), information provision tactics (H2c), and customer ingratiation tactics (H2d) were found to affect trust in salespeople. Third, it was found that the psychological obligation did not have a positive (+) effect on the customer's repurchase intention, and the customer's trust in the salesperson had a positive (+) effect on the repurchase intention. Third, perceived service quality showed a significant moderating effect between psychological obligation and repurchase intention, trust in salesperson and repurchase intention. In previous studies on salesperson's Selling Influence Tactics (SIT), many studies examined salesperson's Selling Influence Tactics (SIT) by specifying sub-variables in a limited way, and studies confirming marketing factors such as repurchase intention were also insufficient. Therefore, the results of the empirical research confirmed based on this study are expected to help the standard or direction of the salesperson's Selling Influence Tactics (SIT) in future studies. In addition, this study describes implications for providing help in employee education and management for small business owners who manage and operate offline cosmetics stores, and sales strategies that should be strategically established to improve perceived service quality for customers.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.87-100
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• 2022

Early start-up companies have an inherent limitation of lack of resources. Despite these limitations, in order to survive, the entrepreneur's personal ability to efficiently use limited resources is required. In the marketing field, various studies are needed to reduce the business failure rate through establishing growth strategies and innovation. Accordingly, it is necessary to apply the concept of entrepreneurial marketing, which has been researched and developed overseas for 30 years, to fit the domestic reality. According to the flow of this study, an empirical study should be preceded to clarify the influence relationship between entrepreneurial marketing orientation, marketing competency, and management performance, along with a theoretical theorem on entrepreneurial marketing that is suitable for early start-ups and small and medium-sized enterprises(SMEs) and can respond innovatively to changes. The establishment of entrepreneurial marketing orientation and the processes from which this concept leads to business performance through the organization's marketing capabilities and its effects will be empirically verified. For an empirical survey, a survey was conducted on founders of 220 companies, and path analysis using structural equations was used for hypothesis verification. The findings are as follows. First, it was found that the entrepreneurial marketing orientation had a positive effect on both the organization's marketing capabilities and management performance. Second, it was found that the organization's marketing capabilities also had a positive effect on management performance. Third, as a result of empirical analysis of the mediating effect of the organization's marketing capabilities on the relationship between entrepreneurial marketing orientation and management performance, it was found that marketing capabilities showed a greater mediating effect on non-financial performance than financial performance. On the other hand, it was confirmed that marketing performance had a stronger mediating effect on financial performance than non-financial performance. By confirming and presenting the concept and constituent factors of entrepreneurial marketing orientation of domestic start-ups, which were academic gaps for the purpose of this paper, the academic research is differentiated in that they were verified as six components of entrepreneurial marketing. The practical implications of the research results will be that the entrepreneurial marketing-oriented mindset of small and medium-sized companies will optimize market analysis capabilities, network with various stakeholders, and increase the organization's ability to demonstrate marketing capabilities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.135-145
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• 2022

Due to COVID 19, we are facing unprecedented phenomena. Among various industries, the aviation industry, as it is directly affected by the corona crisis is actively establishing various survival strategies, such as expanding cargo transportation. The market size of air cargo transportation is continuously increasing due to the characteristics that distinguish it from other transportation, and as individualism and selfishness deepen in the aftermath of COVID 19, it can be inferred that the concept of reciprocity within distribution channels will become important in the post-corona era. The specific contents of this study(research question) are as follows. First, as a central member of the air logistics distribution channel, logistics service companies business process and the sub-dimensions of trust of are identified, and how trust is built with transportation companies is investigated. Second, the effect of such trust on the various performances of logistics service companies is analyzed. Third, we examine whether the influences of the sub-dimensions of trust change according to the perceived reciprocity of logistics service companies. In addition, we investigate whether the perceived reciprocity changed before and after the corona situation. In particular, this study theoretically integrates the concepts of trust and commitment, which have been distinguished in many prior studies, to improve the parsimony and practicality of the research model. This study will be able to present useful academic and practical implications by empirically examining how trust is built between members of the air logistics distribution channel and furthermore, how much it affects the performance of logistics service companies, and by identifying the moderating effect of reciprocity.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.89-101
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• 2022

This study investigated the effects of individual characteristics (entrepreneurial self-efficacy) and environmental characteristics (social support, government support policy) on entrepreneurial intention for college students in Korea and China. In particular, the moderating effect of differences between countries (Korea and China) was demonstrated in the relationship between individual and environmental characteristics and entrepreneurial intention. The results of the empirical analysis of 626 Korean and Chinese university students are as follows. First, all of the entrepreneurial self-efficacy, social support, and government support policies perceived by Korean college students had a positive effect on entrepreneurial intention. In particular, Korean college students' entrepreneurial intentions were influenced in the order of social support, entrepreneurial self-efficacy, and government support policies. Second, all of the entrepreneurial self-efficacy, social support, and government support policies perceived by Chinese college students had a positive effect on start-up intention. In particular, entrepreneurial intention of Chinese college students was influenced in the order of government support policy, entrepreneurial self-efficacy, and social support. Third, the relationship between environmental characteristics (social support, government support policy) and entrepreneurial intention was adjusted by differences between countries. First, the positive relationship between social support and entrepreneurial intention was generally higher for Chinese college students than for Korean college students. In addition, the positive relationship between government support policy and entrepreneurial intention was higher for Chinese college students than for Korean college students as the level of awareness of government support policy increased. Finally, theoretical and practical implications for the intention of Korean and Chinese college students to start a business were presented, and the limitations of the study and future research directions were presented based on this study.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.147-163
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• 2022

The relocation policy of public Institutions throughout provincial areas that implemented for the purpose of "balanced national development" finished in 2019 with the last relocation of the Korea Institute of Science & Technology Evaluation and Planning, which moved to Chungbuk Innovation City. Electric power public corporations also completed relocation program over eight regions across the nation. This study was conducted empirically to identify the structural relationship between the public service motivation and job attitude. In this, the relationship of organizational change, particularly occurred by the regional relocation, with the psychological state of these organization members (experienced direct changes and got substantial impacts in various aspects such as psychological, economic and living environment, etc.,) was studied. This study aims to seek early organizational stabilization ideas for electric power public corporations after relocation, and to present some implications that can contribute to the secondary relocation of public institutions to local areas. This study shows the statistically significant relationship between the psychological state occurred by relocation and organizational commitment. The result shows that the higher the expectation levels, the higher the degree of organizational commitment, while anxious psychological state has no relation with that. Additionally, expectation level has no significant functional relation with turnover intention. Followings are the major conclusions revealed in this study; The stronger the anxious psychological state, the higher the turnover inducement goes up. The higher the expectation levels, the higher the public service motivation grows, and the higher the anxiety psychological state, the public service motivation lowers. The organizational commitment grows according to the public service motivation proportionally, but the turnover inducement intention is weak. The moderating effect of public service motivation between the expectation of organizational change and turnover intention was not significant, but it was analyzed that the moderating effect of public service motivation formed a significant relationship with other anxiety psychology. The expectation levels of employees of electric power public corporations has grown up after moving to provincial areas. Relationship between the expectation mind and the turnover inducement has decreased after local relocation.