• Journal of Distribution Research
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• v.16 no.1
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• pp.95-115
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• 2011

Food service is the major part of franchise business in Korea, accounting for 69.9% of the brands in the market. As the food service industry becomes mature, many franchisees have struggled to survive in the market. In general, consumers have higher levels of expectation toward service quality of franchised outlets compared that of (non-franchised) independent ones. They also tend to believe that franchisees deliver standardized service at the uniform food price, regardless of their locations. Such beliefs seem to be important reasons that consumers prefer franchised outlets to independent ones. Nevertheless, few studies examined the impact of qualify features of franchisees on customer satisfaction so far. To this end, this study examined the characteristics of various quality features of franchisees in the food service industry, regarding their relationship with customer satisfaction and dissatisfaction. The quality perception of heavy-users was also compared with that of light-users in order to find insights for developing differentiated marketing strategy for the two segments. Customer satisfaction has been understood as a one-dimensional construct while there are recent studies that insist two-dimensional nature of the construct. In this regard, Kano et al. (1984) suggested to categorize quality features of a product or service into five types, based on their relation to customer satisfaction and dissatisfaction: Must-be quality, Attractive quality, One-dimensional quality, Indifferent quality, and Reverse quality. According to the Kano model, customers are more dissatisfied when Must-be quality(M) are not fulfilled, but their satisfaction does not arise above neutral no matter how fully the quality fulfilled. In comparison, customers are more satisfied with a full provision of Attactive quality(A) but manage to accept its dysfunction. One-dimensional quality(O) results in satisfaction when fulfilled and dissatisfaction when not fulfilled. For Indifferent quality(I), its presence or absence influences neither customer satisfaction nor dissatisfaction. Lastly, Reverse quality(R) refers to the features whose high degree of achievement results in customer dissatisfaction rather than satisfaction. Meanwhile, the basic guidelines of the Kano model have a limitation in that the quality type of each feature is simply determined by calculating the mode statistics. In order to overcome such limitation, the relative importance of each feature on customer satisfaction (Better value; b) and dissatisfaction (Worse value; w) were calculated following the formulas below (Timko, 1993). The Better value indicates how much customer satisfaction is increased by providing the quality feature in question. In contrast, the Worse value indicates how much customer dissatisfaction is decreased by providing the quality feature. Better = (A + O)/(A+O+M+I) Worse = (O+M)/(A+O+M+I)(-1) An on-line survey was performed in order to understand the nature of quality features of franchisees in the food service industry by applying the Kano Model. A total of twenty quality features (refer to the Table 2) were identified as the result of literature review in franchise business and a pre-test with fifty college students in Seoul. The potential respondents of our main survey was limited to the customers who have visited more than two restaurants/stores of the same franchise brand. Survey invitation e-mails were sent out to the panels of a market research company and a total of 257 responses were used for analysis. Following the guidelines of Kano model, each of the twenty quality features was classified into one of the five types based on customers' responses to a set of questions: "(1) how do you feel if the following quality feature is fulfilled in the franchise restaurant that you visit," and "(2) how do you feel if the following quality feature is not fulfilled in the franchise restaurant that you visit." The analyses revealed that customers' dissatisfaction with franchisees is commonly associated with the poor level of cleanliness of the store (w=-0.872), kindness of the staffs(w=-0.890), conveniences such as parking lot and restroom(w=-0.669), and expertise of the staffs(w=-0.492). Such quality features were categorized as Must-be quality in this study. While standardization or uniformity across franchisees has been emphasized in franchise business, this study found that consumers are interested only in uniformity of price across franchisees(w=-0.608), but not interested in standardizations of menu items, interior designs, customer service procedures, and food tastes. Customers appeared to be more satisfied when the franchise brand has promotional events such as giveaways(b=0.767), good accessibility(b=0.699), customer loyalty programs(b=0.659), award winning history(b=0.641), and outlets in the overseas market(b=0.506). The results are summarized in a matrix form in Table 1. Better(b) and Worse(w) index indicate relative importance of each quality feature on customer satisfaction and dissatisfaction, respectively. Meanwhile, there were differences in perceiving the quality features between light users and heavy users of any specific franchise brand in the food service industry. Expertise of the staffs was labeled as Must-be quality for heavy users but Indifferent quality for light users. Light users seemed indifferent to overseas expansion of the brand and offering new menu items on a regular basis, while heavy users appeared to perceive them as Attractive quality. Such difference may come from their different levels of involvement when they eat out. The results are shown in Table 2. The findings of this study help practitioners understand the quality features they need to focus on to strengthen the competitive power in the food service market. Above all, removing the factors that cause customer dissatisfaction seems to be the most critical for franchisees. To retain loyal customers of the franchise brand, it is also recommended for franchisor to invest resources in the development of new menu items as well as training programs for the staffs. Lastly, if resources allow, promotional events, loyalty programs, overseas expansion, award-winning history can be considered as tools for attracting more customers to the business.

• Asia pacific journal of information systems
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• v.20 no.2
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• pp.125-155
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• 2010

Ontologies have been adopted in various business and scientific communities as a key component of the Semantic Web. Despite the increasing importance of ontologies, ontology developers still perceive construction tasks as a challenge. A clearly defined and well-structured methodology can reduce the time required to develop an ontology and increase the probability of success of a project. However, no reliable knowledge-engineering methodology for ontology development currently exists; every methodology has been tailored toward the development of a particular ontology. In this study, we developed a Graduation Screen Ontology (GSO). The graduation screen domain was chosen for the several reasons. First, the graduation screen process is a complicated task requiring a complex reasoning process. Second, GSO may be reused for other universities because the graduation screen process is similar for most universities. Finally, GSO can be built within a given period because the size of the selected domain is reasonable. No standard ontology development methodology exists; thus, one of the existing ontology development methodologies had to be chosen. The most important considerations for selecting the ontology development methodology of GSO included whether it can be applied to a new domain; whether it covers a broader set of development tasks; and whether it gives sufficient explanation of each development task. We evaluated various ontology development methodologies based on the evaluation framework proposed by G$\acute{o}$mez-P$\acute{e}$rez et al. We concluded that METHONTOLOGY was the most applicable to the building of GSO for this study. METHONTOLOGY was derived from the experience of developing Chemical Ontology at the Polytechnic University of Madrid by Fern$\acute{a}$ndez-L$\acute{o}$pez et al. and is regarded as the most mature ontology development methodology. METHONTOLOGY describes a very detailed approach for building an ontology under a centralized development environment at the conceptual level. This methodology consists of three broad processes, with each process containing specific sub-processes: management (scheduling, control, and quality assurance); development (specification, conceptualization, formalization, implementation, and maintenance); and support process (knowledge acquisition, evaluation, documentation, configuration management, and integration). An ontology development language and ontology development tool for GSO construction also had to be selected. We adopted OWL-DL as the ontology development language. OWL was selected because of its computational quality of consistency in checking and classification, which is crucial in developing coherent and useful ontological models for very complex domains. In addition, Protege-OWL was chosen for an ontology development tool because it is supported by METHONTOLOGY and is widely used because of its platform-independent characteristics. Based on the GSO development experience of the researchers, some issues relating to the METHONTOLOGY, OWL-DL, and Prot$\acute{e}$g$\acute{e}$-OWL were identified. We focused on presenting drawbacks of METHONTOLOGY and discussing how each weakness could be addressed. First, METHONTOLOGY insists that domain experts who do not have ontology construction experience can easily build ontologies. However, it is still difficult for these domain experts to develop a sophisticated ontology, especially if they have insufficient background knowledge related to the ontology. Second, METHONTOLOGY does not include a development stage called the "feasibility study." This pre-development stage helps developers ensure not only that a planned ontology is necessary and sufficiently valuable to begin an ontology building project, but also to determine whether the project will be successful. Third, METHONTOLOGY excludes an explanation on the use and integration of existing ontologies. If an additional stage for considering reuse is introduced, developers might share benefits of reuse. Fourth, METHONTOLOGY fails to address the importance of collaboration. This methodology needs to explain the allocation of specific tasks to different developer groups, and how to combine these tasks once specific given jobs are completed. Fifth, METHONTOLOGY fails to suggest the methods and techniques applied in the conceptualization stage sufficiently. Introducing methods of concept extraction from multiple informal sources or methods of identifying relations may enhance the quality of ontologies. Sixth, METHONTOLOGY does not provide an evaluation process to confirm whether WebODE perfectly transforms a conceptual ontology into a formal ontology. It also does not guarantee whether the outcomes of the conceptualization stage are completely reflected in the implementation stage. Seventh, METHONTOLOGY needs to add criteria for user evaluation of the actual use of the constructed ontology under user environments. Eighth, although METHONTOLOGY allows continual knowledge acquisition while working on the ontology development process, consistent updates can be difficult for developers. Ninth, METHONTOLOGY demands that developers complete various documents during the conceptualization stage; thus, it can be considered a heavy methodology. Adopting an agile methodology will result in reinforcing active communication among developers and reducing the burden of documentation completion. Finally, this study concludes with contributions and practical implications. No previous research has addressed issues related to METHONTOLOGY from empirical experiences; this study is an initial attempt. In addition, several lessons learned from the development experience are discussed. This study also affords some insights for ontology methodology researchers who want to design a more advanced ontology development methodology.

• Journal of Distribution Science
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• v.9 no.4
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• pp.93-102
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• 2011

With the increasing interest in boosting conventional markets, many authors have paid considerable attention to the roles of shop owners, store image improvement, and how to attract or maintain customers. Nevertheless, it is not easy to find papers related to the relationship between shop owners and their contribution to trading areas, directly or indirectly, in the academic world. Accordingly, research for answering the following question has been initiated: what kind of roles do shopkeepers should play in revitalizing poor conventional markets? Based on the previous studies focusing on enhancing traditional markets, this research was approached from the new insights that have been obtained concerning how to boost conventional markets, that is, from the perspectives of a shop owner and a trader. Therefore, this research aims at identifying some resolutions associated with the roles of shop owners to enhance a shopping district in a specific area, classifying their business roles into a few categories, depending on the degree of their participation in improving the shopping environment. Compared with previous studies focusing on emphasizing the importance of improving customer services from a shopkeeper's perspective, this research provides a new insight as far as how to boost conventional markets. It is, furthermore, necessary to note how market participants, particularly shop owners as they are the key players, can contribute to rebuilding their business area together with their customers. As a research technique for effectively achieving the research goal, the authors adopted a documentation methodology based on a large amount of the existing literature for studying how to rebuild traditional markets. Concerned about the ways to revitalize conventional markets, many authors have proposed a variety of strategies, and have suggested more detailed action plans from a practitioner's perspective. By analyzing these research results, the authors will have accomplished the research aim. Rather than simply identifying the roles of shop owners, the author found that they had to understand their social contribution for enhancing their trading areas, as well as their functional roles, in forming a regional society. The conventional market should be, thus, regarded as the place to share regional culture. Consequently, the authors draw some conclusions from the research results. In order to answer the above question, it was found that the roles of shop owners have been considered as one of the most important ways for revitalizing traditional markets. With respect to their roles, it is evident that their business activities are closely related to the improvement of the trading area in terms of sociality, regional development, and market revitalization, by selling products or services to the customers visiting that area. In a word, this implies that shop owners have to actively take part in boosting conventional markets as a core player. Although the authors have properly achieved the research aim, this study has a limitation, like most other research, in adopting a documentation method. Because the research is based on existing data results provided by the prior research conducted a long time ago, whether the research findings are applicable in a contemporary market should be re-examined in future research from a practitioner's perspective, rather than from an academic's perspective.

• Information Systems Review
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• v.11 no.1
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• pp.161-179
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• 2009

Nowadays an increasing number of Internet users are running individual websites as Blog or Cyworld. As this type of personal media has a great influence on communication among people, business comes to care about Network Effect, Network Software, and Social Network. For instance, Cyworld created the web service called 'Minihompy' for individual web-logs, and acquired 2.4milion users in 2007. Although many people assumed that the popularity of Minihompy, or Blog would be a passing fad, Cyworld has improved its service, and expanded its Network with various contents. This kind of expansion reflects survival efforts from infinite competitions among ISPs (Internet Service Provider) with focus on enhancing usability to users. However, Cyworld's Network Effect is gradually diminished in these days. Both of low production cost of service vendors and the low searching/conversing costs of users combine to make ISPs hard to keep their market share sustainable. To overcome this lackluster trend, Cyworld has adopted new strategies and try to lock their users in their service. Various efforts to improve the continuance and expansion of Network effect remain unclear and uncertain. If we understand beforehand how a service would improve Network effect, and which service could bring more effect, ISPs can get substantial help in launching their new business strategy. Regardless many diverse ideas to increase their user's duration online ISPs cannot guarantee 'how the new service strategies will end up in profitability. Therefore, this research studies about Network effect of Cyworld's 'Minihompy' using System-Dynamics method which could analyze dynamic relation between users and ISPs. Furthermore, the research aims to predict changes of Network Effect based on the strategy of new service. 'Page View' and 'Duration Time' can be enhanced for the short tenn because they enhance the service functionality. However, these services cannot increase the Network in the long-run. Limitations of this research include that we predict the future merely based on the limited data. We also limit the independent variables over Network Effect only to the following two issues: Increasing the number of users and increasing the Service Functionality. Despite of some limitations, this study perhaps gives some insights to the policy makers or others facing the stiff competition in the network business.

• Journal of Intelligence and Information Systems
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• v.22 no.4
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• pp.123-138
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• 2016

This study investigates intents of acquisitions in information technology industries. Mergers and acquisitions are a strategic decision at corporate-level and have been an important tool for a firm to grow. Plenty of firms in information technology industries have acquired startups to increase production efficiency, expand customer base, or improve quality over the last decades. For example, Google has made about 200 acquisitions since 2001, Cisco has acquired about 210 firms since 1993, Oracle has made about 125 acquisitions since 1994, and Microsoft has acquired about 200 firms since 1987. Although there have been many existing papers that theoretically study intents or motivations of acquisitions, there are limited papers that empirically investigate them mainly because it is challenging to measure and quantify intents of M&As. This study examines the intent of acquisitions by measuring specific intents for M&A transactions. Using our measures of acquisition intents, we compare the intents by four acquisition types: (1) the acquisition where a hardware firm acquires a hardware firm, (2) the acquisition where a hardware firm acquires a software/IT service firm, (3) the acquisition where a software/IT service firm acquires a hardware firm, and (4) the acquisition where a software /IT service firm acquires a software/IT service firm. We presume that there are difference in reasons why a hardware firm acquires another hardware firm, why a hardware firm acquires a software firm, why a software/IT service firm acquires a hardware firm, and why a software/IT service firm acquires another software/IT service firm. Using data of the M&As in US IT industries, we identified major intents of the M&As. The acquisition intents are identified based on the press release of M&A announcements and measured with four categories. First, an acquirer may have intents of cost saving in operations by sharing common resources between the acquirer and the target. The cost saving can accrue from economies of scope and scale. Second, an acquirer may have intents of product enhancement/development. Knowledge and skills transferred from the target may enable the acquirer to enhance the product quality or to expand product lines. Third, an acquirer may have intents of gain additional customer base to expand the market, to penetrate the market, or to enter a foreign market. Fourth, a firm may acquire a target with intents of expanding customer channels. By complementing existing channel to the customer, the firm can increase its revenue. Our results show that acquirers have had intents of cost saving more in acquisitions between hardware companies than in acquisitions between software companies. Hardware firms are more likely to acquire with intents of product enhancement or development than software firms. Overall, the intent of product enhancement/development is the most frequent intent in all of the four acquisition types, and the intent of customer base expansion is the second. We also analyze our data with the classification of production-side intents and customer-side intents, which is based on activities of the value chain of a firm. Intents of cost saving operations and those of product enhancement/development can be viewed as production-side intents and intents of customer base expansion and those of expanding customer channels can be viewed as customer-side intents. Our analysis shows that the ratio between the number of customer-side intents and that of production-side intents is higher in acquisitions where a software firm is an acquirer than in the acquisitions where a hardware firm is an acquirer. This study can contribute to IS literature. First, this study provides insights in understanding M&As in IT industries by answering for question of why an IT firm intends to another IT firm. Second, this study also provides distribution of acquisition intents for acquisition types.

• Asia Marketing Journal
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• v.15 no.3
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• pp.117-139
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• 2013

Research on purchase intention had showed remarkable progress in contributing to the theory of consumer behavior. Despite the popularity of academic discussions on various issues influencing purchase intention, the mediating role of brand recall and brand attitude on purchase intention, in particular advergames, has not yet been well explored, especially in developing economies such as Malaysia. Furthermore, the influence of self-brand congruity, entertainment and brand placement acceptance as antecedents to brand recall and brand attitude are expected to add value to the brand recall, brand attitude and purchase intention relationships. This paper aims to investigate the impact of the mediating role of brand recall and brand attitude on purchase intention in advergames among Malaysian gamers. The antecedents towards brand recall and brand attitude are also examined to measure their influence on purchase intention. A total of 350 Malaysian gamers were interviewed through online survey in this study. The results showed that brand recall and brand attitude mediate the relationship between self-brand congruity, entertainment and brand placement acceptance with purchase intention. Also, entertainment and brand placement acceptance were found to have a significant relationship with brand recall. As expected, brand recall and brand attitude showed a positive relationship with consumer purchase intention in advergames. It was found that self-brand congruity has a significant influence on brand attitude and purchase intention. When users see the brand which matches with them, they tend to act positively toward the brand exposed in the game. This is consistent with Escalas and Bettman (2005) who suggested that the greater the congruity, the more positive the consumer's attitude toward the brand in question. This leads to game usage and purchase (Davis and Lang, 2013). In the advergaming context, the entertainment value in advergames is very important to determine the level of enjoyment and pleasure experienced by gamers during game-playing. Therefore, the more entertaining the ads, the more it will be remembered and the greater the positive behavior of the consumer towards the advergames - this ultimately stimulates their intention to purchase the brand. This study shows the effect of brand placement on brand recall and brand attitude and also purchase intention. Brand placements might not work in games due to the interactivity involved in game-playing as people could be distracted from noticing the brand placements (Yang et al., 2006). However, the significant influence of brand placements found in this study may provide major promise for advertisers. Game players may or may not explicitly remember the brands they see in the games, but these placements may influence their brand recall and brand attitude and could therefore influence later decisions (Yang et al., 2006). In this study, it was found that self-brand congruity was not significantly related with brand recall. The reason for this could be attributed to the fact that this study examined gamers who are highly involved in the interactive medium of games which force them to focus on game play rather than advertisements; the level of recognition to remember the brand exposed in the game is low and contributes to the "mismatch" between the gamers and the said brand. The present study contributes to the existing literature of the antecedents of brand recall and brand attitude in advergames. This study contributes to the role of brand recall and brand attitude as mediators in purchase behavior theory. Academically, the relationship between brand recall and brand attitude is well known in advergaming research, but their impact as important mediators on purchase intention add new understanding in the interactive communication literature. Their mediating role may provide new insights on how they facilitate the effects of self-brand congruity, entertainment and brand placement on purchase intention. Besides that, the studies on the influence of self-brand congruity on brand recall and brand attitude and also consumer intention to purchase had not well-investigated in advergames. This study contributes to fill those gaps in advergames literature. For practitioners, this study could suggest the use of illustrative or demonstrative placements of new products to help customers remember new brands, and the use of associative placements for existing products to increase consumers' purchase intention (Ho et al., 2011). To advertisers, this study may provide useful information to improve their current advertising strategies in games, for instance, by considering game players' congruity, entertainment value and brand placement factors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.217-240
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• 2023

For a while, Functional cosmetics, Cosmeceutical cosmetics, and Derma cosmetics have gained trust and become popular due to the consumers' strong interest in ingredients & efficacy. It's remarkable that Clean or Vegan brands are growing fast because they are emphasizing on different values from the other cosmetic brands. It's needed to attempt to analyze the influence relationship between consumer lifestyle and social value in these changes, and to find out whether the consumption of vegan cosmetics is related to satisfying the need for self-expression in a social atmosphere where ESG is emphasized on. This study analyzed the effect of lifestyle types and self-expression needs on the purchase intention of vegan cosmetics by mediating social values for cosmetics consumers. Lifestyle types were classified into appearance-oriented, health-oriented, and fashion-oriented. For empirical analysis, 321 questionnaires collected from cosmetics consumers living across the country were used. SPSS v26.0 and PROCESS macro v4.2 were used to analyze based on a single mediating model as a single mediator. As a result of the analysis, first, lifestyle types and self-expression needs, excluding appearance-oriented types, were found to have a positive (+) effect on social values. Second, it was found that social value had a positive (+) significant effect on the purchase intention of vegan cosmetics. Third, appearance-oriented, health-oriented, trend-seeking lifestyle types and self-expression needs were all found to have a positive (+) effect on the purchase intention of vegan cosmetics. Fourth, social values were found to mediate lifestyle types, self-expression needs, and purchase intentions, except for appearance-oriented types. Appearance-oriented consumers do not directly affect social values but affect purchase intentions, suggesting that appearance-oriented consumers may not be significantly affected by product-related social values. In a comparison of the relative influence size using standardization coefficients, self-expression needs had the greatest impact on the purchase intention of vegan cosmetics when mediating social values, and health-oriented ones had the least impact. The academic implications of this study include contributing to consumer behavior research by providing insights, mediation mechanisms, and consideration of the niche consumer sector, and directing further research into the cosmetics industry beyond forming marketing strategies and sustainable business practices.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.1-16
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• 2023

Due to imbalances in supply and demand within the labor market, start-ups have emerged as crucial players in the generation of high-quality employment opportunities, particularly in stagnant job markets. In response to this trend, governments are allocating substantial financial and human resources to initiatives that support start-up development. This has led to an increasing rate of engagement in start-up ventures across diverse age groups, not limited to younger individuals. Start-ups are enterprises focused on the commercialization of innovative ideas with the aim of achieving profitability in the marketplace. Research concerning the successful market integration of new products and the attainment of sustainable growth is pivotal. Such research is instrumental not only for the success of start-ups but also for realizing the broader social functions and contributions that these enterprises can offer. Previous research has often examined new product market-entry strategies, often referred to as new product marketing, particularly for large companies and SMEs. However, there is a gap in studies focusing on prototype marketing strategies specific to start-ups. Thus, this study aims to examine the impact of Pre-announcing marketing strategies on the market attention garnered by start-ups with low recognition and limited infrastructure, and how such attention contributes to their sustainable growth. Specifically, the study aims to uncover the causal relationship between information attributes like relevance, vividness, and novelty in building customer relationships, and their impact on purchase intentions influenced by performance expectations and hedonic motivations. In terms of Pre-announcing information attributes, relevance, vividness, and novelty positively influence performance expectations and hedonic motivations as outlined in the extended Unified Theory of Acceptance and Use of Technology (UTAUT2). These factors, in turn, positively impact the purchase intention for pre-announced new products from start-ups. These findings are expected to provide both theory and practical insights into the factors influencing market entry through the use of Pre-announcing marketing strategies for start-up new products.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.17-32
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• 2023

The entrepreneurial activities of college students play a significant role in modern economic and social development, particularly as a solution to the changing economic landscape and youth unemployment issues. Introducing innovative ideas and technologies into the market through entrepreneurship can contribute to sustainable economic growth and social value. Additionally, the entrepreneurial intentions of college students are shaped by various factors, making it crucial to deeply understand and appropriately support these elements. To this end, this study systematically explores the importance and impact of role models through a multiple serial mediation analysis. Through a survey of 300 college students, the study analyzed how two psychological variables, growth mindset and entrepreneurial self-efficacy, mediate the influence of role models on entrepreneurial intentions. The presence and success stories of role models were found to enhance the growth mindset of college students, which in turn boosts their entrepreneurial self-efficacy and ultimately strengthens their entrepreneurial intentions. The analysis revealed that exposure to role models significantly influences the formation of a growth mindset among college students. This mindset fosters a positive attitude towards viewing challenges and failures in entrepreneurship as learning opportunities. Such a mindset further enhances entrepreneurial self-efficacy, thereby strengthening the intention to engage in entrepreneurial activities. This research offers insights by integrating various theories, such as mindset theory and social learning theory, to deeply understand the complex process of forming entrepreneurial intentions. Practically, this study provides important guidelines for the design and implementation of college entrepreneurship education. Utilizing role models can significantly enhance students' entrepreneurial intentions, and educational programs can strengthen students' growth mindset and entrepreneurial self-efficacy by sharing entrepreneurial experiences and knowledge through role models. In conclusion, this study provides a systematic and empirical analysis of the various factors and their complex interactions that impact the entrepreneurial intentions of college students. It confirms that psychological factors like growth mindset and entrepreneurial self-efficacy play a significant role in shaping entrepreneurial intentions, beyond mere information or technical education. This research emphasizes that these psychological factors should be comprehensively considered when developing and implementing policies and programs related to college entrepreneurship education.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.4
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• pp.1-12
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• 2024

This paper aims to examine the effectiveness of Restricted Stock Units (RSUs) in attracting and retaining top talent for startups and venture companies in the context of their implementation in July 2024. The study investigates whether RSUs align with their original intent and identifies additional measures to enhance their effectiveness. Additionally, the paper explores strategies to actively adopt and revitalize RSUs in the business field from the perspectives of experts representing key market participants within the early-stage startup ecosystem in Korea. The study employs a three-pronged approach. First, a pre-study examines how RSUs overcome the limitations of existing stock compensation schemes, the benefits they offer, and the key conditions for ensuring market-friendly effectiveness. Second, experts involved in the RSU bill's early stages identify five issues that need to be addressed to ensure the bill's market-friendly effectiveness: RSU vesting conditions, RSU vesting targets, RSU vesting scope, RSU vesting timing, and RSU vesting-related tax benefits. Third, the study conducts an FGI with experts representing key market players in the early-stage startup ecosystem to examine the effectiveness and activation measures of the proposed RSU scheme, RSU adoption within the early-stage startup ecosystem minimizing conflict of interests with existing shareholders such as venture capital investor. Finally, experts emphasize the importance of clearly defining and communicating RSU benefits to businesses for effective RSU activation. This study's significance lies in its derivation of various insights from FGI research on the effective adoption and activation of RSUs within the early-stage startup ecosystem. Moreover, it is expected to provide a methodology for gauging opinion-gathering procedures for new bills introduced to foster startup and venture company growth.