• Journal of Korea Trade
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• 제26권7호
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• pp.59-76
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• 2022

Purpose - As ahigher-order ability, improvisational capability is often employed to help a firm cope with unexpected or unanticipated issues. In light of the severe global business challenges and turbulent environmental changes, this study aimed to explore whether home-based network ties could shape the influence of improvisational capability on international entrepreneurship, alongside investigating the boundary conditions of competitive turbulence in their moderating effects. Design/methodology - The sample for the international entrepreneurship sector was obtained from the Industry and Information Technology Department of Jiangsu. In September 2021, the questionnaires were sent to the targeted ventures and required the top managers to complete the survey by email or telephone. The final research sample comprised 113 international new ventures. To test the hypotheses, moderated hierarchical regression analysis was conducted. Findings - Our empirical results suggested that (1) unlike some previous literature, a positive effect of improvisational capability on the performance of international new ventures was not found; (2) home country-based networks (both political ties and business ties) are contingent factors that may partially stimulate the value creation of improvisational capability; and (3) in a highly competitive environment, the moderating role of business ties at home may become much stronger, however, the contingent role of political ties at home was not found. Originality/value - This study mainly concentrates on the two important types of home country-based networks, political and business ties at home, that may help international new ventures access strategic resources necessary for supporting the performance implications of improvisational capability. Thus, it extends the existing improvisational theory to encompass international entrepreneurship.

• 무역상무연구
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• 제18권
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• pp.159-188
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• 2002

International joint ventures are usually formed and managed by domestic companies and foreign investors for the common objectives. They offer an opportunity for each partner to benefit significantly from the comparative advantages of the other. Local partners bring knowledge of the domestic market; familiarity with government bureaucracies and regulations; understanding of local labor markets; and existing manufacturing facilities. Foreign partners can offer advanced process and product technologies, management know-how, and access to export markets. In Korea, joint ventures have been encouraged to usher in foreign investors with foreign currency capital badly needed during the IMF financial crisis. In the meantime, Korean laws and regulations with respect to joint ventures have been largely overhauled to promote foreign direct investment (FDI) both inbound and outbound. They include four types of FDI, i.e., acquisition of foreign stocks, provision of long-term loans, participation in joint operations like resources development, and establishment of foreign offices. From the legal point of view, the formal joint venture agreement must be an offspring of a series of tough negotiations between domestic and foreign partners. They usually stress the long-term relationship with the good will and dedication to each other, and restrict the free transfer of stocks. Both partners are earnestly interested in the ownership and management of the joint venture. So they keep a close eye on the articles of incorporation, changes of business environment, conflict resolution methods, transparency of accounting and other financial matters. When a multinational corporation (MNC) is involved in the joint venture, conflicts over management strategies, marketing and other issues take place more often than not between the MNC and local partners. We have to pay attention to joint ventures, particularly, in China and North Korea. As witnessed in other transition economies, China is eagerly bringing in foreign direct investments for the development of nation's economy. China encourages foreign investors to establish ordinary joint ventures, contractual joint ventures, solely invested foreign capital companies and jointly operated development companies with local partners. In North Korea, however, joint ventures have a different meaning like contractual joint ventures in China, in which North Korean partners have an initiative in the management. Rather, jointly operated companies or simply processing-for-wage companies are recommended in view of the unpredictable legal infrastructure in North Korea.

• 벤처창업연구
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• 제14권1호
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• pp.187-198
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• 2019

성공적인 비즈니스를 위해서 지속가능성과 관련된 도전과 기회들을 이해하는 것이 중요하다. 기존의 비즈니스모델 캔버스는 사회에 미치는 장기적인 영향과 관계없이 '성공'으로 식별되는 비즈니스 모델을 만들 수 있다. 하지만 지속가능한 비즈니스모델에 대한 원칙과 지침이 추가되지 않으면 새로운 한계에 직면할 수 있다. 본 연구의 목적은 경제적인 미션뿐만 아니라 사회적, 환경적 미션을 함께 수행해야 하는 소셜벤처를 중심으로 지속가능한 비즈니스 모델 설계를 위한 도구들을 살펴보고 활용도를 모색하는 데 있다. 이러한 연구 목적을 달성하기 위해 소셜벤처 창업가들의 경영사례를 분석하여 경제적, 환경적, 사회적 세 가지 관점의 비즈니스 모델을 정립하여 지속가능성을 높일 수 있는 기회를 탐색했다. 본 연구는 기존 선행연구의 한계점을 극복하고자 TLBMC (Triple Layered Business Model Canvas)를 사용하여 소셜벤처가 지녀야할 경제적, 환경적, 사회적 관점으로 다양하게 분석하였다. 그 결과 다음과 같은 시사점을 가지고 있다. 첫째, 경제적 요소를 사회적, 환경적 요구와 연결 가능한 기회를 살펴보았다. 둘째, 소셜벤처의 특성인 환경적 사회적 관점을 실무에 활용 할 수 있음을 확인했다. 셋째, 소셜벤처 비즈니스 모델의 경험 자료를 구축했다. 본 연구는 질적연구의 특징인 참여자의 관점, 참여자의 의미, 참여자의 다양한 주관적 견해에 초점을 맞추어 진행하여, 도출된 전반적인 의미에 대해 연구자의 주장으로 결론이 마무리되는 사례연구로서의 한계를 가지고 있다. 그러나 본 연구의 새로운 접근법은 향후 지속가능한 성공을 위한 새로운 비즈니스 모델 설계의 기회를 제공하고 있다. 또한 실증연구를 위한 기초단계로서 소셜벤처 비즈니스 모델연구에 기초가 될 수 있을 것이다. 지속가능한 비즈니스의 기회를 이해하기 위해 향후 더 많은 사례연구와 개선된 도구에 대한 검증과 피드백에 관련된 연구가 계속 되어야 할 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.711-721
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• 2021

A firm's competitive advantage generating from empowering its dynamic capabilities is very important for established companies and new business ventures in facing intense competition and in responding to unanticipated environmental changes. This study aims to investigate the relationship between dynamic capabilities of a new business venture and its competitive advantage and the effect of entrepreneurial creativity and ambidextrous innovation mediation on the relationship between dynamic capabilities and the competitive advantage of a new business venture. Data was collected using an online survey from 143 new Indonesian shipping agency companies that spread over two-thirds of Indonesia's territory and was analyzed using structural equations modeling (SEM). The results showed that the dynamic capabilities of new business ventures are positively associated with competitive advantage but not significantly. This result indicates that empowering a new business venture's dynamic capability is not sufficient to generate a competitive advantage. However, a new business venture's dynamic capability is significantly and positively associated with the competitive advantage when mediated by entrepreneurial creativity and ambidextrous innovation. The findings of this study suggest that the competitive advantage of a new business venture can be gained from empowering a firm's dynamic capabilities through mediating entrepreneurial creativity and ambidextrous innovation in facing intense competition and in responding to unanticipated environmental changes.

• 한국정보시스템학회:학술대회논문집
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• 한국정보시스템학회 2003년도 추계학술대회
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• pp.267-275
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• 2003

• 아태비즈니스연구
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• 제8권1호
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• pp.33-44
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• 2017

The present study aims to examine the role of market orientation as an international partnership property. This property, labeled export-venture market orientation, is at the inter-firm level and is related to the new market development (NMD) activities of export-ventures. Specifically, this article is to define the export-venture market orientation; to argue that it is a major factor in NMD export-venture success; and to argue that the resource-advantage (R-A) theory of competition can provide a theoretical foundation for this concept and explain its contribution to export-ventures' international expansion success. This manuscript is conceptual in approach. In their efforts to strengthen relationships, export-ventures may tend to focus so much time on the partnership factors that they miss market opportunities. As a spanning process, NMD should be informed by both external and internal activities. In an export-venture, market orientation helps guide NMD activities from outside to inside and vice versa. As a dynamic and disequilibrium provoking process, the R-A theory can theoretically ground the concept of export-venture market orientation and explain its role in NMD export-venture success. The current study contributes to business marketing theory in three ways: it extends the concept of intra-organizational market orientation to an inter-organizational context; contributes to understanding the role of idiosyncratic resources in export-ventures; and theoretically explains the concept of export-venture market orientation. The present study is the first to extend the concept of market orientation into inter-organizational NMD framework and to examine the role of export-venture market orientation in NMD export-venture success.

• 아태비즈니스연구
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• 제15권1호
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• pp.179-192
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• 2024

Purpose - The purpose of this study is to examine the effect of entrepreneurial experience, business model innovation and financing on new venture performance. Design/methodology/approach - This study analyzes survey data on new ventures in Korea and investigated research hypothesis by multiple regression analysis. Findings - Founders' prior startup experience have different impacts on performance depending on whether they had a successful or failed startup. Successful experience has a positive impact on early performance, while failure experience has a negative impact. Business model innovation shows a positive and significant relationship with early performance. External financing has different effects depending on the type of funding source and performance variables. VC funding is positively related to employment creation, while government R&D funding is negatively related to sales volume. Research implications or Originality - This study confirms that the impact of entrepreneurial experience on early performance varies depending on the characteristics of successful and unsuccessful entrepreneurs. It also empirically confirms that business model innovation has a significant impact on early performance. We empirically examine the relationship between various external financing sources of venture firms and early performance. Since the effects of entrepreneurial experience, business model innovation, and external financing on early stage performance may be different, entrepreneurs should consider these relationships when pursuing early stage business opportunities.

• 벤처창업연구
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• 제13권4호
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• pp.99-116
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• 2018

본 연구의 목적은 기업의 성장단계별로 창업가가 갖춰야 할 핵심 역량요인이 반영된 통합 창업가 역량 모델을 제시하여 기술창업기업의 성공률을 제고하는 것이다. 연구의 목적을 달성하기 위해 본 연구는 초기 및 후기 기술창업기업의 핵심 창업가 역량과 기업성과 간의 관계, 그 관계를 강화하는 학습 역량의 조절효과를 실증분석 하였다. 연구의 결과는 다음과 같다. 첫째, 초기 기술창업기업 창업팀의 기술 기능적 역량, 창업가의 자원 활용 역량, 그리고 사업계획 수립 역량은 기업의 비재무적 및 기술적 성과를 모두 향상시키는 것으로 나타났다. 또한 기회 인식 역량은 비재무적 성과를 높이는 것으로 분석되었다. 이때 높은 수준의 학습 역량을 가진 창업가는 기술 기능적 역량과 자원 활용 역량 수준이 높아질수록 비재무적 성과를 더욱 향상시키며, 사업계획 수립 역량 수준이 높아질수록 기술적 성과를 더욱 향상시키는 것으로 확인되었다. 둘째, 후기 기술창업기업 창업가의 리더십과 자원 확보 역량은 기업의 비재무적 및 기술적 성과를 모두 향상시키는 것으로 나타났다. 또한 창업가의 전략적 역량은 비재무적 성과를 향상시키는 것으로 나타났다. 여기에서 학습 역량 수준이 높은 창업가는 전략적 역량 수준이 높아질수록 기업의 비재무적 성과를 더욱 향상시키는 것으로 분석되었다. 마지막으로 초기 및 후기 기술창업기업의 비재무적 성과와 기술적 성과는 모두 재무적 성과를 유의하게 향상시키는 것으로 나타났다.

• Asian Journal of Business Environment
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• 제8권1호
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• pp.7-15
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• 2018

Purpose -This paper is to study the process of the negative effects of Sino-foreign joint ventures, hoping to find out an effective path in which local enterprises can avoid the risks in the utilization of foreign capital, and ultimately achieve independent innovation. Research design, data, and methodology -The outflow of assets, the loss of local brands and the "technology hollowing-out" problem brought by joint ventures is becoming more and more serious. Based on conflict analysis graph model, this paper takes Yuhuan joint venture as an example to identify the conflict problem in Sino-foreign joint ventures. Results -The results of the stability analysis show that establishing joint venture cannot really realize the introduction of technology because the technology is fully controlled by the foreign part. So when introducing foreign capital, local enterprises should participate in R&D and master the initiative. Conclusions - Local enterprises should pay attention to patent containment and technology blockade of multinationals. Domestic enterprises should try to protect state-owned assets and local brands in Sino-foreign joint ventures. Independent innovation is the most effective strategy for the development of enterprises in China.

• 벤처창업연구
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• 제15권4호
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• pp.17-25
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• 2020

벤처부채는 벤처의 스케일업 촉진을 위한 대표적인 자금공급 수단이다. 성장 단계에서 대규모 자금 공급이 필요한 벤처기업은 지분 희석 없이 벤처부채를 지렛대로 성장을 가속화할 수 있고, 벤처캐피탈은 투자 기업의 성장이 가속화됨으로써 신속히 투자자금을 회수할 수 있다. 은행은 벤처부채의 공급을 통해 대출에 편중된 자산운용을 다양화할 수 있고 자산수익률도 제고할 수 있다. 해외 실리콘밸리은행의 사례와 같이 벤처부채 공급을 위해서는 부채자본 공급자인 은행과 지분자본을 공급하는 벤처캐피탈의 긴밀한 협력이 전제되어야 한다. 이를 위한 시장 조성 방안으로 "신용위험 분담형 벤처대출"과 "벤처대출 풀링"을 제안한다. 전자는 모태펀드와 정책보증과 같은 정책금융기관이 벤처대출에 내재한 위험을 선별하거나 우선 인수함으로써 은행의 벤처투자 시장 참여를 촉진하며, 후자는 은행과 창업벤처전문 사모펀드가 공동으로 벤처대출을 증권화함으로써 은행의 개별적인 벤처대출 실행에 따른 부담을 감소시킨다.