• Title/Summary/Keyword: International New Ventures

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In Relation to Entrepreneurial Orientation, Dynamic Capability and Export Performance of International New Ventures, the Moderating Effect of External Trade Environment (국제신벤처기업의 기업가지향성, 동적역량, 수출성과 관계와 외부 통상환경의 조절효과)

  • Cho, Yeon-Sung
    • 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.

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The mediating effect of learning competence between the entrepreneurship and export performance of international new ventures in global trade environment (국제 통상환경에서 국제신벤처기업의 기업가정신, 수출성과 관계와 학습역량의 매개효과)

  • Cho, Yeon-Sung
    • International Commerce and Information Review
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    • v.16 no.2
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    • pp.23-44
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    • 2014
  • This study examined the relationship between entrepreneurship, learning competence and the export performance of international new ventures that enterprises entering foreign markets immediately after starting their business in Korea, and the mediating effect of learning competence. A research framework was developed with two entrepreneurship factors(risk taking and innovativeness), learning competence factors, and export performance. Six hypotheses were proposed and tested on 115 samples using LISREL. Research findings suggest that the two entrepreneurship factors positively influenced learning competence. However, export performance was affected by only innovativeness. Also, the learning competence positively affected export performance. Learning competence was found to mediate between entrepreneurship and export performance.

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A Study on the Born Global Venture Corporation's Characteristics and Performance ('본글로벌(born global)전략'을 추구하는 벤처기업의 특성과 성과에 관한 연구)

  • Kim, Hyung-Jun;Jung, Duk-Hwa
    • Journal of Global Scholars of Marketing Science
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    • v.17 no.3
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    • pp.39-59
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    • 2007
  • The international involvement of a firm has been described as a gradual development process "a process in which the enterprise gradually increases its international involvement in many studies. This process evolves in the interplay between the development of knowledge about foreign markets and operations on one hand and increasing commitment of resources to foreign markets on the other." On the basis of Uppsala internationalization model, many studies strengthen strong theoretical and empirical support. According to the predictions of the classic stages theory, the internationalization process of firms have been recognized and characterized gradual evolution to foreign markets, so called stage theory: indirect & direct export, strategic alliance and foreign direct investment. However, termed "international new ventures" (McDougall, Shane, and Oviatt 1994), "born globals" (Knight 1997; Knight and Cavusgil 1996; Madsen and Servais 1997), "instant internationals" (Preece, Miles, and Baetz 1999), or "global startups" (Oviatt and McDougall 1994) have been used and come into spotlight in internationalization study of technology intensity venture companies. Recent researches focused on venture company have suggested the phenomenons of 'born global' firms as a contradiction to the stages theory. Especially the article by Oviatt and McDougall threw the spotlight on international entrepreneurs, on international new ventures, and on their importance in the globalising world economy. Since venture companies have, by definition. lack of economies of scale, lack of resources (financial and knowledge), and aversion to risk taking, they have a difficulty in expanding their market to abroad and pursue internalization gradually and step by step. However many venture companies have pursued 'Born Global Strategy', which is different from process strategy, because corporate's environment has been rapidly changing to globalization. The existing studies investigate that (1) why the ventures enter into overseas market in those early stage, even in infancy, (2) what make the different international strategy among ventures and the born global strategy is better to the infant ventures. However, as for venture's performance(growth and profitability), the existing results do not correspond each other. They also, don't include marketing strategy (differentiation, low price, market breadth and market pioneer) that is important factors in studying of BGV's performance. In this paper I aim to delineate the appearance of international new ventures and the phenomenons of venture companies' internationalization strategy. In order to verify research problems, I develop a resource-based model and marketing strategies for analyzing the effects of the born global venture firms. In this paper, I suggested 3 research problems. First, do the korean venture companies take some advantages in the aspects of corporate's performances (growth, profitability and overall market performances) when they pursue internationalization from inception? Second, do the korean BGV have firm specific assets (foreign experiences, foreign orientation, organizational absorptive capacity)? Third, What are the marketing strategies of korean BGV and is it different from others? Under these problems, I test then (1) whether the BGV that a firm started its internationalization activity almost from inception, has more intangible resources(foreign experience of corporate members, foreign orientation, technological competences and absorptive capacity) than any other venture firms(Non_BGV) and (2) also whether the BGV's marketing strategies-differentiation, low price, market diversification and preemption strategy are different from Non_BGV. Above all, the main purpose of this research is that results achieved by BGV are indeed better than those obtained by Non_BGV firms with respect to firm's growth rate and efficiency. To do this research, I surveyed venture companies located in Seoul and Deajeon in Korea during November to December, 2005. I gather the data from 200 venture companies and then selected 84 samples, which have been founded during 1999${\sim}$2000. To compare BGV's characteristics with those of Non_BGV, I also had to classify BGV by export intensity over 50% among five or six aged venture firms. Many other researches tried to classify BGV and Non_BGV, but there were various criterion as many as researchers studied on this topic. Some of them use time gap, which is time difference of establishment and it's first internationalization experience and others use export intensity, ration of export sales amount divided by total sales amount. Although using a mixed criterion of prior research in my case, I do think this kinds of criterion is subjective and arbitrary rather than objective, so I do mention my research has some critical limitation in the classification of BGV and Non_BGV. The first purpose of research is the test of difference of performance between BGV and Non_BGV. As a result of t-test, the research show that there are statistically efficient difference not only in the growth rate (sales growth rate compared to competitors and 3 years averaged sales growth rate) but also in general market performance of BGV. But in case of profitability performance, the hypothesis that is BGV is more profit (return on investment(ROI) compared to competitors and 3 years averaged ROI) than Non-BGV was not supported. From these results, this paper concludes that BGV grows rapidly and gets a high market performance (in aspect of market share and customer loyalty) but there is no profitability difference between BGV and Non_BGV. The second result is that BGV have more absorptive capacity especially, knowledge competence, and entrepreneur's international experience than Non_BGV. And this paper also found BGV search for product differentiation, exemption strategy and market diversification strategy while Non_BGV search for low price strategy. These results have never been dealt with other existing studies. This research has some limitations. First limitation is concerned about the definition of BGV, as I mentioned above. Conceptually speaking, BGV is defined as company pursue internationalization from inception, but in empirical study, it's very difficult to classify between BGV and Non_BGV. I tried to classify on the basis of time difference and export intensity, this criterions are so subjective and arbitrary that the results are not robust if the criterion were changed. Second limitation is concerned about sample used in this research. I surveyed venture companies just located in Seoul and Daejeon and also use only 84 samples which more or less provoke sample bias problem and generalization of results. I think the more following studies that focus on ventures located in other region, the better to verify the results of this paper.

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The Effects of Entrepreneurial Experience, Business Model Innovation and Financing on the Performance of New Ventures (벤처기업 창업자의 창업경험, 비즈니스 모델 혁신 및 자금조달이 초기 성과에 미치는 영향)

  • Jongseon Lee;Sangmoon Park
    • Asia-Pacific Journal of Business
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    • v.15 no.1
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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.

The Internationalization of Korean Software-related New Venture on Resource Based Perspectives - The Bundle of Tangible and Intangible Resources - (자원기반관점에서의 한국 소프트웨어개발 벤처기업의 국제화 - 가시적 자원과 비가시적 자원의 조합을 중심으로 -)

  • Lee, Keun-Hee;Kim, Jung-Po
    • International Area Studies Review
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    • v.13 no.2
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    • pp.393-416
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    • 2009
  • This paper explores the technology resource-based determinants influencing internationalization performance of Korean software-related new ventures. On the ground of the study by Zahra et al.(2003), this paper aims to test empirically in Korea how interaction effects of tangible and intangible technological resources, as firm capability, are related to software new ventures' internationalization performance. The test results shows that intangible technological resource represented by R&D intensity is not significantly related to internationalization performance, but reveals that intangible technological resource represented by strength of technological cooperation network and technological reputation is positively and significantly associated with internationalization performance. Internationalization performance is more significantly and positively associated with the interactions of tangible technological resource and intangible technological resource than those resources respectively. The implication for the findings in the paper is that cutting edge technological capability of software new ventures can be more closely associated with internationalization performance if those resources are fully utilized or leveraged by intangible resources acquired by cooperation with local networks and created through technological reputation of new ventures.

The Impacts of Entrepreneurships on Learning Competence and Export Performance of INVs: the Moderating Effect of Environmental Factors (국제신벤처기업의 기업가정신, 학습역량, 수출성과의 관계에서 외부환경 요인의 조절 효과)

  • Cho, Yeon-Sung
    • International Area Studies Review
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    • v.16 no.3
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    • pp.3-25
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    • 2012
  • This study is to look at the relationship of entrepreneurship(innovativeness, risk-taking), the learning competence, environmental factors(the domestic market hostility, the speed of technological change) and export performance in international new ventures(INVs). In addition, the integrated model is constructed for the purpose of analysis of the moderating effects of environmental factors. Through the existing investigation, nine hypotheses are set up. PLS(Partial Least Square) analysis method is used to sample of 115 INVs. Analysis, the two elements of entrepreneurship influenced the positive(+) in the learning competence and export performance. And the relationship of learning competence and export performance is significant. In the moderating effects, only the domestic market hostility has a significant moderating effects between the learning competence and innovativeness. The results of this research shows that innovativeness influence the learning competence playing a positive role in the performance in the domestic market is higher. This point illustrates the practical implications of the importance of innovation in learning empowerment.

Lessons learned from Multinational Parties Involved Program Management Consortiums in Korea

  • KO, Ok-Yeol
    • International conference on construction engineering and project management
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    • 2015.10a
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    • pp.32-36
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    • 2015
  • This study explores the issue of program management consortia involving multinational participants. The aim of this research was to leverage advantages in program management (PM) skills and PM model improvement in product line construction in mega scale construction programs, typically funded by public funds. Such ventures involve multinational parties using dedicated partnering based on a program management consortium (PMC) to reduce confrontation between parties in complex circumstances, allowing an open and non-adversarial approach to project management. This research also seeks to implement an ongoing feedback program of best practices and lessons learned to minimize the repetition of mistakes and to reduce costs in sequenced construction. Recently, the Korean government has planned to undertake three large new projects: the Korean Peninsula major river maintenance, the reclamation of Se-Mangum, and the Science/Business City. This paper starts by providing a framework for the cost-reduction strategy for the United States Forces Korea (USFK) Relocation Program, which will be funded with public funds and a private fund investment (PFI) that combines programs executed by two governments as owners and multinational stakeholders, joined in the PMC. The establishment of project-oriented consortia is an innovative and non-adversarial approach to massive international construction projects. Such projects have used various tools effectively and skillfully. This experience may offer an opportunity to practice new and advanced program management delivery methods, and it is expected that Korea will gain a competitive advantage in the international construction market.

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The Review on the Theory of Internationalization of Multinational Firms and SMEs

  • Kim, Jae-Jin
    • East Asian Journal of Business Economics (EAJBE)
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    • v.6 no.2
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    • pp.49-57
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    • 2018
  • Purpose - to examine the theories related to the internationalization of multinational corporations as well as theories related to internationalization of small and medium-sized enterprises. Research design, data, and methodology - traditional theories, e.g. eclectic paradigm and behavioral theory and product life cycle etc. were examined and recent advances theories - network theory, entrepreneurship - were also examined to outline the theory of internationalization of firm. Results - the main schools of international researches are divided into two; one is the economics school, the other is the behavioral school. The economics school has considered internationalization as a pattern of investment in foreign markets explained by rational economic analysis of internalization, ownership, and location advantages. Apart from the economics approach, a theory relevant to smaller firms highlights slow and incremental overseas market commitment. Recent research on the network perspective is fast emerging and it can be applied and well explained on the internationalization of smaller firms, focusing on firm behavior in the context of a network of interorganizational and inter-personal relationships Conclusions - Small medium-sized enterprises have been recently rising, however, there has still been little consolidation of literature in internationalization and most of the relevant theories have been still focusing on explaining the globalization of multinational corporations. Little studied on the internationalization in the context of smaller firms which are distinctly differentiated from larger firms including international new ventures, which the motivation to study strongly calls for more information and studied on small medium-sized enterprises.

The failure case of the knowledge transfer in an international joint venture : focusing on car engine control system (국제 합작회사의 지식이전 실패사례 연구: 자동차 엔진제어시스템 기술을 중심으로)

  • Yoo, Hyeongjune;Ahn, Joon Mo
    • Journal of Technology Innovation
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    • v.29 no.2
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    • pp.1-30
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    • 2021
  • Recent years have witnessed various attempts of firms to acquire new knowledge. Purchasing intellectual property or merger and acquisition (M&A) can be such attempts, but joint venture can also be an effective way internalizing new complementary assets from external partners. However, due to difficulties in the formation and implementation of learning strategies, many joint ventures have failed to acquire necessary knowledge. In this respect, based on contingency theory and dynamic capability, the current research aims to investigate the failure case of knowledge transfer in an international joint venture - KEFICO established by Hyundai motors and BOSCH. Case firm optimized for hardware technology but did not establish a differentiated learning strategy and organizational structure to acquire software skills, which are intellectuals of different natures. Due to this inconsistency, it was not able for KEFICO to absorb new type of knowledge (skills related to engine control system). This study suggests the theoretical framework illustrating the case and provides some important implications for organizational learning.

Digital humanities Research Trends on Marcel Proust (마르셀 프루스트에 관한 디지털인문학적 연구 동향분석)

  • Jinyoung MIN
    • The Journal of the Convergence on Culture Technology
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    • v.10 no.3
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    • pp.181-188
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    • 2024
  • Fueled by the digital transformation era, the 150th anniversary of Marcel Proust's birth (2021) and 100th anniversary of his death (2022) witnessed a surge in digital humanities research. This goes beyond supplementing traditional methods; it fosters new approaches like Nicolas Lagonneau's 'Proustonomics' website (archiving online/offline Proust discourse) and 'Proustographe' (quantifying and visualizing data related to Proust). The Buffalo Proust Project (2021) provided online access to materials on his life and works, while the Corr-Proust project digitized his correspondence. While Korea lacks established digital Proust research, recent analysis of academic paper vocabulary (through word frequencies and word clouds) reveals significant thematic and quantitative development around 2000, paving the way for future Korean ventures in this exciting field. Digital humanities research offers the potential to unearth new research topics, enhance efficiency, and promote international collaboration, ultimately leading to a deeper understanding of Proust and groundbreaking advancements in the field.