• Title/Summary/Keyword: Resource Theory

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In Search of Corporate Growth and Scale-up in the Entrepreneurial Context: What Affects the Growth of Enterprise Value, the Pace of Growth, and the Effectiveness of Growth. (기업가적 컨텍스트에서 기업 성장과 스케일업 연구: 기업가치의 성장, 성장의 속도, 성장의 효과성에 영향을 미치는 요인)

  • Lee, Young-Dal;Oh, Soyoung
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.16 no.4
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    • pp.25-58
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    • 2021
  • This study investigated the corporate growth with more emphasis on longitudinal characteristics, not the results of companies with relatively more emphasis on cross-sectional, in the 21st-century entrepreneurial context. As of the end of 2019, sampled 479 global unicorn companies, and 333 high-growth companies with revenue of more than $100 million among 5,000 private companies in the U.S. with a compound annual growth rate (CAGR) exceeding 15% for the past three years. They were examined with 3 perspectives in terms of corporate growth that 1) the growth of enterprise value, 2) the pace of growth, and 3) the effectiveness of growth. As a result of our study, the corporate growth of the perspective of creating enterprise value had a relatively higher relationship with the characteristics of industries and markets. The pace of growth was more fully explained by the characteristics of the industry and the market environment and the choice of strategies that make up a valid combination. In addition, growth in terms of the effectiveness of corporate performance was influenced by the choice of strategy, the characteristics of the industry and market environment, and its business age, the proxy variable of resource accumulation, comprehensively. This study through a sample based on companies with an enterprise value of more than $1 billion and annual revenue of more than $100 million can be a valid reference in terms of creating milestones and roadmaps for scale-up of early-stage startups, particularly in terms of practitioners' point of view. It also provides a critical reference for overcoming the limitations of mainstream theories of the 20th century and developing the theory of corporate growth that fits the 21st-century entrepreneurial context.

China's Government Audit and Governance Efficiency of Companies: Analyses of Listed Companies Controlled By China's Central State-Owned Enterprises (중국의 정부감사와 기업의 관리효율성 : 중국 중앙기업 상장자회사 분석)

  • Choe, Kuk-Hyun;Sun, Quan
    • International Area Studies Review
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    • v.22 no.4
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    • pp.55-75
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    • 2018
  • In China, different from the private enterprises or the locally-administered state enterprises, central state-owned enterprises generally spread over cornerstone industry which is greatly influenced by the public policy, which results in the objective existence of government influence in their productive activities. As the strategic resource, listed companies controlled by central state-owned enterprises, mostly distributed in the lifeblood and security of key industries. Therefore, listed companies controlled by central state-owned enterprises' governance efficiency play an important role in optimal allocation of state-owned assets, improve capital operation, improve the return on capital, and maintain state-owned assets safety. As the immune systems of national governance, the government audit strengthen the supervision of listed companies controlled by central state-owned enterprises in case of the loss of state-owned assets and significant risk events occur, to ensure that the value of state-owned assets. As an important component of national governance, government audit produced in entrusted with the economic responsibility of public relationship. Government audit can play an important role in maintaining financial security and corruption, and also improve listed company's accounting stability and transparency. While government audit can improve governance efficiency and maintain state-owned assets safety, present literature is scarce. Under the corporate governance theory and the economical responsibility theory, the thesis select data from 2010-2017 to verify the relationship between government audit and listed companies controlled by central state-owned enterprises' corporate performance. Results show that listed companies controlled by central state-owned enterprises are more likely to be audited by government of poor performance. Results also show that the government audit will have a promoting effect on listed companies controlled by central state-owned enterprises, and through to the improvement of the governance efficiency will enhance its companies' value. The results show that China's government audit has appealing role in accomplishing central state-owned enterprises to realize the business objectives and in promoting the governance efficiency.

The Effects of the High-tech Manufacturing Ventures' External Collaborations on the Management Performance: Focusing on the Mediation Effect of Internal Core Competencies (첨단제조 벤처기업의 외부적 협력활동 경험이 경영성과에 미치는 영향에 관한 연구: 내부 핵심역량의 매개효과를 중심으로)

  • Lee, Younghun;Song, Eugene
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.16 no.6
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    • pp.69-84
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    • 2021
  • As industrial structural changes in the 4th Industrial Revolution have recently led to the need for fostering high-tech industries and high-tech manufacturing industries have been showing high value-added creation, the importance of high-tech manufacturing ventures has increased a lot as well. As a result of this, the government is actively supporting and fostering them. However, it appears that high-tech manufacturing ventures seem to have a lot of difficulty in securing competitive advantages due to the lack of internal core competencies and experience in the rapidly changing international economic conditions. In order for high-tech manufacturing ventures to strengthen internal core competencies, external collaborations with other companies or institutions which have diverse experience, technology skills and abundant resources are actively promoted. Accordingly, based on resource-based theory and transaction cost theory, the authors analyzed the effects of the high-tech manufacturing ventures'external collaborations on internal core competencies and management performance in this study. In order to verify the hypothesis of this study, the 2020 data on"The Research on the Precision Status of Ventures'compiled by the Ministry of SMEs and Startups since 1999 were utilized. According to the results of this study, the experience of external collaborations had a positive impact on the internal core competencies and non-financial management performance, while there was no direct impact on financial management performance. Moreover, the relationship between the experience of external collaborations and management performance is mediated by the internal core competencies. Additionally, it was found that the internal core competencies positively affected both non-financial and financial management performances, and non-financial management performance again had a significant impact on the financial management performance. Finally, the experience of external collaborations had a positive impact on both development, manufacturing, and marketing factors forming the internal core competencies. However, the impacts of individual factors were different in the management performance. Development and marketing factors were shown to have a significant impact on both non-financial and financial management performance, while the manufacturing factor had a significant impact only on financial management performance.

Development of Social Entrepreneurship Multidimensional Model and Framework: Focusing on the Cooperation Orientation of Social Enterprises (사회적기업가정신 다차원 모형 및 프레임워크: 사회적기업의 협력지향성을 중심으로)

  • Cho, Han Jun;Sung, Chang Soo
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.2
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    • pp.1-20
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    • 2023
  • The purpose of this study is to identify the unique entrepreneurial behavioral attributes of social enterprises that are distinct from for-profit enterprises at the organizational level, derive a social entrepreneurship model that reflects the unique characteristics of social enterprises as strategic decision-making and organizational behavioral tendencies. In order to effectively achieve the purpose of this study, previous studies were reviewed, and qualitative studies were conducted using the grounded theory method based on this. In this study, social entrepreneurship was identified as five sub-factors through a series of analysis processes, and 'Social value orientation; Innovativeness; Pro-activeness; Risk taking; Cooperation orientation' was newly proposed. It also proposed a new social entrepreneurship framework that integrates and explains the multidimensional model of social entrepreneurship by reviewing and connecting the relationships between each sub-factor of the research model. The 'social entrepreneurship framework' classified the social entrepreneurship model into 'pro-social motivation', 'pro-social behavior', and 'entrepreneurial behavior' attributes and explained them by linking them with each sub-factor that constitutes social entrepreneurship. The most remarkable difference between this study and previous studies is that it identified and added 'Cooperation orientation' as a sub-factor constituting social entrepreneurship from the organizational-level behavioral point of view. Through this study, 'Cooperation orientation' was identified as a major behavioral tendency for social enterprises to materialize pro-social motivation, strengthen the economic foundation of business activities, and improve the efficiency of business operations. 'Cooperation orientation' is a major behavioral tendency that strengthens the legitimacy of business activities between pro-social motivation and profit-seeking of social enterprises, improves the performance of social value creation activities, and overcomes the difficulties of resource constraints through cooperation with the outside and improves operational efficiency. In addition, it was confirmed that 'Cooperation orientation' is a major behavioral tendency of social enterprises that is manifested simultaneously in social value-oriented activities and entrepreneurial activities pursuing profit. The 'Cooperation orientation' newly identified in the study supplements the previous research, increases the explanatory power of the theory of social entrepreneurship, and provides the basis for theoretical expansion to subsequent researchers.

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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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Types of business model in the 4th industrial revolution (4차 산업혁명시대의 비즈니스 모델 유형)

  • Jung, Sang-hee;Chung, Byoung-gyu
    • Journal of Venture Innovation
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    • v.1 no.1
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    • pp.1-14
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    • 2018
  • The 4th Industrial Revolution is making a big change for our company like the tsunami. The CPS system, which is represented by the digital age, is based on the data accumulated in the physical domain and is making business that was not imagined in the past through digital technology. As a result, the business model of the 4th Industrial Revolution era is different from the previous one. In this study, we analyze the trends and the issues of business innovation theory research. Then, the business innovation model of the digital age was compared with the previous period. Based on this, we have searched for a business model suitable for the 4th Industrial Revolution era. The existing business models have many difficulties to explain the model of the digital era. Even though more empirical research should be supported, Michael Porter's diamond model is most suitable for four cases of business models by applying them. Type A sharing outcome with customer is a model that pay differently according to the basis of customer performance. Type B Value Chain Digitalization model provides products and services to customers with faster and lower cost by digitalizing products, services and SCM. Type C Digital Platform is the model that brings the biggest ripple effect. It is a model that can secure profitability by creating new market by creating the sharing economy based on digital platform. Finally, Type D Sharing Resources is a model for building a competitive advantage model by collaborating with partners in related industries. This is the most effective way to complement each other's core competencies and their core competencies. Even though numerous Unicorn companies have differentiated digital competitiveness with many digital technologies in their respective industries in the 4th Industrial Revolution era, there is a limit to the number of pieces to be listed. In future research, it is necessary to identify the business model of the digital age through more specific empirical analysis. In addition, since digital business models may be different in each industry, it is also necessary to conduct comparative analysis between industries

Landscape Configuration Reading of 'Jangseong Pilmaseowon' through the Recomposition of Landscape (경관적 재구성을 통한 '장성 필암서원' 경관짜임의 독해(讀解))

  • Rho, Jae-Hyun;Huh, Joon;Choi, Jong-Hee
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.32 no.2
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    • pp.42-54
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    • 2014
  • This study was conducted to identify landscaping elements such as location, situation and feng shui included in the spatiality of Jangseong Pilmaseowon and to interpret aesthetic features of visual-perceptual spatial composition according to its arrangement. As it is shown in 'Pilamseowon', 'Pilbongseowon', and 'Gimhaseoseowon' appearing in antique maps, the awareness considering 'Pilam' as 'Pilbong' and 'Gimhaseo' was revealed. Mountain Pilamsan[Mountain Munpilsan] which is the location of seowon and Pilam(Brush-shaped rock) is the core of establishment of location identity of Pilamseowon and the symbol of Haseo Kim In-hu, which shows that they are deeply related to Ingeoljiryeong(人傑地靈: 'a place derives reflected glory from an illustrious human') based on connection. Pilamseowon shows locational characteristics of living in stream(溪居) facing panoramic 'jeungsan field' without Ansan(案山). Based on the teachings of Neo-Confucianism, Village Maekdong which is the birth place of Haseo, Pilam, seowon geomancy considering the Danbonghamseo-type(丹鳳含書形) geographical shape, formative reflection, Pilmaseowon and structures revealed in building naming more clearly show symbolic landscaping features resulting from 'theory of 'Heaven-Man Unity'(天人合一)' representing the union of nature and haman, than other seowons. The maximization of centrality through connected yards constructed with the 'jeondang hujae(前堂後齋)' arrangement in the order of Whakyeon-lu, Chenogjeol-dang, Jindeak-jae or Sungui-jae, and Woodong-sa is a unique feature of spatial frame of Pilmaseowon. In addition, it reveals the centrality reinforced with 'the move of inner center through arrangement of Kyeongjang-kag and Kyesengbi inside 'YuSik(遊息)' space and religious space' and the landscaping arrangement of Pilmaseowon from installation and device for reinforcement of territoriality. Moreover, it was found that orders and aesthetic features based on Neo-Confucianism were logically realized in the formation of Pilmaseowon with visual and compositional landscaping arrangement such as 'reinforcement of view centrality through composition of windows and doors', 'securement of visual transparency through framing and duplication', and 'realization of hierarchy through height of jaesil toenmaru'. The meaning system and spatial or visual aesthetic features of Pilmaseowon newly arranged and interpreted through landscaping recomposition is not a coincidental but inevitable result. It is another resource basis and an element that can improve the internal exuberance of Pilamseowon. This landscaping reading study is expected to improve the understanding of landscapes of Pilmaseowon and elevate the sensibility of unrevealed cultural landscapes.

The Effects of Global Entrepreneurship and Social Capital Within Supply Chain on the Export Performance (글로벌 기업가정신과 공급사슬 내 사회적 자본이 수출성과에 미치는 영향)

  • Yoon, Heon-Deok;Kwak, Ki-Young;Seo, Ri-Bin
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.7 no.3
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    • pp.1-16
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    • 2012
  • Under the international business circumstance, global supply chain management is considered a vital strategic challenge to small and medium-sized enterprises(SMEs) suffering from deficient resources and capabilities to exploit overseas markets comparing with large corporations. That is because they can expand their business domains into overseas markets by establishing strategic alliances with global supply chain partners. Although a wide range of previous researches have emphasized the cooperative networks in the chain, most are ignoring the importance of developing relational characteristics such as trust and reciprocity with the partners. Besides, verifying the relational factors influencing firms' export performances, some studies proposed different and inconsistent factors. According to the social capital theory, which is the social quality and networks facilitating close cooperation of inter-individual and inter-organization, provides the integrated view to identify the relational characteristics in the aspects of network, trust and reciprocal norm. Meanwhile, a number of researchers shows that global entrepreneurship is the internal and intangible resource necessary to promote SMEs' internationalization. Upon closer examination, however, they cannot explain clearly its influencing mechanism in the inter-firm cooperative relationships. This study is to verify the effect of social capital accumulated within global supply chain on SMEs' qualitative and quantitative export performance. In addition, we shed new light on global entrepreneurship expected to be concerned with the formation of social capital and the enhancement of export performances. For this purpose, the questionnaires, developed through literature review, were collected from 192 Korean SMEs affiliated in Korean Medium Industries Association and Global Chief Executive Officer's Club focusing on their memberships' international business. As a result of multi-regression analysis, the social capital - network, trust and reciprocal norm shared with global supply chain partner - as well as global entrepreneurship - innovativeness, proactiveness and risk-taking - have positive effect on SMEs' export performances. Also global entrepreneurship affects positively social capital which has mediating effect partially in the relationship between global entrepreneurship and performances. These results means that there is a structural process - global entrepreneurship(input), social capital(output), and export performances(outcome). In other words, a firm should consistently invest in and develop the social capital with global supply chain partners in order to achieve common goals, establish strategic collaborations and obtain long-term export performances. Furthermore, it is required to foster the global entrepreneurship in an organization so as to build up the social capital. More detailed practical issues and discussion are made in the conclusion.

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Study on the Improvement of Gill Nets and Trap Nets Fishing for the Resource Management at the Coastal Area of Yellow Sea - On the Entrapping Behavior of Fishes into Trap Nets in the Water Tank Experiment - (서해구 자원관리형 자망ㆍ통발 어구어법 기술개발에 관한 연구 - 수조에서의 통발에 대한 어군의 입롱행동 -)

  • 장호영;조봉곤;고광수;한민숙
    • Journal of the Korean Society of Fisheries and Ocean Technology
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    • v.39 no.1
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    • pp.56-62
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    • 2003
  • To investigate the entrapping behavior of blue crab, rock shell and green ling, which are mainly caught with the other trap nets in the coastal area of Yellow Sea, by the using duration of trap nets through the water tank experiment. We select the three kinds of trap nets which have different using duration such as new, 6 months and 12 months used one, and observe the entrapping ratio into the trap nets, respectively. In the mean while, in order to obtain the basic data for the estimate of mesh selectivity of the other trap nets, the entrapping behavior into the trap nets for green ling which has high activity compared to blue crab and rock shell, are examined to the three kinds of mesh size (35mm, 50mm and 65mm). The results are as follows ; 1. The mean entrapping ratio of blue crab by the using duration of trap nets in high with 4.4 fishes (44.0%) in the 6 months used one, become lower with 2.9 fishes (28.0%) in the new one, and with 2.0 fishes (20.0%) in the 12 months used one. 2. The mean entrapping ratio of rock shell by the using duration of trap nets in high with 7.3 fishes (36.7%) in the new one, and become lower with 7.2 fishes (35.8%) in the 6 months used one, and with 5.7 fishes (28.3%) in the 12 months used one. 3. The mean entrapping ratio of green ling by the using duration of trap nets in high with 3.4 fishes (34.0%) in the 6 months used one, and become lower with 3.0 fishes (30.0%) in the new one, and with 2.8 fishes (28.0%) in the 12 months used one. 4. The mean residual ratio of green ling by the mesh size of trap nets is high with 2.4 fishes (24.0%) in the 35mm mesh size, and become lower with 2.2 fishes (22.0%) in the 50mm mesh size and 2.0 fishes (20.0%) in the 65mm mesh size.

Economic Effects of Eliminating Trade Barriers under Imperfect Competition (불완전경쟁하(不完全競爭下)에서의 무역장벽(貿易障壁) 완화효과(緩和效果))

  • Lee, Hong-gue
    • KDI Journal of Economic Policy
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    • v.14 no.2
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    • pp.29-54
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    • 1992
  • Recent studies on the economic effects of trade liberalization and economic integration have emphasized the significant gains associated with product differentiation and scale economies. Securing access to markets in other countries will make it possible to increase product variety and capture scale economies, thus, expanding the gains from trade. Liberalization is also expected to introduce foreign competition into the previously closed market. Concurrently, the liberalization will improve the competitive market environment for firms selling in the domestic market. Firms will be pressed to either exit or reduce cost. The output per firm, then, will increase due to the exit of rival firms, and the average total cost will decline due to the economies of scale. 'Rationalization' of the production process will eventually follow. This paper addresses the economic effects of (counterfactual) bilateral tariff elimination between Korea and Japan. It computationally assesses the gains from liberalization as well as the resource allocations and welfare effects associated with the tariff reduction. The endogenous determination of the key parameters distinguishes this paper from others. The firm's perceived elasticity of demand and elasticity of substitution in the present model are calibrated to be consistent with the base year data. Korea, Japan, and the rest of the world are modeled explicitly. The sectoral coverage of the model includes twenty-three tradable product categories based on three-digit SITC industries and seven nontradable categories based on one-digit SITC industries. Product categories are also classified into perfectly competitive and imperfectly competitive ones. In the imperfectly competitive industries, product differentiation exists at the firm level, while the perfectly competitive industries are characterized by national product differentiation. The simulation results of bilateral tariff reduction are reported. Tariff elimination tends to increase intra-industry trade flows so that the total amount of exports and imports of both countries expand. Yet, Japan is expected to increase the bilateral trade surplus in the wake of the mutual tariff reduction. Terms-of-trade for Korea will not change, while for Japan it will deteriorate. Equivalent variations reflecting the change in consumer surplus (welfare) will favor Korean consumers. Total output, however, will not change substantially, recording 0.5 and 0.6% for Japan and Korea, respectively. An interesting finding in the analysis is that the gains from increased competition and scale efficiency are not as prevailing as expected in theory.

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