• Korean small business review
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• v.42 no.3
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• pp.101-121
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• 2020

Marking the 40th anniversary of the founding of The Korean Association of Small Business Studies, this paper was carried out to shed light on the historical trend of 40 years of small and medium business research through the papers published in the Asia Pacific Journal of Small Business and to consider the direction of future small and medium business research. In particular, we will focus on small and medium venture business policies and strategic management aspects of small and medium venture businesses to analyze the contents of published papers related to the subject and contribute to finding implications and future research directions. In order to analyze the research trends of small and medium venture business policies and strategic management sectors of small and medium venture companies covered in the Asia Pacific Journal of Small Business from 1979 to 2019, the analysis was divided by time and item based on research subjects, research methods, researchers, etc., and the primary analysis results are as follows: First, out of a total of 1,056 research papers, research papers on small and medium venture enterprise policy and strategic management showed a ratio of about 14% and 11% of the total research. Second, in terms of research subjects, the proportion of policy research on funds and start-ups and ventures was high in the field of small and medium venture enterprise policy, and the research on internationalization strategy was carried out the most in the area of strategic management. Third, qualitative research was more prominent until the 1980s, but the proportion of quantitative research began to increase after the 1990s, and since then, quantitative research has been carried out more than qualitative research. Fourth, over the past 40 years, Hanyang University, Kyungpook National University, Konkuk University, etc. were the institutions that presented research papers most actively in the areas of small and medium venture business policy and strategic management, and the research institute's participation was somewhat insufficient. The main implications of this study for the continuous development of the Asia Pacific Journal of Small Business are as follows. First, it is necessary to enhance the link between research on policy research and strategic management of small and medium venture companies in terms of research subject matter. Second, more diversity should be pursued in terms of research methods. Third, it is necessary to increase the participation rate of public and private research institutes related to small and medium venture enterprises in academic societies.

• Korean small business review
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• v.38 no.3
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• pp.165-184
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• 2016

This paper aims at analysing the effects of venture business finance supporting programs on efficiency and productivity of the venture firms, on the basis of the data envelope analysis (DEA) using data of 406 firms in the 2013 Venture Business Detailed Survey of Small and Medium Business Administration. The conclusions are summarized as follows. First of all, the efficiency of government finance supported venture firms is higher than that other venture firms. The increase of productivity in venture firms enjoying government supporting programs is higher than that in venture business without government supporting programs, especially in the technical progress rather than in efficiency improvement. Also the R&D supporting programs for venture firms lead to an increase in productivity. Taking the above results into consideration, government's venture supporting programs are evaluated to be effective in terms of an increase of productivity and the proper scope for fragile venture firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.17-25
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• 2020

Venture debt is a prominent funding tool to promote scale-up of ventures. In the growth stage, venture firms that need large-scale funding can accelerate their growth by leveraging venture debt without diluting their shares, while venture capitals can quickly recollect their investments by accelerating the growth of the ventures they invest. By supplying venture debt, banks can diversify their asset primarily concentrated on loans, and improve the return on assets. As in the case of Silicon Valley Bank, a leading venture lender, closer cooperation between the two agents is essential to supply venture debt. One is the venture capital, an equity capital supplier, and the other is the bank, a debt capital supplier. To this end, we propose "credit risk sharing venture loans" and "venture loan pooling". The former encourages banks' participation in the venture debt market where the manager of Korean Fund of Funds, KVIC and policy guarantee schemes such as KODIT and KIBO screen or partially absorbe the risks inherent in venture loans. The latter reduces the burden of banking on individual venture loans through securitization.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.1
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• pp.215-224
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• 2012

The purpose of this study is to investigate the external collaboration factors that affect the performance of Korean venture businesses. We use 1,567 firm data (from Venture Business Survey by Small & Medium Business Administration) and analyze the effect of the external collaborations with large business, research institutions, other small business, and foreign companies, on their sales increase between 2008 and 2009. Our analysis shows that Korean venture business' collaborations with research institutions or foreign companies increase their sales statistically significantly, while their collaborations with large business decrease their sales significantly. In the mean time, their collaborations with other small businesses show no significant result. Additional analysis on the collaboration categories between venture businesses and large businesses shows that collaborative R&D, employee training and collaborative marketing help venture business to increase their sales significantly, while financial collaborations have a significant negative effect on sales increase. Technology transfers and profit-sharing mechanism have no significant effect. The result shows that venture business' collaborations for the increase in the fundamental capability of innovations and for searching new markets rather than simple transfer of technology or financial collaborations, have significant positive effects on the increase in sales.

• Journal of Venture Innovation
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• v.1 no.1
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• pp.99-112
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• 2018

This study focused the effect of small business owner's competencies on business performance. Especially mediating effect of professional education between independent variables and dependent variables. As a result of statistical analysis, 3 hypothesis were accepted and 1 hypothesis was rejected. H1. The relationship between small business owner's managerial competencies and business performance was positive. H2. The relationship between small business owner's technological competencies and business performance was not valid. H3. Professional education was mediating effect between small business owner's competencies and financial performance. H4. Professional education was mediating effect between small business owner's competencies and non-financial performance. This study founded professional education was mediating effect, especially partial mediating effect between small business owner's competencies and financial performance, non-financial performance. This study provided logical background on government support of small business owner's professional education and small business owner's spontaneous participation in professional educations

• 한국벤처창업학회:학술대회논문집
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• 2006.11a
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• pp.275-299
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• 2006

This study aims at examining the early-stage financing scale for entrepreneur to build small & medium business. The data was collected from the DART (Data Analysis, Retrieval and Transfer System) of Korean Financial Supervisory Service(FSS) in the main. The results of this study show that small & medium business needs equipment & operation financing for about 37 months extent to reach Break-Even Point. The limitations of this study are data collections from registered firms on Korean FSS primarily and no showing about the early stage financing scale for building small & Medium Business concretely. Small & Medium business entrepreneur have to make a early stage finance plan according to a necessary equipment and operating cost in their business field for 37 months extent.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.7 no.6
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• pp.1348-1355
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• 2006

This is a study of small & venture business ethical management on finance performance. We cheesed 200 venture company or pre-venture company and surveyed. The indexes of ethical management consisted of CEO's intend fur ethical management, fairness, That is developed by The Institute for Industrial Policy Studies and used to assess big business company. The dependent variable is fiscal net profit. We analyzed the correlation and regression. The finding is that the fairness is the major factor.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.15-24
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• 2017

This research is focused on how the venture-startup policies of South Korea has changed for the last ten years and then scope on its outcomes, limits and suggestions. Several policies for venture-startup has begun when "Small Business Startup Support Law" was developed in 1986. Government's support policies for venture and startup and development of venture had made a turning point in 1997 "Act on Special Measures for the Promotion of Venture Business" and venture companies has achieved remarkable growth with Information Technologies(IT). However, with the global IT bubble and the enrichment of venture companies, a number of venture companies experienced considerable difficulties due to multiple thresholds. There were a lot of efforts to revitalize venture-startup ecosystem such as fostering innovative SMEs and one-person creative enterprise support policy. From 2002 to 2004, Korean Government focused on preventing moral hazards of Korean Venture Business. From 2005 to 2006, It focused on fostering the role of venture capitals, and From 2007 to 2012, Single start-up business has been fostered by government policies. Generally speaking, it can be said that venture-startup policy was emphasized on building the hardware infrastructure of venture-startup and supporting with the funds.

• Journal of the Korea Safety Management & Science
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• v.16 no.1
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• pp.221-230
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• 2014

The purpose of this study is to examine the influence that factors for a successful venture have on business performance. To fulfill this goal, factors for a successful venture are presupposed as the four elements of business creator, technological innovation, type of strategy, and organization, while business performance is set as subordinate variable, with a view to creating a model and establishing a hypothesis for a positive analysis. Data collection for the positive analysis was conducted using a questionnaire, and as for sampling, of the companies located in Seoul and greater metropolitan region and registered with Small and Medium Business Administration as of late December 2012, 98 companies have been selected for the final data. And I have come up with the two following results. First, factors for venture success have all proven to exercise statistically significant influence on business performance. Second, of all factors for venture success, business creator and technological innovation exercise huge influence on business performance, as compared to the other factors. From these two conclusions, it is understood that to upgrade business performance of a venture, business creator and technological innovation should be given priority over the other factors.

• Korean small business review
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• v.39 no.2
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• pp.19-35
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• 2017

It is very important for entrepreneurial firms to acquire and exploit the resources necessary for growth. This study examines how venture capital financing affect these entrepreneurial firms' ability to acquire and exploit the resources. Particularly, based on the resource based view, the authors explain the relationship between venture capital financing and entrepreneurial firm's market performance. Empirical results illustrate that venture capital financing positively and significantly affects the market performance of entrepreneurial firms. It is concluded that entrepreneurial firms need to increase the number of alliances with venture capital, which supports various activities after the investment to achieve growth with resource limitation.