• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.1-9
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• 2016

In this study, we investigate the announcement effects of M&As with a start-up as a target firm on shareholder wealth of an acquiring firm. We use M&A events in KOSPI or KOSDAQ market between 2002 and 2014 after the financial crisis. Among the total 1436 mergers and acquisitions that took place domestically during this period, 1383 cases were selected as cases to be studied, excluding 53 cases where acquiring firms were unlisted firms. The results of the analysis are as follows: First, as a result of a comparison between the acquiring firms' CARs of the whole sample group(n=1383) occurred during the (-2, +1), (-5, +2), (-10, +5) periods of M&A announcement date(t=0) and the sub-sample group(n=468) where the target firms are start-ups which were established within five years, the acquiring firms of the whole sample group do not show significat CARs, while the acquiring firms of the sub-sample group show the significantly positive CARs. This suggests that M&A with start-ups have a positive effect on firm value of acquiring firms. Second, when merging unlisted start-ups, the acquiring firms show positive CARs, showing that there exists a listing effect in the merger of start-up. Third, merging the start-ups belonging to the high-tech industry shows the higher CARs than the case of merging the start-ups belonging to the non-high-tech industry. This study has great significance as the first in Korea to investigate the effect of M&A announcement with a start-up.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.4
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• pp.211-216
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• 2018

This study was intended to analyze the effects of the selection of excellent design product by the KIDP(Korea Institute of Design Promotion) on the business performance of the company focused on the start-up with relatively low competitiveness. According to the statistics of KIDP in 2013, a design accounted for 27.53% of the factors affecting the sales of products and a design was the most important factor among the factors affecting the sales of products for the small sized company in terms of the scale of company. In addition, looking at the trend by industry in the data collected for this study, the technology-based industry showed a relatively higher growth rate than the retail industry and other industries. In this study, the author surveyed 186 companies of the companies that recognized the importance of design in difficult management conditions and received excellent design product certificate from KIDP(2013, 2014 and 2015) and empirically verified whether there was any difference in business performance between the start-ups with a business history of less than 7 years and the ongoing firms with a business history of more than 7 years. To evaluate the value of design, we used analytical method of measuring related values by comparison between groups. In addition, we also analyzed the difference in business performance(sales) between manufacturing companies, where the role of design was relatively large, and non-manufacturing companies among companies that received the excellent design product certificate. We have established a study hypothesis that the selection of excellent design product by the KIDP would have more positive effect on the business performance(sales) of the start-up compared to the ongoing firm, and conducted an empirical analysis by comparing both the year before and the year after the selected year. As a result, we found that the selection of excellent design product by the KIDP has a positive effect on the business performance of the start-up, and the selection of excellent design product has a significant effect on the difference in business performance between manufacturing and non-manufacturing companies. This study was conducted in the hope that the government actively supports the design-related policies so that the selection of excellent design product become an important indicator of the business performance of the start-up, and thus the design management will be a way to enhance the competitiveness of the start-up.

• Asian Journal of Innovation and Policy
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• v.4 no.2
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• pp.217-241
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• 2015

This paper, based on two engineering industry SME case studies, traces the origin and process of technological innovations enabling the development and introduction of new products leading to market expansion and enterprise growth. The study throws light on how entrepreneurs played a decisive role in recognizing market opportunities, building up crucial in-house technological capability, supplementing it with appropriate external assistance, to carry out technological innovations. A constant interaction with its customers is in-built into the system. As a result, the SMEs could achieve successful product innovations leading to their gradual growth, over time. Finally, based on the observations and inferences derived out of the two cases, a theoretical construct of the growth of innovation in SMEs is postulated. This is done linking the three stages of their development: (i) start-up and stabilizing, (ii) building up technological capability and implementing innovations; and (iii) opening up of new markets resulting in firm growth.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.1
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• pp.69-82
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• 2015

This Research is based on the theory of the prior researches that have demonstrated a positive impact of the entrepreneurship and competitive advantages on business performance. And the purpose of this research which approaches in the viewpoint of combining a entrepreneurial attribute including two factors(entrepreneurship and commercialization capabilities) and the differentiated competitive advantage as a role of core competence is to examine how the combined competence affects the business performance. In order to achieve this purpose, we conduct a survey for CEO of 250 small firms which belong to the start-up phase and are located in the 6 administrative region with the assistance of Small & Medium Business Administration representatives and analyze empirically the survey data by utilizing statistical program(Spss 18.0). As the results, we conclude that the entrepreneurial attributes of small firms' CEO and DFCA have a positive impact on business performance respectively and the entrepreneurship, one of the two entrepreneurial factors, has a positive impact on choosing DFCA. Also we report that DFCA plays a mediating role with regards to relationship between entrepreneurial attributes and business performance. Therefore, this research suggests the followings: First, the CEO of start-up business should focus on building a differential competitive advantage which is the basis for creating competitiveness from the initial point. Secondly, he should make a alignment for core competencies, in order to reach the stable growth phase in the shortest period, through which the entrepreneurial attributes is to be inherent as a discriminatory competitive competence. Third, he should promote to establish a business strategy based on strengthening of entrepreneurship and discriminatory competitive as a growth strategy during start-up phase.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.3
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• pp.119-133
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• 2017

The purpose of this study is to investigate the effect of beauty services owners 'support policy on entrepreneurship performance in the beauty service industry through the effects of entrepreneurs' personal characteristics, managerial factors, capital factors and store factors on entrepreneurial performance. As a factor affecting the start - up performance of beauty service companies, it was analyzed that human resource management which is a sub - variable of managerial management factors, capital factors at start - up and store factors influenced entrepreneurship performance. The study on the effect of funding policy, education support policy, and consulting support policy on the start-up achievement of beauty service companies is as follows. The government funding policy, educational support policy, and consulting support policy have no effect on human resources management, start - up capital, and store factors which have significant effect on start - up performance. This is because institutional support for funding is not an institutional support for proving the policy effect but an effective support plan for creating entrepreneurial achievement is needed. Educational support policy and consulting support policy are reflected in the politics reflecting the characteristics of beauty service companies and realistic Education support and consulting support are necessary. In particular, it needs to be expanded to reflect the actual management activities and performance creation processes of other beauty service companies, which are different from the policy support of existing small business owners.

• The Journal of Economics, Marketing and Management
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• v.12 no.2
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• pp.19-26
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• 2024

In recent years, entrepreneurship has become a significant movement in Vietnam. Vietnamese youth has paid more attention on entrepreneurship. Local brand fashion is currently booming in Vietnam. Many young Vietnamese choose to start up in local brand fashion. Vietnamese government has show strong commitment to support entrepreneurial movement among young people. Purpose: The research focused on assessing the determinants of entrepreneurial intentions in local brands fashion in Vietnam. Research design, data and methodology: The sample size consist of 293 young Vietnamese who are passionate on starting up their business in fashion. The research method employ Exploratory Factor Analysis (EFA) and SPSS software is used to analysze the collected data. Data collection involved a mixed-methods approach, combining surveys and case studies. Results: The research findings confirm the determinants of entrepreneurial intentions in local brand fashions are Attitude towards behavior, Subjective norms, Cognitive behavioral control, Entrepreneurship education, and Capital. Conclusion: The study not only delved into the influencing elements for starting a business but also examined the current landscape of the youth-oriented local fashion brand market. Managerial implications are provided to promote entrepreneurial intention among young Vietnamese in fashion industry. Limitations and further research are also discussed to provide recommended research directions for future studies.

• Journal of the Korean Regional Science Association
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• v.37 no.2
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• pp.63-82
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• 2021

This study aims to explore how manufacturing start-up activities from 2000 to 2018 have changed spatially and to predict changes in distribution patterns of future start-up activities. For the analysis, the Census on Establishments microdata from 2000 to 2018 were used, and the manufacturing industry was classified into four detailed industrial groups according to the 40 manufacturing standards presented by the Korea Institute for Industrial Economics and Trade's ISTANS. According to the results, start-up activities in industries that require high technology levels are concentrated in southern Gyeonggi region, and other start-up activities are concentrated outside of the metropolitan area. When the distribution change from 2018 to 2036, extending the trend from 2000 to 2018, it was confirmed that there was a high possibility of a rise in the hierarchy in the future in regions adjacent to regions where start-up activities occur. This study aimed to provide implications for regional policies related to fostering start-ups and creating jobs by dynamically analyzing the location pattern of manufacturing start-ups, which is a major source of job creation.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2022.05a
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• pp.539-541
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• 2022

Due to the prolonged covid-19 pandemic, the rate of closure of the self-employed is rapidly increasing, and the economic damage is increasing. In this study, we provide various information such as the degree of overcrowding by region and industry through the analysis of business districts in Chungcheongbuk-do due to the outbreak of covid-19, and analyze the start-up environment by using public data to help start-up success and business stability. It provided support for self-employed people to use as basic data when starting a business.

• Journal of Korea Society of Industrial Information Systems
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• v.25 no.1
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• pp.71-87
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• 2020

As startup companies are recognized as the important source of job creation and economic growth, the study is trying to find out the current situation of startup companies and their success factors in South Korea. The study analyzes the success factor of Woowa Brothers recognized as a unicorn start-up company in 2018 by using ERIS model and Start-up Developmental Stages. The ERIS model emphasizes Entrepreneurs, Resources, Industry Environment and Strategy for company performance and three developmental stages are divided into initiation, commercial and growth stages. The results indicate that the Woowa Brothers' success factor was to catch the appropriate timing in ERIS and to combine unique methods by differentiating itself from existing competitors at each stage. With analyses of success factor of Woowa Brothers as a case model, the study reveals limitations and recommends the direction of future research for producing more unicorn companies in South Korea.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.2
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• pp.81-93
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• 2023

Under the digital economy, companies are facing a new business environment. Previous studies with a traditional perspectives on start-ups explained they are at a disadvantaged compared to large companies in mobilizing resources and building new relationships. However, recent researches on the digital economy and platform ecosystems have suggested that digital platforms can be an efficient means of overcoming the liabilities of smallness and newness for start-up companies. Through platforms start-ups can secure routes to mobilize resources, collect and analyze market information. Especially as various platorms are established within categorized industry or market, unique characteristics and market awareness regarding an individual startup company have been formed. Accordingly there is also an advantage that startup companies have umbrella effect by participating in the platform. From this point of view, this study describes the process by which a start-up company effectively utilizes a platform to overcome the liabilities of newness and smallness through the case the study of 'Genie the Bottle'. The results suggest that platforms play a crucial role for start-ups to secure awareness and legitimacy and grow the market in the beauty industry in which high consumer involvement is dominant.