• Journal of Venture Innovation
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• v.5 no.1
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• pp.1-18
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• 2022

There is growing empirical evidence that passion is an important part of entrepreneurship and influences the intentions, behaviors and performance of entrepreneurs, employees and startups. Passion is especially important in an entrepreneurial context, given the effort and challenge that entrepreneurs starting a startup must overcome. The purpose of this study was to confirm the effect of the passion of startup entrepreneurs participating in the accelerator incubation program and the passion of accelerator entrepreneurs and managers on the entrepreneurial performance of incubator startups. In addition, we tried to confirm whether entrepreneurial self-efficacy plays a mediating role in this influence relationship. The survey was conducted online by startups entrepreneur who completed the accelerator incubation program. A total of 330 questionnaires were used for the analysis. As a result of the empirical analysis, it was confirmed that the passion of startup entrepreneurs and the passion of accelerator entrepreneurs and managers all had a positive (+) effect on the entrepreneurial performance of incubator startups. The influence of passion was found to be high in the order of startup entrepreneurs, accelerator entrepreneurs, and accelerator managers. It was confirmed that entrepreneurial self-efficacy plays a mediating role between the passion of startup entrepreneurs, the passion of accelerator entrepreneurs, and the entrepreneurial performance of incubator startups, respectively. However, no significant mediating role was identified between the passion of accelerator managers and the entrepreneurial performance of incubator startups. This study is significant in empirically confirming for the first time that the passion of accelerator entrepreneurs and managers has a positive effect on the entrepreneurial performance of incubator startups. The passion of accelerator entrepreneurs and managers is playing an important role as a hidden lynchpin in creating the entrepreneurial performance of incubator startups. In particular, since the passion of accelerator entrepreneurs has a great influence on the performance of incubator startups, it is necessary to recognize this fact and carefully examine their passion reputation when startups select accelerators.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.3
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• pp.125-146
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• 2013

Nowadays, the performance of the mobile game sales is influencing the ranking of game companies listed on KOSDAQ. In the meantime, venture capital companies had focused on online game. Recently, however, they have great interest in mobile games and mobile game companies. In addition, angel investors and accelerators are increasing investment for the mobile game companies. The most important issues for mobile game investor is how to evaluate the mobile game companies and their contents. Therefore, this study derived the evaluation factors for the mobile game company. And research method converged of the opinions of both supply side and demand side of the game industry. Ten professionals who are responsible for the supply of the game industry and CEO group & development experts of game development company were selected for survey in this study. Also ten professionals who are responsible for the demand of the game industry and the investment company were selected for survey in this study. And Delphi technique was performed according to the survey. Management skills, development capabilities, game play, feasibility, operational capabilities has emerged as five evaluation factors to evaluate the mobile game company. And the 20 sub-factors including CEO's reliability were derived. AHP(Analytic Hierarchy Process) theory is applied to analyze the importance of the qualitative elements which were derived by Delphi technique. As a result, the analysis hierarchy of evaluation factors for the mobile game company was created. Pair-wise comparison for each element was performed to analyze the importance. As a result, 'Core fun of the game' (12,2%), 'Involvement of the game' (10.3%), 'Security Reliability' (8.9%), 'Core developers' ability' (7.6%) appeared in order of importance. The significance of this study is offering more objective methodology for realistic assessment and importance of elements to evaluate mobile game company.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.13-24
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• 2022

The purpose of this study is to examine whether the existence of related personnel in KOSDAQ technology special listed firms has a signal effect on the market and affects performance when listed. The KOSDAQ technology special listing system is a system introduced to enable future growth by securing financing through corporate public offering based on the technology and marketability of technology-based startups and venture companies. As a result of analyzing 135 special technology companies listed from 2005 to 21 (excluding SPAC mergers and foreign companies) whether or not related personnel affect corporate value and listing period when they are listed, it was analyzed that the presence of related personnel did not significantly affect corporate value or listing period. The same was found in the results of the verification by reducing the scope to related personnel such as public officials and related agencies. However, under certain conditions, significant results were derived from the presence of related personnel on the listing of companies listed in special technology cases. It was found that the presence of related personnel and VC investment had a significant effect on corporate value, and in the case of bio-industry, there was a slight significant effect on the duration of listing. This study is significant in that it systematically analyzed the signal effect of the existence of related personnel for the first time for all 135 companies. In addition, as a result of the analysis, the results suggest that internalized efforts to secure technology and marketability are more important, such as parallel to VC investment, rather than simply recruiting related personnel.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.

• Journal of Venture Innovation
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• v.5 no.1
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• pp.107-127
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• 2022

Global challenges such as the corona pandemic, climate change and the war-on-tech ensure that the demand who the technologies of the future develops and monitors prominently for will be on the agenda. Development of, and applications in, agrifood, biotech, high-tech, medtech, quantum, AI and photonics are the basis of the future earning capacity of the Netherlands and contribute to solving societal challenges, close to home and worldwide. To be like the Netherlands and Europe a strategic position in the to obtain knowledge and innovation chain, and with it our autonomy in relation to from China and the United States insurance, clear choices are needed. Brainport Eindhoven: Building on Philips' knowledge base, there is create an innovative ecosystem where more than 7,000 companies in the High-tech Systems & Materials (HTSM) collaborate on new technologies, future earning potential and international value chains. Nearly 20,000 private R&D employees work in 5 regional high-end campuses and for companies such as ASML, NXP, DAF, Prodrive Technologies, Lightyear and many others. Brainport Eindhoven has a internationally leading position in the field of system engineering, semicon, micro and nanoelectronics, AI, integrated photonics and additive manufacturing. What is being developed in Brainport leads to the growth of the manufacturing industry far beyond the region thanks to chain cooperation between large companies and SMEs. South-Holland: The South Holland ecosystem includes companies as KPN, Shell, DSM and Janssen Pharmaceutical, large and innovative SMEs and leading educational and knowledge institutions that have more than Invest €3.3 billion in R&D. Bearing Cores are formed by the top campuses of Leiden and Delft, good for more than 40,000 innovative jobs, the port-industrial complex (logistics & energy), the manufacturing industry cluster on maritime and aerospace and the horticultural cluster in the Westland. South Holland trains thematically key technologies such as biotech, quantum technology and AI. Twente: The green, technological top region of Twente has a long tradition of collaboration in triple helix bandage. Technological innovations from Twente offer worldwide solutions for the large social issues. Work is in progress to key technologies such as AI, photonics, robotics and nanotechnology. New technology is applied in sectors such as medtech, the manufacturing industry, agriculture and circular value chains, such as textiles and construction. Being for Twente start-ups and SMEs of great importance to the jobs of tomorrow. Connect these companies technology from Twente with knowledge regions and OEMs, at home and abroad. Wageningen in FoodValley: Wageningen Campus is a global agri-food magnet for startups and corporates by the national accelerator StartLife and student incubator StartHub. FoodvalleyNL also connects with an ambitious 2030 programme, the versatile ecosystem regional, national and international - including through the WEF European food innovation hub. The campus offers guests and the 3,000 private R&D put in an interesting programming science, innovation and social dialogue around the challenges in agro production, food processing, biobased/circular, climate and biodiversity. The Netherlands succeeded in industrializing in logistics countries, but it is striving for sustainable growth by creating an innovative ecosystem through a regional industry-academic research model. In particular, the Brainport Cluster, centered on the high-tech industry, pursues regional innovation and is opening a new horizon for existing industry-academic models. Brainport is a state-of-the-art forward base that leads the innovation ecosystem of Dutch manufacturing. The history of ports in the Netherlands is transforming from a logistics-oriented port symbolized by Rotterdam into a "port of digital knowledge" centered on Brainport. On the basis of this, it can be seen that the industry-academic cluster model linking the central government's vision to create an innovative ecosystem and the specialized industry in the region serves as the biggest stepping stone. The Netherlands' innovation policy is expected to be more faithful to its role as Europe's "digital gateway" through regional development centered on the innovation cluster ecosystem and investment in job creation and new industries.

• Journal of the Korean Geographical Society
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• v.47 no.4
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• pp.522-540
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• 2012

The main aim of the paper is to identify the position or status of Korean economic geography in changing global economic geography by reviewing papers published in Korean geographical journals since the mid-1950s. Since the late 20th century as economic geography has developed significantly with the introduction of new research issues, methodologies, and theory and concepts, economic geography in Korea also has gone through rapid development in terms of both quantitative and qualitative perspectives. The paper attempts to analyze trends in Korean economic geography by reviewing agricultural, industrial, commercial geographies, and others since the mid-1950s. The review of economic geography in Korea would be based on four periods classified by research issues and approaches; foundation (~1950s), positioning (1960s and 1970s), jump and rush (1980s and mid-1990s), and transitional period (late 1990s~). Agricultural geography in Korea has decreased due to increases of the interests in industrial geography since the 1980s. In particular, since the late 1990s industrial geography has undergone a significant transition in accordance with the emergence of new theories of institutional perspectives, centering around issues on value chains, innovative cluster, cooperative and competitive networks, foreign direct investment, flexible specialization and venture ecology. Along with this, there has been changes in the interest of commercial geography in Korea from researches on periodical markets, the structure of store formats, and distributions by commodity, to researches on producer services and retailer's locational behaviors and commercial supremacy according to the emergence of new store formats. Since the late 1990s, many researches and discussions associated with the new economic geography began to emerge in Korea. Various research issues are focused on analyzing changes of local, regional and global economic spaces and their processes in relation to institutional perspectives, knowledge and innovation, production chain and innovative networks, industrial clusters and RIS, and geographies of service. Although economic geography in Korea has developed significantly both in quantitative and qualitative perspectives, we pointed out that it has still limited in some specific scope and issues. Therefore, it is likely to imply that its scope and issues should be diversified with new perspectives and approaches.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.3 no.4
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• pp.1-41
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• 2008

The Korean semiconductor industry has made a great contribution to growth of Korean economy for the last decades by maintaining a top position in terms of Korean total annual export volume. However, the advanced semiconductor equipment and materials that are used for the production of semiconductor devices still depend on the suppliers from Europe, Japan, and America who have an influential position in the Korean semiconductor industry. The objective of this study is to empirically investigate the attributes determining the extent of autonomy in decision making for the Korean subsidiaries of multinational corporations in the semiconductor industry. This study found there were differences in the extent of autonomy in decision making in terms of the global strategies the multinational corporations pursue. This study surveyed employees at the Korean subsidiaries and joint venture companies of semiconductor multinational corporations and collected 726 survey questionnaires. Several statistical analyses including frequency analysis, reliability analysis, factor analysis, multiple regression analysis and ANOVA were performed using the collected sample data. Based on the analyses, this study found as follows: Firstly, from the factor analysis, this study found Korean subsidiaries faced three sources of uncertainties stemmed from political conditions, competent conditions, demand and supply conditions. The internal resources were characterized by the independencies of production capability, financial capability, marketing capability and human resource management capability. The operational performance was determined by total revenue, net profit and market share growth. Secondly, it was found the uncertainties from political condition and competent condition and the independencies of financial capability and marketing capability partially influenced the extent of autonomy in decision making. The independencies of production capability and human resource management capability significantly influenced the autonomy of decision making in the most areas. It was also found an increase of total revenue, net profit and market share growth partially affected the extent of autonomy in decision making of the Korean subsidiaries. Finally, it was found that the polycentrism of global management by multinational corporations seemed to bring a higher extent of autonomy in decision making than ethnocentrism or geocentrism of global management. Based on the results, this study provided managerial implications regarding the extent of autonomy in decision making for Korean subsidiaries of multinational corporations in order to help management to enhance their business capabilities.

• Journal of Intelligence and Information Systems
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• v.21 no.2
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• pp.151-171
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• 2015

This study examined the concepts of the Internet of Things(IoT), the major issue and IoT trend in the domestic and international market. also reviewed the advent of IoT era which caused a 'Paradigm Shift'. This study proposed a solution for the appropriate corresponding strategy in terms of Enterprise. Global competition began in the IoT market. So, Businesses to be competitive and responsive, the government's efforts, as well as the efforts of companies themselves is needed. In particular, in order to cope with the dynamic environment appropriately, faster and more efficient strategy is required. In other words, proposed a management strategy that can respond the IoT competitive era on tipping point through the vision of paradigm shift. We forecasted and proposed the emergence of paradigm shift through a comparative analysis of past management paradigm and IoT management paradigm as follow; I) Knowledge & learning oriented management, II) Technology & innovation oriented management, III) Demand driven management, IV) Global collaboration management. The Knowledge & learning oriented management paradigm is expected to be a new management paradigm due to the development of IT technology development and information processing technology. In addition to the rapid development such as IT infrastructure and processing of data, storage, knowledge sharing and learning has become more important. Currently Hardware-oriented management paradigm will be changed to the software-oriented paradigm. In particular, the software and platform market is a key component of the IoT ecosystem, has been estimated to be led by Technology & innovation oriented management. In 2011, Gartner announced the concept of "Demand-Driven Value Networks(DDVN)", DDVN emphasizes value of the whole of the network. Therefore, Demand driven management paradigm is creating demand for advanced process, not the process corresponding to the demand simply. Global collaboration management paradigm create the value creation through the fusion between technology, between countries, between industries. In particular, cooperation between enterprises that has financial resources and brand power and venture companies with creative ideas and technical will generate positive synergies. Through this, The large enterprises and small companies that can be win-win environment would be built. Cope with the a paradigm shift and to establish a management strategy of Enterprise process, this study utilized the 'RTE cyclone model' which proposed by Gartner. RTE concept consists of three stages, Lead, Operate, Manage. The Lead stage is utilizing capital to strengthen the business competitiveness. This stages has the goal of linking to external stimuli strategy development, also Execute the business strategy of the company for capital and investment activities and environmental changes. Manege stage is to respond appropriately to threats and internalize the goals of the enterprise. Operate stage proceeds to action for increasing the efficiency of the services across the enterprise, also achieve the integration and simplification of the process, with real-time data capture. RTE(Real Time Enterprise) concept has the value for practical use with the management strategy. Appropriately applied in this study, we propose a 'IoT-RTE Cyclone model' which emphasizes the agility of the enterprise. In addition, based on the real-time monitoring, analysis, act through IT and IoT technology. 'IoT-RTE Cyclone model' that could integrate the business processes of the enterprise each sector and support the overall service. therefore the model be used as an effective response strategy for Enterprise. In particular, IoT-RTE Cyclone Model is to respond to external events, waste elements are removed according to the process is repeated. Therefore, it is possible to model the operation of the process more efficient and agile. This IoT-RTE Cyclone Model can be used as an effective response strategy of the enterprise in terms of IoT era of rapidly changing because it supports the overall service of the enterprise. When this model leverages a collaborative system among enterprises it expects breakthrough cost savings through competitiveness, global lead time, minimizing duplication.

• Journal of Korea Technology Innovation Society
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• v.12 no.4
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• pp.687-714
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• 2009

In this paper, we study empirically the relations between financial constraints and dividend adjustment speed of innovative small and medium sized enterprises (SMEs) listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Determinants suggested by the major theories of dividends, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend payout policy of Kosdaq SMEs. Lintner's dividend adjustment model indicates that Kosdaq SMEs have long run target payout ratio, and that Kosdaq SMEs adjust partially the gap between actual and target payout ratio each year. In the core variables of Lintner (1956) dividend adjustment model, past DPS has more effect than current EPS. These results suggest that Kosdaq SMEs maintain stable dividend policy which maintain past DPS level without corporate special reasons. Dividend adjustment speed of innovative Kosdaq SMEs is more fast than that of uninnovative Kosdaq SMEs, and dividend adjustment speed of financial unconstrained innovative Kosdaq SMEs is faster than that of financial constrained innovative Kosdaq SMEs. Futhermore, dividend adjustment speed of innovative Kosdaq SMEs classified by Small and Medium Business Administration is faster than that of unclassified innovative Kosdaq SMEs. The former is linked with financial policies and services like credit guaranteed service, venture investment fund, insurance program, and so on. In conclusion, past DPS and current EPS suggested by the Lintner's dividend adjustment model explain mainly dividend adjustment speed, and financial constraints explain also partially. Therefore, if managers of innovative Kosdaq SMEs can properly understand of the effects of financial constraints on dividend smoothing, they can maintain constantly dividend policy. This is encouraging result for Korea government as it has implemented many policies to commit to innovative Kosdaq SMEs.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.61-118
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• 2008

The purpose of this research is to construct research framework for international franchising based on existing literature and to identify research components in the framework. Franchise can be defined as management styles that allow franchisee use various management assets of franchisor in order to make or sell product or service. It can be divided into product distribution franchise that is designed to sell products and business format franchise that is designed for running it as business whatever its form is. International franchising can be defined as a way of internationalization of franchisor to foreign country by providing its business format or package to franchisee of host country. International franchising is growing fast for last four decades but academic research on this is quite limited. Especially in Korea, research about international franchising is carried out on by case study format with single case or empirical study format with survey based on domestic franchise theory. Therefore, this paper tries to review existing literature on international franchising research, providing research framework, and then stimulating new research on this field. International franchising research components include motives and environmental factors for decision of expanding to international franchising, entrance modes and development plan for international franchising, contracts and management strategy of international franchising, and various performance measures from different perspectives. First, motives of international franchising are fee collection from franchisee. Also it provides easier way to expanding to foreign country. The other motives including increase total sales volume, occupying better strategic position, getting quality resources, and improving efficiency. Environmental factors that facilitating international franchising encompasses economic condition, trend, and legal or political factors in host and/or home countries. In addition, control power and risk management capability of franchisor plays critical role in successful franchising contract. Final decision to enter foreign country via franchising is determined by numerous factors like history, size, growth, competitiveness, management system, bonding capability, industry characteristics of franchisor. After deciding to enter into foreign country, franchisor needs to set entrance modes of international franchising. Within contractual mode, there are master franchising and area developing franchising, licensing, direct franchising, and joint venture. Theories about entrance mode selection contain concepts of efficiency, knowledge-based approach, competence-based approach, agent theory, and governance cost. The next step after entrance decision is operation strategy. Operation strategy starts with selecting a target city and a target country for franchising. In order to finding, screening targets, franchisor needs to collect information about candidates. Critical information includes brand patent, commercial laws, regulations, market conditions, country risk, and industry analysis. After selecting a target city in target country, franchisor needs to select franchisee, in other word, partner. The first important criteria for selecting partners are financial credibility and capability, possession of real estate. And cultural similarity and knowledge about franchisor and/or home country are also recognized as critical criteria. The most important element in operating strategy is legal document between franchisor and franchisee with home and host countries. Terms and conditions in legal documents give objective information about characteristics of franchising agreement for academic research. Legal documents have definitions of terminology, territory and exclusivity, agreement of term, initial fee, continuing fees, clearing currency, and rights about sub-franchising. Also, legal documents could have terms about softer elements like training program and operation manual. And harder elements like law competent court and terms of expiration. Next element in operating strategy is about product and service. Especially for business format franchising, product/service deliverable, benefit communicators, system identifiers (architectural features), and format facilitators are listed for product/service strategic elements. Another important decision on product/service is standardization vs. customization. The rationale behind standardization is cost reduction, efficiency, consistency, image congruence, brand awareness, and competitiveness on price. Also standardization enables large scale R&D and innovative change in management style. Another element in operating strategy is control management. The simple way to control franchise contract is relying on legal terms, contractual control system. There are other control systems, administrative control system and ethical control system. Contractual control system is a coercive source of power, but franchisor usually doesn't want to use legal power since it doesn't help to build up positive relationship. Instead, self-regulation is widely used. Administrative control system uses control mechanism from ordinary work relationship. Its main component is supporting activities to franchisee and communication method. For example, franchisor provides advertising, training, manual, and delivery, then franchisee follows franchisor's direction. Another component is building franchisor's brand power. The last research element is performance factor of international franchising. Performance elements can be divided into franchisor's performance and franchisee's performance. The conceptual performance measures of franchisor are simple but not easy to obtain objectively. They are profit, sale, cost, experience, and brand power. The performance measures of franchisee are mostly about benefits of host country. They contain small business development, promotion of employment, introduction of new business model, and level up technology status. There are indirect benefits, like increase of tax, refinement of corporate citizenship, regional economic clustering, and improvement of international balance. In addition to those, host country gets socio-cultural change other than economic effects. It includes demographic change, social trend, customer value change, social communication, and social globalization. Sometimes it is called as westernization or McDonaldization of society. In addition, the paper reviews on theories that have been frequently applied to international franchising research, such as agent theory, resource-based view, transaction cost theory, organizational learning theory, and international expansion theories. Resource based theory is used in strategic decision based on resources, like decision about entrance and cooperation depending on resources of franchisee and franchisor. Transaction cost theory can be applied in determination of mutual trust or satisfaction of franchising players. Agent theory tries to explain strategic decision for reducing problem caused by utilizing agent, for example research on control system in franchising agreements. Organizational Learning theory is relatively new in franchising research. It assumes organization tries to maximize performance and learning of organization. In addition, Internalization theory advocates strategic decision of direct investment for removing inefficiency of market transaction and is applied in research on terms of contract. And oligopolistic competition theory is used to explain various entry modes for international expansion. Competency theory support strategic decision of utilizing key competitive advantage. Furthermore, research methodologies including qualitative and quantitative methodologies are suggested for more rigorous international franchising research. Quantitative research needs more real data other than survey data which is usually respondent's judgment. In order to verify theory more rigorously, research based on real data is essential. However, real quantitative data is quite hard to get. The qualitative research other than single case study is also highly recommended. Since international franchising has limited number of applications, scientific research based on grounded theory and ethnography study can be used. Scientific case study is differentiated with single case study on its data collection method and analysis method. The key concept is triangulation in measurement, logical coding and comparison. Finally, it provides overall research direction for international franchising after summarizing research trend in Korea. International franchising research in Korea has two different types, one is for studying Korean franchisor going overseas and the other is for Korean franchisee of foreign franchisor. Among research on Korean franchisor, two common patterns are observed. First of all, they usually deal with success story of one franchisor. The other common pattern is that they focus on same industry and country. Therefore, international franchise research needs to extend their focus to broader subjects with scientific research methodology as well as development of new theory.