• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.6
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• pp.29-43
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• 2019

This paper empirically analyzed the relationship between the characteristics of venture business founders and management performance, setting the management strategy as a parameter to provide a suggestion for the survival and development of venture companies that play an important role in the national economy and job creation. Previous studies in Korea have analyzed the relationship between the characteristics of business founders, management strategies and management performance in a single dimension. This paper, however, explained the business performance of a company from a multi-dimensional perspective while setting the characteristics of business founders as independent variables and setting the business strategy of the enterprise as a parameter. The first result of the analysis shows that the characteristics of venture business founders have a positive effect on business performance. In particular, among the characteristics of venture business founders, a progressive spirit has had the greatest impact on business performance. On the other hand, the influence of risk sensitivity was very weak. Second, the characteristics of venture business founders were found to have a positive effect on business strategy. In particular, innovation was an important variable that affected the technological innovation differentiation strategy, and a progressive spirit was the most influential factor in the marketing differentiation strategy. Third, management strategies of venture firms were found to have a positive effect on business performance. In particular, the technology innovation differentiation strategy has a greater impact on business performance than the marketing differentiation strategy. Fourth, it was revealed that management strategy partially has a mediated effect on the relationship between the characteristics of venture business founders and management performance. In other words, it was found that the characteristics of the founders have a direct impact on business performance but if it is linked to management strategy it has an indirect effect on business performance. The results of this study show that business performance improves when venture business founders' personal characteristics and the firms' management strategy are combined.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.2
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• pp.157-192
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• 2006

Since the late 1990s, the Korean Venture Capital Industry has been remarkably grown in the aspect of quality and quantity. Korean government expects that the Venture company and Venture Capital Industry would contribute to the recovery of depressed Korean economy and restructuring of the high cost and low efficiency economic structure. Korean government reinforces supporting policies for the Venture Capital and Venture Business. Venture Capital is defined as the form of high risk and high profit investment capital growing the small & medium enterprises to competitive ones through capital and management support and collecting the capital. According to the Gompers and Lerners the venture capital cycle consists of raising investment capital, screening the investment opportunity and invest the money. And later, sold the retained stock to the other investor or to the company. This stage called EXIT Consequently, the function of the venture capital, which supply the fund and the business consultation to venture business, have been emphasized and how to effectively run this capital have been recognized as the way to develop the venture business. In this regard, the problem in Korean Venture Capital Market is as follows. First, most of the sources of fund depends on the government support and this conflict with the nature of risk capital because the government capital emphasis the stability than profitability. And secondly, the efficiency of the venture capital system in Korea do not reach that of the advanced countries due to many kinds of restriction and the rack of support. Consequently, the Activation Schemes for Korean Venture Capital Firms are as follows. First, the sources of venture capital need to diversify from angels to institutional investors such as banks, pensions, fund of fund. And Lastly, the internal management and operational system of venture capital companies should be strengthened by quality to that of global Venture Capital Firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.1-16
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• 2021

The purpose of this study is to examine how the Korean government has intervened in the venture capital market so far and empirically investigate whether the government's policies on venture capital have stimulated venture capital's early-stage investment. To this end, this study classified the government's market intervention in the venture capital market by stage by studying the related literature and applying and analyzing the case in Korea. And, this study empirically analyzed the effectiveness of the Korean government's policy to revitalize the early-stage investment of venture capital, which is the most important purpose of government intervention. For empirical analysis, yearly data from 2004 to 2018 provided by the Korea Venture Capital Association and Korea Fund of Funds were analyzed using time series statistical analysis and macrodynamics. As a result of the case study, the Korean government has intervened in the venture capital market through direct investment for 25 years, and has been intervening through indirect investment for the next 18 years. As a result of time-series statistical analysis, the government's fiscal investment to increase the formation of venture capital funds and the increase in the ratio of special-purpose funds that mandate a certain percentage of early-stage investment increased the early-stage investment of venture capital. However, macrodynamics showed a trend in the opposite direction from this time series statistical analysis from 2016. In conclusion, this study interprets the trend in the opposite direction to the time series statistical analysis results as the government's erroneous regulation on the venture capital investment method and the recent lack of effectiveness of direct intervention through the government's indirect investment method. In addition, based on the results of case studies and empirical studies, this study made six policy proposals necessary for indirect government intervention.

• Management & Information Systems Review
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• v.7
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• pp.381-400
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• 2001

Our country has been encountered with severe economic depression since IMF loan(1997). Korean economic system should be reformed according to the globalization and the world industrial trends based on adavanced technologies and skills. Todays the venture business should be considered to be the alternative of recovering Korean economy and increasing highly estimated values. Generally speaking, the venture business is defined as a new business with high risk-high return with new technical entrepreneurship. This treatise suggests the activating alternatives of the venture business in Korea. These alternatives are suggested as follows. First, several measures to incruit excellent technicians are suggested. These measures includes incruitment of parttime technicians, application of cooperative program of education training unemployees, the stock option system, a stock-sharing plan for the employees, etc. Second, in the financial aspect, activation of the foundation investment company, activation of the COSDAQ market, strengthening of technology security are suggested. Third, in the technical development aspect, amplification of inauguration assistant center, construction of technology accumulative network, etc. These measures will contribute to the development of Korean economy and the welfare of Korean people.

• 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.

• Venture DIGEST
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• s.49
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• pp.4-5
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• 2004

이노티지 김종락 공동대표는 이노디지털과 티지코프, 두 회사가 가지고 있던 각 사업 분야의 결합이 가지고 오는 시너지 효과와, 직원들의 화합과 업무독려를 위해 유입한 기업문화의 정착은 이노티지가 어떤 기업보다 빠르게 성장할 수 있는 밑거름이 될 것이라고 밝히며 벤처M&A의 성공적인 모델을 제시하는 기업으로 책임을 다하겠다고 말한다.

• Knowledge Management Research
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• v.7 no.1
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• pp.65-80
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• 2006

Recently, Korean economy is boosted by the active introduction of many venture businesses full of entrepreneurship. It has been widely accepted implicitly that success of the venture business originates from unique style of knowledge management. This assumption looks natural when we consider the fact that success of the venture business heavily depends on differentiated intelligent asset or knowledge. However, such implicit belief has never been tested empirically. To fill the research void like this, this paper proposes an empirical derivation of key success factors from the venture businesses listed in KOSDAQ. To add rigor to our results, we performed regression analysis by using the derived key success factors as independent variables, and introducing organization efficiency, job satisfaction, and accomplishment motivation as dependent variables. Regression results showed that our approach is justified from the statistical perspective.

• Journal of Korea Technology Innovation Society
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• v.2 no.2
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• pp.309-325
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• 1999

If we want to overcome the current IMF-guarded economic situations as early as possible and to change the present industry structure to the new knowledge-based structure, it is a great necessity to increase the capability of technology innovation as a key factor of the international competitiveness, and to establish the infrastructure of venture business for increasing utilization of technologly and patent. Even though there has been a great increase in application and enrollment of the Industrial Property Rights (i.e. IPRs) including patent recently, the number of unused IPRs are increasing progressively every year (for example, the ratio of unused patent is about 60% in 1997), and illegal use of patent and dependance on the foreign patent are increasing sharply. This paper will suggest policy on nurturing venture business for increasing utilization of the unused IPRs, including technology transaction strategy and link strategy of the high-tech industries between metro Taejon and Chungcheong Area.

• Venture DIGEST
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• s.26
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• pp.9-9
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• 2003