• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.159-174
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• 2022

Entrepreneurs should continuously invest resource and capital for a long time to get tangible business results. In order to be successful, despite difficulties, it is essential for entrepreneurs to continue entrepreneurial businesses without giving up too early. Thus, it can be said that organizational commitment of entrepreneurs is essential for success. According to previous studies, the organizational commitment of entrepreneurs has a significant effect on organizing, establishments of new firms and new product developments. The purpose of this article is to examine the relationships among learning orientation, innovativeness and organizational commitment of entrepreneurs. Especially, we focus on the mediating effect of innovativeness in the relationship between learning orientation and organizational commitment and the moderating effect of career relevance among the relationships. Based on empirical analysis, we reported the following results. First, learning orientation, innovativeness and career relevance of entrepreneurs had significant positive effects on organizational commitment. Second, it was found that innovativeness of entrepreneurs has a partial mediating effect on the relationship between learning orientation and organizational commitment. Third, using Baron & Kenny's hierarchical multiple regression analysis, we examined the moderating effect of career relevance among the relationships of learning orientation, innovativeness and organizational commitment. Third, because the interaction term was found to be positively significant, it was concluded there is a moderating effect of career relevance between learning orientation and innovativeness. This means, when career relevance was higher than average, the influence of learning orientation on innovation increases even more. Fourth, it was also found there is a moderating effect of career relevance between learning orientation and organizational commitment. However, the results of the mediated moderating effect analysis showed the moderating effect of career relevance between learning orientation and organization commitment is an indirect effect of moderating effect of career relevance between learning orientation and innovativeness mediated by innovativeness.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.165-175
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• 2023

In venture creation research, studying 'entrepreneurial leadership' is important for uncovering and comprehending the underlying causal process in innovative behavior performance. Although previous studies provide that entrepreneurial leadership enhances followers' innovative behavior, there is few research on entrepreneurial leadership and followers' characteristics interaction. The present study's focus is paradoxical effects of entrepreneurial leadership on self-efficacy and innovative behavior. On the basis of individual regulatory focus, this study suggests that interaction effects of entrepreneurial leadership and followers' regulatory focus differed in promotion view and prevention view followers' innovative behavior. To strengthen the casual mechanism, this study conducted in priming experiment method using employees in SMEs. This study used a 2(entrepreneurial leadership vs. control) x 2 (regulatory focus: promotion vs. prevention) between-participants design. The results of this study provide that (1) Individuals in promotion focus especially benefited from entrepreneurial leadership in terms of its effect on their self-efficacy and innovative behavior; (2) whereas entrepreneurial leadership was negatively related to self-efficacy and innovative behavior of followers' prevention focus. In sum, results of the present study supporting evidence for hypotheses, combined effect of entrepreneurial leadership and regulatory focus on innovative behavior through self-efficacy. Experimental results confirmed hypotheses of this study, revealing that promotion focus show more innovative behavior than prevention focus when their leaders' leadership style is entrepreneurial leadership. Also, the paradoxical effect of entrepreneurial leadership and regulatory focus of followers on innovative behavior was mediated by followers' self-efficacy. This study helps explain how leaders' entrepreneurial leadership boost followers' innovative behavior, particularly for those employees who have promotion focus. The current study contributes to the theory of entrepreneurial leadership and regulatory focus and innovation literature. Findings of this study shed light on the organizational processes that shape innovative behavior in venture/startup corporations and provide contributions for venture business field.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.1-16
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• 2023

Due to imbalances in supply and demand within the labor market, start-ups have emerged as crucial players in the generation of high-quality employment opportunities, particularly in stagnant job markets. In response to this trend, governments are allocating substantial financial and human resources to initiatives that support start-up development. This has led to an increasing rate of engagement in start-up ventures across diverse age groups, not limited to younger individuals. Start-ups are enterprises focused on the commercialization of innovative ideas with the aim of achieving profitability in the marketplace. Research concerning the successful market integration of new products and the attainment of sustainable growth is pivotal. Such research is instrumental not only for the success of start-ups but also for realizing the broader social functions and contributions that these enterprises can offer. Previous research has often examined new product market-entry strategies, often referred to as new product marketing, particularly for large companies and SMEs. However, there is a gap in studies focusing on prototype marketing strategies specific to start-ups. Thus, this study aims to examine the impact of Pre-announcing marketing strategies on the market attention garnered by start-ups with low recognition and limited infrastructure, and how such attention contributes to their sustainable growth. Specifically, the study aims to uncover the causal relationship between information attributes like relevance, vividness, and novelty in building customer relationships, and their impact on purchase intentions influenced by performance expectations and hedonic motivations. In terms of Pre-announcing information attributes, relevance, vividness, and novelty positively influence performance expectations and hedonic motivations as outlined in the extended Unified Theory of Acceptance and Use of Technology (UTAUT2). These factors, in turn, positively impact the purchase intention for pre-announced new products from start-ups. These findings are expected to provide both theory and practical insights into the factors influencing market entry through the use of Pre-announcing marketing strategies for start-up new products.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.77-90
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• 2023

This study aims to investigate the potential of alternative credit assessment through Social Networking Sites (SNS) as a complementary tool to conventional loan review processes. It seeks to discern the impact of SNS usage characteristics and loan product attributes on credit loan repayment. To achieve this objective, we conducted a binomial logistic regression analysis examining the influence of SNS usage patterns, loan characteristics, and personal attributes on credit loan conditions, utilizing data from Company A's credit loan program, which integrates SNS data into its actual loan review processes. Our findings reveal several noteworthy insights. Firstly, with respect to profile photos that reflect users' personalities and individual characteristics, individuals who choose to upload photos directly connected to their personal lives, such as images of themselves, their private circles (e.g., family and friends), and photos depicting social activities like hobbies, which tend to be favored by individuals with extroverted tendencies, as well as character and humor-themed photos, which are typically favored by individuals with conscientious traits, demonstrate a higher propensity for diligently repaying credit loans. Conversely, the utilization of photos like landscapes or images concealing one's identity did not exhibit a statistically significant causal relationship with loan repayment. Furthermore, a positive correlation was observed between the extent of SNS usage and the likelihood of loan repayment. However, the level of SNS interaction did not exert a significant effect on the probability of loan repayment. This observation may be attributed to the passive nature of the interaction variable, which primarily involves expressing sympathy for other users' comments rather than generating original content. The study also unveiled the statistical significance of loan duration and the number of loans, representing key characteristics of loan portfolios, in influencing credit loan repayment. This underscores the importance of considering loan duration and the quantity of loans as crucial determinants in the design of microcredit products. Among the personal characteristic variables examined, only gender emerged as a significant factor. This implies that the loan program scrutinized in this analysis does not exhibit substantial discrimination based on age and credit scores, as its customer base predominantly consists of individuals in their twenties and thirties with low credit scores, who encounter challenges in securing loans from traditional financial institutions. This research stands out from prior studies by empirically exploring the relationship between SNS usage and credit loan repayment while incorporating variables not typically addressed in existing credit rating research, such as profile pictures. It underscores the significance of harnessing subjective, unstructured information from SNS for loan screening, offering the potential to mitigate the financial disadvantages faced by borrowers with low credit scores or those ensnared in short-term liquidity constraints due to limited credit history a group often referred to as "thin filers." By utilizing such information, these individuals can potentially reduce their credit costs, whereas they are supposed to accrue a more substantial financial history through credit transactions under conventional credit assessment system.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.191-211
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• 2022

As the value of highly sustainable companies increases, ESG(Environmental, Social, and Governance) has emerged as the biggest topic of discussion for companies around the world. In addition, as domestically, more research is being done on ESG in line with global trends, it is necessary to examine ESG research trends. Accordingly, ESG academic papers that have been published for the past 10 years were collected for each year, and frequency analysis was conducted using text mining techniques regarding key themes and thesis titles. This paper analyzed the number of selected publications by year and the cumulated number of studies through bibliometric analysis. The findings suggested that the number of ESG papers is increasing each year and that academic interest in ESG-related issues continues to abound. Next, according to the results of frequency analysis of the keywords and titles of the research papers, the words- "ESG", "company", "society", "responsibility", "management", "investment", and "sustainability"- were extracted. This analysis identified the research fields and keywords that have been relevant to ESG in the past 10 years. As a result of comparing the major ESG issues presented in recent overseas studies and the common factors of the ESG key keywords presented in this study, it was confirmed that the environment is the focus of recent studies compared to previous studies. Third, it was found that the data used by domestic ESG studies mainly include the KEJI index, the KRX index, and the KCGS ESG evaluation index. After identifying the main research subjects of ESG papers, research found that 8 out of 152 domestic ESG studies were focused on SMEs. Through this study, it was possible to confirm the ESG research trend and increase in research, and future researchers divided the research topics and research keywords and presented basic data for selecting more diverse research topics. Based on both, the arguments of previous ESG studies conducted on SMEs and the results of this study, there is a lack of studies on guidelines for ESG practice and their application to SMEs, and more ESG research regarding SMEs will need to be conducted in the future.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.33-51
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• 2022

This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.17-30
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• 2022

It has been verified in several studies that dynamic capabilities has a very important effect on the competitive advantage of technology startups. And the network has an important influence on this dynamic capability. This is even more important for start-ups that lack the resources and knowledge. Networks that directly and significantly affect dynamic capabilities have been studied mainly the value chain internal. However, network activities of start-ups are conducted not only with the value chain internal networks but also with the value chain external networks. Therefore, it is necessary to study the effect of the value chain internal and external network activity of start-ups on the dynamic capabilities, but prior studies are lacked. In this study, We make a model that encompass the value chain internal and external network for technology startups, and a study was conducted to demonstrate the effect on dynamic capabilities and competitive advantage. As a result of the study, value chain internal network activity directly and significantly affected dynamic capabilities, and value chain external network activity did not directly significantly affect dynamic capacity. And dynamic capabilities had a significant effect on competitive advantage. As confirmed through additional research, value chain external network activity affects value chain internal network activity, and through this, dynamic capabilities are strengthened, and positively affect competitive advantage.. The intensity of value chain external network activity was not significant to dynamic capabilities and the diversity of value chain external network activity had a significant effect on the competitive advantage by double mediating the value chain internal network activity and dynamic capability. Through this study, it is confirmed that the value chain internal networks is important in order for startups to strengthen their dynamic capabilities and increase their competitive advantage, and that both strong and diversified the value chain internal networks positively affects competitive advantage by enhancing dynamic capabilities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.201-214
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• 2022

This study theoretically and empirically examined whether organizational communication mediates the effect of organizational learning culture perceived by members in the organization on task performance and contextual performance. Organizational learning culture is defined as a culture that is good at creating, acquiring, transferring, and modifying behavior to reflect new knowledge and insights. The hypothesis of this study is that the perceived organizational learning culture can increase performance through organizational communication between members. In particular, we measured communication within the organization into three types: upward, horizontal, and downward. These communications were set as mediating variables. In empirical studies, independent variables were perceived organizational learning culture, mediation variables were upward, horizontal and downward communication, and dependent variables were task performance and contextual performance. Hypothesis 1 is that the organizational learning culture will have a positive effect on employees' tasks and contextual performance. Hypothesis 2 is about the mediating effect of communication on the relationship between Hypothesis 1. In the empirical study, after verifying the validity and reliability of the research variables, correlation analysis and hypothesis verification were conducted. Hypothesis 1 was verified through regression analysis, and all detailed hypotheses were supported. To verify Hypothesis 2, we conducted a bootstrap test using process macro to separate the total, direct, and indirect effects and examine the significance of the indirect effects. As a result, Hypothesis 2 was partially supported. Downward communication mediated organizational learning culture and task and contextual performance, and horizontal communication mediated organizational learning culture and contextual performance. The mediating effect of upward communication was not significant. The results of this study contributed to the suggestion of implications, research limitations, and research directions. Organizational learning culture is the direction and intention of the organization to achieve its goals through the learning and growth of its members. By strengthening internal motivation, organizational members can take voluntary desirable actions that help groups and organizations as well as essential tasks given. since this relationship appears as a medium of downward communication, organizations can strengthen the relationship between organizational learning culture and performance through leadership education.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.147-163
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• 2022

The relocation policy of public Institutions throughout provincial areas that implemented for the purpose of "balanced national development" finished in 2019 with the last relocation of the Korea Institute of Science & Technology Evaluation and Planning, which moved to Chungbuk Innovation City. Electric power public corporations also completed relocation program over eight regions across the nation. This study was conducted empirically to identify the structural relationship between the public service motivation and job attitude. In this, the relationship of organizational change, particularly occurred by the regional relocation, with the psychological state of these organization members (experienced direct changes and got substantial impacts in various aspects such as psychological, economic and living environment, etc.,) was studied. This study aims to seek early organizational stabilization ideas for electric power public corporations after relocation, and to present some implications that can contribute to the secondary relocation of public institutions to local areas. This study shows the statistically significant relationship between the psychological state occurred by relocation and organizational commitment. The result shows that the higher the expectation levels, the higher the degree of organizational commitment, while anxious psychological state has no relation with that. Additionally, expectation level has no significant functional relation with turnover intention. Followings are the major conclusions revealed in this study; The stronger the anxious psychological state, the higher the turnover inducement goes up. The higher the expectation levels, the higher the public service motivation grows, and the higher the anxiety psychological state, the public service motivation lowers. The organizational commitment grows according to the public service motivation proportionally, but the turnover inducement intention is weak. The moderating effect of public service motivation between the expectation of organizational change and turnover intention was not significant, but it was analyzed that the moderating effect of public service motivation formed a significant relationship with other anxiety psychology. The expectation levels of employees of electric power public corporations has grown up after moving to provincial areas. Relationship between the expectation mind and the turnover inducement has decreased after local relocation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.3
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• pp.139-153
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• 2024

The importance of sustainable growth and cost reduction has increased globally, leading to the expansion of outsourcing by companies. Additionally, the spread of the platform economy has brought changes in the way we work, and the online outsourcing market, where tasks are mediated through platforms, is growing. Academically, while research on general outsourcing is actively conducted, studies on online outsourcing are relatively insufficient compared to its actual utilization. This study aims to analyze the factors and performance factors of online outsourcing utilization by startups, to identify the effects and concerns of using online outsourcing from multiple perspectives, and to suggest the roles of various stakeholders for effective utilization and industry development. For the research, a survey was conducted with 281 employees of startups who have experience in using online outsourcing, and the main findings are as follows. First, the enhancement of efficiency, profitability, and innovation through the use of online outsourcing positively affects organizational commitment and job satisfaction of startup members. Especially, the improvement of efficiency due to the use of online outsourcing has a significant effect on enhancing job satisfaction. Second, concerns about the burden of online outsourcing fees or uncertain outcomes negatively affect organizational commitment and job satisfaction. Third, there are perceptual differences in the motivations and performance regarding the utilization of online outsourcing depending on the job position. Practitioners perceive that the use of online outsourcing increases organizational commitment, whereas managers have relatively higher concerns about the uncertainty of outsourced task outcomes and information security. Through this study, the possibility that human resource shortages and employee management issues in startups can be improved through online outsourcing was confirmed. By verifying the influence of various factors of online outsourcing utilization, this study also provides meaningful implications for establishing business strategies for online outsourcing intermediary platform companies and for formulating startup support policies by government and other startup support organizations.