• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.4
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• pp.1-12
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• 2018

During few decades, Korean economy has been growing with heavy and manufacturing industries. However, the economy meets limitations of growth rate, and employment rate. The Korean government has been trying to overcome these limitations using development of venture businesses and re-organization of industrial ecosystem. These efforts make high survival rate of recent venture companies. There are previous researches about relation between characteristics of entrepreneur and managerial performance, there are several limitations. Firstly, most of papers were based on survey with specific region or industry. Secondly, related researches were carried out with unable to distinguish among firm's survival periods. This paper uses the '2017 Survey of Korea Venture Firms' data that is approved by the Korean government. This data includes whole industries and survival periods. The aim of this research is finding the effect of characteristics of entrepreneur on managerial performance of venture firms by different survival periods using data envelopment analysis (DEA). If entrepreneur has doctoral degree, the firm's managerial performance is lower than bachelor degree. In addition, over 10 years of working career, and joint-venture have positive effect on firm's performance. This paper can provide valuable information to venture related policy makers and investment decision makers.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.1
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• pp.1-13
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• 2014

This study examines the relationship between firms' external search strategy and their innovation performance. In addition to revisiting the relationship between open search strategy and product innovation, we further extend the impact of use of external knowledge sources to process and organizational innovation. Using the 2010 Korean Innovation Survey (KIS) of manufacturing firms, we report that on average, venture firms search more widely (external search breadth) and deeply (external search depth) across a variety of external search channels than non-venture firms. We then further explore the impact of venture and non-venture firms' use of external search strategies on innovation performance. We find that both searching widely and deeply increase the likelihood of non-venture firm's successes in product, process and organizational innovation. Similar results can be found for the venture firm's success in organizational innovation. However, only searching deeply increases the likelihood of venture firms' success in product and process innovation.

• Proceedings of the Safety Management and Science Conference
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• 2002.11a
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• pp.285-294
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• 2002

The size of state in Korea is like Israel, this country's venture capital is ruled by government. This venture capital's character is below: the concentration on research of venturer affect positively at qualify of products, This paper lies with venture capital's risk character & performance. The results show that Korean venture capitals have lager unsystematic risk than systematic risk, which implies they specialize in specific business and/or regional areas instead of diversification. The Sharpe measure reveals that the performances of Korean venture capitals are very low relative to even the market portfolio(Kospi) and Kosdaq.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.25-34
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• 2022

Established and new companies face similar business challenges in achieving performance and competitiveness. Furthermore, several empirical studies using competitive advantage resource-based view theory show that established companies achieve performance and competitiveness with breakthrough innovations. Similarly, new business ventures with limited resources must incorporate breakthrough innovations to achieve performance and competitiveness. Therefore, this study aimed to examine the impact of ambidextrous innovation on new venture performance and competitiveness. It used an online survey to collect data from 178 newly established shipping agency companies in 22 provinces in Indonesia. Data was analyzed using multivariate analysis with WarpPLS 7.0, where the analysis unit was an organization represented by a director. The results showed that ambidextrous innovation positively and significantly affects firm performance and new venture competitiveness. This means that ambidextrous innovation that emphasizes adaptation and development improves the firm's internal business processes, even with limited resources. Moreover, it increases new ventures' competitiveness in responding to threats and taking advantage of market opportunities. These results contribute to the competitive advantage resource-based view theory, specifically for new venture empirical examination. Also, they contribute to practical implications in the transportation business, demonstrating that exploitative breakthrough innovation can improve new venture competitiveness and performance.

• Journal of the Korean Operations Research and Management Science Society
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• v.26 no.3
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• pp.21-37
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• 2001

Riding on the wave of the information technology revolution, a slow of internet venture businesses (IVB) came into being. Hence, one of the recent developments in Korean capital market has been the proliferation of IVB, which is in accordance with the worldwide trend of ‘new economy’. Although the fair valuation is crucial for the nourishment of IVB, it is difficult to apply traditional valuation methods to these firms without reservation. It is due to the facts that most venture firms have little records of performance, grow unprecedently fast, and have highly uncertain future. The main purpose of this study is to suggest performance evaluation system of IVB and to develop KPE (Key Performance Indicators). Our empirical study is based upon Kaplan & Norton’s Balance Scorecard (BSC) approach. Specifically, our research has been conducted by the following two subsequent procedures: Firstly, seven internet venture firms have been selected and their executives have been interviewed by FGI(Focus Group Interview) method. Based upon these results, performance indicators have been developed. Secondly, by using the above mentioned BSC items (i.e., financial perspective, customer perspective, internal perspective and innovation & learning perspective), questionnaires have been constructed and sent to IVB through e-mail as well as over the Fax. Among the collected 110 samples, reliable 106 samples have been used to build BSC model and to draw our conclusion. In the future study, it would be much better to consider the role of strategy in IVB and the causal relationship among Key Performance Indicators of BSC.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.31-46
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• 2019

As the importance of venture firms has increased as a new growth engine, the South Korea government makes various efforts to establish healthy ecosystems for ventures and start-ups. Especially in order to foster the competitiveness of venture firms, various support policies such as financial and R&D expenses are being expanded and promoted. In this study, the author analyzed the impact of government funding on venture firms' internal competencies and management performance by using the resource-based theory. Moreover, this study tested the moderation effect of firm's growth stages. Unlike previous studies, this study focused on qualitative rather than quantitative aspects of internal competencies and the financial and non-financial performance are used to measure the management performance of the ventures to examine the effects of government funding for venture firms in more details. For the purpose of verifying the hypothesis of this research, "The Research On The Precision Status Of Venture Firms" in 2017 from the Ministry of Small and Medium Business was utilized, which has been compiled since 1999. According to the results of this study, the government funding experience did not significantly affect the company's internal competencies and financial performance, but had a significant impact on the non-financial performance, which in turn seemed to have a significant effect on the financial performance. In addition, it was found that the technology, price, design, and quality competencies affected non-financial performance, while the organizational management and marketing competencies did not. However, the price, design, organizational management, and marketing competencies affected financial performance, while the technology competency was not. Finally, there were no differences in the effectiveness of government funding, depending on the growth stages.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.1
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• pp.35-45
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• 2012

This study empirically analyzed how technological innovation performance of venture business is affected by utilization of external resources, especially utilization of external cooperative network, government's policy funds and venture capital funds, using '2008 Venture Business Investigation'. This study further analyzed how the effect of utilization of external resources on technological innovation performance varies according to growth stage. Analysis results show that all variables related to utilization of external resources, i.e. external cooperative network, government's policy funds and venture capital funds, were observed as affecting positively to technological innovation performance. However, adjustment effect was not observed as statistically meaningful according to growth stage of venture business. Further analysis just observed that the effect on technological innovation performance at each growth stage varies according to type of utilization of external resources.

• Journal of Korea Technology Innovation Society
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• v.9 no.4
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• pp.812-841
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• 2006

Previous studies have shown that the ex-ante financial ratios, mainly used by financial institutions for loan evaluation purpose, are related to the ex-post finn's performance of venture firm's. The main objective of this study is to examine whether non-financial variables such as 'technology', 'marketability', and 'other business indexes' have extra explanatory power in forecasting the ex-post firm's performance of small and medium size venture firm's in Korea. The implications and results of this study are expected to be useful in loan evaluation, investment decision and internal management decisions of venture firms. Among small and medium sized manufacturing firms funded in the year of 1999 through 2005, 416 firms are selected for our analysis. The relationship between evaluation indexes and firm's success/failure is investigated using binary logistic regression analysis and factor analysis with an aid of SPSS program. The summarized results are as follows. First, current evaluation model, used for loan evaluation purpose for small and medium size manufacturing firms show the same discriminatory power as previous prediction model. Second, among the tested additional variables, significant indices are 'technological capability of CEO', 'managerial capability of CEO', and 'business feasibility'. Third, while previous studies on evaluation structure had 3 factors, this study showed that valuation's structure has 6 factors.

• 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.

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

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