• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.3
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• pp.27-40
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• 2024

This study empirically derives the factors affecting the practice of corporate social responsibility (CSR) of venture firms in Korea from the perspective of Slack Resource Theory and the company's growth strategy, and provides implications for future expansion of venture firm's CSR activities. In Korea, venture firms have grown into important players in the national economy since the late 1990s through social contributions such as economic value creation, job creation, and technological development. As venture companies grow in status, positive relationships with stakeholders and responsibility for environmental and social values are required. Now, CSR is becoming an important strategic choice for SMEs and venture firms. However, until now, CSR-related academic research has mainly focused on large or listed corporations, and there is not much research on SMEs or venture firms. In particular, research on the factors that lead venture companies to make important business decisions of participating in CSR activities is not there yet. This study applied logistic multiple regression analysis using the '2023 Survey on Venture Firms' conducted by the Ministry of SMEs and Startups. As a result of this study, operating profit, which is an available resources of venture companies, and government support, which is a potential resource, have a positive impact on venture firms's CSR activities. Also, business relationships with large corporations and expectation for future cooperation also have a positive impact on CSR activities as the determinants. On the other hand, it was analyzed that in venture firms where ownership and management are not separated, the higher the CEO's shareholding ratio, the more negatively it affects CSR activities. This study contributes academically as the first empirical study on the determinants of CSR activities of venture firms in Korea and provides implications that government policy support and collaboration between large corporations and venture firms are important in order to expand CSR activities of venture firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.2
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• pp.21-33
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• 2013

This study analyzes the effects of diversification on business results and enterprise values of KOSDAQ-listed venture companies to inquire into the effective diversification strategies of venture companies after an initial public offering (IPO). In particular, this study used the Berry-Herfindahl index as a proxy variable regarding the level of diversification of venture companies, and categorized the diversification methods into M&As, strategic partnerships and establishment of subsidiaries to analyze the effects of the mutual interaction among such methods. The following is a summary of the results of the analysis. First, diversification did not have any statistically significant effects on business growth. However, it was found that there was an inverted U-shaped relationship between diversification and the profitability of the company. Second, although no statistical significance was found between enterprise values measured based on diversification and market value, a U-shaped relationship or positive relationship was found. Third, M&As were found to moderate the relationship between diversification and business results and enterprise values. Fourth, strategic relationship and establishment of subsidiaries was found to moderate the relationship between diversification and the profit results of the company. Based on the above findings, this study discovered the practical implications regarding the diversification of venture companies after listing on the KOSDAQ.

• Journal of Venture Innovation
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• v.5 no.3
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• pp.41-55
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• 2022

The purpose of this study is to investigate the effect of Job Embeddedness of members of small and medium-sized construction companies on turnover intention through organizational commitment, targeting employees of small and medium-sized construction companies located in Seoul, Gyeonggi, and Incheon. The significance sampling method was applied as the sampling method, and the number of cases used in the final analysis was 316, and the input data was processed using the SPSS 20.0 program for statistical analysis. As a result of analysis, First, it was found to have a significant negative(-) effect on the turnover intention in suitability and sacrifice as sub-factors of Job Embeddedness of small and medium-sized construction company members, and the correlation between linkage and turnover intention was not significant. Second, it was found to have a significant positive(+) effect on the organizational commitment in suitability, links and sacrifice as sub-factors of job embeddedness of small and medium-sized construction company members. Third, organizational commitment was found to have a significant negative(-) effect on turnover intention. Fourth, organizational commitment was found to completely mediate the relationship between job commitment and turnover intention. Therefore, it was found that the higher the Job embeddedness of the members of small and medium-sized construction companies, the more influential the turnover intention. This suggests that it can have a negative effect on turnover intention by improving the suitability of values pursued by individual members of the organization, work passion, and attachment to the organization.

• Journal of Venture Innovation
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• v.7 no.1
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• pp.111-130
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• 2024

The purpose of this study is to investigate whether self-leadership affects organizational commitment through job satisfaction of employees working in domestic mold-related companies. Questionnaires were collected online for a period of three months from employees working in domestic mold-related companies., A total of 209 questionnaires were used for the final analysis, and the questionnaires were composed of self-leadership, organizational commitment, and job satisfaction. In order to improve the early turnover problem and job competence of employees working in domestic mold-related companies, the effect of self-leadership on organizational commitment and job satisfaction and the effect of self-leadership on organizational commitment through job satisfaction were verified. As a result of the verification, it was proved that self-leadership had a significant effect on organizational commitment and job satisfaction, and job satisfaction had a complete mediating effect between self-leadership and organizational commitment.,This proved that the stronger the self-leadership and the higher the job satisfaction, the greater the impact on organizational commitment, thus laying the foundation for self-leadership education for mold-related workers in companies and associations.

• Journal of Technology Innovation
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• v.25 no.4
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• pp.79-105
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• 2017

As the size of venture firm's operating funds continues to increase, the scope of work of the investment jurisdiction is increasing dramatically as well. However, investment decisions vary widely, depending on the competence of the judges. This follow-up study recommends verifying the validity of the effectiveness of venture investments by validating the efficacy of assessing venture investment indexes. After verifying the assessment indexes for 100 venture firms, the study noted that the efficacy of the survey as a qualitative evaluation measure was approximately 85% hit, which can act as a yardstick for investment decisions. The results of this study can contribute toward the decision making power of venture companies in terms of investments.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.39-50
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• 2022

Based on the signaling theory, this study examined whether startups are more likely to attract venture investment when receiving government R&D subsidies. First, we reviewed previous studies of the investment decision-making process of venture capitalists and understood the conditions that influence investment decisions. Based on previous studies on the signal effect of government subsidies, particularly government R&D grants, on inducing private fund investment, this study revealed a mechanism to induce venture investment by startups. In addition, in order to verify whether government R&D subsidies have the effect of inducing venture investment, an empirical analysis was conducted based on data from startups under seven years and certified as a venture companies in 2021. This paper used PSM(Propensity Score Matching) method and DID(Difference In Difference) analysis for an empirical study to analyze the average treatment effect on the treated group(beneficiary startups of government R&D grants). As a result of empirical analysis, companies that receive more government R&D subsidies after starting a business are more likely to attract venture investment. From two to three years after conducting the first government R&D project, startups that received government R&D grants attracted more venture investment than those that did not. The results of this paper demonstrate that government R&D projects can also affect the venture investment ecosystem, giving policy implications to government R&D projects targeting startups. It is also expected to suggest strategic implications to startups that need new funding.

• Journal of the Korea Convergence Society
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• v.8 no.12
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• pp.329-341
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• 2017

In order to analyze how the entrepreneurship affects the commercialization performance in relation to R&D input factors, technological innovation and technology in the course of technology commercialization process. Korean manufacturing venture companies has been surveyed. The structural equation model showed technology commercialization mechanism driven by entrepreneurship. Innovativeness is one of the most important factors in the success of venture firms. Technology commercialization was dependent on innovation rather than the input of research and development resources. Technological innovation shows mediating effects in the influence of entrepreneurship on commercialization performance, but technology capability has relatively small effect. Commercialization process of new product development and product improvement was different. The government needs to actively support R&D strategies and commercialization infrastructure in order to promote innovation, assist R&D workforce and enhance product commercialization in venture companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.6 no.3
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• pp.19-42
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• 2011

This research focuses on the case studies for operating scheme of technology venture incubation centers located at science parks, technology parks, and foreign universities. Technology venture incubation centers in foreign countries commonly vitalize local economy, create job markets, and promote new venture industry. There is a distinct difference in many ways between foreign and domestic incubation centers. Foreign countries consider the position of incubation centers at national policy level. They characterize the operation of incubation centers into technology fields. They install the networks cooperating with experts and promote the management. Tenant companies moved in incubation centers enhance the degree of completion through industry-university cooperation. Universities and research centers utilize the results of R&D to make the business, accelerate to venture establishment with technical skills, and foster technology entrepreneurs by spin-offs. Through case studies we propose implications helpful to manage domestic technology incubation centers and management methods to be successful centers.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.87-113
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• 2023

Purpose - Focusing on Haier, a successful corporate venture in China, we analyse the operating mechanism and success factors of corporate venture, and reveal the necessary factors for the successful implementation of corporate venture. Design/methodology/approach - This study is a single case study centred on Haier, a successful corporate venture in China. Findings - The operational process of Haier's corporate venture includes six key aspects: project selection, team building, resource allocation and support, project implementation, risk control measures, performance evaluation and rewards. In terms of success factors, the support of top management with leadership capability of value creation and sharing is very important for the success of corporate venture. Secondly, a multi reward mechanism can be introduced to motivate employees and improve performance. Thirdly, it is important to integrate corporate culture into the operating mechanism of an corporate venture. Fourthly, flexible operations that break down rigid organisational boundaries and transform the organisation into a more open platform for entrepreneurship can increase the likelihood of success. Finally, empowering employees with operational discretion can also have a positive impact on the success of an Corporate Venture. Research implications or Originality - This study contributes to theory and practice by analysing the success conditions of corporate venture, providing new understanding and drawing new perspectives, especially from the experience of Haier. The results suggest strategies and flexibility for successfully pursuing corporate venture, and provide important experience for international companies to help them gain competitive advantage in global competition. It also helps corporate leaders to promote new directions and innovations and improve their strategies to respond to dynamic environments.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.9 no.3
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• pp.807-814
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• 2008

The fast globalization and the emergence of China have caused the change in relationship between big and medium enterprises. Therefore, the competition among medium enterprises became severe and the extremities in technical aspects became important. This study is aimed to comprehend the results and the affecting factors of R&D of Korean IT venture companies by reviewing of proceeding studies and actual proves. I define them considering of the character of the industries, the management of strategies and organizations, the process of R&D, and the performance which company made. As a result of empirical analysis are as the following : The character of industries affects the management of strategies and organizations. The management of strategies and organizations have an effect on the process of R&D and the process of R&D had an good effect on companies' capabilities and business performance.