The Effect of Technology Start-up Companies' Absorption Capacity on Start-up Performance: Focusing on the Mediating Effect of Patent Activities

기술창업기업의 흡수역량이 창업성과에 미치는 영향: 특허활동의 매개효과를 중심으로

  • 김종식 (단국대학교 미래ICT융합학과 벤처창업학) ;
  • 남정민 (단국대학교 미래ICT융합학과 벤처창업학)
  • Received : 2023.05.14
  • Accepted : 2023.06.28
  • Published : 2023.06.30

Abstract

Amid rapid changes in technological innovation due to the influence of the 4th Industrial Revolution and COVID-19, research related to absorption capacity and patent activities to promote technological innovation of Korean technology start-ups is important in this uncertain environment. This study aims to examine the effects on entrepreneurial performance and patent activities by reconstructing absorptive capacity, an organizational capability, for technology-based startups in fields such as BT and ICT with less than seven years of establishment, distinguishing between potential absorptive capacity and realized absorptive capacity. The study also seeks to develop a theoretical research model. To accomplish this, data was collected from managerial executives, including CEOs of 215 technology startups. The following hypotheses were tested: Firstly, potential absorptive capacity had a significant impact on patent activities, while realized absorptive capacity did not. Secondly, potential absorptive capacity had a significant impact on technological performance, while realized absorptive capacity did not. Thirdly, both potential and realized absorptive capacity had a significant impact on financial and non-financial performance. Fourthly, patent activities indirectly influenced potential absorptive capacity and technological performance, but did not affect realized absorptive capacity. Fifthly, patent activities indirectly influenced potential absorptive capacity and financial performance, but did not affect realized absorptive capacity. Lastly, patent activities indirectly influenced potential absorptive capacity and non-financial performance, but did not affect realized absorptive capacity. The practical significance of this study lies in providing useful guidelines for building the core capabilities of organizations through absorptive capacity and patent activities. Furthermore, it is expected that startups that have not recognized the formation process of absorptive capacity for patent activities will perceive the formation mechanism of absorptive capability anew and show considerable interest in future potential and realized absorptive capacity as part of their management strategies. This is anticipated to play an important role in adapting to rapidly changing technological advancements, the startup ecosystem, and securing sustainable competitive advantages.

4차 산업혁명과 COVID-19의 영향으로 기술 혁신이 급속도로 변화하는 가운데, 이러한 불확실한 환경 속에서 한국 기술창업기업의 기술 혁신을 촉진하기 위한 흡수역량 및 특허활동 관련 연구는 중요한 의미를 갖는다. 본 연구는 스타트업을 기준으로 한 BT, ICT 등 신기술 기반의 7년 미만 기술창업기업을 대상으로 조직역량인 흡수역량을 잠재적 흡수역량과 실현적 흡수역량으로 재구성하여 창업성과에 미치는 영향과 특허활동에 관한 연구를 수행하고, 이론적 연구모형을 개발하고자 하였다. 이를 위해 215개의 기술 스타트업의 CEO를 포함한 관리직 임원을 대상으로 자료를 수집하였으며, 다음과 같이 가설을 검증하였다. 첫째, 잠재적 흡수역량은 특허활동에 유의미한 영향을 주었지만, 실현적 흡수역량은 유의미한 영향을 주지 않았다. 둘째, 잠재적 흡수역량은 기술성과에 유의미한 영향을 주었지만, 실현적 흡수역량은 유의미한 영향을 주지 않았다. 셋째, 잠재적 흡수역량과 실현적 흡수역량 모두 재무적 성과와 비재무적 성과에 유의미한 영향을 주었다. 넷째, 특허활동은 잠재적 흡수역량과 기술성과에 간접적인 영향을 미치고, 실현적 흡수역량은 영향을 미치지 않았다. 다섯째, 특허활동은 잠재적 흡수역량과 재무적 성과에 간접적인 영향을 미치고, 실현적 흡수역량은 영향을 미치지 않았다. 여섯째, 특허활동은 잠재적 흡수역량과 비재무적 성과에 간접적인 영향을 미치고, 실현적 흡수역량은 영향을 미치지 않았다. 본 연구의 시사점으로는 흡수역량과 특허활동의 변수가 조직의 핵심 능력을 구축하는 데 있어 유용한 지침을 제공한다는 점에서 실무적 의의가 있다. 또한, 특허활동에 대한 흡수역량 형성 과정을 중요하게 인식하지 않은 스타트업은 흡수능력 형성 메커니즘을 새롭게 인식하고, 향후 잠재적이고 실현적인 흡수역량을 통해 경영 전략에 상당한 관심을 가질 것으로 예상된다. 이는 급변하는 기술 변화와 창업생태계의 대응 및 지속 가능한 경쟁우위 확보에 중요한 역할을 할 것으로 기대된다.

Keywords

References

  1. Ahn, Y. S.(2010). An Empirical Analysis about the Effect on Performance of Firm's Patent Competency: Focusing on the High Performance Venture Firms in Korea. Knowledge Management Research, 11(1), 83-96.
  2. Armanios, D. E., Eesley, C. E., Li, J., & Eisenhardt, K. M.(2017). How entrepreneurs leverage institutional intermediaries in emerging economies to acquire public resources. Strategic Management Journal, 38(7), 1373-1390. https://doi.org/10.1002/smj.2575
  3. Baran, A., & Zhumabaeva, A.(2018). Intellectual property management in startups-problematic issues. Engineering Management in Production and Services, 10(2), 66-74. https://doi.org/10.2478/emj-2018-0012
  4. Baron, R. M., & Kenny, D. A.(1986). The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of personality and social psychology, 51(6), 1173
  5. Cohen, W. M., & Levinthal, D. A.(1990). Absorptive capacity: A new perspective on learning and innovation. Administrative science quarterly, 128-152.
  6. Chandler, G. N., & Hanks, S. H.(1994). Founder competence, the environment, and venture performance. Entrepreneurship theory and practice, 18(3), 77-89. https://doi.org/10.1177/104225879401800306
  7. Choi, J. H.(2022). A Study on the Effect of Intellectual Property Rights on Investment Attraction of Startups: Focusing on Patent. Master's thesis, Dongguk National University.
  8. Cho, J. S.(2021). Analysis of IP activity characteristics and IP strategy of digital content startups. Journal of the Digital Content Society, 22(1), 115-123. https://doi.org/10.9728/dcs.2021.22.1.115
  9. Choi, S. H., Kang, H. K., & An, N.(2017). The Influence of Entrepreneurial Orientation of Small-Medium Enterprise's CEO on Business Performance: Mediating Effect of Product and Service Innovation. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 12(4), 145-157. https://doi.org/10.16972/apjbve.12.4.201708.145
  10. Choi, S. M.(2017). Research on the impact of exploration and utilization on patent activities and innovation, focusing on small and medium-sized manufacturing companies in Korea and China. Doctoral Dissertation, Chungbuk National University.
  11. Chung, C. S.(2011). Relationship between golf course internal marketing factors and job attitude, management performance. Doctoral Dissertation, Dongshin National University.
  12. Clark, K. B., & Fujimoto, T.(1991). Product development performance: Strategy, organization, and management in the world auto industry. Harvard Business Press.
  13. Cooper, A. C., & Bruno, A. V.(1977). Success among high-technology firms. Business Horizons, 20(2), 16-22. https://doi.org/10.1016/0007-6813(77)90096-9
  14. Daspit, J. J., Long, R. G., & Pearson, A. W.(2019). How familiness affects innovation outcomes via absorptive capacity: A dynamic capability perspective of the family firm. Journal of Family Business Strategy, 10(2), 133-143. https://doi.org/10.1016/j.jfbs.2018.11.003
  15. Deeds, D. L., & Hill, C. W.(1996). Strategic alliances and the rate of new product development: An empirical study of entrepreneurial biotechnology firms. Journal of business venturing, 11(1), 41-55. https://doi.org/10.1016/0883-9026(95)00087-9
  16. Ernst, E., & Resch, K. L.(1995). Concept of true and perceived placebo effects. Bmj, 311(7004), 551-553. https://doi.org/10.1136/bmj.311.7004.551
  17. Fang, L. H., Lerner, J., & Wu, C.(2017). Intellectual property rights protection, ownership, and innovation: Evidence from China. The Review of Financial Studies, 30(7), 2446-2477. https://doi.org/10.1093/rfs/hhx023
  18. Fornell, C., & Larcker, D. F.(1981). Structural equation models with unobservable variables and measurement error: Algebra and statistics. Journal of Marketing Research, 18(3), 382-388.
  19. Frenz, M., & Ietto-Gillies, G.(2009). The impact on innovation performance of different sources of knowledge: Evidence from the UK Community Innovation Survey. Research policy, 38(7), 1125-1135. https://doi.org/10.1016/j.respol.2009.05.002
  20. Grandi, A., & Grimaldi, R.(2003). Exploring the networking characteristics of new venture founding teams: A stdy of italian academic spin-off. Small Business Economics, 21, 329-341. https://doi.org/10.1023/A:1026171206062
  21. Hagedoorn, J., & Cloodt, M.(2003). Measuring innovative performance: is there an advantage in using multiple indicators?. Research policy, 32(8), 1365-1379. https://doi.org/10.1016/S0048-7333(02)00137-3
  22. Hair, J. F., Black, W. C., & Babin, B. J.(2010). RE Anderson Multivariate data analysis: A global perspective. London: Pearson Education.
  23. Hayes, A. F.(2012). PROCESS: A versatile computational tool for observed variable mediation, moderation, and conditional process modeling. Retrieved(2023.06.07) from http://www.afhayes.com/public/process2012.pdf.
  24. Holgersson, M., & Wallin, M. W.(2017). The patent management trichotomy: patenting, publishing, and secrecy. Management Decision, 55(6), 1087-1099. https://doi.org/10.1108/MD-03-2016-0172
  25. Hu, L. T., & Bentler, P. M.(1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural equation modeling: a multidisciplinary journal, 6(1), 1-55. https://doi.org/10.1080/10705519909540118
  26. Im, J. H., & Kim, B. G.(2018). The Effects of Entrepreneurship Orientation and Absorptive Capacity on Corporate Performance: Focusing on Mediating Effects of Product Innovation Performance. Journal of Korea technology innovation society, 21(4), 1536-1576.
  27. Jang, M. G.(2019). The Influence of Entrepreneurship and Startups' Competences on Competitive Advantage and Startups' Performance. Professional management research, 22(1), 207-228.
  28. Jang, S. H.(2021). A Study on the Impact of Government Start-up Support Projects on Start-up Performance: A Study on Enterprises Supporting Start-up Leap Packages. Doctoral Dissertation, Honam National University.
  29. Jeong, J., Kim, J., Son, H., & Nam, D. I.(2020). The role of venture capital investment in startups' sustainable growth and performance: Focusing on absorptive capacity and venture capitalists' reputation. Sustainability, 12(8), 3447.
  30. Jones, G. K., Lanctot Jr, A., & Teegen, H. J.(2001). Determinants and performance impacts of external technology acquisition, Journal of Business venturing. 16(3), 255-283. https://doi.org/10.1016/S0883-9026(99)00048-8
  31. Jung, D. H., Lee, K. P., & Shin, J. H.(2019). The Influences of Intellectual Property-based Entrepreneurship on major Entrepreneurial Performance. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 14(3), 1-11. https://doi.org/10.16972/APJBVE.14.3.201906.1
  32. Jung, Y. H.(2016). A Study on the Factors of the Performance of Technological Innovation for SMEs: Focusing on Absorptive Capacity. Doctoral Dissertation, Korea National University.
  33. Kaplan, R. S., & Norton, D. P.(1996). Using the balanced scorecard as a strategic management system. Harvard Business Review, 7, 37-47.
  34. Kim, E. J.(2010). The moderating effect of patent management activities on the effect of patent rights on corporate performance. Master's Thesis, Chung-Ang National University.
  35. Kim, C. G., Lee, C. S., & Kim, J. S.(2014). Analysis of Factors Influencing the Early Performance of Technology-Based Start-ups. Korean Corporation Management Review, 21(5), 63-86.
  36. Kim, S. M.(2019). The Influence of Technology-related Capacity and CEO Experience of Start-up on Absorptive Capacity, Technology Readiness and Start-up Performance. Doctoral Dissertation, Kyungil National University, Korea.
  37. Kim, Y. J.(2009). The Impacts Of Interfirm Trust On The Alliance Effectiveness In The Technological Collaboration Alliances. Juurnal of Human Resource Management Research, 16(2), 33-54.
  38. Kim, Y. S., & Kim, H. G.(2018). The Influence of Family Firms Succession Factors on Entrepreneurship and Business Performance. Journal of the Korean Society of Contents, 18(9), 375-389.
  39. Klaus, S.(2017). Klaus Schwab's fourth industrial revolution. Seoul: Megastudy books.
  40. Kook, H. J.(2017). A Study on the Impact of ISO 50001 Certification Factors on Climate Response and Financial Performance. Doctoral Dissertation, Soongsil National University.
  41. Koo, C. M., & Choi, J. I.(2008). An Empirical Study on the Effects of Organizational Absorptive Capacity on Firm's Performance. Korea Management Review, 37(3), 515-536.
  42. Kozan, M. K., Oksoy, D., & Ozsoy, O.(2006). Growth plans of small businesses in Turkey: Individual and environmental influences. Journal of Small Business Management, 44(1), 114-129. https://doi.org/10.1111/j.1540-627X.2006.00157.x
  43. Ko, B. S.(2004). An Empirical Study on the Determinants of Venture Business Performance. Doctoral Dissertation, Ajou National University.
  44. Kwon, J. H.(2017). The Impact of Public Organization Collaboration on New Product Development Performance and the Moderating Role of Absorptive Capacity. Doctoral Dissertation, Yeungnam National University.
  45. Lane, P. J., Koka, B. R., & Pathak, S.(2006). The reification of absorptive capacity: A critical review and rejuvenation of the construct. Academy of management review, 31(4), 833-863. https://doi.org/10.5465/amr.2006.22527456
  46. Lau, C. M., & Bruton, G. D.(2011). Strategic orientations and strategies of high technology ventures in two transition economies. Journal of World Business, 46(3), 371-380. https://doi.org/10.1016/j.jwb.2010.07.011
  47. Lee, C. H.(2021). The Effect of Absorptive Capacity of SMEs on Technology Innovation Capacity and Management Performance. Doctoral Dissertation, Konkuk National University.
  48. Lee, H. H., Hwang, B. Y., & Gong, C. H.(2017). A Study on the Factors that Determine the Initial Success of Start-Up. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 12(1), 1-13. https://doi.org/10.16972/APJBVE.12.1.201702.1
  49. Lee, H. M.(2012a). A study of the Patent-related Activities affecting the Early Stage Company Performance of Technology-based Start-ups. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 7(3), 45-53. https://doi.org/10.16972/apjbve.7.3.201209.45
  50. Lee, H. M.(2012b). A study of the Patent-related Activities affecting the Early Stage Company Performance of Technology-based Start-ups. Master's thesis, Hanbat National University.
  51. Lee, H. S.(2017). A study on the effects of absorptive capacity on core competencies and business performance of enterprises : Direct and indirect effect verification. Doctoral Dissertation, Sungkyunkwan National University.
  52. Lee, H. S., & Lee, J. S.(2017). A Comprehensive Study on the Effect Relationship among Core Competencies and Business Performance. Korean management science review, 34(2), 35-56. https://doi.org/10.7737/KMSR.2017.34.2.035
  53. Lee, J. H., Cho, S. M., & Kwon, S. I.(2018). A Study on Social Enterprise Research Trends Based on Keyword Network Analysis: Based on the publication of Korean academic journals from 2000 to 2017. Social Value and Corporate Research, 11(2), 183-236.
  54. Lee, K. C., & Kim, B. J.(2022). The effect of the entrepreneurial orientation of technological innovation-type SMEs on innovation performance: mediating effect of absorption capacity and technological innovation. Journal of the Korean Entrepreneurship Association, 17(5), 75-98.
  55. Lee, K. H., & Yoon, B. S.(2006). The Effects of Patents on Firm Value:Venture vs. non-Venture. Journal of Technology Innovation, 14(1), 67-100.
  56. Lee, T. H.(1997). Exploratory Research on Patent Activities in the Technology Development Process. Master's thesis, Korea Institute of Science and Technology.
  57. Lee, Y. J.(2006). The Effect of Characteristics of Entrepreneurs of Business Incubator Companies on Business Performance. Doctoral Dissertation, Hoseo National University, Korea.
  58. Liao, J., Welsch, H., & Stoica, M.(2003). Organizational absorptive capacity and responsiveness: An empirical investigation of growth-oriented SMEs. Entrepreneurship Theory and practice, 28(1), 63-86. https://doi.org/10.1111/1540-8520.00032
  59. Liu, X., Zhao, H., & Zhao, X.(2018). Absorptive capacity and business performance: The mediating effects of innovation and mass customization. Industrial Management & Data Systems, 118(9), 1787-1803. https://doi.org/10.1108/IMDS-09-2017-0416
  60. Madyda, A., & Dudzik-Lewicka, I.(2014). Innowacyjnosc a rozwoj malych i srednich przedsiebiorstw: Zeszyty Naukowe Wyzszej Szkoly Humanitas. Zarzadzanie, 1, 133-140.
  61. Malhotra, A., Gosain, S., & El Sawy, O. A.(2005). Absorptive Capacity Configurations in Supply Chains: Gearing for Partner-Enabled Market Knowledge Creation. MIS Quarterly, 29(1), 145-187. https://doi.org/10.2307/25148671
  62. Malyy, M., & Tekic, Z.(2018). Role of Startup's Intellectual Property in VCs Investment Decision-Making: Evidence from Russia. In 2018 IEEE International Symposium on Innovation and Entrepreneurship. Beijing: IEEE.
  63. McKelvie, A., Wiklund, J., & Brattstrom, A.(2018). Externally acquired or internally generated? Knowledge development and perceived environmental dynamism in new venture innovation. Entrepreneurship Theory and Practice, 42(1), 24-46. https://doi.org/10.1177/1042258717747056
  64. Muller, J. M., Buliga, O., & Voigt, K. I.(2021). The role of absorptive capacity and innovation strategy in the design of industry 4.0 business Models-A comparison between SMEs and large enterprises. European Management Journal, 39(3), 333-343.
  65. Ministry of Science and ICT(2018). Evaluation of technology level and technology level improvement measures for major technologies leading the 4th industrial revolution. Sejong: Ministry of Science and ICT.
  66. Miron, E., Erez, M., & Naveh, E.(2004). Do personal characteristics and cultural values that promote innovation, quality, and efficiency compete or complement each other?. Journal of organizational behavior, 25(2), 175-199. https://doi.org/10.1002/job.237
  67. Nambisan, S., Wright, M., & Feldman, M.(2019). The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes. Research Policy, 48(8), 103773.
  68. National Intellectual Property Commission(2023). 33rd National Intellectual Property Committee 2023. Retrieved(2023.3.23.), https://www.korea.kr/briefing/pressReleaseView.do?newsId=156558837.
  69. Nieto, M., & Quevedo, P.(2005). Absorptive capacity, technological opportunity, knowledge spillovers, and innovative effort. Technovation, 25(10), 1141-1157. https://doi.org/10.1016/j.technovation.2004.05.001
  70. Noh, J. B.(2016). Empirical Study on the Effects of Social Capital and Absorptive Capacity on Technology Commercialization Performance. Doctoral Dissertation, Konkuk National University.
  71. Noh, M. H.(2012). The Effects of Domestic Banks' BM Patent Activities on Their Profitability Performance. The Korean Research Association for the Business Education, 26(1), 23-48.
  72. Parida, V., Westerberg, M., & Frishammar, J.(2012). Inbound open innovation activities in high-tech SMEs: the impact on innovation performance. Journal of small business management, 50(2), 283-309. https://doi.org/10.1111/j.1540-627X.2012.00354.x
  73. Park, E. M., & Seo, J. H.(2021). Effect of Exploration and Exploitation Activities on Technology Innovation Capacity and Innovation Performance: Mediating Effect According to Absorption Capacity and Innovation Strength. Convergence Society for SMB, 11(8). 73-83. https://doi.org/10.22156/CS4SMB.2021.11.08.073
  74. Park, H. G.(2018). An Empirical Study on Influence of Technology Commercialization Capability of Early Start-up on Business Performance: On Moderating Effect of Technology Capability and Marketing Capability of the Founder. Doctoral Dissertation, Hoseo National University, Korea.
  75. Park, H. W.(2010). A Study on the Impact of Industrial Property Rights on Corporate Management Performance: Focusing on the Comparison between IT Venture Businesses and Agri-Food Venture Businesses. Doctoral Dissertation, Kyung Hee National University.
  76. Park, J. H.(2018). A Study on the Effects of Patents of Technology Start-up on Management Performance. Master's thesis, Pusan National University.
  77. Park, K. H.(2011). The Structure of Strategic Patent Management and Its Issue. Korea Institute of Intellectual Property, 6(4), 185-208. https://doi.org/10.34122/jip.2011.12.6.4.185
  78. Park, M. S.(2011). Research on technological cooperation and technological competitiveness of Korean SMEs. Doctoral Dissertation, Sungkyunkwan National University.
  79. Park, S. T., Kim, S. I., Lee, S. J., & Kim, Y. K.(2014). Patent activities and countermeasures against patent disputes, 2014 The Korea Society of Management information Systems Spring Joint Academic Conference. Cheonan: Korea Management Information Society.
  80. Park S. J.(2010). Research on the determinants of corporate performance of technology-based start-ups. Master's Thesis, Chung-Ang National University.
  81. Peters, T., Thiel, J., & Tucci, C. L.(2013). Protecting growth options in dynamic markets: the role of strategic disclosure in integrated intellectual property strategies. California Management Review, 55(4), 121-142. https://doi.org/10.1525/cmr.2013.55.4.121
  82. Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P.(2003). Common method biases in behavioral research: a critical review of the literature and recommended remedies. Journal of applied psychology, 88(5), 879.
  83. Preacher, K. J., Rucker, D. D., & Hayes, A. F.(2007). Addressing moderated mediation hypotheses: Theory, methods, and prescriptions. Multivariate behavioral research, 42(1), 185-227. https://doi.org/10.1080/00273170701341316
  84. Robinson Jr, R. B., Salem, M. Y., Logan, J. E., & Pearce, J. A.(1986). Planning activities related to independent retail firm performance. American Journal of Small Business, 11(1), 19-26.
  85. Simonin, B. L.(1999). Ambiguity and the process of knowledge transfer in strategic alliances. Strategic management journal, 20(7), 595-623. https://doi.org/10.1002/(SICI)1097-0266(199907)20:7<595::AID-SMJ47>3.0.CO;2-5
  86. Somaya, D.(2012). Patent strategy and management: An integrative review and research agenda. Journal of management, 38(4), 1084-1114. https://doi.org/10.1177/0149206312444447
  87. Son, I. B., & Heo, C. M.(2017). A Study on the Effects of Absorptive Capacity in SMEs on Product Competitiveness: Considering the Moderating Effect of CEO's Entrepreneurship. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 12(4), 61-72. https://doi.org/10.16972/APJBVE.12.4.201708.61
  88. Stuart, R., & Abetti, P. A.(1987). Start-up ventures: Towards the prediction of initial success. Journal of business venturing, 2(3), 215-230. https://doi.org/10.1016/0883-9026(87)90010-3
  89. Tsai, K. H., & Wang, J. C.(2009). External technology sourcing and innovation performance in LMT sectors: An analysis based on the Taiwanese Technological Innovation Survey. Research Policy, 38(3), 518-526. https://doi.org/10.1016/j.respol.2008.10.007
  90. Todorova, G., & Durisin, B.(2007). Absorptive capacity: Valuing a reconceptualization. Academy of management review, 32(3), 774-786. https://doi.org/10.5465/amr.2007.25275513
  91. Van Santen, S.(2019). Understanding the Role of Intellectual Property in Digital Technology-Based Startups: Decisions and Dynamics. Doctoral Dissertation, Chalmers Tekniska Hogskola, Sweden.
  92. Wang, B., Chai, K. H., & Subramanian, A. M.(2015). Roots and development of intellectual property management research: A bibliometric review. World Patent Information, 40, 10-20. https://doi.org/10.1016/j.wpi.2014.12.002
  93. Winter, J. E.(1978). A review on the knowledge of suspension-feeding in lamellibranchiate bivalves, with special reference to artificial aquaculture systems. Aquaculture, 13(1), 1-33. https://doi.org/10.1016/0044-8486(78)90124-2
  94. Woo, J. P.(2012). Concept and Understanding Structural Equation Model. Seoul: Han Na-rae Publishing Company.
  95. Yoon, B. S., Kim, Y. J., & Lee, J. B.(2019). An Empirical Investigation into the Effects of Network Trust and Absorptive Capacity of the North Korean Defectors on Business Performance. Journal of the Korean Society for Startup, 14(4), 50-75. https://doi.org/10.24878/tkes.2019.14.4.050
  96. Yoon, S. H., & Choo, K. W.(2014). An Empirical Study of the Impact of the Technology Innovation Capabilities and Patent-related Activities from the Knowledge Management and New Product Development on the Business Performance. Industrial Economy Research, 27(4), 1653-1683.
  97. Yun, H. B., Kim, J. S., & Lee, I. H.(2018). The Effects of Enterprise Characteristics in Technology-based Startups on Business Performance. Journal of the Korean Society of Start-ups, 13(1), 118-144. https://doi.org/10.24878/tkes.2018.13.1.118
  98. Yusuf, A.(1995). Critical success factors for small business: Perceptions of South Pacific entrepreneurs. Journal of small business management, 33(2), 68.
  99. Zahra, S. A.(1996a). Technology strategy and financial performance: Examining the moderating role of the firm's competitive environment. Journal of Business venturing, 11(3), 189-219. https://doi.org/10.1016/0883-9026(96)00001-8
  100. Zahra, S. A.(1996b). Technology strategy and new venture performance: A study of corporate-sponsored and independent biotechnology ventures. Journal of business venturing, 11(4), 289-321. https://doi.org/10.1016/0883-9026(95)00128-X
  101. Zahra, S. A., & George, G.(2002). Absorptive capacity: A review, reconceptualization, and extension. Academy of management review, 27(2), 185-203. https://doi.org/10.2307/4134351