• Journal of Technology Innovation
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• v.31 no.2
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• pp.333-369
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• 2023

In this paper, the effect of government corporate support projects on corporate growth was analyzed, and the effect on corporate financial performance or non-financial performance was empirically analyzed by using the growth stage as a modulating variable in government support activities. As a result, it was analyzed that government corporate support had a significant effect on financial performance, non-financial performance, and use of government support, and that the moderating effect of the growth stage had a positive (+) effect on both financial and non-financial performance. Taken together, the research results showed that government corporate support had a positive effect on corporate performance, the growth stage had a positive (+) effect on both financial and non-financial performance, and the impact on financial performance was even greater. Accordingly, government support projects must be supported according to each company's growth stage, and during the decline, companies need to provide customized support according to the state of the company through industry and corporate analysis, and it is expected to be meaningful to improve the efficiency of the government's business support project.

• Journal of Korea Technology Innovation Society
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• v.20 no.3
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• pp.546-575
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• 2017

This paper investigates the effects of public R&D support on medium-sized firms' R&D investment. The paper collects a panel dataset of Korean manufacturing firms' R&D investment and public support, and employs the DID (difference-in-differences) regression for the test of stimulating or crowding-out effect. Empirical analysis examines how the effect of public R&D support differs between small and medium-sized firms and whether firm size and technological capability moderate the effect in the sample of medium-sized firms. Empirical results show that public R&D support tends to generally stimulate private pure R&D investment for both small and medium-sized firms. Comparing the results for small and medium-sized firms, this paper finds that the stimulating effect is relatively larger and more significant for medium-sized firms, while the effect is not significant for small ones. Furthermore, the paper shows that the stimulating effect of public R&D subsidy on private R&D investment is relatively stronger for medium-sized firms with superior technological competence and the effect of tax support is greater for incompetent firms. These results suggest that public R&D policies and R&D programs, differentiated from those for existing small firms, are necessary for medium-sized firms to stimulate private R&D continuously and formulated carefully by considering firm size, technological capability and growth potential.

• Journal of Korea Technology Innovation Society
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• v.18 no.2
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• pp.264-291
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• 2015

This research is to empirically analyze the effects of governmental policy including R&D subsidiary and tax reduction, which are both direct and indirect financial supports, during the examination period (2007~2009). The analysis was based on 2,751 firms that received governmental support via both R&D subsidiary and tax reduction with 7,038 panel events during the economic recession (2008~2009) and found that governmental support drives R&D investment of firms during the recession. The contribution of this research is that investigation of policy effectiveness categorized by firm sizes, particularly during the economic crisis. The result of the study is that during the recession, large firms had more elasticity increase towards tax reduction whereas smaller firms and ventures had it towards direct financial subsidiary. The elasticity increase of both large and small firms was in positive association with firms' R&D investment. The result indicates that government support obviously has positive influence on R&D investment of firms during the crisis, even enforcing the investment.

• Journal of Labour Economics
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• v.36 no.2
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• pp.95-124
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• 2013

This article empirically explore the effects of a training subsidies of corporate training investment and productivity improvement using enterprise data. I find that large sized enterprises don't have clear positive effects, but small&medium sized enterprises have, And the more enterprises have corporate training investment, the more positive effects of training subsidies decrease. So large sized enterprises with a relatively high level of corporate training investment have the restricted effect of training subsidies compare to small&medium sized enterprises.

• Management & Information Systems Review
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• v.32 no.1
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• pp.1-18
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• 2013

Previous studies related with the relationship between R&D and innovation have focused on the role of R&D on innovation, and the empirical results have been not consistent. Although government policy supports have been considered a crucial factor to make innovation, it is true that there are little studies investigating the moderating effects of government policy supports on the relationship between R&D and innovation. The studies related with government policy supports mainly examined the direct effects of government policy supports on innovation. Using 2008 innovation activity table from STEPI, this study investigated the effect of R&D on innovation and the moderating effects of government policy support on the relationship between R&D and innovation. The data used in this study contains 532 Korean small and medium sized firms and information was collected over 3 years(2006-2008). The empirical results reports that R&D positively influences innovation and the moderating effects of government policy on the relationship is statistically significant. Therefore, This study suggests that R&D is required to firms for innovation and government policy supports are needed for connecting the R&D and innovation.

• Korean small business review
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• v.38 no.3
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• pp.165-184
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• 2016

This paper aims at analysing the effects of venture business finance supporting programs on efficiency and productivity of the venture firms, on the basis of the data envelope analysis (DEA) using data of 406 firms in the 2013 Venture Business Detailed Survey of Small and Medium Business Administration. The conclusions are summarized as follows. First of all, the efficiency of government finance supported venture firms is higher than that other venture firms. The increase of productivity in venture firms enjoying government supporting programs is higher than that in venture business without government supporting programs, especially in the technical progress rather than in efficiency improvement. Also the R&D supporting programs for venture firms lead to an increase in productivity. Taking the above results into consideration, government's venture supporting programs are evaluated to be effective in terms of an increase of productivity and the proper scope for fragile venture firms.

• Journal of Technology Innovation
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• v.29 no.4
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• pp.95-124
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• 2021

Startups play an important role in economic growth and job creation in niche markets, thus governments regularly expand their research and development(R&D) budgets accordingly. As stratups are more dependent on governments to compensate for insufficient resources and capabilities than large and medium-sized companies, trust in government policies will be important. In this study, we analyzed the impact of startups' trust in government R&D policies on innovation performance. There were three major results. The first result is that government R&D investments in startups increase innovation performance in the manufacturing and high-technology industries but did not affect other industries. The second result is that trust in government R&D policies increased innovation in high-and medium-high technology and manufacturing industries. The third result is that trust in government R&D policies affects innovation before, during, and after evaluation of support process. We analyzed the importance of trust to the effectiveness of government R&D support to determine how to effectively provide it. The results show that governments need to differentiate the types of R&D support they provide according to the target firm's technology level and whether they are a manufacturing company and that appropriate R&D support mechanism should be developed for low-technology and non-manufacturing companies. Finally, governments should allocate resources and make fair and transparent decisions to help companies grow, not to better supervise them.

• Journal of Technology Innovation
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• v.31 no.1
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• pp.149-173
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• 2023

The purpose of this paper is to analyze the effect of government R&D subsidies on business performance of SMEs in the field of Land, Infrastructure, and Transport. To this end, based on domestic and foreign literature, the performance derived through R&D was classified as primary and secondary parameters, and the commercialization program operated by the government was set as a moderating variable. Regression analysis, double mediation analysis, and moderated mediation effect analysis were used to confirm the effect of government R&D subsidy on project performance and process. As a result of this study, it was confirmed that government R&D subsidies have a significant effect on corporate management performance, and it was confirmed that the primary performance such as papers and patents and the secondary performance such as prototypes and legislative revisions have a double mediating. In addition, when the commercialization program was applied to the first and second parameters, it was confirmed that it played a moderated mediating effect. The results of this study are expected to be used when establishing government R&D support plans to expand business performance and economic effects in the future.

• 한국벤처창업학회:학술대회논문집
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• 2018.04a
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• pp.127-130
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• 2018

국내에서는 장기 경기침체로 인해 여성들이 창업시장에 도전하는 경우가 많아지고 있으며, 더 나아가 여성창업자들을 위한 민관중심의 창업지원 프로그램이 창업지원센터를 중심으로 시행중에 있다. 본 연구에서는 이러한 여성창업자들이 창업을 통해 성과를 달성하는데 필요한 여러 가지 요인들이 있는데, 개인적인 역량이나 업무적인 역량외에 여성만의 가지고 있는 특징을 독립변수로 선택하여 여성기업의 창업성과를 검증하고자 한다. 여기에 창업기업들에게 정부가 지원하는 정책적인 요인도 조절효과로 추가하여 여성창업자의 창업성과를 조사하였다. 이를 검증하기 위하여 총 250명을 대상으로 설문조사를 실시하였는데 설문에 참여하여 답한 내용중 일부가 누락되었거나 부정확한 표기를 한 설문을 제외하고 실질적으로 총 212명의 여성창업자들을 대상으로 창업성과에 영향을 미치는 요인들에 대한 설문을 통해 결과치를 분석하였다. 분석결과 첫째, 여성창업자 개인의 특성에 따라 창업성과에 (+) 의 영향을 미치는 것으로 나타났다. 둘째, 여성창업자의 업무적 특성인 독창성, 아이디어, 자원분배역량, 지도역량, 네트워크 구축, 인맥확보등이 여성창업자의 창업성과에 모두 정 (+) 의 영향을 미치는 것으로 나타났다. 셋째, 여성창업자만의 특성인 경력단절 유무와 결혼유무에 대해서는 회귀분석을 통한 나타난 결과는 창업성과와 무관하다는 것으로 나타났다. 넷째, 조절효과인 정부의 창업지원정책은 여성의 창업성과에 유의한 영향을 주는 것으로 나타났으나 그 효과가 여성창업자의 다른 독립변수를 능가할 만한 효과로 나타나지는 않아서 정부의 여성창업자에 대한 정책지원이 좀 더 보강되고 확장되어야만 창업의 성과가 더 높아질 수 있음을 시사한 것이다.

• 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.