• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.1
• /
• pp.31-44
• /
• 2020

Accelerators that invest in early startups, as well as nursery and overall management, have recently emerged as "key players" in the startup ecosystem. This can be proved by the case where the number of domestic accelerators registered in the Korean Ministry of SMEs and Startups has recently reached 208. Accelerators provide the necessary education for early-stage companies, including guidance for a certain period of time, and support startups in ways such as demo days to attract subsequent investment after the seed investment. There is not much research in academia about what factors impact on these accelerators when making investment decisions at the time of seed investment. In this study, we checked the meaning and function of the accelerator and tried to analyze what factors affect on accelerators when making a decision to invest in startups. The research method is based on a literature survey of previous studies on investment decision-making factors of venture capital and angel investors, and a lens model and judgment analysis method through empirical research targeting 43 accelerator investment decision-makers. Empirical analysis shows that accelerators have three of the key factors to consider when choosing the first startup to invest and educate; entrepreneurs' entrepreneurial traits, their product and service expertise and a potential return on success. This will provide an opportunity for early startups to gain strategic access to accelerators when they need money or need a structured educational program. Also, the results obtained through this research will be a kind of guideline for startups to attract accelerators' investment. The significance of this study is that discriminatory evidence was presented on the accelerator determinants of investment, and it would be highly suggestive to startups and related public institutions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.4
• /
• pp.143-161
• /
• 2022

The government is promoting policies to increase policy efficiency by supporting corporate growth through corporate support and establishing the Ministry of SMEs and Startups as a control tower for corporate support projects. However, opinions on the efficiency of the government's corporate support project are divided, and this study aims to check how the government's corporate support project affects corporate performance and how absorption capacity and satisfaction, which are internal factors, affect corporate growth. Research was conducted on companies receiving government corporate support projects, and previous studies focused on financial support among government corporate support projects, while the effect of government corporate support was analyzed by dividing government support projects into financial and non-financial support, and absorption capabilities and corporate support satisfaction were analyzed. Through this, the effect on corporate financial performance and non-financial performance was empirically analyzed according to the mediating effect of absorption capacity and corporate support satisfaction in the government's corporate support project. As a result, both the government's financial and non-financial support had a positive effect on financial and non-financial performance, and it was confirmed that both absorption capacity and corporate support satisfaction mediate both financial and non-financial performance, and it was analyzed that it had a positive (+) effect. In order to improve the absorption capacity of a company, it is expected that it will be meaningful to improve the efficiency of the business by defining the problems faced by the company and suggesting solutions through the establishment of a supplier and consumer network.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.4
• /
• pp.89-102
• /
• 2023

This study examined the effects of adversity quotient and R&D capabilities on corporate performance and the mediating role of organizational creativity influencing factors in the relationship between these variables. This study established seven hypotheses, divided the adversity quotient into control, reach, and endurance, divided organizational creativity influencing factors into organizational resources and creative management practices, and divided corporate performance into management performance and technical performance. This study distributed 1,000 One hundred and sixteenquestionnaires to CEOs working at small and medium-sized technology start-ups in Gyeonggi-do and collected 122 copies under anonymous names. 116 questionnaires were used for hypothesis testing, excluding 6 cases in which responses were unfaithful or omitted. The results of this study are as follows. First, it was found that reach among the adversity quotient was positively related to organizational resources. Second, among the adversity quotient, control was found to have a positive(+) effect on management performance and technical performance, respectively. Third, organizational management practices were found to have a positive(+) effect on management performance. Fifth, organizational resources were found to partially mediate the relationship between control and technical performance, and to fully mediate the relationship between reach and technical performance. Finally, this study discussed the theoretical and practical implications of the research results.

• Korean small business review
• /
• v.31 no.4
• /
• pp.67-93
• /
• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.

• 한국벤처창업학회:학술대회논문집
• /
• 2017.11a
• /
• pp.113-116
• /
• 2017

본 연구는 창업지원사업의 효과성을 높이기 위해 창업지원사업의 분야 및 창업지원사업의 기대충족도와 경영성과와의 인과관계를 규명하고 창업기업의 경영성과에 영향을 미치는 요인이 무엇인지를 검증하는 것에 목적이 있다. 이에 따라 우리나라 창업지원사업의 분야별 인지도, 중요도, 만족도를 살펴보고, 이러한 인식도의 차이인 기대충족도를 비교분석하여 이에 근거한 문제점을 파악함으로서 현 시대에 맞는 발전방향을 도출하여 우리나라 창업지원사업의 발전방안들을 제시하며, 합리적이고 효과적인 정책방향을 탐색하고자한다. 조사대상은 충청남도와 충청북도의 창업보육센터에 위치하며, 중소기업창업지원법에 의해 사업을 개시하고 7년이 지나지 않은 개인사업자 및 법인 사업자로 한정하였다. 자료수집 방법은 창업보육 매니저에게 요청하여 10개의 창업보육센터를 대상으로 총 150개의 입주기업에 이메일 설문지가 발송되었고, 자기보고식 작성방법에 따라 설문회수된 123개의 설문지 중 불성실 하게 응답한 설문지 1부를 제외한 총 122개를 최종 설문지로 사용하였다. 연구를 위한 자료의 수집은 2017년 10월 10일부터 2017년 10월 25일까지 2주간 실시하였다. 본 연구를 수행하기 위해 수집된 자료는 IBM SPSS Statistics 22.0을 활용하여 분석하였다. 창업지원사업 분야별로 창업자들이 상대적으로 중요하게 생각하는 정도와 실제 만족하는 정도의 평균값과 그 차이에 대한 검정을 한 결과는 다음과 같다. 창업지원사업 중 가장 중요하게 인지하고 있는 분야는 자금지원(4.44점), 시설 공간(4.25점), 컨설팅(3.80점), 창업교육(3.76점) 순으로 나타났고, 자금지원과 시설 공간은 4점 이상의 높은 점수를 보였다. 창업지원사업의 만족도는 창업교육(3.39점), 시설 공간(3.48점), 자금지원(3.36점), 컨설팅(3.33점)순으로 나타났다. 창업지원사업의 창업교육, 시설 공간, 컨설팅, 자금지원 각각 분야의 중요도와 만족도의 차이에 대한 통계적 유의성을 검정한 결과 모든 분야에서 유의미한 차이가 있는 것으로 나타났다.

• Proceedings of the Korean Society of Computer Information Conference
• /
• 2021.01a
• /
• pp.323-324
• /
• 2021

그 어느 때 보다 한국경제에서 사회경제적시스템의 성공적인 안착이 필요 한 시대이며, 해외 선진사례에서 보듯이 최근 사회경제적시스템에서 고용창출, 소상공인 경제적 활로 개척 등 소상공인의 협동조합의 역할과 중요성이 점점 커지고 있는 실정이다. 이러한 사회경제적망에서 소상공인협동조합의 자원을 위한 중소벤처기업부/소상공인시장진흥공단은 전국 8대 권역(2분소)에 소상공인협동조합을 위한 협업아카데미를 운영 중에 있다. 각 권역별 협업아카데미에서는 컨설팅, 교육, 네트워킹 등 공통 조합지원 프로그램으로 운영하고 있으나, 소상공인시장진흥공단의 정량/정성적 평가에 따르면 각 아카데미별 운영 결과는 상이하게 나타나고 있다. 이는 협업아카데미 운영인력(매니저)의 자질과 업무 수행역량에 따른 상이한 결과로 판단하고 있다. 이에 협업아카데미 운영 인력의 업무적 필요 역량에 관한 연구를 통해 운영인력(매니저)수급과 인력운영에 관한 기준점을 설정하고 효과적이고 생산적인 소상공인협동조합 지원사업을 수행함에 있어 유용한 자료를 제공하고자 한다.

• The monthly packaging world
• /
• s.310
• /
• pp.48-63
• /
• 2019

한국디자인진흥원(원장 윤주현)과 산업통상자원부는 2018 우수디자인(GD)상품 선정 및 수상결과를 발표했다. 2018년에는 875점이 출품돼 총 339점이 GD로 선정되었으며(선정율 39%), 이 중 대통령상을 비롯한 국무총리상, 장관상, 원장상 등 총78점이 최종 수상했다. 우수디자인(GD)상품 선정은 최근 2년 이내 국내 또는 국외에서 판매를 개시하였거나 당해연도 판매 예정인 상품을 대상으로 제품, 커뮤니케이션, 포장, 공간환경, 서비스 등 총39개 분야에서 선정하고 있다. 포장부문은 소비자제품, 식음료, 뷰티/헬스, 의약품, 산업/B2B, 기타포장 등 6개항목으로 구성됐다. 올해 포장 부문에서는 롯데제과의 '애니타임'과 (주)애경산업의 '팬톤+2080'이 산업통상자원부장관상을, 디토의 '막걸리 공용 용기', (주)헤즈의 '프레스킷 디자인'이 중소벤처기업부장관상을, CJ제일제당의 '워터젤리 제로' 등 8개 제품이 KIDP원장상을 수상했다. 다음에 우수디자인으로 선정된 포장부문 제품들을 살펴보도록 한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.3
• /
• pp.159-174
• /
• 2020

This study is an empirical study analyzing the effects of positive psychological capital on job burnout. In addition, positive psychological capital played a role in organizational citizenship behavior, and tried to verify the role of organizational citizenship behavior as a black box, or parameter, between job burnout. And then, the sub-factors of organizational citizenship behavior were divided into two: individual-oriented organizational citizenship behavior and organization-oriented organizational citizenship behavior. To this end, a questionnaire survey was conducted for members of small and medium-sized enterprises to compare and analyze the relationship between variables. Positive psychological capital is increasing interest in that it can reduce the job burnout of members and embrace the propensity of young generations represented by millennials because it can improve the effectiveness by developing positive mental states and strengths of the organization. There is a need for research as a keyword. As a result of this study, first, it was found that positive psychological capital of SME(small and medium-sized enterprises) members had a positive effect on organizational citizenship behavior. Second, positive psychological capital was found to have a significant negative effect on job burnout. Third, it was a verification of how positive psychological capital and organizational citizenship behavior affect job burnout. In the relationship between positive psychological capital and job burnout, organization-oriented organizational citizenship behavior was found to play a mediating role. However, it was found that individual-oriented organizational citizenship behaviors among the organizational citizenship behaviors are not valid. In this study, positive psychological capital and job burnout, which have been mainly studied in service workers' emotional workers(crew, nurses, counselors, etc.), nursery teachers, and social workers, were applied to SME members by using the parameters of organizational citizenship behavior. You can put that implication on things. The positive psychological capital and organizational citizenship behavior can be further enhanced through SME members' love for the company, improvement of consideration among employees and resulting organizational commitment and work performance. It could also provide momentum for sustainable management for small and medium-sized enterprises that are relatively short of capital and resources.

• Management & Information Systems Review
• /
• v.37 no.3
• /
• pp.131-145
• /
• 2018

The purpose of this study is to analyze the effect of the fit between innovation strategy and firm characteristics on innovation performance. We conducted surveys for venture companies in the Southeast region, The results of multiple regression analysis based on 135 questionnaires are as follows : First, the higher the fitness between innovation strategy and social network level, the higher the innovation performance. Second, the higher the fitness between innovation strategy and management control system level, the more positive effect on innovation performance. Finally, the higher the fitness between innovation strategy and innovation culture, the higher the innovation performance. This result implies that the enterprise characteristics should be designed and operated in accordance with the innovation strategy implementation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.7 no.3
• /
• pp.1-16
• /
• 2012

Under the international business circumstance, global supply chain management is considered a vital strategic challenge to small and medium-sized enterprises(SMEs) suffering from deficient resources and capabilities to exploit overseas markets comparing with large corporations. That is because they can expand their business domains into overseas markets by establishing strategic alliances with global supply chain partners. Although a wide range of previous researches have emphasized the cooperative networks in the chain, most are ignoring the importance of developing relational characteristics such as trust and reciprocity with the partners. Besides, verifying the relational factors influencing firms' export performances, some studies proposed different and inconsistent factors. According to the social capital theory, which is the social quality and networks facilitating close cooperation of inter-individual and inter-organization, provides the integrated view to identify the relational characteristics in the aspects of network, trust and reciprocal norm. Meanwhile, a number of researchers shows that global entrepreneurship is the internal and intangible resource necessary to promote SMEs' internationalization. Upon closer examination, however, they cannot explain clearly its influencing mechanism in the inter-firm cooperative relationships. This study is to verify the effect of social capital accumulated within global supply chain on SMEs' qualitative and quantitative export performance. In addition, we shed new light on global entrepreneurship expected to be concerned with the formation of social capital and the enhancement of export performances. For this purpose, the questionnaires, developed through literature review, were collected from 192 Korean SMEs affiliated in Korean Medium Industries Association and Global Chief Executive Officer's Club focusing on their memberships' international business. As a result of multi-regression analysis, the social capital - network, trust and reciprocal norm shared with global supply chain partner - as well as global entrepreneurship - innovativeness, proactiveness and risk-taking - have positive effect on SMEs' export performances. Also global entrepreneurship affects positively social capital which has mediating effect partially in the relationship between global entrepreneurship and performances. These results means that there is a structural process - global entrepreneurship(input), social capital(output), and export performances(outcome). In other words, a firm should consistently invest in and develop the social capital with global supply chain partners in order to achieve common goals, establish strategic collaborations and obtain long-term export performances. Furthermore, it is required to foster the global entrepreneurship in an organization so as to build up the social capital. More detailed practical issues and discussion are made in the conclusion.