• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.195-205
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• 2022

This study aims to investigate the relationship between Corporate Venture Capital(CVC) investments and firm innovation, exploring the moderating effect of corporate ESG risk on this relationship. First, adopting the organizational learning theory, I theorize a process in which a firm's relationship with a venture through CVC investments acts as an external innovation source for learning and ultimately short-term innovation. Also, based on the discussion of the stakeholder theory, I argue that when a firm is evaluated as having high ESG risk externally, this may have a negative moderating effect that weakens the relationship between CVC investments and innovative performance. In order to verify these hypotheses, panel data analysis was performed using CVC investments data, patent application data, and ESG risk scores of US high-tech firms from 1993 to 2018. As a result of the analysis, as expected, it was found that the more the firm invests in ventures through CVC, the more the firm's innovative performance increases. In addition, the social aspect of ESG risk of a firm, related to the local community and employees, were found to weaken the association between CVC investments and innovative performance. This study expands the understanding of existing research on CVC investments as a vehicle for learning and innovation. Focusing on the importance of relationship with ventures rather than the size of CVC investments, I empirically examined that the formation of CVC relationships with ventures is directly related to the short-term innovation of investing firms. Additionally, this study contributes to the CVC literature by including stakeholders in the current discussion in addition to investing firms and portfolio ventures. Finally, this study investigated how ESG issues, which are attracting attention as playing an important role in firm activities, are related to CVC investments.

• Journal of Technology Innovation
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• v.19 no.1
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• pp.111-144
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• 2011

This study is to confirm the core factors of innovative capabilities and technological entrepreneurship affecting the performance of technology management and business management of small and medium-sized enterprises (SMEs). Through the consideration about the complex natures of technological innovation affecting by multidimensional factors, this study designs the research model that innovative capabilities, the performances of technology and business management are arranged in accordance with the innovation process; input-output-outcome. To meet this research purpose, the hypothesis are set up based on the previous research studies and the research samples are selected from members of the Innovative Business (INNO-BIZ) Association, located in Seoul and Geyonggi province. As a result of regression analysis to the responses gathered from 360 firms, the performance of business management is influenced positively by the technology superiority, market growth and business profitability which are the dominant factors of performance of technology management. In addition, three sub-variables of innovative capabilities such as R&D, strategic planning and learning capability, have positive effects on both the managerial performances. Innovativeness and progressiveness of technological entrepreneurship affect both the performances positively. Moreover, the co-relation between technological entrepreneurship of an innovation leader and innovative capabilities of organizational members are identified. Lastly, technological entrepreneurship has the mediating effect on the path of leading innovative capabilities to the managerial performances. In conclusion, the research results imply that technological innovation-type firms should periodically evaluate the performance of technology management which are the output of technological innovations and the reinvestment for ultimate business success. And improving and developing innovative capabilities and technological entrepreneurship is required to continuously and consistently investing and supporting resources on technological innovations at the firm-and government-level. It is considered that these are the crucial methods for securing the technologically competitive advantage of SMEs with less resources and narrow innovation range.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.1-14
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• 2017

New business management methods different from the past are necessary because of the rapid changes of the corporates' environment. KOSDAQ(Korean Securities Dealers Automated Quotation) companies should be expected the more affirmative business performance of companies by listing, but it is a well-known that they have problems of low business performance mostly. This paper aims to investigate the influential factors on enhancing corporate innovation and nonfinantial business performance, and to clarify practical measures and present a solution of KOSDAQ companies' problems through analysis of previous researches and an empirical research. This research present corporate entrepreneurship and human resources innovation as impact factors on the business performance to apply finely the path of technological innovation for the solution of the relevance investigation limit between the complexity of corporates' innovation paths and the firms' performance. And also knowledge management activities and external networks management or the firms have been adopted as a corporate innovation activities for free from quantitative measures, such as conventional research and development(R&D) activities by considering recent corporates' knowledge business operations. The results of the empirical analysis shows that significant impact factors on corporate innovation activities are the firms' propensities of competitive advantage initiative, risk taking and chief executive officer's innovation. These can be interpreted that the CEOs' innovation propensity should be enhanced for stimulating corporate's innovaton activities, which include the CEOs' interest in the development of new technology, the exploiting new businesses and their support of the innovation discipline for employees. In addition, it can be said that it is necessary to intensify more initiatives within those enterprise for enhancing the competitive advantage in the identical industry. The significant impact factors of corporate entrepreneurship and human resource innovation on the non-financial performance are resulted as the propensities of firms' competitive advantage initiative, CEOs' innovation and employees' innovaton. This shows that the higher propensities of firms' competitive advantage initiative, CEOs' innovation and employees' innovaton, the higher the cognitive degrees of business performance within each corporate, which include the members' awareness about firms' sales growth, market share growth, profit ratio growth, customers' preference and corporates' awareness.

• Journal of Korea Technology Innovation Society
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• v.12 no.4
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• pp.687-714
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• 2009

In this paper, we study empirically the relations between financial constraints and dividend adjustment speed of innovative small and medium sized enterprises (SMEs) listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Determinants suggested by the major theories of dividends, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend payout policy of Kosdaq SMEs. Lintner's dividend adjustment model indicates that Kosdaq SMEs have long run target payout ratio, and that Kosdaq SMEs adjust partially the gap between actual and target payout ratio each year. In the core variables of Lintner (1956) dividend adjustment model, past DPS has more effect than current EPS. These results suggest that Kosdaq SMEs maintain stable dividend policy which maintain past DPS level without corporate special reasons. Dividend adjustment speed of innovative Kosdaq SMEs is more fast than that of uninnovative Kosdaq SMEs, and dividend adjustment speed of financial unconstrained innovative Kosdaq SMEs is faster than that of financial constrained innovative Kosdaq SMEs. Futhermore, dividend adjustment speed of innovative Kosdaq SMEs classified by Small and Medium Business Administration is faster than that of unclassified innovative Kosdaq SMEs. The former is linked with financial policies and services like credit guaranteed service, venture investment fund, insurance program, and so on. In conclusion, past DPS and current EPS suggested by the Lintner's dividend adjustment model explain mainly dividend adjustment speed, and financial constraints explain also partially. Therefore, if managers of innovative Kosdaq SMEs can properly understand of the effects of financial constraints on dividend smoothing, they can maintain constantly dividend policy. This is encouraging result for Korea government as it has implemented many policies to commit to innovative Kosdaq SMEs.

• Digital Contents
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• no.5 s.144
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• pp.12-13
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• 2005

국가경제가 새롭게 도약하기 위해서는 고부가가치 기술을 지닌 혁신형 중소기업을 육성하는 것이 최우선 과제임은 이미 잘 알려져있다. 그동안 중소기업이 기술진보 등 경제환경 변화에 효율적으로 대응하지 못한 구조적인 문제점이 가장 큰 중소기업 경영애로의 요인으로 작용했다. 이에 지난해 12월 취임한 양해진 중소기업정보화경영원장은 그동안 중소기업 보호정책을 탈피, 중소기업이 기술혁신 능력을 갖춰 혁신 주도형 중소기업으로 육성하겠다는 포부를 밝혔다.

• Journal of Korea Technology Innovation Society
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• v.22 no.1
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• pp.28-49
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• 2019

This paper explores the characteristics of innovation activities in high growth firms that contribute to national and regional economic growth and job creation. The analysis is based on the 2016 KIS data to analyze the difference in innovation activities between high growth firms and general firms. The main results are as follows: First, high growth firms have a higher proportion of R&D personnel than general firms. Second, high growth firms are actively introducing product innovation, process innovation, and organizational innovation as compared to general firms. In the innovation activities related to product innovation and process innovation, there is no statistically significant difference between high growth companies and general companies except for external R&D. Third, High growth firms are more likely to cooperate with other technology partners than general firms. But, there is no statistically significant difference between high growth firms and general firms in the external knowledge search and the diversity of cooperating partners. Fourth, in terms of protecting innovation, high growth firms are more likely to use all kinds of innovation protection method, such as 'utilizing intellectual property rights', 'maintaining confidentiality', 'adopting complex design methods', 'market preemption ahead of competitors', and the most important means is the intellectual property rights. Fifth, government innovation policies that high growth firms chose as important are 'innovation subsidies and loans', 'acquirement, utilization and protection of intellectual property rights' and 'human resource support'.

• Journal of Korea Technology Innovation Society
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• v.21 no.4
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• pp.1508-1535
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• 2018

Employment in enterprises is a consecutive decision-making process based on the results of their innovative activities and it is necessary to consider this relationship as well explicitly in an analysis of the employment performance through technological innovation. Based on this critical mind, this study would analyze the structural relationships among enterprises' innovative activities, the performance of technological innovation, a compensation system and the creation of employment, reflecting the correlation of the process of the actual technology management performed simultaneously, utilizing the seemingly unrelated regression(SUR) model to estimate a simultaneous equation in addition to analyzing the relationship between technological innovation and the effect on employment with the ordered logit model to estimate a single equation as in the preceding studies. As a result of the analysis, a structural relationship could be found out, in which the execution of the compensation system would increase the performances of technical development and technology commercialization, which in turn, accelerates enterprises' employment. Especially, it is judged that enterprises' employment performance increases when technological innovation is managed from a process perspective in that the commercialization performance, as well as technical development, acts as a kind of hurdle in the effect on employment.

• Journal of the Korea Society of Computer and Information
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• v.17 no.4
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• pp.155-161
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• 2012

The purpose of this paper is to analyze the structural relationship of the impact on the business performance when it pursues resource based production strategies, nurtures core competency, develops core product lines and innovate its business models as part of a strategy of value innovation and to validate how the nurturing core competency can have an impact on the execution of the value innovation strategies. This paper confirms that there is a structural relationship, which is logically and conceptually valid, among the core competence, value innovation strategies and business performance of manufacturing companies. In order to maximize the business performance which is the eventual objective of a company, it must strategically nurture its core competence, which will be a main driver of the future competitiveness and diversify its management based on the value innovation strategies.

• Journal of Technology Innovation
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• v.24 no.1
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• pp.49-84
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• 2016

The importance of technological innovation orientation, which denotes the firm's general direction of thought toward steadily pursuing and promoting technological innovation in the long run for its viability and competitiveness, is on the rise. Although the technological innovation orientation has conceptually and practically important implications for securing the firm's sustainable competitive advantage, to date there has been limited research systematically analyzing the role of the technological innovation orientation for the firm's successful technological innovation and performance. Recognizing such deficiency in previous research regarding technological innovation orientation, this study selected internal and external critical factors which might affect the technological innovation orientation, and proposed and empirically examined a research model and hypotheses demonstrating the contingency relationships among the antecedent factors, technological innovation orientation and technological innovation performance. In the proposed research model, the selected antecedents of technological innovation orientation included two internal factors of CEO's technical-function experience and cross-functional integration and two external factors of environmental uncertainty and intensity of competition, and eventually it was suggested that these antecedent factors affected the firm's technological innovation performance via the technological innovation orientation. In addition, the research model suggested that the two environmental factors of environmental uncertainty and intensity of competition had a positive moderation effect on the relationship between technological innovation orientation and technological innovation performance. Analysis of data on sample of 86 Korean IT SMEs showed that CEO's technical-function experience, cross-functional integration and environmental uncertainty had a positive impact on the firm's technological innovation orientation and that the technological innovation orientation positively influenced the firm's technological innovation performance. The results also revealed that environmental uncertainty positively moderated the relationship between the firm's technological innovation orientation and technological innovation performance. The theoretical and practical implications for the results of this study were discussed.

• 한국벤처창업학회:학술대회논문집
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• 2017.11a
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• pp.127-131
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• 2017

본 논문은 EU의 TEPSIE 연구에서 정의한 사회혁신 생태계를 분석틀로 활용하여 한국 사회혁신 생태계의 현황을 살펴보고 발전방안을 제시하고 있다. TEPSIE가 정의한 사회혁신 생태계는 전사회적인 차원에서 '사회혁신'의 요소들을 담아냄으로써, 사회적 경제와 연관하여 사회적 기업을 논의하는 과정에서 다소 협소할 수 있었던 시각을 확장하여 구조적 환경과, 자원, 파트너쉽 등을 포괄하는 분석틀을 제공한다. 본 논문에서는 사회혁신기업을 둘러싼 구조적 조건, 수요와 공급 차원에서의 관련 요소들, 그리고 중간지원조직을 중심으로 핵심적인 내용을 분석적으로 담아내고, 이를 바탕으로 사회혁신 생태계의 발전 방안을 제시하였다.