• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.145-158
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• 2021

The purpose of this study is to examine the influence of the ownership structure of unlisted firms on KOSDAQ listing. There are few studies analyzing the characteristics of listing success based on ownership structure. For startup executives, there is not enough data to refer to the ownership structure that can increase the possibility of listing. This paper examines the effects of ownership structure on IPO success through comparison between listed successful and failed companies among the companies in application for KOSDAQ listing eligibility review. The major findings are as follows; (1) Venture capital investment and shareholding have a statistically positive effect on the success of KOSDAQ listing. This results indicate that the venture capital's investment alleviate the problem of information asymmetry, and it is a valid signal for market participants. The result means the role of venture capital seems to be important when companies are listed on the KOSDAQ. (2) The largest shareholder's stake has an inverted-U shape relationship with listing success. In other words, the ownership concentration mitigates moral hazard problem, which leads to listing success. However, if the ownership concentration exceeds a certain level, the chances of success in listing will decrease due to concerns over the pursuit of private interests. The result suggests that the largest shareholder's stake reduce agency problem. This study academically contributes to the existing literature by demonstrating the ownership structure affects IPOs, and explaining the results based on agent theory and signal theory. Our results provide practical implications for companies preparing for an IPO on the KOSDAQ.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.1-12
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• 2021

In this paper, we study empirically examined the adventurous investments in corporate venture capital (CVC) firms' investment in the U.S. based corporate venture capital industry. Unlike existing studies focusing CVC firm's characteristics related to parent corporates and regarding CVC firm as a vehicle of corporate venturing, we identified CVC firm as an independent learning agent to adapt to dynamic environment and investigate their exploration and exploitation in investments based on organizational learning theory. Specifically, we investigate the market-environmental factors affecting CVC's adventurous investment in different sector rather than previously done. First, we examined competition intensity in CVC industry might be related to CVC firm's explorative investments. Second, CVC firm's investment experiences might affect as an inertia to invest on unexperienced sector. Finally, we investigated risk preference effect on CVC firm's venturing investments. The empirical data analyzed in the study contained a total of 85 U.S. based CVC firms and their 2,306 investments from 1996 until 2017. After conducting a GEE regression analysis and a Logit regression analysis, we found the significance and direction of our independent and moderating variables strongly supported all of our four hypotheses in a highly robust manner.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.59-72
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• 2021

Research in which an individual's entrepreneurial spirit contributes to the country's economic development through revitalization of entrepreneurship is being actively conducted, but studies related to individual satisfaction or life satisfaction are still insufficient. This study aims to clarify the influence of young adults' entrepreneurial spirit on their life satisfaction and at the same time verify the mediating effect of self-efficacy and self-determination. In addition, an empirical analysis was conducted on 511 young people to reveal the effectiveness of participation in government start-up support projects. The research results are as follows. First, the entrepreneurial spirit had a positive effect on the life satisfaction of young people. Second, self-determination and self-efficacy played a role in mediating the relationship between entrepreneurship and life satisfaction. Finally, participation in start-up support projects did not show a statistically significant moderating effect. This study is expected to provide a clue that life satisfaction can act as a major variable in the impact of entrepreneurship on entrepreneurship. It also implies that the performance of the government start-up support project should be considered not only about the quantitative performance such as sales and employment effect, but also the qualitative performance such as personal life satisfaction.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.55-65
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• 2020

The purpose of this study is to empirically analyze the factors that affect start-up activities at the national level. Unlike most existing research about entrepreneurship at the individual level, this empirical analysis makes use of the total early-stage entrepreneurial activity(TEA) index at national level. This was developed by the Global Entrepreneur Monitor (GEM) as the measure for the degree of entrepreneurship of the countries. Based on the previous studies, not only national income level and unemployment rate, but also other factors including the cultural characteristics of the countries were included in our regression model. Using GEM's panel data, we found that the effectiveness of the factors depends on the stage of economic development. In particular, we found 'U-shape' relationship between the level of per capita income and entrepreneurship activity by the panel regression analysis using quadratic function. This analysis result can explicitly confirm what the existing literature have explained descriptively. Furthermore, the governmental support programs are shown to have significantly positive effects on the entrepreneurship or start-up activities in the factor-driven and efficiency-driven economies. On the contrary, those programs were not very helpful in the innovative economies. Lastly, this research suggests that the 'education and training' and the 'entrepreneurial culture' be the supportive norm for new business regardless of the economic development level.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.163-176
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• 2021

Although several studies have made and policies have formulated for an increase in women's participation in economic activities, the participation rate of women in economic activities in Korea is only 50% and much lower than in other advanced countries. This study aims to analyze the factors that affect women's continuance intention in economic activities including their motivation for economic activities, women's perception of work, and government support recognition. We empirically analyze and examine such factors and the moderating effects of family support. The survey was conducted on women nationwide to be distributed evenly among various age groups, ranging from those in their 20s to those in their 50s. The results of the empirical analysis based on the data collected on a total of 406 people were as follows. First, the motivation for economic activities including economic and self-realization motivation, women's perception of work, and government support was seen as having a significantly positive effect on women's Continuance Intention in Economic Activities. Second, the impact of women's work perception on their continuance intention in economic activities varied depending on the level of family support, and its moderating effect was confirmed. But there was no moderating effect of family support between economic and self-realization motivation, government support recognition, and the women's continuance intention for economic activities To increase women's continuance intention for economic activities, both support for work-family compatibility policies and institutional support should be provided. Government support will also be needed in order to enable women with abundant experience to participate in economic activities.

• The Journal of the Korea Contents Association
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• v.21 no.5
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• pp.668-680
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• 2021

Recently, measures for successful settlement and sustainability of social enterprises have become an important topic. Accordingly, researches related to social enterprises are increasing, but studies measuring sustainability are still insufficient. In this study, in order to seek the sustainability and development of social enterprises in the field of literature and arts, a theoretical model for the sustainability of social enterprises in the field of culture and arts was presented. To this end, interviews were conducted with social enterprises in the field of culture and arts, and the results were analyzed to derive the concept and categorization of sustainability of social enterprises in the field of culture and arts. In addition, the integration between the derived categories is illustrated. For a social enterprise in the field of culture and arts to be sustainable, differentiated culture and arts services are important, and each company must constantly strive for its mission and vision, and a differentiated branding strategy unique to companies is required. This research is expected to lay the foundation for empirical research on social enterprises in the culture and arts sector as data for entrepreneurs and prospective entrepreneurs who run social enterprises in the field of culture and arts.

• Journal of the Institute of Convergence Signal Processing
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• v.22 no.4
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• pp.193-198
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• 2021

Recently, interests in the 4th industry have increased the level of demand for pest control by farmers in the field of rice farming, and the interests and use of agricultural pest control drones. Therefore, the diversification of agricultural control drones that spray high-concentration pesticides and the increase of agricultural exterminators due to the acquisition of national drone certifications are rapidly developing the agricultural sector in the drone industry. In addition, as detailed projects, an effective platform is required to construct large-scale big data due to pesticide management, exterminator management, precise spraying, pest control work volume classification, settlement, soil management, prediction and monitoring of damages by pests, etc. and to process the data. However, studies in South Korea and other countries on development of models and programs to integrate and process the big data such as data analysis algorithms, image analysis algorithms, growth management algorithms, AI algorithms, etc. are insufficient. This paper proposed an online drone pest control management information platform to meet the needs of managers and farmers in the agricultural field and to realize precise AI pest control based on the agricultural drone pest control processor using drones and presented foundation for development of a comprehensive management system through empirical experiments.

• Korean Journal of School Psychology
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• v.17 no.3
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• pp.243-261
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• 2020

Fear of missing out (FoMO) refers to the desire to stay continually connected with what others are doing because they are afraid of missing the flow or not being included. Although FoMO has been recently proposed as a widespread phenomenon within social media, there has been few empirical research by which mechanism FoMO leads to social networking service (SNS) addiction. Therefore, this study examined whether FoMO mediated the relationship between adolescents' attachment and SNS addiction proneness. A total of 517 middle and high school students participated in the study and completed self-report questionnaires. Results showed that FoMO partially mediated the relationship between adolescents' parental attachment and SNS addiction proneness, whereas the relationship between adolescents' peer attachment and SNS addiction proneness was fully mediated by FoMO. These results suggest that unstable attachment might contribute to SNS addiction through FoMO, especially in case of peer attachment. Lastly, we discussed theoretical and practical implications of this study and suggestions for future research.

• The Journal of the Korea Contents Association
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• v.22 no.9
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• pp.234-251
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• 2022

In this study, effects of the psychological characteristics of office workers and start-up preparation on entrepreneurship intention by mediating entrepreneurial opportunity recognition were analyzed. As sub-variables of psychological characteristics, desire for economic achievement, self-fulfillment, and risk-taking tendencies were classified. The collected 357 questionnaires, SPSS v24.0 and Process macro 3.5 were used for empirical analysis. As a result, first, it was showed that self-fulfillment and start-up preparation had a positive (+) effect on entrepreneurial intention, and the effect of desire for economic achievement and risk-taking tendencies on entrepreneurial intention was not significant. Second, it was confirmed that psychological characteristics and start-up preparation had a significant positive (+) effect on the entrepreneurial opportunity recognition. Third, it was found that the effect of the entrepreneurial opportunity recognition on the entrepreneurial intention was significant in the positive (+) direction. Fourth, entrepreneurial opportunity recognition was tested as mediating the psychological characteristics of workers, start-up preparation and entrepreneurial intention. As a follow-up study, it is recommended that studies to analyze moderated mediating effects by the conditional process model including moderating variables and to discover the third mediator other than a mediator used in the research should be conducted.

• Journal of Korea Trade
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• v.24 no.6
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• pp.135-156
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• 2020

Purpose - This study investigates whether the internationalization process of traditional industry firms can be categorized as born global, early internationalization, or gradual internationalization, and examines what factors promote internationalization in traditional industries using a case study of two firms, one each in China and Korea. Design/methodology - This study elects to use case study methodology to determine the "how" and "why" of internationalization process of traditional industry firms. Taking into consideration that factors that impact the internationalization process of firms are diverse and unclear in terms of causality, this study utilizes exploratory case study methodology. This research performs a comparative two-case study of two firms in traditional industries, one each in China and Korea, to examine similarities and differences of study subjects in order to improve the validity and suitability of research results. Findings - The findings of this research are as follows: First, traditional industries are more likely go through early and rapid internationalization rather than being born global; born globals are far more likely to appear in high tech industries. Second, the internationalization process of companies that go through early and rapid internationalization differs from what is indicated by traditional internationalization theories, and are not limited by factors like psychological distance and lack of experiential knowledge. Third, international entrepreneurship, international market orientation, and imitation and learning are important internal driving factors for early and rapid internationalization. Fourth, conditions within the domestic market, policy support from the government, and pilot effect from industry leaders are external driving factors for early and rapid internationalization. Originality/value - This study shows that the internationalization process of traditional industry firms is more likely to be early and rapid internationalization rather than being born global and suggests answers to why this may be the case. In addition, through an examination of case studies, it reveals that the internationalization process of traditional industry firms that undergo early and rapid internationalization is different from traditional internationalization theory, in that they are not limited by the lack of psychological proximity and empirical knowledge, and are driven by international entrepreneurship, international market orientation, imitation and learning, competitive pressure within the domestic market, government's policy support, and the pilot effect of industry leaders. Therefore, this study contributes to literature by expanding the scope of application of born global theory to traditional industries, making born global theory more generalizable and identifying driving factors to internationalization of traditional industry firms.