• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.1-15
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• 2023

Impact investment involves investing in companies that pursue both social value and financial returns. It focuses on addressing various social problems through innovative solutions while generating profits. The domestic impact investment ecosystem has experienced significant growth with the support of the government and public institutions. In 2021, it witnessed a 3.5-fold increase over three years, reaching a total of 700 billion won in operating assets. In order to foster qualitative growth alongside this quantitative expansion, it is crucial to conduct research specifically on impact investment, which sets it apart from conventional venture investment. This study aims to empirically analyze the unique factors that influence impact investment decisions. Firstly, the factors affecting investment decisions were identified through a literature analysis. Then, a consultation and Delphi survey involving 11 representatives and evaluators from impact investment companies was conducted to determine the major investment determinants. Subsequently, an AHP (Analytic Hierarchy Process) survey was carried out with 10 impact investment evaluators to ascertain the relative importance of these factors. The analysis revealed the following order of importance for the top factors: market>entrepreneur(team)>product/service>finance. Furthermore, the importance of specific factors was identified in the following order: market competition and entry barriers>new market creation>market growth and potential expansion>team expertise and capabilities. Unlike previous studies that primarily focus on general startup investment factors, this research demonstrates that impact investment places greater emphasis on market-related factors and considers the sustainability and profitability of the business model to be more important than the social impact of social ventures.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.149-163
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• 2023

The policy of promoting innovation clusters aims to enhance the competitiveness of industries by strengthening the linkages between industry sectors and research sectors in specific regions. In Korea, after the concept of innovation clusters was introduced by the OECD in 1997, Korean government actively pursued policies based on this concept in the fields of industry, region, and science and technology. Previous policies and research on the activation of innovation clusters have tended to focus on the exchange and collaboration among members. However, this study focused on enhancing the competitiveness of industries and regions, in other words, strengthening the competitiveness of companies, which is the fundamental reason for fostering innovative clusters. Accordingly, this study aimed to analyze the impact of factors activating innovation clusters on the business performance of SMEs located in the Daedeok Innopolis. To achieve this, based on the essential concept of innovation clusters such as industrial agglomeration factors, networking factors, innovation generation factors, the study derived factors for activating innovation clusters and verified hypotheses using the survey results of 175 companies. Among the factors activating innovation clusters, industrial agglomeration and innovation generation were found to have a positive impact on the business performance of companies. However, networking factors were analyzed to have no significant influence on the business performance of companies. This study differentiates itself by addressing the factors for activating innovation clusters through empirical analysis, unlike previous case-based studies. Furthermore, considering the difference between intuitive judgments on networking factors in innovation clusters and their actual impact on business performance, the study raised the practical significance of conducting a comprehensive examination from various perspectives, such as the socially and culturally embedded structures in the region, the characteristics of specialized industries, and the needs of cluster members, to develop more effective policies for innovation clusters.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.1-16
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• 2022

This paper studies the impact of regulatory approaches on innovation and entrepreneurship. As technological progress and environmental changes avail new business opportunities to innovative startups, many governments find it difficult to regulate new and unprecedented businesses promoted by the innovative firms. In order to provide academic and practitional implications on the regulatory design with which to support innovation and entrepreneurship, this paper aims to review classical theories on the demand and supply of regulation as well as empirical research on the impact of regulation on market entry and incentives for innovation. Based on the findings, this paper discusses the recent controversies around the regulatory approaches on new businesses pursued by startups, which are as known as the "positive regulatory approach" vs. "negative regulatory approaches" among practitioners and policy makers in Korea. This paper claims that the Korean context provides an useful opportunity to investigate how the ongoing transition of the once "fast follower" economy into a pacesetter one changes the nature of businesses pursued by firms, investors, and related market players and, accordingly, calls for the changes in the way the government intervenes in markets to regulate businesses of firms. By doing so, this paper sheds light on the role of the government in establishing an entrepreneurial ecosystem where innovative ideas of startups can be tested and nurtured.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.73-86
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• 2022

Interest and investment in agri-food ventures is increasing worldwide. Agri-food venture startups are also increasing in Korea, but there are constraint factors due to industrial characteristics, and infrastructure and investment for growth are insufficient. This study confirmed the effect of technology commercialization capability and competitive strategy on the growth prospects of agri-food venture companies and the mediating effect of business model innovation. And, through comparison with previous studies, the industrial characteristics were identified by confirming the difference between all venture companies and agri-food ventures. For this, only agri-food ventures data were extracted from the original data of the Research on the Precision Status of Venture Firms 2021. And empirical analysis was conducted. As a result, manufacturing capability, cost leadership and product differentiation had a positive(+) effect on growth prospects. The mediating effect of business model innovation between manufacturing capacity, product differentiation and growth prospects was verified. Through the research results, factors affecting the long-term growth prospects of agri-food ventures were identified in consideration of industrial characteristics. In addition, practical implications in connection with business model innovation of agri-food ventures were presented. In future research, it is necessary to develop an objective measurement tool and to conduct a detailed analysis according to business history and company size.

• Information Systems Review
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• v.23 no.4
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• pp.23-43
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• 2021

Due to the recent transition to a non-face-to-face society, many organizations are quickly adapting to foster a smart work environment. The introduction of smart work does not simply end with incorporating ICT systems or solutions into business models since fundamental factors such as forms of employment and work styles need to be in line with the progression of technological advances. However, previous studies regarding smart work focus on improvements in productivity and efficiency from a technology acceptance perspective. Therefore, there is a lack of discussion on innovation resistance from employees and management control when ICT systems are introduced into the workplace. This study empirically analyzes the moderating effects of the organizational control method for employees and innovation resistance within a smart work environment. Additionally, this study aims to identify the structural characteristics that employees resist from an innovation resistance perspective when organizational innovation occurs. The empirical analysis of this study suggests that when smart work such as ICT technology is introduced into the workplace the level of innovation resistance decreases when there is a high level of relative advantage and self-efficacy, whereas the level of innovation resistance increases when there is a high level of use complexity. Moreover, this study revealed that the level of innovation resistance increases when the employees' behaviors were controlled. The results of this study intend to contribute to improving business management by suggesting factors worth considering when incorporating smart work into work places through a thorough case analysis.

• Information Systems Review
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• v.23 no.3
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• pp.127-158
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• 2021

Many online travel agencies (OTAs) provide average ratings and time-relevant information or the most recently posted reviews regarding hotels to satisfy customers. To identify these two factors' relative influence on behavioral decision-making processes, we conducted two studies: (1) an experimental research design to explore the relative influence of the two on online review consumption and (2) an empirical approach to examine their relative impact on online review generation. The results show that when review posters observe an inconsistency between average ratings and recent reviews, they tend to deviate from the recent reviews regardless of the overall direction (reactance behavior). Meanwhile, review consumers tend to conform to the opinions presented in recent reviews (herding behavior). Additionally, in both cases, the effects are amplified in case of a negative aberration. Based on the findings, this study provides theoretical and practical implications regarding the relative influences of average rating and recently posted reviews and their different impacts on online review consumption and generation.

• Information Systems Review
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• v.23 no.1
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• pp.45-68
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• 2021

As the influence of online reviews on consumer decision-making increases, concerns about review manipulation are also increasing. Fake reviews or review manipulations are emerging as an important problem by posting untrue reviews in order to increase sales volume, causing the consumer's reverse choice, and acting at a high cost to the society as a whole. Most of the related prior studies have focused on predicting review manipulation through data mining methods, and research from a consumer perspective is insufficient. However, since the possibility of manipulation of reviews perceived by consumers can affect the usefulness of reviews, it can provide important implications for online word-of-mouth management regardless of whether it is false or not. Therefore, in this study, we analyzed whether there is a difference between the review evaluated by the consumer as being manipulated and the general review, and verified whether the manipulated review negatively affects the review usefulness. For empirical analysis, 34,711 online book reviews on the LibraryThing website were analyzed using multilevel logistic regression analysis and Poisson regression analysis. As a result of the analysis, it was found that there were differences in product level, reviewer level, and review level factors between reviews that consumers perceived as being manipulated and reviews that were not. In addition, manipulated reviews have been shown to negatively affect review usefulness.

• Journal of Service Research and Studies
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• v.14 no.2
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• pp.138-157
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• 2024

Due to recent developments in smartphones, lifestyles centred around their use are rapidly changing across many societal areas. Mobility apps, widely used by a large number of people, have also become popular among tourists for travel purposes. This trend is exemplified by the premium taxi industry, which champions smart mobility services-an essential component of smart tourism-to attract tourists as customers. This study investigates how smart mobility service attributes influence memorable user experiences from the perspective of both residents and tourists. It also examines the consequent image of smart mobility and users' intentions to reuse these services. To this end, a survey and analysis were conducted with 320 registered customers of domestic premium taxi companies, which are expanding their services to cater to both residents and tourists. The analysis confirmed all hypotheses. Among the attributes of smart mobility, involvement played a crucial role in shaping the image of smart mobility, more so than refreshment or novelty. Furthermore, the image of smart mobility significantly impacted the intention to reuse it. Based on these findings, this study presents practical implications regarding which empirical factors should be managed from a smart mobility perspective to foster a positive image and encourage reuse.

• Land and Housing Review
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• v.15 no.1
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• pp.39-55
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• 2024

The aim of this study is to analyse housing satisfaction among residents of different types of public rental housing-permanent, national, and happy housing-following the integration of housing types upon the full-scale supply of integrated public rental housing. By identifying key factors that influence residential satisfaction, our goal is to inform the planning of public rental housing complexes and derive policy implications. The study focuses on analysing discrepancies in residential satisfaction among residents of different types of public rental housing and comparing the factors influencing this satisfaction. Microdata from the Ministry of Land, Infrastructure, and Transport's 'Housing Situation Survey' in 2021 is utilized for analysis, employing one-way ANOVA and binomial logistic regression methods. Empirical analysis reveals variations in residential satisfaction levels between residents of permanent and national rental housing, with national rental housing residents exhibiting higher satisfaction. The influencing factors of overall condition satisfaction are consistent for permanent and national rental residents but differ for happy housing residents. Additionally, the influencing factors of overall residential environmental satisfaction vary across all three housing types. Nonetheless, common factors across all types include housing noise and facility accessibility, highlighting their significance in complex planning. Subsequent studies may involve time series analysis to assess changes in influencing factors over time.

• Information Systems Review
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• v.22 no.2
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• pp.43-52
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• 2020

The mobile game industry has become the one of the fastest growing industries with its astonishing market size. Despite its industrial importance, a few studies empirically considered actual purchasing behavior in mobile games rather than the intention to purchase. Therefore, this paper investigates the key drivers of in-app purchase by analyzing the game-log dataset provided from a mobile game company in Korea. Specifically, the effects of goal-directed, habitual and social-interacted playing behavior are analyzed on in-app purchase. Furthermore, the recursive relationship with playing and purchasing behaviorsis also considered. The result shows that all suggested factors have positive impacts on in-app purchase in the current period. In addition, the effect of previous habitual playing has a positive impact, but the effect of social-interacted playing and in-app purchase in the previous period have negative impacts on in-app purchase of the current period. These findings can improve our understanding of the impact of game playing on in-app purchase in mobile games, and provide meaningful insights for researchers and practitioners.