• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.4
• /
• pp.179-190
• /
• 2019

To alleviate financing difficulties of small and medium sized enterprises (SMEs), the government and municipal governments are providing a variety of SME policy funding programs. This study introduced the policy funding program of Gangwon-do and quantitatively analyzed the financial performance of companies supported by the Gangwon-do SME policy fund in the year 2014. Specifically, we compared the financial ratios for three years, from 2013 to 2015, between funded firms and non-funded firms. In addition, we applied a regression analysis to see if the policy funding program contributed to profitability (the operating profit growth and return on equity), stability (the interest coverage ratio and debt-to-equity ratio), and growth (the asset growth and sales growth) of the funded firms. The empirical results show that the firms that received the policy funds did not show any improvement compared to non-funded firms in terms of profitability, stability, and growth. This suggests that Gangwon-do should improve the policy funding program, that currently provides only an interest amount of 2-4% of the corporate loan principal, without any strategic selection criteria for the target funded firms, and without any follow-up management system, after support.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.4
• /
• pp.143-160
• /
• 2019

The domestic pharmacy market has undergone a lot of changes starting from the division of medicine. Along with the division of medicine, patients who had previously visited the pharmacy were moved to a hospital or clinic. As the pharmacy became more dependent on the illness and the clinic, the pharmacy began various activities to search for ways other than prescription drugs. At this time, the importance of distribution was emphasized around the time, and as the need to strengthen the competitiveness of pharmacies increased, they rapidly grew into the franchise market. Pharmacy franchise companies continue to lecture on academic management to strengthen the expertise of pharmacists' functions in line with the pharmacy market, which is different from ordinary franchise, in addition to private brand products for pharmacies, diversifying pharmacy handling items, And strengthening its market competitiveness. but research to support it are insufficient. As a research to help this, we analyzed factors affecting the intention of re-contracting and recommendation intention that affect the maintenance and expansion size of the drugstore franchise market. As a result showed the intention of re-contracting and the intention of recommending are affected by positive influence in brand trust. In addition, Brand Promise, Employee authenticity, Originality, Product excellence, Brand reputation, Brand identification, Educational Satisfaction were found to affect brand trust.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.13 no.6
• /
• pp.117-127
• /
• 2018

When we face an unexpected challenge, should we stick to the original plan and persevere through the series of challenges? Or shall we pivot and transform our original plan into something new by taking into account the newly acquired information? This perennial question of perseverance versus pivot as two competing problem-solving strategies has puzzled our every day lives. In this study, based on the large-scale, nation-wide survey on entrepreneurship, I found that individual entrepreneurial orientation, which consists of innovativeness, risk-taking, and proactiveness, promotes an individual's tendency to choose new problems to solve. Perseverance strategy was found to positively moderates the relationship between innovativeness and the tendency to choose new problems to solve, whereas the relationship between risk-taking and the tendency to choose new problems to solve was found to be negatively moderated by perseverance strategy. Pivot strategy, on the other hand, was found to be positively moderates the relationship between proactiveness and the tendency to choose new problems to solve. These findings contributes to the stream of individual entrepreneurial orientation research by empirically testing two competing problem-solving strategies of perseverance and pivot to show their interaction effects with entrepreneurial orientation. Also the findings of this study expand the potential outcome of entrepreneurial orientation by adding an individual's tendency to choose new problems to solve rather than what he or she has already experienced before.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.1
• /
• pp.33-46
• /
• 2019

Even though Korea is strengthening the support for startups due to the limitations of growth policies focusing on large companies, the survival rate of startups is very low, so that there should be more efforts to increase the survival rate of startups. As the existing startup support institutions have provided only fragmentary supports to startups, it would be necessary to have the comprehensive support institutions. As an alternative, the accelerator providing the comprehensive support such as spatial support, education, mentoring, networking, seed investment, and connection for follow-up investment to the initial startups was legalized in Korea of 2016, based on the registration system. Currently, within less than two year from then, there have been much interest in it enough to have about 136 registered accelerators. In the United States, the accelerator was introduced more than ten years ago. In Korea, however, it is still in the initial stage, so that the researches or social consensus on the accelerator are not sufficient. Thus, this study aims to suggest the measures for the development of accelerator and the consensus on the decision making for the selection of accelerator of startups, by researching which parts are considered when startups in the accelerator stage select the accelerator. As a result of the empirical analysis, the factor that has the greatest influence on decision making factors when startup chooses an accelerator was the subsequent investment attraction. This can be explained to the accelerator as desired, considering the factor that the startup of the initial stage places the most importance on growth as investment. We hope that these research results will be sustainable in future research related to accelerators, in hopes that it will be useful for establishing accelerator policies for domestic startups and direction for revitalizing related industries.

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

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.3
• /
• pp.33-43
• /
• 2023

The paper employs a resource-based approach to analyze the relationship between institutional resources and faculty-led startup formation and performance in South Korean four-year universities from 2017 to 2021. The author proposes nine hypotheses to explain how institutional resources or systems affect the number of faculty startups, their employee numbers and the revenue of faculty-led startups, and compare four different groups of university resources for cross-college variation. The findings suggest that institutional factors impacting faculty-led startup performance differ from those impacting other categories of startups. Universities should provide a more favorable environment, including flexible personnel policies and accompanying startup support infrastructure, to encourage faculty-led startups. In contrast, it is more effective for better performance of faculty startups, in terms of their job creation and revenue, to have more financial resources and good paper publications. The results also suggest that university technology-holding companies are crucial for increasing the number of professor startups and their performance. These findings have implications for both university and government policymakers, who aim to facilitate greater participation of professors in startup formation and commercialization of technology.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.6
• /
• pp.201-214
• /
• 2023

This study attempted to analyze the impact of individual entrepreneurial capabilities on entrepreneurial intention targeting small and medium-sized business employees, and sought to confirm the mediating effect of entrepreneurial efficacy and entrepreneurial mentoring between entrepreneurial capabilities and entrepreneurial intention. The sub-variables of entrepreneurship competency were analyzed separately into creativity, problem solving, communication, and marketing. 368 questionnaires collected from employees at small and medium-sized manufacturing companies located across the country were used for empirical analysis. A parallel dual mediation model with no causal relationship between parameters was used for empirical analysis using SPSS v26.0 and PROCESS macro v4.2. As a result of the analysis, first, among the start-up competencies, creativity, communication, and marketing were confirmed to have a significant positive (+) effect on start-up efficacy. Second, among the start-up competencies, creativity, communication, and marketing were tested to have a significant positive influence on start-up mentoring. Third, both startup efficacy and startup mentoring were found to have a significant positive influence on startup intention. Fourth, among start-up capabilities, creativity and marketing were confirmed to have a significant positive (+) effect on start-up intention. Fifth, startup efficacy and startup mentoring were found to have a mediating effect on startup intention except for problem solving among startup competencies. As a result, it was confirmed that in order to strengthen the intention to start a business among small and medium-sized business employees, start-up efficacy and start-up mentoring are important factors, and that marketing and creativity have an important influence among individual start-up capabilities, so education and prior preparation for these are necessary. As follow-up research, it will be necessary to apply multivariate models, analyze time series data, research considering external environmental factors, and test the difference between start-up capabilities and performance considering detailed population characteristics.

• Journal of Science Education
• /
• v.40 no.2
• /
• pp.144-165
• /
• 2016

The purpose of this study was to develop 'Appropriate Technology' theme STEAM Program for the elementary students and investigate the effects of the program on creative thinking activity, scientific attitude and leadership. Participants were 3grade 85 elementary school students. Before and after the program, the participants were asked to take the tests about creative thinking activity, scientific attitude and leadership. The major results of this study were as follows. First, the total score of experimental group's creative thinking activity and all 4 sub-domains was significantly improved than those of comparative group(p<.05). Second, the total score of experimental groups' scientific attitude was significantly improved than that of comparative group(p<.05). Among 7 sub-domains, curiosity, voluntariness, perseverance were significantly developed. Third, total score of experimental groups' leadership was significantly increased than that of comparative group after the STEAM program (p<.05). In the first factor, the score of inner and inter personal characteristics were significantly developed.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.9 no.4
• /
• pp.111-118
• /
• 2014

The purpose of this study was to examine the impact of a employment career counseling program on university student' by analyzing whether it would bring any changes to the selected. The subjects in this study were 60 university student who were users of A university in the city of A. An experimental group and a control group were organized with 60 university student' each, and a employment career counseling program was conducted in eight sessions, once a biweekly. The major findings of the study were as follows: First, the university student' who participated in the employment career counseling program showed improvement in career maturity. Second, the university student' who participated in the employment career counseling program expressed better career self-efficacy. Third, the university student' who participated in the employment career counseling program felt less career barriers.

• Management & Information Systems Review
• /
• v.29 no.4
• /
• pp.267-286
• /
• 2010

There are many questions about the sustainability and nurture of social enterprises as an important governmental issue in Korea. But because of the social system and the deficiency of experience about social enterprise, the solution of problems included in social enterprise are very difficult. For these reasons, the purpose of this paper is to find critical factors on social enterprise policy in Korea. For this study 30 experts who work in various fields in Busan about social enterprise was selected and 23 valuable questionnaires was collected. And AHP analysis suggests critical factors(public procurement and partnership with corporation and various organizations) on social enterprise policy in Korea. When we consider many realistic problems for the social enterprises, just depending on the passion and dedication of social entrepreneurship is highly insufficient for the sustainability of social enterprises Effective and strategic governmental support for social enterprises will be a great help to the development and sustainability of social enterprises. In this sense, results of this study is meaningful to the social enterprise policy maker.