• International conference on construction engineering and project management
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• 2009.05a
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• pp.369-374
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• 2009

Project-based joint ventures are often used in the construction industry to assemble an organization that meets a client's project needs and matches or exceeds the capacities of competitors. The joint venture / partnerships provides the means for a firm to quickly add resource, political, technical, or other required strengths that will increase project acquisition. This paper sets out to study the types of joint ventures, different issues or problems while having joint ventures and the critical factors that contribute to successful joint ventures. A questionnaire was designed and administered to survey the issues and present practices of joint ventures in the South Florida construction industry. Along with the questionnaire, personnel interviews were also conducted to get first hand knowledge about the subject matter. The results are presented in the paper. These results specifically identify the overall practice of joint ventures in South Florida as well as indicate the most significant factors leading to failure or success of these ventures.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.71-88
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• 2009

The Korean online gaming industry has seen rapid growth since the boom of information technology (IT) related industries, especially Internet and PC-bang or local area network (LAN) use, throughout the country. Online games are real-time games in which two or more players meet, compete, and cooperate in the same game space using the same communication network. Even though the growth rates of IT-related industries have recently slowed, the growth of the online gaming industry has increased, and Korean firms are expanding their businesses to countries all over the world. However, the online gaming industry is becoming an oligopoly, in which 4-5 leading companies occupy most online gaming markets. This situation presents a disadvantage to the Korean online gaming industry, since online players usually seek a diversity of online gaming contents and high quality online game services. Therefore, small- and medium-sized game developers must survive in this market by upgrading the quality of their online gaming services in an effort to provide differentiated goods and services in monopolistic competition markets. However, most venture companies in the online game industry, whether new or previously existing, are not able to obtain adequate financing. The objective of this paper is to examine the management environment for medium- and small-sized game developers in the Korean online gaming industry. By introducing the case of Grigon Entertainment, we try to identify the source of difficulty obtaining external financing for Korean venture firms in the online gaming industry.

• Korean small business review
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• v.42 no.2
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• pp.23-42
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• 2020

In this paper, it is analyzed that the financial factors of successful/unsuccessful companies in restructuring among Korean SMEs. For this purpose, the cases of 494 SMEs that had been subjected to workout programs due to financial distress between 2008-2014 were collected from A bank which is a SME financing bank, and had been subjected to logistic regression and t-test. And the sample cases are categorized into two groups, companies subject to external audit and the others, to provide more reliability. The result suggests; First, in all sample cases of SMEs, those are success factors for workout in connection with smaller total assets, lager sales amount, lower ratio of intangible assets, higher ratio of operating profit, lower ratio of short-term debt, higher ratio of long-term debt, and longer corporation history. Secondly, several factors have different influence on companies subject to external audit and the others. Lastly, the success factors for workout in Korean SMEs turned out to be different from those suggested in previous studies that are focused on large company. Some of the financial factors that led financially distressed firm to a successful restructuring showed the same results as large companies, but some of them were not related to them or even had the inverse influence on SMEs. This implies that SMEs have their distinctive success factors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.6
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• pp.177-189
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• 2018

Business environment is always full of challenges. Despite various strategic efforts, there are so many failure cases of misfit. With the weaker resource base and institutional foundation, startup firms find it more difficult to find the right spot in the stiff competition. In the middle of evolutionary process, the startup firms need proper strategies meeting the differential challenges along the multiple stages of growth. Following the idea of product life cycle, this study applies the four stages of growth-startup, initial growth, accelerated growth, matured, and decliing. The next step for the startup manager is meeting each stage of growth with proper strategic efforts, including strategy, structure, decision-making pattern, and control method. When the knowledge factor is introduced, there is a potential for higher performance. Based on the 'Detailed Survey on Startup Ventures in 2017,' this study explores the impact of the government subsidy program on the firm competitiveness and performance-along the four stages of growth. In each stage, the strategy factors showed differential impact.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.1
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• pp.119-132
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• 2014

This study analyzed the failure prediction model of the firms listed on the KOSDAQ by considering whether there are embezzlement, malpractice and the largest shareholder changes or not. This study composed a total of 166 firms by using two-paired sampling method. For sample of failed firm, 83 manufacturing firms which delisted on KOSDAQ market for 4 years from 2009 to 2012 are selected. For sample of normal firm, 83 firms (with same item or same business as failed firm) that are listed on KOSDAQ market and perform normal business activities during the same period (from 2009 to 2012) are selected. This study selected 80 financial ratios for 5 years immediately preceding from delisting of sample firm above and conducted T-test to derive 19 of them which emerged for five consecutive years among significant variables and used forward selection to estimate logistic regression model. While the precedent studies only analyzed the data of three years immediately preceding the delisting, this study analyzes data of five years immediately preceding the delisting. This study is distinct from existing previous studies that it researches which significant financial characteristic influences the insolvency from the initial phase of insolvent firm with time lag and it also empirically analyzes the usefulness of data by building a firm's fail prediction model which considered embezzlement/malpractice and the largest shareholder changes as dummy variable(non-financial characteristics). The accuracy of classification of the prediction model with dummy variable appeared 95.2% in year T-1, 88.0% in year T-2, 81.3% in year T-3, 79.5% in year T-4, and 74.7% in year T-5. It increased as year of delisting approaches and showed generally higher the accuracy of classification than the results of existing previous studies. This study expects to reduce the damage of not only the firm but also investors, financial institutions and other stakeholders by finding the firm with high potential to fail in advance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.127-139
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• 2023

During the process of preparing for and initiating a startup, startup entrepreneurs allocate a significant amount of time to developing a business plan. Within this process, the documented business plan serves not only as a roadmap for the venture but also as a communication tool for capital acquisition and internal team collaboration. However, is the business plan, meticulously crafted by entrepreneurs, actually effective in generating startup performance? To answer this question, this study empirically analyzed the impact of a business plan on startup performance. Additionally, it examined how the relationship between the business plan and performance changes based on the satisfaction levels of entrepreneurs regarding the business plan. Through the analysis, the study validated the influence of the completeness of the business plan and entrepreneurial satisfaction on startup performance, and derived implications. To conduct the empirical analysis, a survey was conducted among 150 entrepreneurs. Regression analysis was performed to examine the relationship between the completeness of the business plan and performance, and the sample was further divided into two groups: startups with less than three years of operation and startups with three or more years of operation, for secondary analysis. The analysis results revealed that the completeness of the startup's business plan has a positive impact on both financial and non-financial performance. Furthermore, it is observed that the entrepreneur's satisfaction with the business plan had a moderating effect on the relationship between the business plan and financial performance. Moreover, for startups that are less than three years old, the entrepreneur's satisfaction with the business plan exhibits a moderating effect on the relationship between the completeness of the business plan and non-financial performance. This study holds significance as it reaffirms the importance of business plan development as a means to achieve sustainable growth for early-stage startups and empirically validates its significance. It is expected that this study will provide valuable insights for future startup entrepreneurs to better understand the importance of business planning and contribute to reducing the failure rate of early-stage startups.