• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.2
• /
• pp.19-34
• /
• 2021

The government budget for promoting startup have been skyrocketed as catching up with increasing demands for high-tech startup by disruptive innovation resulted from rapid technology change. However, major trend of startup have still fallen on self-employed type of startup due to the lack of expertise and fund in spite of desperate government policy efforts. In reality, the access to high-tech startup has been very limited and too high huddle to would-be entrepreneur. This paper implement empirical analysis on the effects of entrepreneur competency and satisfaction level to government support, considering these as the KSF for the growth and success of high-tech startup, to the performance of the company. In particular, it focus on defining unique characteristics of high-tech startup through differential proving by the backgrounds of entrepreneur such as major, R&D experience, patent possession, CTO possession. This research carry out survey to 217 entrepreneurs in high-tech company in Daejon and Daegue at R&D Special Innopolis Zone. Research results are as follow. First, entrepreneurial achievement competencies, conceptualization competencies, network competencies and market recognition competencies positively affect the financial and non-financial performance and organizational and technical competencies, while organizational and technological competencies only positively impact on non-financial performance. Second, the satisfaction level of government support showed a positive moderating effect on entrepreneurial achievement competencies and financial performance, while no significant effect in other competencies. Third, positive differential effect by the technological background of entrepreneur such as Major, R&D experience, patent possession, CTO possession) have been confirmed. This paper deliver several significant implications and contributions, First, it propose classified and systematized entrepreneur competency through the domestic and foreign literature reviews. Second, it proves the need for the wider spread of team based startup culture rather then sole startup. Third, it also proves the important role of technological background of entrepreneur among the characteristics of high-tech startup.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.4
• /
• pp.87-100
• /
• 2022

Early start-up companies have an inherent limitation of lack of resources. Despite these limitations, in order to survive, the entrepreneur's personal ability to efficiently use limited resources is required. In the marketing field, various studies are needed to reduce the business failure rate through establishing growth strategies and innovation. Accordingly, it is necessary to apply the concept of entrepreneurial marketing, which has been researched and developed overseas for 30 years, to fit the domestic reality. According to the flow of this study, an empirical study should be preceded to clarify the influence relationship between entrepreneurial marketing orientation, marketing competency, and management performance, along with a theoretical theorem on entrepreneurial marketing that is suitable for early start-ups and small and medium-sized enterprises(SMEs) and can respond innovatively to changes. The establishment of entrepreneurial marketing orientation and the processes from which this concept leads to business performance through the organization's marketing capabilities and its effects will be empirically verified. For an empirical survey, a survey was conducted on founders of 220 companies, and path analysis using structural equations was used for hypothesis verification. The findings are as follows. First, it was found that the entrepreneurial marketing orientation had a positive effect on both the organization's marketing capabilities and management performance. Second, it was found that the organization's marketing capabilities also had a positive effect on management performance. Third, as a result of empirical analysis of the mediating effect of the organization's marketing capabilities on the relationship between entrepreneurial marketing orientation and management performance, it was found that marketing capabilities showed a greater mediating effect on non-financial performance than financial performance. On the other hand, it was confirmed that marketing performance had a stronger mediating effect on financial performance than non-financial performance. By confirming and presenting the concept and constituent factors of entrepreneurial marketing orientation of domestic start-ups, which were academic gaps for the purpose of this paper, the academic research is differentiated in that they were verified as six components of entrepreneurial marketing. The practical implications of the research results will be that the entrepreneurial marketing-oriented mindset of small and medium-sized companies will optimize market analysis capabilities, network with various stakeholders, and increase the organization's ability to demonstrate marketing capabilities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.5
• /
• pp.1-16
• /
• 2023

Due to imbalances in supply and demand within the labor market, start-ups have emerged as crucial players in the generation of high-quality employment opportunities, particularly in stagnant job markets. In response to this trend, governments are allocating substantial financial and human resources to initiatives that support start-up development. This has led to an increasing rate of engagement in start-up ventures across diverse age groups, not limited to younger individuals. Start-ups are enterprises focused on the commercialization of innovative ideas with the aim of achieving profitability in the marketplace. Research concerning the successful market integration of new products and the attainment of sustainable growth is pivotal. Such research is instrumental not only for the success of start-ups but also for realizing the broader social functions and contributions that these enterprises can offer. Previous research has often examined new product market-entry strategies, often referred to as new product marketing, particularly for large companies and SMEs. However, there is a gap in studies focusing on prototype marketing strategies specific to start-ups. Thus, this study aims to examine the impact of Pre-announcing marketing strategies on the market attention garnered by start-ups with low recognition and limited infrastructure, and how such attention contributes to their sustainable growth. Specifically, the study aims to uncover the causal relationship between information attributes like relevance, vividness, and novelty in building customer relationships, and their impact on purchase intentions influenced by performance expectations and hedonic motivations. In terms of Pre-announcing information attributes, relevance, vividness, and novelty positively influence performance expectations and hedonic motivations as outlined in the extended Unified Theory of Acceptance and Use of Technology (UTAUT2). These factors, in turn, positively impact the purchase intention for pre-announced new products from start-ups. These findings are expected to provide both theory and practical insights into the factors influencing market entry through the use of Pre-announcing marketing strategies for start-up new products.

• The Korean Journal of Applied Statistics
• /
• v.23 no.1
• /
• pp.63-71
• /
• 2010

Business entrepreneurs reflect their views of domestic and foreign economic activities on their operation for the growth of their business. The decision, forecasting, and planning based on their economic sentiment affect business operation such as production, investment, and hiring and consequently affect condition of national economy. Business survey index(BSI) is compiled to get the information of business entrepreneurs' economic sentiment for the analysis of business condition. BSI has been used as an important variable in the short-term forecasting models for business cycle analysis, especially during the the period of extreme business fluctuations. Recent financial crisis has arised extreme business fluctuations similar to those caused by currency crisis at the end of 1997, and brought back the importance of BSI as a variable for the economic forecasting. In this paper, the meaning of BSI as an economic sentiment index is reviewed and a GUIDE regression tree is constructed to find out the factors which affect on BSI. The result shows that the variables related to the stability of financial market such as kospi index(Korea composite stock price index) and exchange rate as well as manufacturing operation ratio and consumer goods sales are main factors which affect business entrepreneurs' economic sentiment.

• The Korean Journal of Applied Statistics
• /
• v.29 no.7
• /
• pp.1201-1212
• /
• 2016

Value at Risk (VaR) for market risk management is a favorite method used by financial companies; however, there are some problems that cannot be explained for the amount of loss when a specific investment fails. Conditional Tail Expectation (CTE) is an alternative risk measure defined as the conditional expectation exceeded VaR. Multivariate loss rates are transformed into a univariate distribution in real financial markets in order to obtain CTE for some portfolio as well as to estimate CTE. We propose multivariate CTEs using multivariate quantile vectors. A relationship among multivariate CTEs is also derived by extending univariate CTEs. Multivariate CTEs are obtained from bivariate and trivariate normal distributions; in addition, relationships among multivariate CTEs are also explored. We then discuss the extensibility to high dimension as well as illustrate some examples. Multivariate CTEs (using variance-covariance matrix and multivariate quantile vector) are found to have smaller values than CTEs transformed to univariate. Therefore, it can be concluded that the proposed multivariate CTEs provides smaller estimates that represent less risk than others and that a drastic investment using this CTE is also possible when a diversified investment strategy includes many companies in a portfolio.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.17 no.6
• /
• pp.129-139
• /
• 2016

The purpose of this paper was to comparatively investigate the efficient building incentives in Korea and foreign countries and to seek strategies to enhance low energy building integrated design market infrastructure in Korea. The structure of incentive policies were composed of four main component: 1) types of financial aids and beneficiaries, 2) energy performance criteria and verification methods, 3) supports for low energy building integrated design, and 4) funding sources for incentive programs. Every overseas incentive program has adopted a design team incentive along with building owners incentive and the range of target buildings have been extended from new construction to remodeling projects. The main system of the program is the performance standard through which projects were investigated and the level of incentive are decided. Initially, the integrated performance has been investigated through simulation methods, but the construction performance evaluation and energy monitoring methods are emerging. In addition, the direct support and educational support for integrated design has been provided to enhance the foundation of relative markets. Financial funding is also a key component of the program and more aggressive funding strategies have been adopted.

• The Korean Journal of Financial Management
• /
• v.24 no.4
• /
• pp.163-199
• /
• 2007

This paper studies the stock market in which there are two types of investor, institutional and individual, whose information gathering and processing abilities are different. The institutional investor manages large funds and has powerful information sources. Whereas, the individual investor trades with a small amount of money and an information disadvantage. The model assumes that the institutional investor is more experienced and able to acquire relevant information earlier than the individual investor. On these assumptions, this paper shows a price continuation in the short run and a price reversal in the long run. The price continuation, or momentum, in the short run can be explained as follows. The early-informed institutional investor trades a stock, and as a result the stock price changes. Then the late-informed individual investor trades the same stock, and the stock price continues to move in the same direction in the short run. The reason for the price reversal in the long run is that since the individual investor has inferior information on the fundamental value of the stock, he tends to overreact to new information. So the stock price changes over its fundamental value initially and then regresses toward its fundamental value. In sum, both the price continuation and the price reversal are caused by the overreaction of the individual investor. The essay illustrates how these phenomena are stronger in the case where the proportion of the individual investor is higher. It also shows how the stock price goes up when the institutional investor buys a stock, while it goes down when the individual investor buys one.

• The Korean Journal of Financial Management
• /
• v.20 no.2
• /
• pp.201-234
• /
• 2003

This paper examines the day of the week effect focusing on the effect of the settlement procedures on the stock price in seven major international stock markets. Settlement dates or procedures may have an effect on rate of return distributions in international stock markets. Those Settlement procedures are different among various international stock markets. Furthermore, several international stock markets change their systems of settlement procedures. On the New York stock exchanges, stock transactions are settled in five business days after the transaction. However, they changed settlement procedures from five business days to three business days from 1995. Those settlement procedures on the London stock exchanges and the Paris stock exchanges were changes from the fixed settlement date systems to the fixed settlement lag systems. Thus, this paper examines the effect of the changes in settlement procedures on the stock price in several stock markets. I found that changes of settlement dates or procedures have an effect on the rate of return distributions for specific days in some stock markets. This paper also examines the day of the week effect for seven international stock markets. I found that strong weekend effect before the period of 1990. However, the weekend effect has disappeared during the period from 1990 to 2002 in international stock markets.

• The Korean Journal of Financial Management
• /
• v.20 no.2
• /
• pp.1-39
• /
• 2003

Using a comprehensive sample of convertible security offerings by Korean firms from 1981 to 1999, we examine the effect of convertible bond issues on firm value. We find that the announcement of convertible bond issues has a positive effect on firm value. However, the announcement of private convertible bond issues by chaebol firms has a significant negative effect on their market values. This result is different from that in Japan, suggesting that the efficiency of the financing decision by Korean chaebol is different from that by Japanese keiretsu. In addition, we find that the announcement effect of private convertible bond issues by chaebol firms has a significant relation with the corporate governance variables such as ownership structure, bank relationship. These results indicate that convertible bond issues can be used as a mechanism for chaebol owner-manager to give rise agency problems at the expense of the wealth of minority shareholders.

• The Korean Journal of Financial Management
• /
• v.25 no.2
• /
• pp.103-135
• /
• 2008

We test the hypothesis whether foreign direct investments(hereafter "FDI") can affect the changes of the firm value. In this study, we use a newly developed event study technique, referred to as value-based event study approach(hereafter "VESA"), which is based on the seminal papers of M&M(1958, 1961, 1963) and Lee(2006, 2007). The empirical findings about the effects of FDI's on the intrinsic firm values, which can be measured by intrinsic Q(hereafter "IQ") values of the VESA, are as follows; First, the FDI's are carried out by healthy firms in terms of high IQ's. The IQ values become higher during the post-FDI period than prior to performing FDI's. Second, among the four components of IQ values, the value of assets-in-place, the value of intangible assets, and the value of growth opportunities are all increased during the post-FDI period, except the value of current earnings. Third, the same results are observed in all the samples classified by industry. In sum, thanks to the above findings in this study, we can conclude that the announcements of the FDI's are good and reliable indicators for the firm to signal to the market that the FDI firms are healthy in intrinsic firm values, and also that they have good chances to increase their firm values through the new investments abroad.