• Journal of Arbitration Studies
• /
• v.31 no.4
• /
• pp.3-27
• /
• 2021

Recent Discussions on Third-Party Funding (TPF) in the forums of UNCITRAL, ICSID, and ICC are making different levels of progress towards finalizing the rules. However, they also have similarities in dealing with legal issues related to TPF, such as definitions, disclosure, allocation of costs, and security for costs. International treaty tribunals have dealt with TPF issues, too. When it comes to the standing of funded claimants, the tribunal in Ambiente v. Argentina did not accept the argument that claimants were controlled by the TPF provider. Concerning the scope of the disclosure, the tribunal in Tennant v. Canada ordered the disclosure of the TPF arrangement. As for the allocation of costs, the tribunal in Kardassopoulos v. Georgia noted that there is no reason why a TPF agreement should be treated differently than an insurance contract. Regarding the security for costs, the tribunal in South American Silver v. Bolivia considered the mere existence of a third-party funder as not an exclusive factor to determine costs in the earlier stage of the proceedings. Lastly, relating to TPF as a ground for annulment, the tribunal in Teinver v. Argentina declined the respondent's argument that the TPF agreement was the vehicle of fraud.

• Asia-Pacific Journal of Business
• /
• v.15 no.1
• /
• pp.179-192
• /
• 2024

Purpose - The purpose of this study is to examine the effect of entrepreneurial experience, business model innovation and financing on new venture performance. Design/methodology/approach - This study analyzes survey data on new ventures in Korea and investigated research hypothesis by multiple regression analysis. Findings - Founders' prior startup experience have different impacts on performance depending on whether they had a successful or failed startup. Successful experience has a positive impact on early performance, while failure experience has a negative impact. Business model innovation shows a positive and significant relationship with early performance. External financing has different effects depending on the type of funding source and performance variables. VC funding is positively related to employment creation, while government R&D funding is negatively related to sales volume. Research implications or Originality - This study confirms that the impact of entrepreneurial experience on early performance varies depending on the characteristics of successful and unsuccessful entrepreneurs. It also empirically confirms that business model innovation has a significant impact on early performance. We empirically examine the relationship between various external financing sources of venture firms and early performance. Since the effects of entrepreneurial experience, business model innovation, and external financing on early stage performance may be different, entrepreneurs should consider these relationships when pursuing early stage business opportunities.

• Journal of the Korean Society for Library and Information Science
• /
• v.47 no.3
• /
• pp.251-274
• /
• 2013

This study aims to analyze data management policies offered by 15 government funding agencies in the U.S., UK, Canada, and Australia, and to make recommendations for developing data management policies in Korea. For the analysis of data management policies, five criteria were suggested based on literature review as follows: 1) the definition of research data, 2) principles of data management, 3) data management plan, 4) the implementation of data management, 5) legal and ethical issues. It was found that there was no policy that covers all the criteria for the analysis. Several funding agencies, however, commonly dealt with each criteria in their data management policies. Based on the findings from the analysis, this study made the following suggestions: First, data policies provide definitions and types of research data based on the understanding of data creation in the fields of funding interests. Second, data policies include principles of data management applicable to data practices in Korea. Third, data policies implement data management plans to promote responsibility of researchers for managing data. Fourth, data policies specify data management implementations to facilitate and support data sharing practices. Fifth, data policies should minimize legal and ethical challenges in data sharing through the review of the applicability of related laws and regulations and their improvement.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.5
• /
• pp.113-127
• /
• 2020

Based on the social exchange theory and innovation diffusion theory, this study is to identify the correlation between factors influencing investor's funding intention in crowdfunding and to analyze moderating effect of trust in the relationship of shared value, communication and individual innovation. The purpose of this study is to consider the funding trends of crowdfunding investors from a personal point of view through the results of the study and to help fundraiser of crowdfunding establish specifically strategies for financing. In order to conduct empirical analysis, an online survey was conducted on people who had participated in crowdfunding, and a total of 228 questionnaires were collected and a total of 186 responses were finally analyzed, excluding outliers. For data analysis, structural equation model analysis was conducted using SPSS 26.0 and Smart PLS 3.0. The results of this study showed that shared value in the relationship between fundraiser and investors has a significant effect on the perceived risk. High level of communication between fundraiser and investors showed positive effects on the level of commitment of the crowdfunding project and the innovation of the individual investor. And commitment had a positive effect on the funding intention. According to the results of this research, trust has moderating effect only in relationship between shared value and perceived risk. It is significant that investors share the value of fundraiser together is a motivation factor to fund in crowdfunding and an opportunity to recognize the risk. Through this study, it is expected to utilize them in establishing strategies for start-ups and marketing plans to raise funds through crowdfunding and to empirically identify factors influencing the funding intention through individual levels of crowdfunding investors.

• The Journal of the Korea Contents Association
• /
• v.18 no.1
• /
• pp.196-209
• /
• 2018

This study is founded on banks' profitability factors. Unlike the previous study in terms of diversification of the banks' funding structure, this research performs multiple regression analysis during the entire period and examines the comparative analysis of before and after the financial crisis. the study establishes hypotheses by using the wholesale funding ratio as a key focus variable with 8 explanatory variables and the operating profit on assets as a profitability index. The Loan-deposit rate gap, the Number of stores and the Non-performing loan ratio prove to be a significant profitability factor for all periods of time. Korean banks are also more profitable when their the Loan-deposit rate gap get bigger and the Number of stores grows. The wholesale funding ratio is analyzed to have no statistically significant effect on the profitability of banks. Rather than being influenced by macroeconomic indicators, it is indicated that the situation of individual banks and other financial environments have been affected. And banks increase profitability as banks increase their loan after the financial crisis. The empirical analysis shows that profitability factors have periodical distinctions, and in this aspect, this research has implications. The study needs to be expanded to cover the entire domestic banking sector, in consideration of the profitability of the banking industry in the future.

• The Journal of the Korea Contents Association
• /
• v.15 no.5
• /
• pp.560-569
• /
• 2015

Crowd funding is the method of raising money for a project, companies from a large group of people via the Internet, in return for future products or equity. Kickstarter is the largest and most successful crowdfunding site where creative projects raise reward based funding. Drawing on dataset of 80,267 projects with combined funding over $1.3b from 8.1m people, this paper suggest that backer select project based on their preference on the project, instead profitability of the project. It suggests that well-established platform and big size of network increases the chance of success of the project due to a ripple effect and blockbuster effects. Clear communication about the project's idea and goal is highly correlated with success. Regular communication on the project site, such as by constant progress updates, helps the success of the project. Equity-based crowdfunding is emerging as an innovative means of raising capital for businesses, so it has been receiving a lot of attention and expectation from the government and the market. The findings of this paper and others will help to get some understanding and insight into equity-based crowdfunding. However, Kickstarter differs from equity-based crowdfunding in the goals of the backers. Kickstarter's backers are not investors, they are contributors. To understand equity-based crowdfunding, the subject will need further study.

• Journal of Technology Innovation
• /
• v.29 no.3
• /
• pp.63-90
• /
• 2021

Today, venture companies are increasingly important in that they play a key role in national economic growth. However, ICT venture companies are having great difficulties in securing a sustainable competitive advantage due to rapid environmental changes, and as one of the ways to solve this problem, they rely on the government's support policy. Accordingly, this study analyzed the effect of government support on management performance of ICT venture companies. For empirical analysis, the data from the 2016 ICT venture panel survey was collected, and 687 and 538 companies were selected to analyze the effect of funding and R&D support, respectively. Then, through propensity score matching, companies that received government support and companies with similar characteristics (control group) were compared and analyzed. As a result of the analysis, it was found that funding support had a significant effect on the growth potential of ICT venture companies, and R&D support had a significant effect on the stability of ICT venture companies. This means that there is a difference in management performance of ICT venture companies depending on the type of government support. Through this study, it was possible to confirm the effect of government's policies, and various support policies for specific purposes should be pursued to foster ICT venture companies. In addition, for the continued growth of ICT venture companies in the future, it will be necessary to consider package (technology, management, commercialization, etc.) support rather than individual funding support or R&D support.

• Journal of Korea Technology Innovation Society
• /
• v.21 no.3
• /
• pp.938-968
• /
• 2018

Korea's basic research has been rapidly expended in both quantative and qualitative aspect since establishment of 'the Korea Science & Engineering Foundation' in 1977, proclaiming of 'the First Year of Basic Research Promotion' and enactment of 'the Basic Sciences Promotion Act' in 1989. Despite the continuous increment of government basic research funding, the problem of low perceptions of university researchers on the funding increment has been constantly raised. Based on an intrinsic review on the core issues are diagnosed based on Korean academics' basic research status analysis and future challenges are proposed based on the precedent diagnoses. The six key issues that need to take the next step in Korean academics' basic research are as follows: (1) basic research investment in universities, (2) appropriate research expenses for supporting individual researcher, (3) basic research funding allocation method, (4) maintaining the sustainable success rate of research projects, (5) systematic and strategic support for excellent researchers, (6) creating research-immersive environment. The five challenges to promote basic research in academics are as follows: (1) increasing in university research expenses, (2) diversification of basic research funding allocation method, (3) establishment of research field-specified support system and predictable principles, (4) stable and sufficient support for outstanding researchers, (5) reducing burden on research administration.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.1
• /
• pp.21-35
• /
• 2021

Based on social capital theory, this study investigated the influence of the start-up founder's social competence on the start-up's access to funding sources and performance through the mediating role of the type of social network. This study aimed to examine two types of social networks empirically (i.e., personal networks and business networks) as social capital in analyzing the effect of the founder's social competence and social capital on the method of accessing funding sources. A self-report questionnaire was administered to 252 South Korean start-up founders whose businesses are based in South Korea. Path analysis and mediation effect analysis were performed by structural equation modeling(SEM) using STATA 16.1. This study examined the full mediating effect of the founder's social competence on his/her personal and business networks, respectively, and how the effect leads to different methods to approach funding sources. This is the first study in South Korea to analyze empirically how social competence has contrasting effects on personal and business networks as well as how each type of network varies in its influence on the method founders use to attract investment. This study is also significant in that it proposed a new methodology by utilizing the position generator as the measure of personal and business networks to analyze social networks in detail. The analyses of 252 survey data collected over a period of six months will be a valuable resource that may provide researchers, founders, investors, and other stakeholders in the start-up ecosystem with meaningful implications.

• Journal of Venture Innovation
• /
• v.6 no.1
• /
• pp.95-114
• /
• 2023

As the Fourth Industrial Revolution progresses, the importance of startups is becoming more prominent. Additionally, the role of accelerators in ensuring the sustainability of startups is also being emphasized. Therefore, in this study, among the services provided by accelerators to startups, the mentoring service, education service, funding service, and networking service tried to empirically analyze the structural relationship that affects startup performance through the dynamic capabilities of start-ups. To achieve this, we conducted a survey in February 2023 targeting startup CEOs and executives who had experience with accelerator program services. A total of 238 valid responses were analyzed using structural equation modeling with Amos 24. The results of the empirical analysis were as follows. The accelerator program services, including mentoring, education, funding, and networking services, had a significant positive effect on startup dynamic capabilities. Among the accelerator program sub-factors, networking services had the highest impact on startup dynamic capabilities, followed by mentoring, funding, and education services. Furthermore, startup dynamic capabilities were found to have a significant positive effect on startup performance. On the other hand, startup dynamic capabilities were found to mediate the relationship between mentoring, education, funding, networking services, and startup performance. Dynamic capabilities are a critical factor for startups, and the finding that accelerator programs can have a significant impact on startup performance by mediating these dynamic capabilities is significant both academically and practically.