• Journal of Technology Innovation
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• v.13 no.3
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• pp.51-76
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• 2005

This study aims to investigate hypotheses for the effects of CEO's self-sacrificial leadership behaviors and employee's organizational committment of 50 Korea venture firms registered in Korea Venture Business Associations. To understand the importance of followers' characteristics in recent leadership studies on venture CEOs, it is proposed that self-sacrificial leadership behaviors will positively effect on organizational commitment. And it is also proposed that the follower's need for achievement(N-Arch) moderates in the relationship of self-sacrificial leadership behaviors and organizational commitment. After descriptive survey, research model setup, and field survey, this empirical study investigated the above mentioned hypotheses thru SPSS for Windows 12.0. It involved linear regression analysis to reveal the significant main effect of the self-sacrificial leadership behaviors. It also revealed moderating regression analysis to reveal the significant moderating effects of need for achievement between the independent variables(self-sacrificial leadership behaviors) and dependent variable(the organizational commitment). Results revealed that CEO's self-sacrificial leadership behaviors positively affected to its employee's organizational commitment under change-oriented and innovative new technology drive, self-developing environments of venture business in Korea. However, positive moderating effect of N-Arch was not supported between leader's self-sacrificial leadership behaviors and follower's organizational commitment in Korea venture firms.

• Korean small business review
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• v.42 no.3
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• pp.101-121
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• 2020

Marking the 40th anniversary of the founding of The Korean Association of Small Business Studies, this paper was carried out to shed light on the historical trend of 40 years of small and medium business research through the papers published in the Asia Pacific Journal of Small Business and to consider the direction of future small and medium business research. In particular, we will focus on small and medium venture business policies and strategic management aspects of small and medium venture businesses to analyze the contents of published papers related to the subject and contribute to finding implications and future research directions. In order to analyze the research trends of small and medium venture business policies and strategic management sectors of small and medium venture companies covered in the Asia Pacific Journal of Small Business from 1979 to 2019, the analysis was divided by time and item based on research subjects, research methods, researchers, etc., and the primary analysis results are as follows: First, out of a total of 1,056 research papers, research papers on small and medium venture enterprise policy and strategic management showed a ratio of about 14% and 11% of the total research. Second, in terms of research subjects, the proportion of policy research on funds and start-ups and ventures was high in the field of small and medium venture enterprise policy, and the research on internationalization strategy was carried out the most in the area of strategic management. Third, qualitative research was more prominent until the 1980s, but the proportion of quantitative research began to increase after the 1990s, and since then, quantitative research has been carried out more than qualitative research. Fourth, over the past 40 years, Hanyang University, Kyungpook National University, Konkuk University, etc. were the institutions that presented research papers most actively in the areas of small and medium venture business policy and strategic management, and the research institute's participation was somewhat insufficient. The main implications of this study for the continuous development of the Asia Pacific Journal of Small Business are as follows. First, it is necessary to enhance the link between research on policy research and strategic management of small and medium venture companies in terms of research subject matter. Second, more diversity should be pursued in terms of research methods. Third, it is necessary to increase the participation rate of public and private research institutes related to small and medium venture enterprises in academic societies.

• Korean System Dynamics Review
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• v.2 no.2
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• pp.119-134
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• 2001

Since 1998, government-led Korean venture business boom now proceeds into the stage of market-oriented venture business growth. At such a moment, this research is to clarify the relations between the success factors of Korean venture businesses, based on domestic and foreign documentary surveys and inquiry surveys over domestic venture businesses. This research starts from the necessity to overcome the limits of the existing researches by uni-dimensional probing research into success factors of Korean venture businesses and to manifest the multi-dimensional relations between the success factors from the various viewpoints. And this research adopts System-Dynamics methodology to manifest and utilize relations among those factors, avoiding the existing metrical approaches. This research can be called a new approach to the current ecosystems of Korean venture in which whether venture businesses success in Korea is considered to depend on the list on the stock market. For this, this research implemented verification analysis through the simulations of each factor at various levels to build causality map which clarifies the causality of success factors of venture businesses through the System-Dynamics methodology and to utilize it as a way of supporting tool for decision-making of venture businesses. This research will be able to suggest the reactions depending on various internal and external situations. This research tried to manifest the causality map of each factor on the basis of inquiry surveys and documentary surveys to verify feedback among each factor by the SD methodology. This research will be a basis bolster up the still fragile substructure of venture businesses through an efficient analysis framework using the verification of SD methodology and resulting outcomes from this research.

• Proceedings of the Korean System Dynamics Society
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• 2001.10a
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• pp.3-14
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• 2001

Since 1998, government-led Korean venture business boom now proceeds into the stage of market-oriented venture business growth. At such a moment, this research is to clarify the relations between the success factors of Korean venture businesses, based on domestic and foreign documentary surveys and inquiry surveys over domestic venture businesses. This research starts from the necessity to overcome the limits of the existing researches by uni-dimensional probing research into success factors of Korean venture businesses and to manifest the multi-dimensional relations between the success factors from the various viewpoints. And this research adopts System-Dynamics methodology to manifest and utilize relations among those factors, avoiding the existing metrical approaches. This research can be called a new approach to the current ecosystems of Korean venture in which whether venture businesses success in Korea is considered to depend on the list on the stock market. For this, this research implemented verification analysis through the simulations of each factor at various levels to build causality map which clarifies the causality of success factors of venture businesses through the System-Dynamics methodology and to utilize it as a way of supporting tool for decision-making of venture businesses. This research will be able to suggest the reactions depending on various internal and external situations. This research tried to manifest the causality map of each factor on the basis of inquiry surveys and documentary surveys to verify feedback among each factor by the SD methodology. This research will be a basis bolster up the still fragile substructure of venture businesses through an efficient analysis framework using the verification of SD methodology and resulting outcomes from this research.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.5
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• pp.61-74
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• 2021

This study investigated the relationship between the social legitimacy and financial performance perceived for venture company. In particular, social legitimacy was classified into prior experiences, organizational competency, market-related, and government-related legitimacy according to the characteristics of venture businesses, and its effect on the financial and non-financial performance of venture businesses was verified. Data were collected by conducting a survey among 300 domestic venture businesses. According to the results it can be understood that social legitimacy affects the financial and non-financial performance of venture businesses. In other words, it was found that the acquisition of resources from external investors and governments which is justified by stakeholder and investors, venture business executives and employees' prior experience such as start-up experience, and retention of outstanding talent, etc., developing trust from the market and consumers through high organizational competency and differentiated product provision, have a positive effect on the financial and non-financial performance of venture companies. It can be interpreted that higher survival is possible through running the venture businesses with social legitimacy. In addition, this study is meaningful in that it presents a new standard for survival through measuring the relationship of the influence on substantial performance of venture businesses by expanding the existing sociological research to business management research.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.1-17
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• 2021

Existing research on the investment relationship between venture capital and start-up companies has mainly focused on choosing a startup from the perspective of venture capital, an investor. However, as competition among venture capital has increased recently, excellent start-ups with proven technology are choosing venture capital in reversely. This study investigated key elements that affect the selection of the venture capital by a startup. To this end, we looked at which venture capital company was selected as the final investor for startups that have received investment proposals from multiple venture capitals at the same time. Six early start-ups(pre-series A/Series A) and five mid-term (Series B/C) start-ups were interviewed to focus on the influence of the three elements regarding venture capital - 1) venture capital reputation, 2) relationship between cofounders and investors, and 3) value adding service provided by venture capital - on choice. As a result of the research, the investment portfolio among the reputations of venture capital was a very important element in selecting venture capital. However, it has been shown that the age and asset under management of venture capital are not important. Relationships have emerged as a very important element. Finally, as for venture capital's value-adding services, start-ups in this study did not consider it important. In particular, consulting and monitoring by venture capital has been found to be a burdening attribute for startups. This study suggests implications that can increase the probability of successful investment by venture capital in the investment market where investment competition is fierce, and enhance mutual understanding between venture capital and startups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.3
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• pp.37-48
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• 2016

The purpose of this study is to investigate the factors that affect the degree of export intensity of Korean venture businesses, and to analyze the effect of export intensity on corporate performance. We use 1,970 firm data (from Venture Business Survey by Small & Medium Business Administration) and analyze the possible factors of the CEO characteristics, the corporate characteristics, and the environmental factors. Our analysis shows that Korean venture business' CEO characteristics, such as his/her doctoral degree and marketing work experiences, increase their export intensity statistically significantly, while their age does not. In addition, the companies who outsource their products have a higher export intensity, and, as the firm age increases, the export intensity decreases significantly. It is also analyzed that, as the number of export regions or FDI regions increases, their export intensity goes higher. However, firms' higher level of internationalization does not bring higher performance of the venture firms, while it does significantly for the venture firms that are older than 10 years. The result implies that CEO's education or work experiences and strategic approaches are important for corporate globalization, and that it takes time for globalizing venture firms to be able to garner profits from their global investments.

• Proceedings of the Korea Society for Simulation Conference
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• 2001.10a
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• pp.50-59
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• 2001

Since 1998, government-led Korean venture business boom now proceeds into the stage of market-oriented venture business growth. At such a moment, this research is to clarify the relations between the Critical Success Factors of Korean venture businesses, based on domestic and foreign literature surveys and inquiry surveys over domestic venture capitalists. This research starts from the necessity to overcome the limits of the existing researches by uni-dimensional Korean venture businesses and to manifest the multi-dimensional relations between the success factors from the various viewpoints. And this research adopts System-Dynamics methodology to manifest and utilize relations among those factors, avoiding the existing metrical approaches. This research can be called a new approach to the current ecosystems of Korean venture in which whether venture businesses in Korea succeed is considered to depend on the list on the stock market. For this, this research implemented verification analysis through the simulations of each factor at various levels to build causality map which clarifies the causality of success factors of venture businesses through the System-Dynamics methodology and to utilize it as a way of support to decision-making of venture businesses. This research will be able to suggest the reactions depending on various internal and external situations. This research tried to manifest the causality map of each factor on the basis of inquiry surveys and literature surveys to clarify Feedback among each factor by the SD methodology and simulate it. This research will be a basis to establish the chance to bolster up the still fragile probing research into success factors of substructure of venture businesses through the suggestion of possibility as an efficient analysis framework via the verification of SD methodology and the utilization of results of this research.

• Journal of Korea Technology Innovation Society
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• v.2 no.2
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• pp.309-325
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• 1999

If we want to overcome the current IMF-guarded economic situations as early as possible and to change the present industry structure to the new knowledge-based structure, it is a great necessity to increase the capability of technology innovation as a key factor of the international competitiveness, and to establish the infrastructure of venture business for increasing utilization of technologly and patent. Even though there has been a great increase in application and enrollment of the Industrial Property Rights (i.e. IPRs) including patent recently, the number of unused IPRs are increasing progressively every year (for example, the ratio of unused patent is about 60% in 1997), and illegal use of patent and dependance on the foreign patent are increasing sharply. This paper will suggest policy on nurturing venture business for increasing utilization of the unused IPRs, including technology transaction strategy and link strategy of the high-tech industries between metro Taejon and Chungcheong Area.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.1
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• pp.85-95
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• 2016

Generally a venture capital aims at investment and support Venture businesses that signifies a start-up which has high technologies but frailty of the economy so that raise fund from financial agencies at high risk rate, it has high risk but when the venture businesses launch into general orbit, the venture capital guarantee high-rate profits. Venture capital do not just provide risk capital but also takes a role as a mentor for continuous growth with total consulting service at business and technical management. Also it offers in-depth support to reform the supported enterprise in order to enhance the competitive. Venture capital receives attention for years as a principal agent to be promoted strategically at national level. Bio venture, a major concern of venture capital and one of core industries in Korea, is different from other industries because it needs long-term and large scale of investment. these factors bring about difficulties in an investment and growth. Therefore, it is very important to identify growth and profitability of start-ups and small and venture businesses with long-term appreciation above all other industries. This research analyze management results of bio venture businesses empirically by investment from venture capital. according to the results, bio venture businesses need huge capital and a long gap of time, henceforth, formation of model for growth is necessary with angel investing as well as venture capital. Since, there are not many listed bio venture businesses, significant statistical result would be limited. This research studied at only economic focus but further study need to examine a question from various angles.