• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.1-9
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• 2016

In this study, we investigate the announcement effects of M&As with a start-up as a target firm on shareholder wealth of an acquiring firm. We use M&A events in KOSPI or KOSDAQ market between 2002 and 2014 after the financial crisis. Among the total 1436 mergers and acquisitions that took place domestically during this period, 1383 cases were selected as cases to be studied, excluding 53 cases where acquiring firms were unlisted firms. The results of the analysis are as follows: First, as a result of a comparison between the acquiring firms' CARs of the whole sample group(n=1383) occurred during the (-2, +1), (-5, +2), (-10, +5) periods of M&A announcement date(t=0) and the sub-sample group(n=468) where the target firms are start-ups which were established within five years, the acquiring firms of the whole sample group do not show significat CARs, while the acquiring firms of the sub-sample group show the significantly positive CARs. This suggests that M&A with start-ups have a positive effect on firm value of acquiring firms. Second, when merging unlisted start-ups, the acquiring firms show positive CARs, showing that there exists a listing effect in the merger of start-up. Third, merging the start-ups belonging to the high-tech industry shows the higher CARs than the case of merging the start-ups belonging to the non-high-tech industry. This study has great significance as the first in Korea to investigate the effect of M&A announcement with a start-up.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.6 no.4
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• pp.195-213
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• 2011

The purpose of this study is to investigate the factors that determine the performance of technological start-ups from resource-based view of firm. This study analyzed the correlation among the entrepreneur's competence, technology commercialization capabilities and business performance. This study is designed to examine (1)the effect of entrepreneur's competence, technology commercialization capabilities on business performance; and (2) the causal relationships and the mediator effects among the latent variables and business performance. Data for the study was compiled through surveys on entrepreneurs representing 125 technological start-ups. Empirical results of the hypothesis testing are summarized as follows : The results indicate that both two variable groups have positively influenced the outcome of business performance. Especially strategic competence was highly related to commercialization capabilities and business performance. The technology commercialization capabilities as a parameter had a significant influence on business performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.99-112
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• 2020

This study empirically analyzed the relationship with major influencing factors in enhancing innovation capability of start-ups and their influence on innovation performance. If the existing innovation competency studies were analyzed from a general corporate perspective, In this study, it was analyzed from the perspective of start-up companies with less than 7 years of founding. As a result of a survey on startups, learning competency among the sub-variables of innovation competency, R&D competency and marketing competency are significant positive (+) consistent with both organizational competence related to organizational culture and organizational goals, technology commercialization competency, and close product competency. Has been shown to affect. The technical competence part does not have a significant effect on the product competency. However, it could not be interpreted that the importance of these competencies was low. This is because although technical competence did not directly affect product competency, it was analyzed as a meaningful result in relation to R&D competency. In addition, the characteristics of the company were classified into technology orientation and market orientation, and the relationship between each sub-variable was analyzed. The technical competence of a technology-oriented company did not have a significant effect on the product competency, but it was found that it had an effective effect on the R&D capacity. It is also consistent with the research findings that the initial survival rate is low as the characteristics of start-ups are often based on technology and ideas. Based on these results, There is a difference in major innovation capabilities according to the growth stage of a company. From a practical point of view, I would like to present approaches and implications for strengthening the competence of start-ups.

• 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.

• Journal of the Health Care and Life Science
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• v.11 no.2
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• pp.341-349
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• 2023

This study analyzed the impact on entrepreneurship, passion, and start-up execution willingness to start a business for 200 prospective start-ups in Jeollanam-do. As a result of this study, it was found that there was an effect at the statistically significant level (p<.05) in the relationship between the start-up support program and start-up willingness. In the mediating effect analysis of passion for entrepreneurship support programs, it was confirmed that passion played a complete mediating role in the relationship between mentoring and start-up willingness and a partial mediating role in the relationship between the start-up support fund and start-up willingness. In the analysis of the mediating effect of passion on entrepreneurship, it was confirmed that passion played a partial mediating role in the relationship between initiative and start-up execution willingness, and also in the relationship between risk sensitivity and start-up execution willingness. This shows that when proper initiative and risk tolerance are recognized, passion enhances the start-up willingness to run into the start-up market. Based on these results, we suggested theoretical implications and policy support directions to increase the willingness of prospective founders to implement.

• Proceedings of the KIEE Conference
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• 1998.07g
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• pp.2284-2289
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• 1998

The Rotor Stress Indicator is an integrated system of hardware and program components which has been designed to read an assortment of turbine temperature and speed input devices, perform an analysis of the temperature induced stresses and output pertinent temperature and stress information to guide the turbine operator during turbine prewarming, start-ups, load changes, and shut-downs. The purpose of the RSI is to provide guidance to the plant operator during startup, shutdown, loading, and unloading of the turbine. Since the stresses are a function of the temperature changes to which the turbine is exposed, the RSI also provides guidance for operation of the boiler main steam and reheat steam temperatures as they affect the rotor stresses. This may permit more efficient overall boiler turbine start-ups. In this paper, new rotor stress analysis algorithm for RSI is introduced and compared with present system which has been used in thermal power plant.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.2
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• pp.145-155
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• 2016

This article investigates the impact of business incubator's support service and manager's capabilities on the start-up economic performance. BI's support services consist of physical infra, management/legal service, networking service, financial service, technical service, and education/training service. The results show that most BI's support services(except education/training service) have a positive effect on the start-up economic performance. This study also analyzes the gap between the importance and the satisfaction of BI's services. The results show that the satisfaction of BI's services is much lower than the importance. It can be explained that the start-ups' expectations are not able to meet. In conclusion, BI's services have a major impact on the start-up economic performance, but actually they didn't meet the expectation of the start-ups. In the future, the quality level of BI's services and manager's capabilities needs to be improved. The improvement will have a positive effect on the survival and growth of the startups.

• Journal of Korea Trade
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• v.25 no.2
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• pp.196-219
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• 2021

Purpose - We attempted to empirically verify the effects of managerial attributes on cost stickiness in exporters. Exporters are often affected not only by external factors such as exchange rate but also by internal factors such as managerial attributes regarding their business activities. Because cost stickiness is the product of a manager's decision-making, it has been considered that managerial attributes have a great influence on the behavior. Therefore, our study was intended to find out whether cost stickiness shows differentiated aspects depending on managerial attributes in exporters. Design/methodology - We considered two managerial attributes: CEO power and managerial overconfidence. First, CEO power was measured as CEO pay slice. In addition, managerial overconfidence was measured based on three methodologies presented by previous studies. To measure cost stickiness, we used multiple methodologies presented by prior research. Findings - The results of our empirical analysis are as follows. First, in export firms, the greater CEO power is, the greater cost stickiness is. This result suggested that export managers with great influence little respond to temporary sales decrease promptly, little reduce related production costs flexibly in preparation for future sales recovery, but leave room to endure costs for idle resources. Second, the greater managerial overconfidence is, the greater cost stickiness is. This result indicated that export managers with great overconfidence on their decision-making often view the prospect for sales recovery positively; therefore, they little respond to temporary sales decrease immediately, little reduce related production costs flexibly for future sales recovery, but leave room to endure costs for idle resources. Third, export managers with great influence in their businesses and great overconfidence in their decision-making tend to show relatively great cost stickiness. The results proposed that the combination of the two factors functions to make cost stickiness greater. Originality/value - Our study is differentiated from extant studies in that we provided empirical evidence of the effects of managerial attributes on their business activities in exporters. Specifically, we verified the effects of managerial attributes on cost stickiness in Korean exporters. The results of our study are expected to contribute to providing useful information for exporters and start-ups.

• Knowledge Management Research
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• v.23 no.4
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• pp.315-338
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• 2022

In 1986, Korea established legal systems to support small and medium-sized start-ups, which becomes the main pillars of national development. The legal systems have stimulated start-up ecosystems to have more than 1 million new start-up companies founded every year during the past 30 years. To analyze the trend of Korea's start-up ecosystem, in this study, we collected 1.18 million news articles from 1991 to 2020. Then, we extracted news articles that have the keywords "start-up", "venture", and "start-up". We employed network analysis and topic modeling to analyze collected news articles. Our analysis can contribute to analyzing the government policy direction shown in the history of start-up support policy. Specifically, our analysis identifies the dynamic characteristics of government influenced by external environmental factors (e.g., society, economy, and culture). The results of our analysis suggest that the start-up ecosystems in Korea have changed and developed mainly by the government policies for corporation governance, industrial development planning, deregulation, and economic prosperity plan. Our frequency keyword analysis contributes to understanding entrepreneurial productivity attributed to activities among the networked components in industrial ecosystems. Our analyses and results provide practitioners and researchers with practical and academic implications that can help to establish dedicated support policies through forecast tasks of the economic environment surrounding the start-ups. Korean entrepreneurial productivity has been empowered by growing numbers of large companies in the mobile phone industry. The spectrum of large companies incorporates content startups, platform providers, online shopping malls, and youth-oriented start-ups. In addition, economic situational factors contribute to the growth of Korean entrepreneurial productivity the economic, which are related to the global expansions of the mobile industry, and government efforts to foster start-ups. Our research is methodologically implicative. We employ natural language processes for 30 years of media articles, which enables more rigorous analysis compared to the existing studies which only observe changes in government and policy based on a qualitative manner.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.4
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• pp.37-47
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• 2013

This study investigates regional financial markets and proposes some policy measures for boosting up the regional financial system. Financial supports for start-ups, small and medium sized enterprises(SMEs) in early stage growth have been constrained due to expanded financial gaps among regions during financial restructuring period. The bank consolidation through M&A is associated with widening financial gaps between Seoul area and others, and between regions where regional banks survives or not. Loans to small firms are associated with relationship lending techniques that may be better supported by smaller regional banks. The loan rate to SMEs in locals where regional banks are activated has tended to be 10%point higher than the locals where regional banks closed, and also drive the greater contribution for preventing local capital outflow and promoting local capital investment by local penetrating strategy. Government should develop regional financial policies to boost up regional financial system, and expand the business area of regional financial institutions for supporting start-ups and SMEs.