• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.17-32
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• 2023

The entrepreneurial activities of college students play a significant role in modern economic and social development, particularly as a solution to the changing economic landscape and youth unemployment issues. Introducing innovative ideas and technologies into the market through entrepreneurship can contribute to sustainable economic growth and social value. Additionally, the entrepreneurial intentions of college students are shaped by various factors, making it crucial to deeply understand and appropriately support these elements. To this end, this study systematically explores the importance and impact of role models through a multiple serial mediation analysis. Through a survey of 300 college students, the study analyzed how two psychological variables, growth mindset and entrepreneurial self-efficacy, mediate the influence of role models on entrepreneurial intentions. The presence and success stories of role models were found to enhance the growth mindset of college students, which in turn boosts their entrepreneurial self-efficacy and ultimately strengthens their entrepreneurial intentions. The analysis revealed that exposure to role models significantly influences the formation of a growth mindset among college students. This mindset fosters a positive attitude towards viewing challenges and failures in entrepreneurship as learning opportunities. Such a mindset further enhances entrepreneurial self-efficacy, thereby strengthening the intention to engage in entrepreneurial activities. This research offers insights by integrating various theories, such as mindset theory and social learning theory, to deeply understand the complex process of forming entrepreneurial intentions. Practically, this study provides important guidelines for the design and implementation of college entrepreneurship education. Utilizing role models can significantly enhance students' entrepreneurial intentions, and educational programs can strengthen students' growth mindset and entrepreneurial self-efficacy by sharing entrepreneurial experiences and knowledge through role models. In conclusion, this study provides a systematic and empirical analysis of the various factors and their complex interactions that impact the entrepreneurial intentions of college students. It confirms that psychological factors like growth mindset and entrepreneurial self-efficacy play a significant role in shaping entrepreneurial intentions, beyond mere information or technical education. This research emphasizes that these psychological factors should be comprehensively considered when developing and implementing policies and programs related to college entrepreneurship education.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.63-75
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• 2023

This study conducted empirical analysis on the factors affecting the investment performance of 205 domestic venture funds (with a total liquidation amount of 7.25 trillion KRW) newly formed from 2007 to 2017 and completely liquidated as of the end of 2022. Due to the nature of private equity funds, obtaining empirical data is extremely challenging, especially for data post-COVID-19 era liquidations. Nevertheless, despite these challenges, it is meaningful to analyze the impact on the investment returns of domestic venture funds using the most recent data available from the past 10 years. This study categorized the factors influencing venture fund performance into external environmental factors and internal factors. External environmental factors included "economic cycles," "stock markets," "venture markets," and "exit markets," while internal factors included the fund management company's capabilities in terms of "experience," "professional personnel," and "assets under management (AUM)." The fund structure was also categorized into "fund size" and "fund length" for comparative analysis. In summary, the analysis yielded the following results: First, the 3-year government bond yield, which represents economic cycles well, was found to have a significant impact on fund performance. Second, the average 3-month KOSDAQ index return after fund formation had a statistically significant positive effect on fund performance. Third, the number of IPOs, indicating the competition intensity at the time of venture fund liquidation, was shown to have a negative effect on fund performance. Fourth, it was observed that the larger the AUM of the fund management company, the better the fund's returns. Finally, venture fund returns showed variations depending on the year of formation (Vintage). Therefore, when individuals consider investing in venture funds, it is considered a highly effective investment strategy to construct an investment portfolio taking into account not only external environmental factors and internal fund factors but also the vintage year.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.77-90
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• 2023

This study aims to investigate the potential of alternative credit assessment through Social Networking Sites (SNS) as a complementary tool to conventional loan review processes. It seeks to discern the impact of SNS usage characteristics and loan product attributes on credit loan repayment. To achieve this objective, we conducted a binomial logistic regression analysis examining the influence of SNS usage patterns, loan characteristics, and personal attributes on credit loan conditions, utilizing data from Company A's credit loan program, which integrates SNS data into its actual loan review processes. Our findings reveal several noteworthy insights. Firstly, with respect to profile photos that reflect users' personalities and individual characteristics, individuals who choose to upload photos directly connected to their personal lives, such as images of themselves, their private circles (e.g., family and friends), and photos depicting social activities like hobbies, which tend to be favored by individuals with extroverted tendencies, as well as character and humor-themed photos, which are typically favored by individuals with conscientious traits, demonstrate a higher propensity for diligently repaying credit loans. Conversely, the utilization of photos like landscapes or images concealing one's identity did not exhibit a statistically significant causal relationship with loan repayment. Furthermore, a positive correlation was observed between the extent of SNS usage and the likelihood of loan repayment. However, the level of SNS interaction did not exert a significant effect on the probability of loan repayment. This observation may be attributed to the passive nature of the interaction variable, which primarily involves expressing sympathy for other users' comments rather than generating original content. The study also unveiled the statistical significance of loan duration and the number of loans, representing key characteristics of loan portfolios, in influencing credit loan repayment. This underscores the importance of considering loan duration and the quantity of loans as crucial determinants in the design of microcredit products. Among the personal characteristic variables examined, only gender emerged as a significant factor. This implies that the loan program scrutinized in this analysis does not exhibit substantial discrimination based on age and credit scores, as its customer base predominantly consists of individuals in their twenties and thirties with low credit scores, who encounter challenges in securing loans from traditional financial institutions. This research stands out from prior studies by empirically exploring the relationship between SNS usage and credit loan repayment while incorporating variables not typically addressed in existing credit rating research, such as profile pictures. It underscores the significance of harnessing subjective, unstructured information from SNS for loan screening, offering the potential to mitigate the financial disadvantages faced by borrowers with low credit scores or those ensnared in short-term liquidity constraints due to limited credit history a group often referred to as "thin filers." By utilizing such information, these individuals can potentially reduce their credit costs, whereas they are supposed to accrue a more substantial financial history through credit transactions under conventional credit assessment system.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.173-189
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• 2023

As supreme technologies continue to be developed, industries such as artificial intelligence, biotechnology, robots, aerospace, electric vehicles, and solar energy are created, and the macro business environment is rapidly changing. Due to these large-scale changes and increased complexity, it is necessary to pay attention to the effect of social capital, which can create new value by utilizing capital increasing the importance of relationships rather than technology or asset ownership itself at the level of start-up strategy. Social capital is a concept first proposed by Hanifan in 1916, and refers to the overall sum of capabilities or resources that are latent or available for use in mutual, continuous, organic relationships or accumulated human relationship networks between individuals or social members. In addition, the diversity of start-up teams with diverse backgrounds, characteristics, and capabilities, rather than one exceptional founder, has been emphasized. Founding team diversity refers to the diversity of in-depth factors such as demographic factors, beliefs, and values of the founding team. In addition, changes in the macro environment are emphasizing the importance of technology start-ups and laboratory start-ups that lead industrial innovation and create the nation's core growth engines. This study focused on the I-Corps' program. I-Corps, which means innovation corps, is a laboratory startup program launched by the National Research Foundation (NSF) in 2011 to encourage entrepreneurship and commercialization of research results. It focuses on forming a startup team involving professors, researchers and market discovery activities. Taking these characteristics into account, this study empirically verified the impact of social capital from a network perspective and founding team diversity on I-Corps start-up performance. As a result of the analysis, the educational diversity of the founding team had a negative (-) effect on the financial performance of the founding team. On the other side, the gender diversity and the cognitive dimension of social capital had a positive (+) effect on the financial performance of the founding team. This study is expected to provide more useful theoretical and practical implications regarding the diversity, social capital, and performance interpretation of the I-Corps Lab startup team.

• Information Systems Review
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• v.20 no.2
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• pp.39-62
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• 2018

Thanks to the growth of computing power and the recent development of data analytics, researchers have started to work on the data produced by users through the Internet or social media. This study is in line with these recent research trends and attempts to adopt data analytical techniques. We focus on the impact of "internal marketing" factors on firm performance, which is typically studied through survey methodologies. We looked into the job review platform Jobplanet (www.jobplanet.co.kr), which is a website where employees and former employees anonymously review companies and their management. With web crawling processes, we collected over 40K data points and performed morphological analysis to classify employees' reviews for internal marketing data. We then implemented econometric analysis to see the relationship between internal marketing and market capitalization. Contrary to the findings of extant survey studies, internal marketing is positively related to a firm's market capitalization only within a limited area. In most of the areas, the relationships are negative. Particularly, female-friendly environment and human resource development (HRD) are the areas exhibiting positive relations with market capitalization in the manufacturing industry. In the service industry, most of the areas, such as employ welfare and work-life balance, are negatively related with market capitalization. When firm size is small (or the history is short), female-friendly environment positively affect firm performance. On the contrary, when firm size is big (or the history is long), most of the internal marketing factors are either negative or insignificant. We explain the theoretical contributions and managerial implications with these results.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.1
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• pp.119-133
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• 2024

As a result of significant investments by the government in promoting public technology commercialization and fostering a venture startup ecosystem, there have been quantitative achievements, such as the registration of over 1,600 Innopolis Start-ups since 2006, generating a total revenue of 1.1 trillion won as of 2021. However, these achievements have been overshadowed by critical qualitative challenges, including a continuous decline in average revenue per Innopolis Start-up. This led to a focus on whether managers' technological and market orientations affect business performance. This study aims to provide insights into improving the qualitative growth of Innopolis Start-ups by analyzing the effects of technological and market orientations on business performance, as well as the moderating effects of adjusting marketing and research and development (R&D) costs on this relationship. Through prior research and empirical analysis, this study derives three main findings. First, technological excellence and innovation significantly influence the business performance of Innopolis Start-ups, while technological intensity does not. Second, customer orientation and competitive orientation significantly impact business performance, whereas entry barriers as a single factor do not. Third, adjusting marketing and R&D costs, as controlled variables obtained through general situations, has no direct impact on other variables. However, it interacts with entry barriers, influencing financial business performance, with R&D costs exhibiting a negative buffering effect and marketing costs showing a positive enhancing effect. This study confirms that both technological and market orientations directly influence the business performance of Innopolis Start-ups, thus being crucial factors affecting their growth. Moreover, it establishes that investments in marketing and R&D play significant roles in alleviating initial entry barriers and enhancing financial performance. Consequently, it underscores the importance of reinforcing technological and market orientations tailored to the characteristics of Innopolis Start-ups. Additionally, it proposes five theoretical contributions: strengthening institutional support systems for technology commercialization and innovation, improving qualitative evaluation criteria during the selection process of Innopolis Start-ups, conducting comprehensive analyses of technological and market aspects during startup selection, enhancing support for marketing education and consulting for smooth market entry, and supporting expenditure strategies and milestone setting tailored to the industrial characteristics of individual Innopolis Start-ups.

• Journal of Venture Innovation
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• v.7 no.1
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• pp.151-166
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• 2024

The global economic growth rate has been slowed due to changes in the economic and social environment related to the recent trends in the construction market and construction industry, prolonged inflation, intense tensions among countries, and increased interest rates. Since the workers in the construction industry, due to the nature of the industry, move to another site after the completion of an awarded project rather than staying for a long time while performing work at one workplace, various issues are brought out such as poor working environment resulting from unfairness in construction contracts, aging of workers, their anxiety, and job instability. The previous studies on the turnover intention of construction industry workers mainly dealt with external aspects such as leadership, job embeddedness, and organizational citizenship behavior, while the psychological impact was overlooked. The purpose of this study was to develop a measure to reduce or alleviate turnover intention of construction industry workers by verifying empirically the relationship among psychological capital, organizational commitment, and turnover intention among them. For the purpose, whether psychological capital influences organizational commitment and turnover intention, the impact of organizational commitment on turnover intention, and whether organizational commitment has a mediating effect in the relationship between psychological capital and turnover intention, among 310 construction industry workers in the metropolitan area. The results are as follows: First, hope and self-efficacy were found to have a negative (-) effect on turnover intention, while resilience and optimism from psychological capital did not have a significant effect. Second, hope, resilience, and optimism from psychological capital were found to have a positive (+) effect on organizational commitment, while self-efficacy from psychological capital had no significant effect. Third, organizational commitment was found to have a significant mediating effect on the relationship between hope from psychological capital and turnover intention. The results of this study showed that, in construction industry workers, psychological capital affects turnover intention through the mediating effect of organizational commitment. While previous studies mainly considered external influences on the turnover intention of construction industry workers, this study has academic implications in that it sought to strengthen organizational commitment and alleviate turnover intention by approaching psychological aspects. As a practical implication, it was found that higher self-efficacy and hope for work in the organization, from psychological capital, in the construction industry workers were found to lower turnover intention through job performance in a psychologically stable state. It is considered, therefore, that various systems, including job autonomy and flexible work, should be established to improve self-efficacy and hope.

• Journal of Global Scholars of Marketing Science
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• v.19 no.4
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• pp.57-63
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• 2009

With an exponential increase in electronic commerce (e-commerce), marketers are attempting to gain a competitive advantage by emphasizing service quality and post interaction service aspects, which leads to customer satisfaction or behavioral consequence. Particularly for apparel, service quality is one of the key determinants in encouraging customer e-loyalty, and hence the success of apparel retailing in the context of electronic commerce. Therefore, this study explores e-service quality (E-SERVQUAL) factors and their unique effects on e-loyalty for apparel online shopping based on Parasuraman et al' s (2005) framework. Specific objectives of this study are to identify underlying dimension of E-SERVQUAL, and analyze a structural model for examining the effect of E-SERVQUAL on e-loyalty for online apparel shopping. For the theoretical framework of service quality in the context of online shopping, literatures on traditional and electronic service quality factors were comparatively reviewed, and two aspects of core and recovery services were identified. This study hypothesized that E-SERVQUAL has an effect on e-loyalty; customer satisfaction has a positive effect on e-service loyalty for apparel online shopping; and customer satisfaction mediates in the effect of E-SERVQUAL on e-loyalty for apparel online shopping. A self-administered questionnaire was developed based on literatures. A total of 252 usable questionnaires were obtained from online consumers who had purchase experience with online shopping for apparel products and reside in standard metropolitan areas, in the United States. Factor analysis (e.g., exploratory, confirmatory) was conducted to assess the validity and reliability and the structural equation model including measurement and structural models was estimated via LISREL 8.8 program. Findings showed that the E-SERVQUAL of shopping websites for apparel consisted of five factors: Compensation, Fulfillment, Efficiency, System Availability, and Responsiveness. This supports Parasuraman (2005)'s E-S-QUAL encompassing two aspects of core service (e.g., fulfillment, efficiency, system availability) and recovery related service (e.g., compensation, responsiveness) in the context of apparel shopping online. In the structural equation model, there are five exogenous latent variables for e-SERVQUAL factors; and two endogenous latent variables (e.g., customer satisfaction, e-loyalty). For the measurement model, the factor loadings for each respective construct were statistically significant and were greater than .60 and internal consistency reliabilities ranged from .85 to .88. In the estimated structural model of the e-SERVEQUAL factors, the system availability was found to have direct and positive effect on e-loyalty, whereas efficiency had a negative effect on e-loyalty for apparel online shopping. However, fulfillment was not a significant predictor for explaining consequences of E-SERVQUAL for apparel online shopping. This finding implies that perceived service quality of system available was likely to increase customer satisfaction for apparel online shopping. However, it was not supported that e-loyalty was determined by service quality, because service quality has an indirect effect on e-loyalty (i.e., repurchase intention) by mediating effect of value or satisfaction in the context of online shopping for apparel. In addition, both compensation and responsiveness were found to have a significant impact on customer satisfaction, which influenced e-loyalty for apparel online shopping. Thus, there was significant indirect effect of compensation and responsiveness on e-loyalty. This suggests that the recovery-specific service factors play an important role in maximizing customer satisfaction levels and then maintaining customer loyalty to the online shopping site for apparel. The findings have both managerial and research implications. Fashion marketers can establish long-term relationship with their customers based on continuously measuring customer perceptions for recovery-related service quality, such as quick responses to problem and returns, and compensation for customers' problem after their purchases. In order to maintain e-loyalty, recovery services play an important role in the first choice websites for consumers to purchase clothing. Given that online consumers may shop anywhere, a marketing strategy for improving competitive advantages is to provide better service quality, maximize satisfaction, and turn to creating customers' e-loyalty for apparel online shopping. From a researcher's perspective, there are some limitations of this research that should be considered when interpreting its findings. For future research, findings provide a basis for the further study of this important topic along both theoretical and empirical dimensions. Based on the findings, more comprehensive models for predicting E-SERVQUAL's consequences can be developed and tested. For global fashion marketing, this study can expand to a cross-cultural approach into e-service quality for apparel by including multinational samples.

• Journal of the Korean Academy of Child and Adolescent Psychiatry
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• v.22 no.3
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• pp.182-191
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• 2011

Objectives: The aim of this study was to investigate the sleep patterns of South Korean elementary school children and whether the differences in sleep patterns were related to behavior, emotional problems, attention and academic performance. Method: This study included a community sample of 268 boys and girls from fourth-, fifth- and sixth-grade classes in a South Korean metropolitan city from November to December 2010. The primary caregivers completed a questionnaire that included information on demographic characteristics, as well as the Child's Sleep Habit Questionnaire (CSHQ), the Korean version of Child Behavior Checklist (K-CBCL), the Korean version of the Learning Disability Evaluation Scale (K-LDES), the Korean version of ADHD Rating Scale (K-ARS) and the Disruptive Behavior Disorder Scale (DBDS). We conducted analyses on the CSHQ individual items, between the subscales, on the total scores and on the K-CBCL, the K-LEDS, the K-ARS and the DBDS. Results: Based on the findings from the CHSQ, the subjects had significantly higher scores for bedtime resistance ($9.18{\pm}2.17$), delayed sleep onset ($1.32{\pm}0.62$), the sleep duration ($4.19{\pm}1.52$) and daytime sleepiness ($14.10{\pm}3.55$) than the scores from the previous reports on children from western countries. The total CHSQ score showed positive correlations to all subscales of the K-CBCL : withdrawn (r=0.24, p<.005), somatic complaint (r=0.24, p<.005) and anxious/depressive (r=0.38, p<.005). Bedtime resistance was associated with oppositional defiant disorder (r=0.15, p<.05) and a positive correlation was demonstrated between sleep anxiety and the oppositional defiant disorder score (r=0.13, p<.05), night waking and the conduct disorder score (r=0.16, p<.05). Delayed sleep onset was related with low performance on the K-LDES with respect to thinking (r=-0.17, p<.05) and mathematical calculation (r=-0.17, p<.05). Conclusion: The results of this study reconfirm Korean children's problematic sleep patterns. Taken together the results provide that the reduced sleep duration and disruption of sleep pattern can have a significant impact on emotion, behavior, performance of learning in children. Further studies concerning more diverse psychosocial factors affecting sleep pattern will be helpful to understanding of the sleep health in Korean children.