• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.5
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• pp.25-42
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• 2019

The purpose of this study is to analyze the effect of internal competence of small business on the competitive advantage and start-up intention. Through this, which key competence of small business can be proposed for market growth against of large companies that have a great capital power. Also, implications for development direction can be suggested. For this purpose, technology capability, financing capability, marketing capability, and product/service differentiation capability factors were set as independent variables, as well as competitive advantage as a mediating factor, and startup intention to be franchiser as a dependent variable. For the analysis, a structured questionnaires survey was conducted to 276 domestic small business in capital area. The main results are as follows. First, in relation to the internal competency and the competitive advantage of small businesses, it was found that technological capabilities, financing capabilities and product (service) differentiation have a positive effect on competitive advantage. Second, the relationship between the internal capacity of a small entity and startup intention to commercialize a franchiser business indicates that its financing capacity and marketing capabilities have a positive effect on startup intention to commercialize the business, and that competitive advantage has a significant effect on startup intention to commercialize the franchise. Third, competitive advantage was found to mediate the relationship between internal competency and startup intention. Finally, it was shown that the internal capacity of a small business has a regulating effect in relation to its financing capacity, marketing capabilities and startup intention to commercialize the franchise, and that it also had a regulating effect in relation to its relationship with its competitive advantage and franchise suitability. Based on the above results, if small business can take competitive advantage in the market, they also consider startup intention to commercialize a franchiser, in addition, it is expected that one suggestion can be made from an internal capacity perspective required more emphasis on operations and management as an alternative to expanding small businesses' business, including market access measures that can be linked to internal capacity factors of small businesses.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.135-149
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• 2019

Today, a growing number of companies are in trouble because leaders are lack of authentic leadership. Small and midium sized companies have the same issue. To correct the issue, there must be a real change in the relationship between managers and employees of the company as well as outside the company. In 21st century, authentic leadership is required. However, the research about determinants of change supportive behavior is not sufficient. Therefore, the purpose of this study is how manager's transformational leadership and authentic leadership affects change supportive behavior of employees in small and midium sized companies. The study also has to prove the role of positive psychological capital as a parameter. Data were collected from 424 employees working for small and midium sized companies in metropolitan area around Seoul and Gyeonggi. The data were analyzed using statistical package SPSS ver.21.0 and AMOS ver.18.0. Based on the research, First, the transformational leadership does not affect the change supportive behavior. However, authentic leadership affects the change supportive behavior. Also, positive psychological capital playes a role as parameter when transformational and authentic leadership, that are independent variable, affect change supportive behavior. On the other hand, the research shows that authentic leadership has more influence than transformational leadership on positive psychological capital. Transformational leadership without genuine attitude cannot affect change support behavior of employees in small and medium sized companies. Therefore, to affect change supportive behavior of employee, authentic leadership with genuine mind is required. After discussing the conclusions and implications of this study. the direction of the study for the follow - up study was suggested.

• The Journal of the Korea Contents Association
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• v.18 no.9
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• pp.584-593
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• 2018

The startup, which is a common noun to start a small business, has been recently one of main targets for policymakers due to its important role for job creation and considerable potential for sustainability of an economy. However, technological entrepreneurship decreased by 5.0% p from 2013 to 2016. The revitalization of entrepreneurial investment promoted by the government is mainly supported in fruitable venture companies at grow stage or 2~3 years before IPO through venture capital firms and angel funds. It is far from an investment at start-up. It is therefore necessary to motivate private investment to be active in the private start-up sector. In addition, the start-up investment requires institutional support and government support to meet the expectations of investors about the possibility of payback and profitability of private investment invested in the founding period. As a small entrepreneur at a comparably early stage in the lifecycle of business, investments for the startup are generally made by informal investors such as family, friends and fools, and their decision making processes are relatively non-programmed compared with ones for listed corporales such as venture capital and angel fund agency. This study focuses on analyzing decision making factors in investment, and verifying an impact of such factors, specifically the possibility of investment payback and investment profitability, in a decision-making process for the startup especially at the very early stage.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.20 no.1
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• pp.103-109
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• 2016

The information security industry is technology-intensive, high value-added industries. South Korea's response has excellent ICT skills and experience and skills in a variety of cyber attacks, has become a benchmark in the world. However, the small size of the domestic information security company, supporting infrastructure is lacking. Domestic information security industry is the primary condition to activate the export. For the export of high value-added enterprise information security products and services, it is necessary the establishment of the domestic IT information security infrastructure of the industrial promotion is based overseas. Come to analyze the domestic information security industry, capital of this small, market reclamation of overseas expansion, information, manpower shortage was a problem. This fact, combined losses caused by cost-free period AS. Therefore, the study on information security in the infrastructure industry overseas bases is necessary. How to select and analyze the causes of infrastructure in selected overseas offices. By utilizing the infrastructure of overseas bases, can raise the added value of the products and services of the Information Security company, we can enable the export of small and medium Information Security company from overseas offices.

• Asia-Pacific Journal of Business
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• v.13 no.1
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• pp.75-88
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• 2022

Purpose - This study investigates the effects of going public on the innovation of KOSDAQ firms. Design/methodology/approach - This study uses firms that go public from 2007 to 2011 in Korea. We compare a firm's innovation performance over five years before and after IPO. Findings - We find that firm's innovation declines after an IPO. After going public, both the quality and the quantity of patents are decreased. However, this decrease is alleviated in high-tech industries or concentrated industries where innovation is expected to be more valuable. When comparing firms with venture capital(VC), which are more likely to window dress, to firms without VC, VC backing has no meaningful impact on changes of innovation. Research implications or Originality - As the KOSDAQ market was established to provide small and medium enterprises(SMEs) with funds for firm's investments and growth, it is necessary to verify whether the capital raised at the IPO encourages innovation. Thus, our study contributes to the literature by examining empirically whether an IPO boosts a firm's innovation.

• Journal of Venture Innovation
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• v.1 no.1
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• pp.83-98
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• 2018

This paper makes a theoretical approach to the differences between transaction tax and capital gains tax when the financial instruments are traded and imposed taxes in K-OTC market, a newly emerging off-board market. Since it is difficult to reduce risk to the level which investors would like to pursue - depending on the taxation methods of portfolio-composed financial instruments - when it comes to forming a synthetic bond to hedge risk, this paper also seeks for effective taxation methods to make this applicable. First of all, to thoroughly review the taxation balance of synthetic bonds, this paper analyzed the effects of the transaction tax and capital gains tax imposed upon synthetic bonds according to the changes in final stock price and strike price in K-OTC market, and analyzed after-tax profit differences among them depending on whether income tax deduction took place or not. As a result of the research upon the tax gap in transaction tax and capital gains tax according to the changes of final stock prices, it was shown that imposing transaction tax is more likely to be effective for some level of risk hedging with replicating portfolio considering taxation policies and financial markets, since the effect of the transaction tax has a much lower tax gap than that of capital gains tax. In addition, in relation to whether income tax deduction was permitted or not, it was proved that the effect of the transaction tax and the capital gains tax vary depending on the variation in the strike price. Above all, it was shown that if the strike price is lower than the stock price, the transaction tax will be less affected by the existence of income tax deduction than the capital gains tax, while both will be equally affected by the existence of income tax deduction if the strike price is higher than the stock price. Further study would be to demonstrate the validation of this in the K-OTC market with actual financial instruments and, also, to seek for a more systematic hedging method by using a ratio analysis approach to the calculation of the option transaction tax

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2001.10a
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• pp.362-365
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• 2001

Human, physical damage is happened frequently to consumer's safety accident by product defect on modern industrial society. Accordingly, advanced nation including the United States of America enforce product liability law and is protecting consumer more actively from danger of product defect. Our country(Korea) may enforce product liability law since July, 2002, and if business does not grope effective confrontation way about PL, capital strength weak smaller enterprise and venture business corporation's competitive power may affect much corporation's competitive power enfeeblement and survival. This research supplement based on induction and operating QMS in smaller enterprise essential factor that corporations must equip according to product liability law enforcement. And we present integration quality management system model of Product liability to do so that smaller enterprises may can cope effectively at force of Product liability law.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.191-204
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• 2019

This study empirically confirmed whether individual characteristics and social capital have distinctive influence on entrepreneurship and entrepreneurship, and whether entrepreneurship consulting has a moderating effect in the context of high interest in entrepreneurship with 223 data. All of the personal characteristics, network, trust, and consulting experience had a significant influence on the entrepreneurial intention, while the external control and reciprocity norms had a significant influence on the entrepreneurial anxiety. The experience of consulting revealed that it has a moderating effect of weakening influence of risk-taking tendency and network on the entrepreneurial will and strengthening the influence of external control on the entrepreneurial anxiety. This research has significance in terms of distinguishing effects of entrepreneurial intention and anxiety and the moderating effect of consulting. In future research, it is expected that verification of entrepreneurial anxiety should be done.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.4
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• pp.97-109
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• 2014

The purpose of this study is, as to verify the effect of IR announcements, the IR activity to look at the usefulness. In previous study, they found that the IR announcement leads to reductions in information asymmetry, effect to positive stock price. This study examine the abnormal returns between group by corporate characteristics. The data used in this study are daily stock market returns taken from the KOSDAQ listed company with IR announcements during the 2005-2012 year(8 year). We find that follows. First, the capital market is accepted IR activity as the positive information. Second, abnormal returns of small company is higher than big size that. We show the difference of abnormal returns between the venture company and general company, the venture company's high. The abnormal returns of corporate with high ownership is above the group of low ownership. Additionally, consider interaction by firm characteristics, we show the interaction between firm size and business type. The result of two-way ANOVA is that venture corporate with big size are more abnormal returns than others. Also, we demonstrate that firm location is the factor of difference on information effect in venture firm.

• The Journal of the Korea Contents Association
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• v.20 no.4
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• pp.348-357
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• 2020

Discussions on entrepreneurship are increasing, but the methodology that can be applied to actual small to mid-sized businesses and venture firms is insufficient, and research on measuring achievement and application is lacking. In this regard, this paper analyzed actual proof on the relationship among entrepreneurial orientation, R&D capabilities, market share, and the creation of BSC future values that can be empirically applied to small to mid-sized businesses and venture firms. A factor analysis and hypothesis verification have been conducted with the SEM model utilizing SmartPLS 3.0 on the recent 7th year (2017) data from the Human Capital Corporate Panel (HCCP) of the Korea Research Institute for Vocational Education and Training. The actual proof analysis revealed that entrepreneurial orientation creates a positive influence on R&D capabilities and the creation of BSC, and also on market share, with R&D capabilities as a parameter. On the other hand, the relationship between entrepreneurial orientation and market share proved to be not statistically meaningful. Future value creation of BSC also could not mediate the relation between entrepreneurial orientation and market share. Therefore, this research has proven that a company must cultivate its personnel's R&D capabilities with their entrepreneurial orientation. Furthermore, it is a significant fact that BSC, the conventional measuring tool for performance management, could not mediate the relationship between entrepreneurial orientation and market share. Future companies aiming at innovation should consider developing a new index that could measure the corporate-level entrepreneurship and conduct performance management.