• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.2
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• pp.157-192
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• 2006

Since the late 1990s, the Korean Venture Capital Industry has been remarkably grown in the aspect of quality and quantity. Korean government expects that the Venture company and Venture Capital Industry would contribute to the recovery of depressed Korean economy and restructuring of the high cost and low efficiency economic structure. Korean government reinforces supporting policies for the Venture Capital and Venture Business. Venture Capital is defined as the form of high risk and high profit investment capital growing the small & medium enterprises to competitive ones through capital and management support and collecting the capital. According to the Gompers and Lerners the venture capital cycle consists of raising investment capital, screening the investment opportunity and invest the money. And later, sold the retained stock to the other investor or to the company. This stage called EXIT Consequently, the function of the venture capital, which supply the fund and the business consultation to venture business, have been emphasized and how to effectively run this capital have been recognized as the way to develop the venture business. In this regard, the problem in Korean Venture Capital Market is as follows. First, most of the sources of fund depends on the government support and this conflict with the nature of risk capital because the government capital emphasis the stability than profitability. And secondly, the efficiency of the venture capital system in Korea do not reach that of the advanced countries due to many kinds of restriction and the rack of support. Consequently, the Activation Schemes for Korean Venture Capital Firms are as follows. First, the sources of venture capital need to diversify from angels to institutional investors such as banks, pensions, fund of fund. And Lastly, the internal management and operational system of venture capital companies should be strengthened by quality to that of global Venture Capital Firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.1
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• pp.1-10
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• 2018

The importance of entrepreneurship has been emphasized recently from academia and government officials and studies trying to investigate entrepreneurial alertness as core competence of entrepreneurial mindset in the research field of entrepreneurship continue. In domestic academic research, research on entrepreneurial alertness has not yet been conducted in earnest, unlike the active flow of research overseas. This paper aims to investigate what factors influence entrepreneurial alertness in the Korean environment, we conducted an empirical analysis through a questionnaire survey for CEOs of small and medium enterprises in Seoul, Gyeonggi province. In this study, we selected prior knowledge of markets and technology, positive attitude, social network, number of books per month as independent variables on entrepreneurial agility based on Ardichvili's Alertness model, and as control variables respondents' Demographic characteristics, such as gender, age, founding career were selected. According to the results of the empirical analysis, prior knowledge of markets and technology, positive attitudes, number of books per month as independent variables, showed positive influence on entrepreneurial alertness, showing statistical significance. However, the social network picked up measured variables by the number of regular meetings which are quantitative indicators, but found that there is no statistically significant effect on entrepreneurial alertness. Despite several limitations of this research, we investigate what factors influence entrepreneurial alertness through empirical research on entrepreneurial alertness impact factors that have not been explained in the domestic academic research. Although you saw it, it can be said that there is academic contribution.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.5
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• pp.13-28
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• 2017

Entrepreneurship is an important factor not only for start-ups, but also for scale-up of businesses. In other words, the two aspects of establishment and growth of businesses must be balanced through entrepreneurship. However, it is true that entrepreneurship has been biased toward the former in previous researches and government policies. Here in this research, the causal relationships between the entrepreneurial characteristics of Korean firms and the performance of the company, which is measured by proposal, activity, and business performance are examined as a growth perspective. Based on these relationships, a model describing the operating mechanism of corporate entrepreneurship is derived and policy implications are provided. In conducting research, the hypotheses on the interrelationship of variables are builded using '2016 Entrepreneurship Situation Survey(Corporate)' data from Korea Entrepreneurship Foundation and analyzed by structural equation modeling. In addition, the moderating effect according to the firm size and the mediating effect between entrepreneurship and business performance are analyzed. As a result of this research, the fact that entrepreneurship affects business performance is identified and it is necessary to prioritize corporate vision and strategy for enhancement of entrepreneurship. In particular, necessity of operating system for SMEs is confirmed considering SMEs' entrepreneurship level. The implications of this research are expected to be applied by the government in establishing policy direction to enhance corporate entrepreneurship of SMEs in the future.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.175-192
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• 2020

This study analyzed the effects of corporate dynamic capabilities on enterprise performance by using ambidextrous innovation activities as mediators, focusing on SME employees. The sub-variables of dynamic capabilities were divided into opportunity exploration capability, resource acquisition capability, and resource reconstruction capability. 282 questionnaires collected from small and medium-sized enterprises residing in the metropolitan area were used for empirical analysis. SPSS v22.0 and Process macro v3.4 were used to analyze the parallel multiple mediation model. First, the results of the analysis showed that opportunity exploration capability, resource acquisition capability had a positive (+) effect on the ambidextrous innovation activities, and the effect of resource reconstruction capability on ambidextrous innovation activities was not significant. Second, the ambidextrous innovation activities had a significant effect on the enterprise performance. Third, it was found that opportunity exploration capability and resource acquisition capability had a positive (+) effect on enterprise performance, and the effect of resource reconstruction capability on enterprise performance was not significant. Fourth, the ambidextrous innovation activity mediated the relationship between opportunity exploration capability and enterprise performance. Fifth, the ambidextrous innovation activity mediated the relationship between resource acquisition capability and enterprise performance. Sixth, the ambidextrous innovation activity did not mediate the resource reconstruction capability and the enterprise performance. As a follow-up study, it is necessary to find third mediators besides the mediators used in this study, analyze the serial mediation model through these, and study for the moderated mediation analysis through the conditional process model in which the moderator is introduced.

• The Journal of the Korea Contents Association
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• v.17 no.7
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• pp.204-214
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• 2017

This study aim to analyze the effect of the technology support program satisfaction on below ICT Small and Medium-sized Enterprises(below SMEs)'s technological performance. For the empirical analysis, we used the data collected from ICT SMEs technology support program conducted by ETRI - a government funded research institute. Among 153 beneficiaries, 141 companies participated in the survey and we used 102 of them for our analysis. Then, we used the mediation regression analysis. In our research model, we set the program satisfaction as a independent variable, the amount of technology support as a mediator variable and the technological performance as a dependent variable. Results show that program satisfaction has positive and significant impact on both amount of technology support and technological performance and amount of technology support has complete mediation effect on product innovation while has partial mediation effect on technological innovation. Our findings imply that more ICT SMEs technology support programs that satisfying the beneficiaries should be developed until the rest of ICT SMEs could become the hidden champions.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.7
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• pp.321-330
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• 2020

The defense industry has recently been focused on boosting exports of weapon systems. Investigation and selection of promising export items for SMEs in the defense industry is essential to establish a defense promotion policy. This study presents a model for selecting promising export items applicable to the defense industry through case studies, such as criteria for selecting promising items from other organizations. The evaluation index is largely composed of three categories, competitiveness of the item itself, capabilities of the exporter, and ripple effect of the export, and consists of eight detailed evaluation indicators. The relative weight between categories was calculated through the AHP method. In the selection model, if a certain score is exceeded, it is then possible to adopt a promising item or verify validity. In particular, promising items were selected by applying this methodology to those involved in the defense industry. Using the model presented in this study, it is expected that domestic small and medium-sized enterprises with relatively high export competitiveness and excellent quality items will be given priority, and more effective and intensive export support will be possible.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.9 no.5
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• pp.1460-1466
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• 2008

The purpose of this study is to verify how the accounting information of a bankrupt firm which is defined as a dishonor, an impaired total capital, a poor financial performance of a business, a rejection of auditor's opinion and an incongruity of auditor's opinion differs from that of a healthy firm on the basis of the index of financial affairs if the accounting information released by KOSDAQ is valuable. The sampling firms consists of 45 KOSDAQ firms that went bankrupt from 2000 to 2007 and 45 healthy firms which are selected in accordance with the sizes of assets. It has also selected the 30 sampling firms for the confirmation of the model in the same way. According to the result of the in-depth analysis, the variables related to security among the 17 indexes of financial affairs that have been used in this study for 5 years show a noticeable difference between a bankrupt firm and a healthy one. The accuracy of failed firms using this model for confirmation demonstrates 76.7% in 5 years before the bankruptcy, 76.7% in 4 years before that, 65.0% in 3 years before it, 76.7% in 2 years, 88.3% in 1 year. This data shows that the process from a healthy firm to a bankrupt one has progressed gradually and confirms the value of the index of financial affairs, exhibiting the accuracy with 83.8% of a presuming sample and 76.7% of a confirming sample for 5 years.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.215-236
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• 2013

It is quite true that the more Korean contractors receive overseas contracts, the more they need guarantees. The top market for them is the Middle East countries, consisting of more than the half of the total amount awarded last year and the trend is increasing as well. The problem, however, is that employers in these countries are reluctant to use international rules for guarantee such as URDG or ISP98 and easily make unfair callings. However, Korean contractors(applicants), especially small and medium sized enterprises(SMEs) tend to hurriedly enter a contract without looking into its contents as well as guarantees. They do not realize the importance of the guarantees until they receive callings from the employers(beneficiaries). Being independent from the underlying contracts, guarantee is the equivalent to cash in that it usually does not require any proof of demand when calling and the guarantor should make a payment within usually 5 business days after the request. It is often observed these days that several Korean SMEs go bankrupt due to liquidity risks after receiving unfair callings from employers in the Middle East countries. In retrospect, some cases could be obviated if contractors were a little more careful in checking the contents of a guarantee at the time of concluding a contract. For example, there is one case where the underlying contract includes a reduction clause in the Advance Payment bond and the guarantee does not have that clause. In the end, the Korean contractor had to take the whole burden of the bond amount though it had finished 81% of the project. Nobody could argue that contractors should take a full responsibility if they fail in their obligations. However, the employer's wrongful callings need to be prevented in the first place, if possible. As there shouldn't be a case where one party is at a disadvantage against the other like the case mentioned above, useful insight is being sought to minimize unfair calling risks for the benefit of the applicant. First, the applicant should carefully look into every detail of the potential guarantee before signing a contract, heeding especially that there is a reduction clause in the AP bond. Second, the governing principles for guarantee should be the ones that are internally used such as URDG758 that is objective in terms of callings given that, for example, it specifies that the requirement for a supporting statement when making a demand is a default rule. It is also recommended that the form of guarantees be the standard demand guarantee. Third, parties involved in issuing guarantees are advised to understand international rules for guarantee like URDG758 and ISP98 and to play a key role in guiding SME contractors in Korea so that they can protect themselves from possible wrongful callings, particularly from employers in the Middle East countries. I hope this study would give a wake-up call for Korean SMEs wishing to do business in the Middle East countries and remind them of the importance of guarantee itself and its governing principles.

• Journal of Convergence for Information Technology
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• v.8 no.1
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• pp.253-263
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• 2018

Textile fashion industry is a core foundation industry, having the majority of companies with 10 or more workers, in Northern Gyeonggi Province. however the industry is mostly comprised of small unit-stream enterprises, orders are greatly reduced due to lately accelerated overseas expansion of medium/large-sized vendors and the growth-inhibiting vicious circle has being set in, as this situation causes the reduction of investment. For resolving the problems, this study proposes required political factors and concrete policy proposals by designing AHP research model(4 layers and 36 elements), based on grasp of the transitional aspect of industrial scale and business environment through analysis of various industrial statistics, preceding research such as related literature search and (industrial/academic/R&D/government) specialist opinion investigation, and then calculating relative importance and priority of each factor(element) within each layer. And for raising usefulness and availability of the research result by concretely suggesting the vision, strategies, core tasks and detailed projects in which the research model and deduced result are reflected.

• The Journal of the Convergence on Culture Technology
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• v.3 no.3
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• pp.43-49
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• 2017

The purpose of this study is to study the standardization of the core business process in the chemical manufacturing industry and to establish a production information management system for the purpose of establishing the production information management system that can achieve mid -To be applied. The development methodology for the standardization of the chemical manufacturing information system is applied to the production information management system development methodology (PSDM) that was developed and developed by the Agency for Technology and Information Promotion of Small and Medium Enterprises. The standardization target is the system structure, It is a core business process that becomes a skeleton during construction. In this study, the chemical manufacturing SMEs and related professional IT companies who want to build the production information management system can apply the standardized core business process more effectively to build the system more effectively, and provide ease of installation and reliability to the system, In order to maximize the utilization of processes, follow-up education training and maintenance measures are suggested. Applying the results of this study, it is possible to eliminate the unreasonable elements of the production process, improve the quality of production product, and reduce production cost.