• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.3
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• pp.47-61
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• 2014

Many angel investors hesitate to invest in early-stage company. Most early-stage company has no sales and only R&D step project or in early approach of market. So it's impossible to evaluate early-stage company quantitatively. Therefore many angel investors depend on CEO's tendency to evaluate company and make decision for investment. The purpose of this study is discover the entrepreneurial characteristics of CEO and the importance level which affect on the angel investors decision making factors for investment. To identify the factors of entrepreneurial characteristics, survey was conducted by Delphi Technique which is involved by 20 experts who is angel investment club members, venture capitalists, CEOs and officers. Three rounds of survey results derived 10 elements of entrepreneurial characteristics for investment decision making factors including reliability, risk sensitivity, passion, perseverance, integrity, leadership, startup experience, organizational management skills, innovation and social networking. In addition, this study derived the importance level of elements of entrepreneurial characteristics based on the AHP(Analytic Hierarchy Process) theory and maintained the logical consistency by pair-wise comparison for each element. As a result of analyzing the importance of entrepreneurial characteristics, the sequence is reliability (18.1%), integrity (15.9%), leadership (11.7%), organizational management skills (10.0%), social networking (9.5%), passion(9.1%), perseverance(8.4%), innovation(8.1%), startup experience(5.3%) and risk sensitivity(3.9%) respectively. The significance of this study is somewhat decrease limit of the uncertainty arising from angel investors and angel investors can help a decision making, by discover factors of entrepreneurial characteristics that can be called the biggest influencing factors among Investor's investment decision-making In early stage companies and compare importance.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.40 no.2
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• pp.121-128
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• 2017

This paper was to evaluate social enterprises' management efficiency with Data Envelope Analysis (DEA). The data was based on the 168 social enterprises' of annual performance reports published in 2015. The research focused on to measure both financial efficiency and social impact of the companies simultaneously. To apply DEA, the paper classified the enterprises into seven types based on types of socal impacts which each company provides before the estimation of the efficiency. The research results showed that group D, which employes disadvantaged people, provides social services and shares resources was the most efficient group and had higest net worths in Pure Technical Efficiency. In contrast, Group B, which only employs social advantage people and provides social service, was the least efficient one. The research suggests a practical and efficient framework in measuring social enterprises' management efficiency, including both the financial performance and social impacts simultaneously with their self-publishing reports. Because the Korea Social Enterprise Promotion Agency does not open business reports which social enterprises submit each year, there are basic limitations on researchers attempting to analyse with data from all social enterprises in Korea. Thus, this study dealt with only 10% of the social enterprises which self-published their performance report on the Korea Social Enterprise Promotion Agency's web site. Regardless of these limitations, this study suggested substantial methods to estimate management efficiency with the self-published reports. Because self-publishing is increasing each year, it will be the main source of information for researchers in examining and evaluating social enterprises' financial performance or social contribution. The research suggests a practical and efficient framework in measuring social enterprises' management efficiency, including both the financial performance and social impacts simultaneously with their self-publishing reports. The research results suggest not only list of efficient enterprises but also methods of improvement for less efficient enterprises.

• Journal of Venture Innovation
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• v.4 no.2
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• pp.57-75
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• 2021

KHNP's shared growth activities are based on such public good. Reflecting the characteristics of a comprehensive energy company, a high-tech plant company, and a leading company for shared growth, it presents strategies to link performance indicators with its partners and implements various measures. Key tasks include maintaining the nuclear power plant ecosystem, improving management conditions for partner companies, strengthening future capabilities of the nuclear power plant industry, and supporting a virtuous cycle of regional development. This is made by reflecting the specificity of nuclear power generation as much as possible, and is designed to reflect the spirit of shared growth through win-win and cooperation in order to solve the challenges of the times while considering the characteristics as much as possible as possible. KHNP's shared growth activities can be said to be the practice of the spirit of the times(Zeitgeist). The spirit of the times given to us now is that companies should strive for sustainable growth as social air. KHNP has been striving to establish a creative and leading shared growth ecosystem. In particular, considering the positions of partners, it has been promoting continuous system improvement to establish a fair trade culture and deregulation. In addition, it has continuously discovered and implemented new customized support projects that are effective for partner companies and local communities. To this end, efforts have been made for shared growth through organic collaboration with partners and stakeholders. As detailed tasks, it also presents fostering new markets and new industries, maintaining supply chains, and emergency support for COVID-19 to maintain the nuclear power plant ecosystem. This reflects the social public good after the recent COVID-19 incident. In order to improve the management conditions of partner companies, productivity improvement, human resources enhancement, and customized funding are being implemented as detailed tasks. This is a plan to practice win-win growth with partner companies emphasized by corporate social responsibility (CSR) and ISO 26000 while being faithful to the main job. Until now, ESG management has focused on the environmental field to cope with the catastrophe of climate change. According to KHNP is presenting a public enterprise-type model in the environmental field. In order to strengthen the future capabilities of the nuclear power plant industry as a state-of-the-art energy company, it has set tasks to attract investment from partner companies, localization and new technologies R&D, and commercialization of innovative technologies. This is an effort to develop advanced nuclear power plant technology as a concrete practical measure of eco-friendly development. Meanwhile, the EU is preparing a social taxonomy to focus on the social sector, another important axis in ESG management, following the Green Taxonomy, a classification system in the environmental sector. KHNP includes enhancing local vitality, increasing income for the underprivileged, and overcoming the COVID-19 crisis as part of its shared growth activities, which is a representative social taxonomy field. The draft social taxonomy being promoted by the EU was announced in July, and the contents promoted by KHNP are consistent with this, leading the practice of social taxonomy

• Journal of Venture Innovation
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• v.1 no.2
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• pp.75-87
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• 2018

We designed this study for verifying the differences of causes and individual results of job stress between Koreans in Korea and Chinese in China of a same company. The results in the study are as follow. Significant differences between two groups were identified in job stressors: Koreans showed higher levels than Chinese for factors like inter-group conflicts, supervision/evaluation, job overload, task characteristics, socio-demographic factors, and Chinese showed higher levels than Koreans for factors like job conflicts, job ambiguity, family-related factors. We also identified that levels of stress perceived by individuals as anxiety, depression, and physical symptoms of Koreans are higher than those of Chinese. As to the influence of job stressors on stress level, Koreans show significant results for supervision/evaluation, decision making/responsibility, family-related factors, and Chinese show significant results for family-related factors, social support, socio-demographic factors. Based on the results of this study, implications, limitations, and future research topics were discussed.

• Journal of Venture Innovation
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• v.3 no.2
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• pp.95-109
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• 2020

The source of value-added creation in modern times has been transformed from material to man's value-added generating power, and ownership of the means of production has been converted from a particular landlord, capitalist to a person with value-added capacity, and a system of capital participation is needed beyond the profit-sharing system or performance incentive system in which workers of an enterprise participate in simple profits if they significantly increase the added value of the company. It is also necessary to introduce our private stock system as a means of addressing the problem of capital bias and for the stable development of capitalism. The purpose of Employee Stock Ownership Plans is to improve the economic and social status of workers and promote labor-management cooperation by allowing workers to acquire and hold shares of the stock company in which the employee ownership association is established through the employee ownership association, but the reality is that our stock ownership system has failed to achieve its purpose due to insufficient protection against the employee. In terms of welfare, the acquisition of our company shares should include active government support for the welfare of workers' ownership on a social welfare level rather than on the logic of the capital market, and in terms of investment, it would not be appropriate to apply the regulation for investor protection to see workers' acquisition of our company shares as 'investment' in the view of workers' willingness to own shares on the stock market. Therefore, as a way to support and deregulate employee's stock acquisition, 1. Expanding direct support, such as tax support, 2. As employee's stock ownership association is being discussed as a division's nature, it is less effective in terms of various management, not investment, and 3. Those who own stocks with 1% of the company's shares and 300 million won in face value will be classified as major shareholders. As a way to reduce the risk of management of our company owners and cooperative funds, As a measure to reduce the risk of management of our company owners and cooperative funds, only our employee shareholders' association shall manage the fund in a long-term deposit, and even though our employee's stock is managed by the association or company after the end of the deposit period, the management of each employee shall be allowed and In terms of improving the utilization of our company's stock and fund, 1. Employee's stockholders are prohibited from lending during the deposit period, but it is necessary to improve profitability by allowing them to borrow under strict restrictions, 2. It is necessary to make the use of the employee's welfare funds available for the preservation of losses, and to stipulate the redemption obligations of unlisted companies in order to improve the redemption system of our company.

• Journal of Digital Convergence
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• v.16 no.6
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• pp.175-185
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• 2018

The purpose of this study is to present the direction of CSR activities for sustainable management by analyzing the mediating effect of management innovation on the relationship between corporate social responsibility (CSR) activities and financial performance. In order to verify the research hypothesis, the results of the questionnaire of 517 employees of domestic manufacturing companies were obtained and analyzed using SPSS 18.0 and AMOS 20.0. First, CSR activities have a positive effect on management innovation. Second, management innovation and financial performance showed a positive relationship. Third, we confirmed the mediating effect of management innovation on CSR activities and financial performance. Lastly, we can confirm only the partial control effect according to the size of company in the relation of CSR activity and management innovation. It is necessary to establish systematic theories between CSR activities and financial performance through further analysis of various parameters in the future.

• Journal of Convergence for Information Technology
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• v.9 no.11
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• pp.92-102
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• 2019

This study analyzed the effect of technology innovation capacity and social capital on the non-financial performance of SMEs in the metropolitan area. Technology innovation capacity is defined as R & D capacity and technology accumulation capacity, and social capital is defined as interaction, goal sharing, and member trust. The samples were collected through a survey conducted in-person and through telephone calls, e-mail, and fax. The sample data used for analysis was 223 copies. Analysis results showed that R & D capacity and technology accumulation capacity (for technology innovation capacity) and interaction and member trust (for social capital) were variables that significantly affect non-financial performance, but not goal sharing. The findings of this study were as follows. First, despite lacking sufficient technology or capital, SMEs are constantly engaging in innovation to survive in the competitive market environment. Second, the members of SMEs make considerable efforts to achieve performance based on interaction and member trust, however, they hold a negative perception toward sharing the goals pursued by their company.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.97-107
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• 2014

Intensive studies have been focused on conditions for business foundation and the entrepreneurship in light of management, economy, and social psychometrics. This study focused on potential effect of entrepreneurial characteristics on environment for entrepreneurial intentions in establishment of orientation of entrepreneurial intentions. Among various factors affecting on starting small and medium size enterprises, how entrepreneur's personal characteristics is related on entrepreneurial intentions was investigated. Manifest questionnaire was distributed among Venture to the professional graduate students, graduate entrepreneurship, and small business start-educated founders in order to deduce the relationship between the entrepreneurial characteristics and the environment of entrepreneurial Intentions. Previous studies and the literature survey were carried out to support for statistics of the questionnaire. 550 answers were collected and analyzed to find that propensity for achievement, innovation, enterprising, risk taking and creativity are key factors influencing inauguration of an enterprise. We have found that among these, risk taking, creativity, and innovation are analyzed to be as a regression coefficient but enterprising a side regression coefficient. Since this study can find its limitation in that comprehensive fields of entrepreneurship were analyzed in general, the result of this study should be used with caution, until more is known about its accessibility for predicting of success or failure of Start-up Company.

• Journal of Distribution Science
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• v.12 no.6
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• pp.81-88
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• 2014

Purpose - Entrepreneurship promotion is emerging as an important economic growth agenda. However, in Korea, entrepreneurship has weakened because of the collapse of the venture bubbles of the 2000s and the global economic recession in 2008, which have induced the business community to choose stability over risk. The Korean government has been implementing several support projects to inspire and promote youth entrepreneurship through various means including financial assistance; however, the perpetuation rate of young entrepreneurship is still low as compared to advanced economies such as the US and EU. This case study focuses on the Youth Start-Up Business Support Program of the Small & Medium Business Corporation, and explores practical alternatives. Further, it aims to suggest managerial factors and a conceptual model for change management factors affecting the business performance creation of a startup company, based on the Small and medium Business Corporation's young venture startup fund. Research design, data, and methodology - Many studies examine the current progress and issues of startup firms, for example, a lack of systematic cultivation of entrepreneurship and startup business training, lack of commercialization funding for youth startup businesses, lack of mentoring, and inadequate infrastructure. From prior research, we address four factors, namely, personal managerial capabilities, innovative business model, sufficient cash flow, and social network, affecting startup companies' business performance. This study involved a sample survey of 200 young entrepreneurs to investigate casual relations between the four factors and business performance. A regression analysis was used to verify the hypotheses. Results - First, in relation to differences in the founder's personal characteristics, age, sales amount, and number of employees significantly impact business performance. Second, regarding the causal relation between the four factors for creating business performance, an innovative business model and social networking have supported the hypotheses, revealing that the more that a start-up founder has an innovative business model and social networking, the more the start-up firms are likely to have better performance (e.g., sales volume, employment, ROE, ROI, etc.). Although the founder's competency and sufficient cash flow have no significant relationship with business performance, the mean value was higher performance for high founder's competency and sufficient cash flow. Conclusions - This study provides basic data on policy support strategies of the Small and Medium Business Corporation, to help young entrepreneurs achieve their start-up business goals. It shows that young entrepreneurship startup firms should strive to explore ideas to satisfy customers' needs, and that changes in customer value and the continuous innovation of business model differentiation are required to actively respond to change management. Moreover, at the infant startup stage, they should activate social network programs to share information, thereby offsetting resource scarcity and managing business risk. Further, the establishment of a long-term vision and the implementation of training programs in related specific fields should be supported to strengthen founders' personal capabilities.

• Asia pacific journal of information systems
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• v.22 no.3
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• pp.75-97
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• 2012

Knowledge residing in the heads of employees has always been regarded as one of the most critical resources within a firm. However, many tries to facilitate knowledge transfer among employees has been unsuccessful because of the motivational and cognitive problems between the knowledge source and the recipient. Social capital, which is defined as "the sum of the actual and potential resources embedded within, available through, derived from the network of relationships possessed by an individual or social unit [Nahapiet and Ghoshal, 1998]," is suggested to resolve these motivational and cognitive problems of knowledge transfer. In Social capital theory, there are two research streams. One insists that social capital strengthens group solidarity and brings up cooperative behaviors among group members, such as voluntary help to colleagues. Therefore, social capital can motivate an expert to transfer his/her knowledge to a colleague in need without any direct reward. The other stream insists that social capital provides an access to various resources that the owner of social capital doesn't possess directly. In knowledge transfer context, an employee with social capital can access and learn much knowledge from his/her colleagues. Therefore, social capital provides benefits to both the knowledge source and the recipient in different ways. However, prior research on knowledge transfer and social capital is mostly limited to either of the research stream of social capital and covered only the knowledge source's or the knowledge recipient's perspective. Social network theory which focuses on the structural dimension of social capital provides clear explanation about the in-depth mechanisms of social capital's two different benefits. 'Strong tie' builds up identification, trust, and emotional attachment between the knowledge source and the recipient; therefore, it motivates the knowledge source to transfer his/her knowledge to the recipient. On the other hand, 'weak tie' easily expands to 'diverse' knowledge sources because it does not take much effort to manage. Therefore, the real value of 'weak tie' comes from the 'diverse network structure,' not the 'weak tie' itself. It implies that the two different perspectives on strength of ties can co-exist. For example, an extroverted employee can manage many 'strong' ties with 'various' colleagues. In this regards, the individual-level structure of one's relationships as well as the dyadic-level relationship should be considered together to provide a holistic view of social capital. In addition, interaction effect between individual-level characteristics and dyadic-level characteristics can be examined, too. Based on these arguments, this study has following research questions. (1) How does the social capital of the knowledge source and the recipient influence knowledge transfer respectively? (2) How does the strength of ties between the knowledge source and the recipient influence knowledge transfer? (3) How does the social capital of the knowledge source and the recipient influence the effect of the strength of ties between the knowledge source and the recipient on knowledge transfer? Based on Social capital theory and Social network theory, a multi-level research model is developed to consider both the individual-level social capital of the knowledge source and the recipient and the dyadic-level strength of relationship between the knowledge source and the recipient. 'Cross-classified random effect model,' one of the multi-level analysis methods, is adopted to analyze the survey responses from 337 R&D employees. The results of analysis provide several findings. First, among three dimensions of the knowledge source's social capital, network centrality (i.e., structural dimension) shows the significant direct effect on knowledge transfer. On the other hand, the knowledge recipient's network centrality is not influential. Instead, it strengthens the influence of the strength of ties between the knowledge source and the recipient on knowledge transfer. It means that the knowledge source's network centrality does not directly increase knowledge transfer. Instead, by providing access to various knowledge sources, the network centrality provides only the context where the strong tie between the knowledge source and the recipient leads to effective knowledge transfer. In short, network centrality has indirect effect on knowledge transfer from the knowledge recipient's perspective, while it has direct effect from the knowledge source's perspective. This is the most important contribution of this research. In addition, contrary to the research hypothesis, company tenure of the knowledge recipient negatively influences knowledge transfer. It means that experienced employees do not look for new knowledge and stick to their own knowledge. This is also an interesting result. One of the possible reasons is the hierarchical culture of Korea, such as a fear of losing face in front of subordinates. In a research methodology perspective, multi-level analysis adopted in this study seems to be very promising in management research area which has a multi-level data structure, such as employee-team-department-company. In addition, social network analysis is also a promising research approach with an exploding availability of online social network data.