• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.43-54
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• 2020

This paper investigates the causal impact of the increase in institutional distance between two geographic regions on the flow of cross-border Venture Capital (VC) between the regions. While cross-border VCs are believed to have competitive advantages at identifying and managing promising startups in a local market compared to local counterparts, the discrepancy in institutional characteristics between two markets exacerbates the difficulty of credible information exchange and negotiation, significantly increasing transaction cost related to a cross-border venture capital investment. This study conducts a difference-in-difference analysis to examine the relationship between institutional distance and the flow of cross-border VC investment using the fact that the official adoption of the Euro currency by member countries of the European Union except the UK created an institutional chasm between the UK and other EU member countries. The outcomes of the analysis suggests that UK-based VCs significantly decreased the VC investment into EU-based startups and that EU-based VCs reduced the investment into UK-based startups. The results have meaningful implications for understanding the impact of the change in institutional difference on cross-border VC investment, which seems to increasingly take place with the recent trend of de-globalization and the rise of protectionism.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.153-161
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• 2021

This study analyzed the ripple effect of the demand-side support for start-up venture companies on the macro economy using Dynamic General Equilibrium model. In the model, start-up venture companies were expressed in a manner that distinguished between workers and entrepreneurs by applying the span of control in the Lucas(1978). As a result of the analysis, when the share of public procurement of start-up venture companies was increased from 5.7% to 10%, the actual production of start-up venture companies increased by about 46.17% and the number of venture companies increased by about 150%. In addition, it was analyzed that the number of jobs through venture companies increased by about 61.56%. In addition, it was found that the economic effect was greatly reduced when the start-up venture company was supported as a subsidy for the supply sector with the same amount as the public procurement support. This is interpreted as the fact that if the government implements the supply-side support policy, the expansion of supply causes the price of start-up venture companies to fall, reducing the effect of the support policy in half. Therefore, when supporting start-up venture companies, the government should make efforts to maximize the policy effect by expanding the demand-side support through public procurement and reducing the payment of simple subsidies to start-up venture companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.241-248
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• 2021

Firms have many ways to expand their businesses including M&A. Big companies in online and offline businesses show different ways of expansion with different objectives to expand their digital businesses quickly. Expansions for technical reasons are to acquire technologies they do not have while those for business reasons are M&A for offline companies to have competence in markets by acquiring online companies. Other ways of expansions include spin-off and group participation after investments for startups. Various ways of expansions are chosen because they are optimal choices depending on situations the companies face, and they have different strengths and weaknesses. To analyze the strengths and weaknesses of those options for expansion at this stage would be academically valuable, and also practically meaningful in terms of providing insights for companies' decision making in choosing opitions for expansions. M&A of online companies to make multi-channels by offline companies have risks of failing to internalize online companies and have enough synergy effects. Also, spin-off is a relatively less risky way of expansion while the speed of expansion is slower than establishing external startups with some shares of equity and making them as affiliated companies. External startups are good for speed of expansion while there are risks of legal regulations and negative awareness by the public.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.269-285
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• 2021

As the systematic management of knowledge within an organization is recognized as a core factor for the continuous growth of an organization, organizations are increasing their interest in knowledge management. Knowledge management requires the active sharing of knowledge by insiders of the organization, but there are cases of failure due to the lack of participation of leaders and employees of the organization. The purpose of this study is to suggest a mechanism by which the authentic leadership of leaders in small and medium-sized enterprises(SME), which are relatively lacking in knowledge production capacity, leads to intention to share knowledge of employees. In addition, the study confirms that reciprocal feedback and task interdependence moderate the relationship between antecedent factors and intention to share knowledge. In this study, a research model was derived based on precedent research, and 272 samples were obtained by conducting a questionnaire survey on employees of SME that introduced a knowledge management policy. And, the study verified the hypothesis by applying structural equation modeling based on AMOS 22.0. The results of the study proved that authentic leadership has a positive effect on the intention to share knowledge through organization identification and organization commitment, and confirmed that reciprocal feedback and work interdependence moderate the relationship between knowledge sharing intentions and antecedent factors. This study suggests the mechanism by which the authentic behavior of the leaders of SMEs affects the knowledge sharing behavior of employees, and suggests that work cooperation strengthens the influence of the mechanism.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.157-175
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• 2021

This study categorized 3,214 companies out of the tech firms supported by the Korea Technology Finance Corporation's "technology guarantee scheme" through technology assessment from 2017 to 2019 into Fourth Industrial Revolution-related companies and general SMEs. The impact of the management characteristics of these 1,752 tech firms on the determination of high-growth firms was then empirically analyzed. This study used the OECD(2007) definition to define a "high-growth firm" as "an enterprise with average revenue growth greater than 20% per annum, over a two-year period." As the two sample groups showed non-normal distribution, this study conducted the Mann-Whitney U test, a nonparametric test, to analyze the mean differences and bivariate logistic regression in which the normality assumption is less stringent. The independent variables include fundamental characteristics; a regional dummy; a technological level dummy; and the capabilities of company representatives, human capital, and technological innovation. The corresponding sub-variables are representatives' level of education and experience in the same industry, full-time workers, research personnel, the extent of intellectual property rights, investment in research and development, firm age, total assets, region_metropolitan area, region_central region, technological level_high technology, and technological level_medium technology. As a result, the research hypothesis about representatives' level of experience in the same industry, full-time workers, total assets, and technological level_high technology was supported for the Fourth Industrial Revolution-related companies. For the general SMEs, the research hypothesis about representatives' level of experience in the same industry, research personnel, total assets, and region_metropolitan area was supported.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.57-68
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• 2021

The purpose of this study is to investigate the effect of location satisfaction of innovative start-ups, located in capital and non-capital areas, on the intention of relocation. The analysis was based on the data of a survey of 231 innovative start-ups that were founded less than 7 years ago. 10 factors related to the aspects of business management, network building, and business environment were considered as location satisfaction of start-ups. The dependent variable was whether innovative start-ups plan to relocate. First, it was confirmed that in the case of innovative start-ups in capital area, the intention to relocate was found to decrease when the location satisfactions related to the promptly provision of products and services to consumers and ease of supplying labor were increased. Second, in the case of innovative start-ups in non-capital area, it was found that the intention to relocate was found to decrease when the location satisfactions related to creating a network, convenient transportation and free and creative start-up environment were increased. In addition, it was found that the higher the sales of start-ups in non-capital area, the lower their intention to relocate while the higher firm age of start-ups in non-capital area, the higher their intention to relocate. This study has an academic contribution to examining the relationship between between the location satisfactions of start-ups and the intention to relocate, which has been rarely addressed in Korea, and to shedding light on the difference in capital and non-capital areas. Furthermore, this study has policy implications since it suggests factors that the government should consider for geographical agglomeration of start-ups.

• Journal of Venture Innovation
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• v.5 no.3
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• pp.1-17
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• 2022

Entrepreneurs recognize that their passion was an important factor in driving successful entrepreneurship. However, they were often unaware of the impact that third-party passions related to startups have on them. Therefore, in this study, it was verified whether the accelerator incubation program had an effective effect on portfolios. At this time, I tried to do an empirical analysis focusing on how the third-party accelerator entrepreneur passion affects the entrepreneurial performance of portfolios. To this end, a survey was conducted on representatives of portfolios across the country who completed the accelerator incubation program, and empirical testing was conducted based on 330 valid ones. As a result of empirical analysis, it was confirmed that mentoring and networking among accelerator incubation programs had a positive (+) effect on entrepreneurial performance of portfolios. On the other hand, education and seed investment in the accelerator program did not significantly affect the entrepreneurial performance of portfolios. On the other hand, it was tested that accelerator entrepreneur passion significantly moderated both the incubation program elements (education, mentoring, network, seed investment) and the entrepreneurial performance of portfolios. The results of this study are meaningful in that they reveal that the passion of accelerator entrepreneurs is an important lynchpin of incubation programs and the key to success in startups. In addition, this study suggests that it is important for startups to go one step further from seed investment and properly identify the accelerator entrepreneur and his passion, the key man of accelerators.

• The Journal of the Convergence on Culture Technology
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• v.9 no.6
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• pp.389-399
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• 2023

Recently, there has been a growing focus on the Entrepreneurial Intention of Chinese College Students as a key driver of motivational behavior. However, previous research has provided limited analysis on the actual impact of Social Support on the Entrepreneurial Intention of Chinese College Students. The purpose of this study is to enhance the Entrepreneurial Intention of Chinese College Students and to ascertain the mediating effect of Career Adaptability in the relationship between Social Support and Entrepreneurial Intention. Zhejiang Province, the top-ranked province in private economy in China, possesses a strong economic development momentum and an innovative entrepreneurial atmosphere. Therefore, this study selected 194 third and fourth-year undergraduate students from universities in Zhejiang Province as participants and collected data through a survey utilizing measures of Social Support, Career Adaptability, and Entrepreneurial Intention. The collected data was analyzed for correlations between the measured variables using SPSS 26 and Stata 17 SEM Builder for quantification and validation. The results of the study revealed that, firstly, while Social Support did not have a direct impact on Entrepreneurial Intention, it was found to have an indirect influence on Entrepreneurial Intention through Career Adaptability and its various sub-variables. Secondly, Social Support among College Students was found to have a positive impact on Career Adaptability. Thirdly, Career Adaptability among College Students was found to have a positive impact on Entrepreneurial Intention. Based on these analytical findings, this study provides theoretical and practical implications as well as fundamental information for entrepreneurship education and Career Adaptability at the university level.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.47-65
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• 2023

As stakeholder demands and sustainable finance grow, ESG management and ESG evaluation are becoming important. SMEs should also prepare for the trends of ESG rating practices that affects supply chain management and financial transactions. However, SMEs have no choice but to focus on survival first, so there are restrictions on putting into ESG management. In addition, there is a lack of research on the legitimacy of ESG management by SMEs, and volatility in ESG evaluation systems and rating grades is also increasing. Accordingly, it is necessary to review ESG evaluation trends and practical guidelines along with the review of previous studies. As a result of the exploratory study, SMEs need to implement ESG management and make efforts to specialize in ESG related new businesses under conditions in which their survival base is guaranteed in terms of implementation strategies. In addition, it is necessary to focus on the strategic use of various evaluation results along with accumulating information favorable for ESG evaluation through organizational learning and software management. The implications of this study are that various studies such as the classification criteria for SMEs and the relationship between ESG evaluation grades and long-term survival rates are needed in ESG evaluation of SMEs. At the government policy level, it is time to consider the ESG evaluation system exclusively for SMEs so that ESG management can be implemented and ESG evaluation at different levels by industry and size.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.237-251
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• 2023

This study tried to understand the effect of internal resources, capabilities, and business model innovation of venture enterprises on industrial property performance, as based on previous studies that securing industrial property rights has a positive effect on the technology commercialization of venture companies. Venture company capabilities were classified into intrinsic elements of a company (company's research resources) and creative elements (commercialization capabilities) that implement them, and they were intended to show that they could lead to a company's potential competitiveness through innovation in business models. In order to verify this research purpose, an empirical analysis was conducted on 1,733 corporate companies among venture confirmation companies subject to the 2019 venture company precision survey. It was confirmed that the systematic research organization and commercialization capabilities of venture companies were significant (+) in industrial property performance. However, in the final research model that applied both the rules of the business model's innovation variable, commercialization capability and business model innovation were significant (-), and research organization × business model innovation showed significant results (+). This means that venture companies' excellent resources and capabilities can have a positive impact on industrial property performance individually, but when applying the level of innovation in the actual business model, they must interact with the business model. The results of this study are meaningful in that it is necessary to pursue business model innovation that secures clear differentiators compared to competitors as well as strengthening the company's internal resources and capabilities to secure industrial assets and innovation growth.