• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.2
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• pp.63-77
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• 2018

In the rapidly to change global market in recent years, as the era of merging and integrating industries and the evolution of technology have come to an era in which everything can not be solved as a single company, it is evolving into competition for the enterprise network rather than the competition for the enterprise unit. In a competitive business environment, it is necessary to provide not only for the efforts as an individual companies but also the mutual development efforts to enhance output through the innovation activities based on the interrelationship with the business partners. In spite of the recent efforts and research through core competencies and innovation activities, some of business activities were unable to achieve enough progress in business performance and this study mainly focused to improve business performance for those companies. This study targeted CEOs and Directors who participates in "manufacturing performance innovation partnership project" carried by The foundation of Large, SMEs, Agriculture, Fisheries cooperation Korea and studied the influences of innovation activities to the core competencies and business performance. Detailed variables in this study were extracted from the previous research and used for verification. The study is designed to determine the influence of individual innovation activities to the core competencies and business performance. Innovation activities as a parameter, the relationship between core competencies and business performance was examined. In the examination of the innovation activities as a meditated effect, those activities carried by SMEs (Collaboration in Technology, Manufacturing, and Management innovations with Large Scale Business) through partnership in manufacturing innovation is significantly related business performance. Therefore, the result reveals that the individual SMEs are having own limitation in the achievement of significant progress in business performance with their own capabilities, and using the innovation activities act as catalyst through the collaboration with large scale businesses would result significant progress in business performance. Mutual effort in collaborative innovation activities between large scale businesses and SMEs is one of the most critical issues in recent years in Korea and the main focus of this study is to provide analysis which demonstrates where the SMEs are required to focus in their innovation activities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.6
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• pp.103-117
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• 2019

Under the uncertainties and the consequent turmoils of the IMF financial crisis in Korea, Hyunsung Techno was founded in 1997 on the basis of automobile press molding which is critical for the quality of automobile. Ever since, Hyunsung Techno has grown rapidly based on the domestic market; however, gradually, it had faced a stalemate in terms of the saturation, on the supply side and the growth limit, on the demand side, of the domestic molding market. Accordingly, Hyunsung pushed for a strategy to localize overseas markets and a new acquisition strategy instead of resting on the domestic mold industry's growth, and the success of these strategies enabled it to leap forward into a global company with five companies including affiliates and 70 billion won in sales. The main reason why Hyunsung Techno evolved from a small and medium-sized manufacturing company into a global businesses is due to the success of Boa Constrictor M&A strategy. Its acquisition strategy is not just a successful case of any acquisition, but a rare, maybe the first domestic case of a successful acquisition of a primary supplier by a secondary supplier. Through the success of this strategy, Hyunsung Techno has achieved a continuous growth of businesses, an increase in sales volume, and expansion into new businesses. And on top of that, this achievements is leading it to be a global conglomerate In this study, Hyunsung Techno's success strategy, which is transformed from a small domestic manufacturing company into a global enterprise, was analyzed in detail with its development stages divided into start-up, overseas expansion, acquisitions, and business diversification. Eventually, this case study is meant to offer strategic implications for other small and medium-sized businesses under the current, gloomy economy of low or zero growth of today.

• 한국벤처창업학회:학술대회논문집
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• 2008.11a
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• pp.135-168
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• 2008

The Korean semiconductor industry has made a great contribution to growth of Korean economy for the last decades by maintaining a top position in terms of Korean total annual export volume. However, the advanced semiconductor equipment and materials that are used for the production of semiconductor devices still depend on the suppliers from Europe, Japan, and America who have an influential position in the Korean semiconductor industry. The objective of this study is to empirically investigate the attributes determining the extent of autonomy in decision making for the Korean subsidiaries of multinational corporations in the semiconductor industry. This study found there were differences in the extent of autonomy in decision making in terms of the global strategies the multinational corporations pursue. This study surveyed employees at the Korean subsidiaries and joint venture companies of semiconductor multinational corporations and collected 726 survey questionnaires. Several statistical analyses including frequency analysis, reliability analysis, factor analysis, multiple regression analysis and ANOVA were performed using the collected sample data. Based on the analyses, this study found as follow: Firstly, from the factor analysis, this study found Korean subsidiaries faced three sources of uncertainties stemmed from political conditions, competent conditions, demand and supply conditions. The internal resources were characterized by the independencies of production capability, financial capability, marketing capability and human resource management capability. The operational performance was determined by total revenue, net profit and market share growth. Secondly, it was found the uncertainties from political condition and competent condition and the independencies of financial capability and marketing capability partially influenced the extent of autonomy in decision making. The independencies of production capability and human resource management capability significantly influenced the autonomy of decision making in the most areas. It was also found an increase of total revenue, net profit and market share growth partially affected the extent of autonomy in decision making of the Korean subsidiaries. Finally, it was found that the polycentrism of global management by multinational corporations seemed to bring a higher extent of autonomy in decision making than ethnocentrism or geocentrism of global management. Based on the results, this study provided managerial implications regarding the extent of autonomy in decision making for Korean subsidiaries of multinational corporations in order to help management to enhance their business capabilities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.6
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• pp.183-198
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• 2014

This study analyzed the effect of NPD(New Product Development) strategy and standardized NPD activity on NPD performance in KODAK companies. As a result of this study, companies with a specific NPD strategy that can lead and integrate NPD programs were 48.5% and companies without NPD strategy were 51.5% among KOSDAQ companies, which showed that companies without NPD programs were relatively higher than companies with NPD programs. According to result of NPD performance, success rate of new product showed 51.2% and success rate of new product revenue showed 44.87%, but respondents who evaluated NPD performance as "very successful" and "successful" were 53% based on the study of 77 various industries by Kuczmarski & Associates in America in 1993, and the companies in this study showed relatively below-average marks to the result of the study examined by USA PDMA in 1995 as compared to 59% of NPD success rate according to the 2nd study of best practice in 1995 by USA PDMA(Product Development & Management Association). As a result of testing the difference between NPD performances depending on whether company has NPD strategy or not, it showed a significant difference in success rate of NPD depending on NPD strategy and had a higher success rate of NPD as company has NPD strategy. Although NPD activity does not provide with documented process, companies which follow clearly recognized procedure until individual business for product development is completed were 39.6%, indicating that KOSDAQ companies still have fewer standardized NPD procedure than USA companies with 76% as compared to the result of 1990 PDMA in America. As a result of ANOVA test, NPD success rate showed the difference depending on the presence of officially documented process. As a result of Scheffe and Bonferroni test as post hoc test, companies with officially documented process, carrying out a series of business in a given section showed a higher NPD success rate by 18.385 at the 5% significance level than companies with individual business procedure without officially documented process. The difference of this research from the previous studies is that the findings of PDMA in America throughout the United States were applied to the domestic KOSDAQ companies. In addition, the existing studies related to NPD in Korea were conducted for some limited industries in the past, but this study was applied to various industries of KOSDAQ companies. The implications of this study suggest that it is necessary for KOSDAQ Industry Association or other related governmental departments to educate and guide the standardized process about NPD for increasing survival rate and reinforcing competitiveness of the companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.4
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• pp.1-15
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• 2016

Startups in Korea are experiencing for themselves the laws of survival through competition in the local and international market, and are performing active business movements based on these. Korea's economic growth rate is 2.6% due to the slump in the domestic demand and reduced exports brought by the MERSC incident in 2015. The Korea Development Institute has estimated the economic growth rate in 2016 to be around 3.0%. South Korea's economy is facing the crisis of low-growth solidification due to the decrease in economic growth, and it is forecasted that growth without employment and polarization will worsen. Startups in the high-tech industrial generation of a particular field wherein the market environment is rapidly changing must maintain a competitive advantage with the capabilities and functions exclusive to them. It is very important that they maintain a competitive edge by utilizing the capabilities exclusive to startup companies. Likewise, the accumulation of resources is also crucial in determining the success of a startup business. In a poor local startup ecosystem, majority of the startup companies are performing their business activities while striving for survival, rather than success. About 80% are struggling to survive and are failing to overcome the "Death Valley" faced 3-5 years after establishing the company. Since majority of the startups fail to achieve results during the initial stages of foundation, the importance of research on business activities and achievement during the early stages of establishment is being raised. In accordance to this, this research has performed an actual analysis on how the activities of startups during their preparation phase and early stages affect their achievements. A survey was done on the CEOs or executives (people in a position to make decisions) of local small and medium-sized enterprises that are considered start-ups, and 203 valid data were collected and analyzed. Results showed that the discoveries and utilized activities necessary for the businesses of startups have a significant impact on their achievement through the entrepreneur resources and external partners' cooperation; additionally, the related implications were discussed.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.1
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• pp.31-41
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• 2018

The purpose of this study is to look at the difference between the importance and the satisfaction with respect to government startup aid programs perceived by entrepreneurs to improve the effectiveness of government startup aid policy and verify the causal relationship between startup aid project and business performance. In this respect, this study aims to look at the impact of entrepreneurs' perceived satisfaction over government startup aid programs on startup business performance. Major study findings from this study are as follows. First, as a result of testing statistical significance of the difference between importance and satisfaction in startup education, facility/space, consulting, or fund support field, respectively in start-up assistance project, it appeared that there was a significant difference in all fields. In addition, fund support was the field that showed the biggest difference between importance and satisfaction. Second, the results of IPA (importance-performance analysis), which displays relative importance and performance of start-up assistance project on four quadrants so that entrepreneurs can evaluate which start-up assistance projects they think important and which projects they are satisfied with by themselves are as follows. Let us summarize the distribution of start-up assistance project on four quadrants in the first place. Facility/space support project is distributed in the 1st quadrant that requires ongoing maintenance; start-up funding program in the 2nd quadrant that requires concentrated improvement; consulting support project in the 3rd quadrant that requires limited use at low priority; and start-up education support project in the boundary between the 3rd quadrant that requires limited use and the 4th quadrant that requires rejection against unnecessary items. Third, the results from multiple regression analysis to identify the impact of satisfaction with government startup aid programs over business performance are as follows. As a result of analyzing the influence relationship between government startup aid program and financial performance, it appeared that satisfaction with facility/space had a positive (+) impact on financial performance. This suggests that the higher the satisfaction with facility/space, the higher the financial performance. As a result of analyzing the influence relationship between start-up assistance project and non-financial performance, it appeared that satisfaction with startup education had a positive (+) impact on non-financial performance. This suggests that the higher the satisfaction with startup education, the higher the non-financial performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.5
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• pp.163-175
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• 2017

The purpose of this study is to find out how to improve the brand image and loyalty of cafe by recognizing that social culture of middle school cafe, which is an important service quality in cafe establishment, emerges as a main characteristic of new coffee business. First, reliability, confidentness, professionalism, accessibility, and socio - culturality of the service quality of coffee specialty shops improve brand image. Confidence and professionalism play an important role in enhancing brand loyalty, and brand image has a significant effect on brand loyalty. Respectively, Among the service quality, social culture has a strong influence on brand image but it is not a direct influence on brand loyalty. Second, in the relationship between brand loyalty of coffee service quality, brand image shows full mediation effect on reliability, partial mediation effect on confidence, professionalism, accessibility, socialcultural property, and mediation effect on response and empathy. Third, as a result of analyzing the moderating effects of coffee shop types on the relationship between service quality and brand image of coffee specialty shops, reliability, confidentiality, and accessibility are positive factors in the nationwide franchise. On the other hand, in the private $caf{\acute{e}}$, professionalism and socio-culturality are the main factors for improving the brand image. In the case of the local franchise, similar to the franchise in the country, the improvement of service quality for responsiveness and professionalism is a positive factor Respectively. As a result, nationwide franchise $caf{\acute{e}}s$ have priority in enhancing brand image and brand loyalty through accessibility and assurance of service quality. On the other hand, in case of local franchise $caf{\acute{e}}$, it can be seen that the service quality is enhanced and the brand image and brand loyalty can be further improved through service professionalism and accessibility. On the other hand, regional cafes are more important than national franchises or local franchise cafes, and a strategy to enhance customer loyalty is needed through service strategies emphasizing socio - cultural aspects.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.245-261
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• 2020

The aim of this study is to investigate the correlation between the support activities provided by the franchiser and how they affect the intention of the contract renewal and business performances made by franchisees, developing dynamic trust between these transactional partners. Various supportive activities between franchiser and franchisees were divided into financial and non-financial activities and dynamic trust into Transitional-based trust, Calculative-based trust, Relational-based trust, and Balanced-based trust. These trust types, which are variable and adjustable based on the opportunistic behaviors of business parties, were applied to define the impact of the support activities on the contract renewal intention and the performances. This study was developed around domestic franchisees. An investigator visited business owners and manager level-employees, explained the purpose of the survey prior to the response, and the answers were directly written by hands. A total of 348 copies were used for the analysis. As the results of the analysis, first, financial support activities were found to have a positive(+) effect on transitional-based trust, calculative-based trust, and balanced-based trust. On the other hand, non-financial support activities were found to have a positive(+) effect on calculative-based trust, relational-based trust, and balanced-based trust, and there was no significant relationship on transitional-based trust. Second, the dynamic trust had a statistically significant positive(+) effect on inducing the contract renewal. Lastly, in the relationship between the dynamic trust and its impact on business performances, only transitional-based trust, and relational-based trust were found to have a positive(+) effect on the financial performances. In addition, relational-based trust showed a meaningful positive(+) relationship on the non-financial performances, and non-financial performace showed a meaningful positive(+) relationship on the re-contract intention. From the results, it can be concluded that the financial and non-financial activities for a win-win partnership between franchiser and franchisees are essential in not only forming dynamic trust but also boosting business performances as well as maintaining the business relationship. Thus, it suggests that building a win-win partnership can be promoted more efficiently by specifying activities best suitable for a particular relationship. In addition, a specific set of activities could be presented for establishing the level of trust that is formed in situations that vary depending on transaction risks and interdependency arising from having the transactional relationship based on the contract as the franchise industry features. Eventually, it is expected that this study can provide a way to promote the qualitative improvement of the franchise industry by identifying factors essential to establishing a sustainable win-win system and relationships that can improve the business performance of franchisees.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.231-244
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• 2020

With the rapid progress of the 4th industrial revolution, technical human capitals are considered to be the core competing factors of the enterprise. Technical manpower training of the 4th industrial revolution through technical education has become an essential task of venture start-ups. The opening of technical training courses and the education support system of companies are increasing, but the shortage of technical manpower is getting worse. This study was conducted to analyze the factors affecting participation intention of the 4th industrial revolution technology education. The research model was established based on the model of goal-directed behavior. For the analysis, 250 valid questionnaire data were used to test with a structural equation model. The results of the study are as follows. First, attitude had a positive effect on the intention to participate in education. Second, subjective norms had a positive effect on the intention to participate in education. Third, the perceived behavioral control has not been tested for a significant influence on educational participation intention. Fourth, positive and negative anticipated emotions had a significant effect on educational intention. The impact of significant variables were found in the order of positive anticipated emotions, attitudes, negative anticipated emotions, subjective norms. On the other hand, as a result of testing the mediating effect of desires, it was found that desires plays a mediating role between attitude, subjective norm, perceived behavioral control, positive anticipated emotions, negative anticipated emotions, and participation intention. In particular, the causal relationship between perceived behavioral control and intention to participate in education was not significant, but perceived behavioral control had a significant effect(full mediation) on participation intention through desires. Based on the results of this study, the following implication were suggested. First, the model of goal-directed behavior(MGB) was applied to the technical education field. Second, the direct relationship between antecedent variables and behavioral intentions was simultaneously tested. Third, unlike the existing education-related research, the factors affecting participation in education were analyzed. Fourth, the importance of desires for education were suggested.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.1
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• pp.1-12
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• 2015

The purpose of this study is to examine the effect of company characteristics and individual characteristics perceived by employees of small businesses on job satisfaction and especially to seek activation of the organization by extending from previous studies to examine the intermediary role of company innovation and applying management measures focusing on the environment of changing global society where CEOs of small businesses cause job satisfaction of organizational members and present the direction for the improvement of management and institutional development. This study was carried out for about 2 months targeting employees of small businesses and the results of empirical analysis are as follows: First, company characteristics and individual characteristics perceived by employees of small businesses turned out to have a positive (+)effect on job satisfaction but the hypothesis that job stress affects job satisfaction was not significant. Second, of the effects of company characteristics and individual characteristics perceived by employees of small businesses on company innovation, organization flexibility and CEO's leadership, company communication and degree of cooperation between departments, individuals, challenge of individuals perceived individual characteristics were found to affect company innovation but the hypothesis that job stress affects it was not significant. Third, company innovation was found to have a positive (+)effect on job satisfaction and fourth, in the intermediary effect verification of company innovation between company characteristics and individual characteristics perceived by employees and job satisfaction, organization flexibility and communication, collaboration turned out to perform partial intermediation and CEO's leadership to perform full intermediation and individual challenge performance to perform full intermediation and the intermediary effect of job stress was not proven. These results are company characteristics and individual characteristics that is the perception of the independent variables in SME employees is not only a direct relationship with job satisfaction, suggesting that also has an indirect effect is mediated depending on the innovation of the company. Therefore, it can be seen that even for the innovation performance of enterprises is important to increase the job satisfaction of employees of SMEs. In particular, the conductivity of the leadership and individual parameters so completely over the innovativeness of the company is the result of job satisfaction itgetda can be said that the innovation efforts of the organization is effective at the same time be pursued.