• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.2 no.3
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• pp.145-168
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• 2007

Current researches have been proceed on CEO's Characteristics of venture business because the CEO has considered as one of the important factors for the success of venture business. But prior research on the performance of venture business has produced inconsistently in terms of CEO's characteristics. The purpose of this study is to develop a comprehensive model for the relation between the performance and a type of CEO's characteristics by a growth process of venture business, which is the main subject of analysis in venture business. Also, this study analyzes various CEO's characteristics and the effects for performance of venture business which are in the Daedeok valley. To achieve the purpose of this research, an empirical study by using research model and hypotheses including the general characteristics of venture business and CEO's demographic characteristics has been presented as a research method for relation analysis. The principal findings of the research and its significance are summarized as follows: First, it was found that there is a significant different in the performance of CEO's behavioral characteristics by the scale, type and growing step of organization for venture business. Second, it was found that there is not a significant between an academic career, management experience, foundation experience for business and related working experience of venture CEO and the performance, but there os a partially significant difference in CEO's behavioral characteristics. Third, it was found that there is a partially significant difference between CEO's behavioral characteristics of venture business and the performance by the general characteristics of organization for venture business and demographic characteristics. In conclusion, in spite of the insufficient research for venture business in Daedeok, the implications of theses findings and contributions made by this research is to confirm the characteristics factor of CEO for venture business and general characteristics of organization for venture business by multidisciplinary side. In addition, the findings provide the basis for the analyzing of managerial strong point and weak point referred to supporting system for venture business. Finally, the findings of this study suggest that the results should be a useful data for groping a solution for upbringing plans in terms of a long-term point of view.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.147-161
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• 2014

This paper's purposes is to study the effects of the strategic support of top management, the activities of quality management, the quality-oriented culture and the organizational citizenship behavior on business performance for Start-ups. In order to settle quality management activitiesa successfully in start-up companies, Concern and support of Top manangement for the quality is important. Although Top management's commitment to a strong, According to the employee's attitude, the quality performance of company may be much different. the quality performance of company that acceptace attitude for quality management is excellent will increase. And business performance will be affected positively. Also when the company has any problems with the quality, the employee's will trying to solve the problem voluntarily is the important factor for business performance. Through this study, the following statistically significant conclusions were drawn. First, If top management supports the resource strategically for the activation of the quality management, The quality and business performance of start-ups will be improved. Second, If the quality management is activated, The quality and business performance of start-ups will be improved. Third, if quality-oriented culture is matured, the quality and business performance of start-ups will be improved. Fourth, if the level of organizational citizenship behavior is getting higher, the quality performance of start-ups will be improved. Fifth, the quality performance has a mediation effect on the relationship between the quality management and business performance. So when strategic support of Top management, quality management, quality-orented culture and OCB are activated in the organization, the quality performance will be higher than before, so that the business performance will be higher too. To improve the quality performance and business performance in start ups, It is needed to understand the quality management in organization, to implement the quality management constantly. And top management should supports the resource strategically and the employee has to do his best to form quality-oriented culture in the company.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.163-173
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• 2014

Budget for social welfare social welfare with a sharp increase in business is to be expanded in various fields. At this point, do the social welfare policies of local governments and assistance projects supported by the Seoul Metropolitan Government's justification and rationale for concluding that we need clarity, and welfare economics point of this study is related to social welfare spending budget and other areas in Seoul quantitative effects of the economic effects were investigated. Social welfare policy for the achievement of corporate and personal consumption spending behavior is continuously and directly or indirectly derived thereby, and Seoul Industry Input-Output Tables in this study to re-create the social welfare spending as the economic effects of production, value added, employment, work and how do you contribute to the quantitative estimation of suggested. Municipal social welfare spending in Seoul by the annual production of 10.02 trillion won sikimyeo caused, directly or indirectly Article 6 billion in 4936 to spread the value was analyzed. In addition, employment and 203,430.3 132,992.3 people letting people was estimated to generate employment. These results suggest that social welfare spending and social spending in the atmosphere is recognized as a social and financial pressures caused controversy at the present time factor in the welfare sector and the government's social welfare policy in Seoul, intervention and support and assistance of the the validity of the justification debate eventually be supported through empirical analysis depends on whether we believe in, and for this study it as a basis for presenting the fundamental study has its significance. In addition, Korea is not a welfare budget is spent volatile social and economic impact on a variety of industries that derive a significant number were found in this study, continued political support and social consensus through research is needed.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.1-18
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• 2020

This study is to identify the influence of major variables that affect the participation intention of securities type crowdfunding investors and how participation intention and perceived behavioral control affect investors' herd behavior including indirect effect analysis based on the theory of planned behavior. The ultimate purpose of this study is to understand the investment behavior of securities type crowdfunding investors and to help the relevant parties to develop various policies and business plans to revitalize the system and protect investors. An online survey was conducted on people who are interested or have experience in securities type crowdfunding to receive a total of 276 responses. Excluding outliers, a total of 261 responses were taken into account for the final analysis. For the data analysis, structural equation model analysis using SPSS 22.0 and Amos 22.0 statistical package was conducted. As a result, two of the major variables of the theory of planned behavior-attitude and subjective norm-have been found to have a positive effect on the participation intention of securities type crowdfunding investors. And after analyzing the indirect effect, the participation intention was found to play a mediating role between attitude, subjective norm and herd behavior. However, the perceived behavioral control presented as a major variable of behavioral intention in the theory of planned behavior showed that the effect on participation intention was statistically insignificant. Instead, it was found to have a direct positive effect on herd behavior. This is significant because it empirically confirmed that even if investors perceive securities type crowdfunding as easy to participate, perceived behavioral control does not seem to have a significant impact on participation intention because securities type crowdfunding is an investment in an early-stage business with a high risk of loss. On the other hand, the study has great significance in that it empirically confirmed that domestic securities type crowdfunding investors perceive the funding progress information provided by the platform as a signal and imitate many other investors, showing herd behavior when they actually make an investment. It is expected that this study will provide meaningful insights for the policy making of crowdfunding supervisory offices and platform operators by empirically identifying major variables that influence the participation intentions and herd behavior of domestic securities type crowdfunding investors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.193-208
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• 2020

In this study, we investigate the effects of technology innovation investments and employment on credit ratings of very small start-up businesses using the data period of 2009 till 2015 test two hypotheses: asymmetric information hypothesis or competence hypothesis. We use financial and non-financial data of 51,903 observations of 12,028 small businesses from a database of a commercial bank and fixed effects panel models and two-stage instrumental variable models. We find that in the short-run small size startups show lower credit ratings than non-startups, and that both technology innovation activities and employment capability improve their credit ratings. In the long-run, technology innovation investments do not improve their credit ratings of later years while employment capability improve their credit ratings of the subsequent year. In addition, the age of startups improves their credit ratings of the current year and until the subsequent two years while employee productivity, fixed ratio and ROA positively affect their credit ratings for up to three years. However, short-term and overall debt ratios, cost of borrowings and firm-size negatively affect their credit ratings for up to three years. The results of the study on credit ratings suggest that credit rating agencies seem to consider both technology innovation activities and employment capability in the credit ratings of small start-ups as 'competence factors' rather than 'asymmetric information factors' with inefficiency and cost burdens. The results also suggest that we must find ways to reflect properly the severe asymmetric information of the early-stage start-ups, and technology innovation activities and employment capability in the credit rating formula.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.4
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• pp.95-111
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• 2015

This purpose of this study is to academically define what "luxury products" mean, and to clarify the cognitive structural relationship between product attributes and "luxuriousness" in relation to the determinant of luxuriousness that eventually affects the purchase intention of consumers. This study is also written under the theory that luxuriousness leads to benefits such as functional benefit, experiential benefit, symbolic benefit, and exclusive benefit; which all provide core values to consumers and serve as effect factors that influence the psychological satisfaction of consumers. The commonly discussed measure of the determinant of luxuriousness has often failed to adequately describe the reasons to why the consumers prefer luxury products. This study also aims to suggest a new path in how and what the consumers perceive as luxury products, and to conceptualize what luxuriousness means in the marketing perspectives on the background of a previous theory. The part of product attributes are divided in the following sections: the quality and design of functional cues and brands of symbolic cues, as well as prices. The part of the determinant of luxuriousness is divided in sections of superiority, scarcity, differentiation, and traditionality. Therefore, this study used the theoretical concept used in such common measures as well as 282 examples to empirically analyze the relationship between product attributes and luxuriousness of luxury products, and how such affect the purchase intentions of consumers. The survey used to aid this study targeted luxury product consumers regarding "B" brand of automobiles. Using the analysis through a structural equation model, the study draws a conclusion that in a relationship between product attributes and luxuriousness, quality(which is one of the functional cues) affects the facts of superiority, differentiation in a significant way, and design affects the factors of scarcity in a significant way. And brand(one of the symbolic cues) significantly affects the factors of traditionality within the luxuriousness factors, and price appeared to affect superiority and scarcity. Additionally, the brand of product attributes significantly affects purchase intention, and superiority and scarcity of luxuriousness affects purchase intention in a significant way. The structural concept of luxury and luxuriousness suggested in the study will provide the theoretical basis for building a new case study, and the determinants of luxuriousness in the marketing perspective will be a practical help for checking the consumers' psychological reasons for purchase.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.89-114
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• 2009

BizCool is an entry-level business education program implemented with a purpose of enhancing the entrepreneurial disposition and capability of the youth through enterprise commencement education of vocational high school students and developing them into economic pillars of future to alleviate the labor shortage crisis of small and medium enterprises and revitalize enterprise commencement. In this study, the factors were deduced and a path analysis was conducted with the purpose of proposing a revitalization plan through an effectiveness analysis of enterprise commencement education for the youth. The result of the analysis revealed that BizCool has effects on the knowledge and understanding of enterprise commencement, and enterprise commencement knowledge also has effects on the understanding of enterprise commencement. In addition, it was found that the enterprise commencement knowledge and the understanding on enterprise commencement have effects on the intention of enterprise commence. In the result of verifying the hypothesis that the understanding of enterprise commencement according to the psychological characteristics of individuals will have a positive effect on the enterprise commencement intention, it was revealed that the risk resignation disposition and patience for ambiguity are having effects but accomplishment desire is not playing a moderating variable role. Through the above path analysis, a conclusion was obtained that the enterprise commencement education has effects on the outcome of enterprise commencement education through the understanding on enterprise commencement. Additionally, the nation needs to actively lead systematic enterprise commencement education within the policy of job creation upon realizing the need for enterprise commencement education of vocational high school, and a revitalization plan was proposed on the five kinds of a conversion of social perception on vocational high school, establishment of institutes specializing in BizCool and cultivation of BizCool specialists, development of various materials and expansion of BizCool program, field-centered lessons, revitalization of enterprise commencement club and personnel and resource support by companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.6
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• pp.13-24
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• 2017

The purpose of this study is to examine the effect of the management of receivables on the management performance of micro manufacturing industries. The results of the survey are as follows. First, among the factors of management of pre- and post-trade receivables in the micro manufacturing industries, management organization and regulations, contract execution management, bad debt control, which are the subordinate factors of credit control, are positive (+) significant effect on stability. In terms of profitability, management organizations and regulations, which are subordinate factors of credit control management, have a positive (+) significant effect on profitability. The recovery management, which is a factor of management of post - receivable receivables, did not have a significant effect on the stability and profitability of financial management performance. Second, the effect of financial performance on organizational satisfaction is positively related to stability, while profitability has no significant effect on organizational satisfaction. The implication of this study is that pre - trade receivables management is more important than post - trade receivables management in the management of accounts receivables of micro manufacturing industries. Proactive credit management refers to the procedure of establishing and managing personal guarantees and physical guarantees in order to smooth the execution of the obligations at the same time as the contract is concluded through processes such as credit investigation, analysis and evaluation, and sales decision before the contract is concluded. Post receivables management based on the assumption of default is a receivables management procedure from receipt of receivables that are already defaulted to bad debts to bad debt processing. If the collection of receivables is delayed or bad debt is increased, Furthermore, a corporation may be subject to bankruptcy risk (insolvency by paper profits). Therefore, it is meaningful that this study suggests direction to induce change of contract type in advance by understanding the possibility of settlement of accounts receivable and recovery of bad debts within the day of transition in case of contract of micro manufacturing industries.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.77-98
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• 2020

Recently, the government provided about 35 trillion won to start-ups through a large amount of start-up support funds from the Korea Credit Guarantee Fund and the Korea Development Bank, and more than 100 trillion won to start-ups over the past three years.(2015-2018) The Ministry of SMEs and Startups announced that a total of 1.4517 trillion won will be supported by 16 ministries (90 projects) after surveying start-up support projects by ministries in 2020 to create a start-up country. Indeed, among the budgets supported by the Ministry of SMEs and Startups, startups accounted for 85%, while scale-ups (growth and maturity) were only 15%. However, the survival rate of Korean start-ups was far lower than that of developed countries. The survival rate for the three years after the start-up was 39.1 percent, with only about 4 out of 10 surviving, with 27.5 percent surviving for five years, and only 3 out of 10 surviving. On the other hand, overseas start-ups have a survival rate of twice as high as that of Korea for five years. Accordingly, this study aims to empirically analyze and examine the need for research on nascent entrepreneurs, which have recently been actively supported by the government, as well as the impact of start-up motivation and start-up preparation on the intention to continue business. The survey was conducted from April 1 to May 15, 2020 for nascent entrepreneurs nationwide, and 222 of the total 245 copies were analyzed, and the questionnaire was measured using the Likert 5-point scale. As a result of the analysis, first, all factors constituting start-up motivation were adopted by significantly affecting start-up satisfaction. In addition, among the sub-factors of nascent entrepreneurs' preparation, item preparation was adopted as a significant influence on start-up satisfaction. Second, the nascent entrepreneurs' satisfaction level was adopted by having a significant impact on the business continuity. Third, some of the motivations for self-realization of the motivation for start-ups were adopted by having a significant impact on the business continuity. In addition, the preparation of items for the start-up preparation of nascent entrepreneurs was partially adopted as they had a significant impact on the business continuity. Fourth, it was adopted by the mediation effect of start-up satisfaction between the motivation of the nascent entrepreneurs' preparation and the business continuity. In addition, it was adopted by the medium effect of start-up satisfaction between the nascent entrepreneurs' preparation and the business continuity. Based on the results of these studies, it is intended to draw practical implications, and to provide useful policy implications to increase nascent entrepreneurs' satisfaction and continue to carry out their start-ups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.6 no.3
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• pp.147-175
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• 2011

The purpose of this study is to examine the effects of store choice criteria on customer satisfaction and store loyalty, and the moderating effects of customer emotions on the causal relationship between store choice criteria and customer satisfaction. In this regard, this study tries to identify the effects of store choice criteria on customer satisfaction and store loyalty in case of mass merchandisers, and to analyze the moderating effects of customer emotions on the causal relationship between store choice criteria and customer satisfaction. For this purpose, 300 customers, who have ever shopped at mass merchandisers, were surveyed and 246 valid responses were finally used for the data analysis. The results of this study are as follows. First, out of six store choice criteria, product factors, store reputation and physical environment turn out to have statistically significant effects on customer satisfaction. This result confirms those of the previous studies. On the other hand, store accessibility, subsidiary facilities and store atmosphere are not found to have statistically significant effects on customer satisfaction. This result is somewhat different from those of previous studies, and so further research on the subject needs to be carried out. Secondly, it turns out that customer satisfaction has a statistically significant effect on store loyalty, which is in line with the results of previous studies that perceived emotions affect customers' store attitudes which in turn influence their revisit intentions. Thirdly, as for the moderating effects of customer emotions on the relationship between store choice criteria and customer satisfaction, pleasure moderates the effects of store accessibility, subsidiary facilities and store atmosphere on customer satisfaction, arousal moderates the effects of product factors, subsidiary facilities and store reputation on customer satisfaction, and finally dominance moderates the effects of product factors and subsidiary facilities on customer satisfaction. These findings partially support the results of previous studies that customers' in-store emotional experiences such as feeling good or bad enhance their store loyalty.