We have some questions for welfare effects of diverse market structures in which cooperative research efforts are performed. That is, we are interested in whether RJVs are desirable in horizontal merger case. Numerical analysis reveals negative welfare effect.
This paper also shows the government should watch the efficiency gains for society from merge of firms colluding for output and performing R&D in oligopolistic market. Total efficiency gains can outweigh the deadweight loss from merger. Hence, it may be desirable for government to allow(cooperative) R&D in addition to merge rather than prohibiting merger itself.
Finally, this paper points out important implication for the “puzzling phenomenon of merger”(Salant et al., 1983). If firms less than 80% collude and perform R&D, government need not care this merger seriously because so much efficiency gain goes to consumers due to price decrease and production increase from cost reduction.

In this paper, we try to address two research questions. First, are researcher-entrepreneurs different in the research productivity compared to their colleagues? Second, does the productivity of an entrepreneur change after they found a firm? We analyze the research productivity of researcher-entrepreneurs at universities. We combine Korean Researcher Information(KRI) database of National Research Foundation of Korea(NRF) with researcher characteristics, patenting information, and publication records. We also utilize venture creation records of universities. We find limited evidence that faculty entrepreneurs in general are more productive researchers than their colleague groups. We but fail to find any evidence that venture creation affects their research productivity. Although the validities of research are still limited. We believe the results in this study suggest in-depth policy analysis and entrepreneurship research.

In this paper, we propose a new version of the social return on investment (SROI), which was developed by Jed Emerson and the Roberts Enterprise Development Fund(REDF) and then has come into wide use as a technique for measuring the value of social impact generated by social enterprises. SROI is a framework for quantifying the social and environmental values in the monetary term so as to synthesize social and economic accounting in the same principle. Existing SROI technique, however, has many theoretical problems in defining and measuring its constituent elements : investment and social return. The concept of investment departs from general accounting principles and also social return is conceptually inconsistent with economic return. In this paper, in order to overcome the conceptual vagueness of existing SROI, we clarify investment in the same line of economic accounting and redefine the theoretical concept of social benefit and cost from the perspective of ‘externality.’ This makes it possible to avoid the fallacy of double accounting in calculating investment and social return. Using this new version of SROI, social enterprises can establish their own social accounting system to measure and report the social values that they create to their external stakeholders. Also social capital funds can utilize the tool to evaluate the socio-economic validity of their investment on a specific social enterprise. This would enhance the possibility of the emergence of socio-economic market, which social and economic values are created at the same time through the enterprise and capital market mechanism.

The location decision of franchisee entrepreneurship and self-employed entrepreneurship, which determine revenues and costs in business, is one of the most important issues in entrepreneurship research. The major portion of franchisees are located in Seoul, Kyunggi-do and 5 major local cities in Korea. However, many self-employed entrepreneurs are located in other local areas. What's the reason behind this fact? The purpose of this research is to provide the theoretical rationale for this difference in their competitive advantage areas of self-employed entrepreneurship and franchisee entrepreneurship. Based on the break-even analysis framework, we suggest that major decisive factor for determining the competitive advantages of these two different entrepreneurship is the demand and cost structure of business. At good locations, which can attract many customers, franchisee entrepreneurship can be much more competitive. However, at bad locations, franchisee entrepreneurship can not be survived in the market because of high fixed costs.

This study looks at how internal and external contingencies can moderate the impact of founder-CEO presence when firms are faced with a transitional challenge after IPO. Whereas founder-CEO can act as a transformational shield when his presence is supported by strong founder ownership, legitimacy or older firm age (thus longer tenure), founder can also become a transitional obstacle when firm size is big enough to outgrow his managerial capabilities. The hypotheses were tested by tracking a sample of 211 firms that went public in Korea during 1999～2000. Bigger founder ownership and founder legitimacy interacted with founder presence to significantly lower the likelihood of firm failure, whereas bigger firm size interacted with founder presence to increase the likelihood.