Although venture firms are considered as the fundamentals for the job creation and sustainable growth, exit ratios of registered Korean venture capital enterprises are still high at their start-up stages. This study introduces current status of Korean venture enterprises and analyzes their survival patters and characteristics of various growth stages. First, it has been shown that venture companies in Korea reveal positive duration dependence at their survival patters. Second, the survival probability of venture enterprises is positively associated with their physical capacity such as capital. Third, other factors such as CEO’s characteristics, firm size, types of ventures are also important factors in determining the exit probability of venture firms. Throughout the analysis, we would like to emphasize the importance of supporting knowledge-based venture businesses. In particular, we suggest to prepare the ground for the sustainable growth of venture companies for the promotion of job creation.

This study considers the effect of entrepreneurial strategic orientation on corporate performance for small-medium sized firms within five years of their founding. Entrepreneurial strategic orientation is classified into three types in this study-customer orientation, technology orientation, and competitor orientation. Focused on these three types of entrepreneurial strategic orientation, the following research questions are raised : First, does entrepreneurial strategic orientation affect corporate performance? Second, does cross-functional cooperation have a mediation effect in the relationship between entrepreneurial strategic orientation and corporate performance? Finally, does industry type have a moderating effect in the relationship between entrepreneurial strategic orientation and corporate performance? In order to test our research model, the current study collected data from 646 employees of 128 firms. By using the SEM(Structural Equation Modeling) method, the paper found that both customer orientation and technology orientation among entrepreneurial strategic orientation directly affect corporate performance. At the same time, each customer orientation and technology orientation has an indirect effect on corporate performance via cross-functional cooperation. In addition, cross-functional cooperation has a partial mediating effect in the relationship between customer and technology orientation, and corporate performance. Finally, we also found that the relationship between customer orientation and corporate performnce is differentiated by industry type (manufacturing vs. service).

Many previous studies have recognized, corporate entrepreneurship (hereafter CE) activities as important factors that contribute to a firm’s performance and the improvement of its competitive advantage. However, few studies, whether theoretical or empirical, have examined CE activities. While most previous work has focused on large firms’ activities, little is known about high-tech based venture firms.
There are two major objectives of this study : First, to identify the types of CE activities in Korean venture firms. Second, to examine the relationship between the clusters of CE and main antecedent variables of venture performance. In order to identify the types of CE activities in Korean venture firms, cluster analysis was conducted based on collected 247 data and three firm clusters were developed. To explore the relations between CE clusters and variables (e.g. as human, environmental, strategic, and organizational), ANOVA and χ2 analyses were used. Based on the these analyses, several implications were drawn as follows :
First, there were significant differences between the clusters for entrepreneurs’ education and experience. It means that the more knowledge and experience an entrepreneur/manager has had in technology or business the more likely the entrepreneur will perform CE activities. Second, perceived environmental munificence and uncertainty were predicted to be associated with greater use of CE. Thus, it should be expected that the more opportunities or risks the firm perceives the environment to be, the more likely the firm is to engage in CE activity. Third, the more innovative, external-oriented, and speed-based venture firms tend to perform better in CE activities. This means that more entrepreneurial firms tend to seek creative or unusual solutions to problems and needs. Fourth, venture firms that are more proactive in CE activities tend to exhibit better R&D and commercialization than others do. Fifth, the results of this study support the possibility that CE activities in Korean venture firms can improve the firms’ performance.

In this paper, we analyse empirically the relations between financial constraints and adjustment speed of cash cycle in small and medium sized enterprises (SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The existence of financial constraints can be justified by the credit rating score. Firms with high credit rating score are not financially constrained, because they can finance easily in capital markets. The main results of this study can be summarized as follows.
Firms have the unobservable target cash cycle, and adjust partially their cash cycle in order to their current cash cycle to be close to the target one. The adjustment speed of high credit rating score firms is roughly faster than the low credit rating score firms. That is, the financially unconstrained firms adjust faster their cash cycle than the financially constrained firms because they can finance easily in capital markets. Moreover, although endogeneity problems are reflected in partial adjustment model, SMEs adjust partially their cash cycle in order to their current cash cycle to be close to the target one.
In conclusion, SMEs listed on Korea Exchange have the target cash cycle, and adjust partially their cash cycle in order to their current cash cycle to be close to the target one. The financially unconstrained firms adjust faster their cash cycle than the financially constrained firms because they can finance easily in capital markets. Therefore, the former can maintain more stable working capital policy than the latter.

This paper examines the stock performance of momentum strategy and contrarian strategy in the KOSDAQ market because almost empirical studies tried to find the profitability of trading strategies with past stock performance in the KOSPI market.
The sample period is extended in this study, which may give the robustness to interpret the empirical findings of contrarian strategy. The main empirical results are as follows.
First, contrarian strategy can generate significant and positive excess returns. This profitability of contrarian strategy is not due to the systematic risks.
Second, The profit derived by contrarian investment strategy becomes more strong as the portfolio formation period becomes longer. The portfolios with formation period of 36 months show the most significant and positive abnormal profit.
Third, The sample firms are classified into venture firms and normal firms. The effectiveness of contrarian strategy is reinvestigated for each sub sample. It is found that contrarian strategy is more useful trading skill for normal firms than for venture firms.
Last, The profitability of contrarian strategy is reexamined for all including firms with low price. I suggest that low price stocks may be the source of profitability judging from realized bigger profit.

This study examined the mediated effect of learning orientation between ‘entrepreneurial orientation, market orientation’ and ‘employee, firm performance’, to investigate the casual relationship among entrepreneurial orientation, market orientation and learning orientation, and its effect on firm performance. For this, 215 copies of questionnaires collected from small and medium sized companies.
From this results, Frist it was verified that entrepreneurial orientation was the antecedents for market orientation. Second, market orientation showed the partially mediated effect between entrepreneurial orientation and learning orientation. In other words, organization’s entrepreneurial orientation had direct effect on learning orientation and indirect effect on learning orientation, through market orientation. Third, entrepreneurial orientation and market orientation had the positive effect on learning orientation. Fourth, learning orientation had the positive effect on employee and business performance. Finally, the learning orientation, at the heart of this study, all mediated the relations among entrepreneurial orientation, market orientation, employee and business performance, except mediating the relations among entrepreneurial orientation and business performance. The findings from this study, will suggest the importance of organization characteristics, such as entrepreneurial orientation, market orientation and learning orientation, and the implications for making the necessity of these organizational characteristics be perceived.