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Corporate Governance, Firm Value, Cost of Capital and R&D : Evidence from KOSDAQ
  • - Kim Hak Kon (KAIST Business School)
  • - Lee Jae Ho (Kyung Hee University)
[Abstract]
Agency problem and asymmetric information can happen between owner-managers and outside stockholders in a company. These problems can incur agency and adverse ion costs which will lower the value of small businesses. However, prior studies on corporate governance has been mostly focusing on large companies and rarely researched on small businesses. In this paper, we analyze empirically the impacts of corporate governance on firm performance, value, costs of capital, and R&D investment using data of the KOSDAQ-listed firms. We use individual firm¡¯s corporate governance scores (KCGS) for estimating the quality of corporate governance and conduct univariate and multivariate analyses. First of all, the study examines the causal relationship between corporate governance and firm performance (computed as ROA) using 2SLS. Second, it examines how corporate governance (measured as protection of shareholder¡¯s right, disclosure policy, and board of directors) affects cost of capital (WACC) by OLS. Third, it analyzes the empirical relationship between corporate governance (measured as protection of shareholder¡¯s right and board of directors) and firm value (computed as Tobin Q and M/B ratio) via R&D investment using 2SLS.
The results of this study are summarized as follows; First, the more outstanding corporate governance a firm has, the better performance it shows. The reason is likely that these firms have internal governance structure for preventing owner-manager from abusing power, so they reduce the agency cost. Second, there is a significant positive causal relationship between corporate governance and cost of capital (WACC). Especially, the firms that have a strong protection of shareholder¡¯s right lower the cost of capital because this protection can mitigate asymmetric information and reduce adverse ion problem between managers and investors. Third, it is found that corporate governance has a significantly positive relationship with R&D investment, which, in turn, leads to the increase of firm value. This is likely because sound governance structure can prevent owner-managers in small businesses from remaining complacent with R&D decreasing behavior by effective monitoring.
Entrepreneurial Orientation and Firm Performance of Korean Business Ventures : Moderating Effects of Industry Dynamism and Alliance Diversity
  • - Yoon Hyun joon (Seoul National University)
  • - Lee Kyungmook (Seoul National University)
  • - Lee Choonwo (University of Seoul)
[Abstract]
Entrepreneurial orientation has been suggested as an essential attribute of high performing firms. It is especially true for start-ups which lack sufficient resource endowments. ¡°What are the conditions to enhance or restrict the positive performance effects of entrepreneurial orientation?¡± Previous empirical researches of entrepreneurial orientation focused on the main effect of entrepreneurial orientation on firm performance, but, at the same time, have emphasized the role of contingent factors, which moderate the positive performance effect of entrepreneurial orientation. These contingent factors range mainly from external factors such as environmental hostility and dynamism, to internal organizational characteristics, such as organic structure. Recent researchers have focused on the importance of firm resources which enhances the positive performance effects of entrepreneurial orientation (e.g., Lee, Lee, and Pennings, 2001), but more researches were needed to test the effects of firm resources. Therefore, current study was designed to examine the contingent effects of heterogeneous resources as well as those of environment. Specifically, we hypothesized that the performance effects of entrepreneurial orientation would be moderated by environmental characteristics such as industry dynamism and organizational characteristics such as alliance diversity.
Using the survey data of Korean Venture Research Institutes, we analyzed the moderating effects of industry dynamism and alliance diversity on the relationship between entrepreneurial orientation and firm performance. The results of 1,499 Korean venture starts-ups showed that the effects of industry dynamism and alliance diversity moderate the performance effect of entrepreneurial orientation after controlling organizational age and size, human and financial resources, and technological features of firm and industry.
An Exploratory Study on the Characteristics and Key Success Factors of High-Growth Enterprise(Super Gazelles)
  • - Kwon O Hyeon (Konkuk University)
  • - Moon Jong Beom (Konkuk University)
  • - Kim Insub (Konkuk University)
[Abstract]
Korean small and medium enterprises take up to 88.1% of Korean economy in terms of the number of company and its employees. It means that small and medium enterprises take an important role as a social and economic backbone. Therefore, strengthening the competitiveness of super gazelle enterprises are a critical subject in Korean economy growth. Unlike ordinary small and medium enterprises, high technology based venture enterprise yields high productivity, high profitability and continuous technological innovation, so they are responsible for central role in the global economy.
In the case of the super gazelle enterprises which achieve 100 billion won¡¯s sales record, these enterprises are emerged as new enterprise group which can sustain the national economy and contribute significant portion in exporting products and creating many jobs. Unlike traditional venture, there must be a special management method or strategy performed by super gazelle enterprises. Thus, it is needed to figure out the factors that distinguished from those of traditional venture enterprised through the systemic and practical research.
In this study, we analyze actual conditions and status of super gazelle enterprises, especially the key of success factors of these enterprises. The result of this study will be helpful for government to establish venture enterprise¡¯s promotion and support policy, and it will provide the guideline in improving venture ecosystem and the basic data for super gazelle enterprise¡¯s role model. In addition, it will expect that this study provides policy implications for Korean economy development and employment through sustained growth in Korea economic system.
Individual Characteristics on Entrepreneurial Intention : Examining the Moderating Role of Subjective Norm
  • - Lee Hyunsu (Seoul National University)
  • - Baek Min jung (Korea Advanced Institute)
[Abstract]
As the result of the Korean government-driven entrepreneurship policy, Korea ranks the one of the most entrepreneurial countries within the innovation-driven countries. Among many policies of Korean government, entrepreneurship education ranks highly on policy agendas. Little research, however, is available to tell us the effective contents of entrepreneurship education for young students.
Entrepreneurship education raises intentions to be entrepreneurial generally. If intention models prove useful in understanding new business creation intention, but individual or situational variables has been considered as poor predictors for entrepreneurial intention. In this study, we are trying to find the predictors of entrepreneurial intention for young students-middle school and high school students. Also, applying the intention models, this study empirically examines the effect of subjective norms¡¯ of young students on entrepreneurial intention. Data from middle school and high school students show that perceived desirability, perceived feasibility, propensity to act, self-efficacity, and controllability are positively associated with the entrepreneurial intention. And student¡¯s subjective norm is positively associated with the entrepreneurial intention.
An Exploratory Case Study on the Growth Strategy ofVenture Firms after being Listed KOSDAQ
  • - Kang Won jin (Kwangwoon University)
  • - Lee Byung heo (Kwangwoon University)
[Abstract]
This paper studies cases on KOSDAQ listed venture companies for the purpose of apprehending effective growth strategy of venture business after IPO. Especially, this analysis classified growth strategy types in four classes based on axes of products group diversification and market diversification, and analyzed in simultaneous consideration of each growth strategy type and growth method. Analysis result showed different growth pattern in growth strategy type and method between successful companies and sluggish companies. While successful companies try products group diversification by internal development in T1 period which is immediately after IPO, sluggish companies are found as trying products group diversification by M&A in T2 period which is after lapse of some time from IPO.
Especially with regard to connection with existing products group, successful companies launched products group highly connected with existing products group, and sluggish companies are found as launching products group that are completely different from existing products groups. Furthermore, this study analyzed on purpose and method of subsidiary incorporation and investment into other companies as well. Based on the result thereof, this paper derived practical implications on growth strategy by venture business after IPO.