JSBI(기업가정신과 벤처연구) 21권 3-4호 (2018년 10월)
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The Impact of Slack Resources on the Performance of Innovative SMEs
  • - Young-Tae Kim (Soongsil University)
  • - Soon-Choul Kim (Soongsil University)
  • - Moon-Kyum Kim (Soongsil University)
[Abstract]
In this study, we examined the effects of organizational slack resources on financial performance of Korean ICT manufacturing companies based on slack resource theory. Specifically, we classified slack resources into financial slack and human slack and innovative ICT manufacturing companies into venture capital-backed or non venture capital-backed, high-leveled or low-leveled slack companies. For the empirical analysis, we used the four-year pooling panel data of 451 innovative ICT manufacturing companies in Korea from 2014 to 2017 and used the ordinary least squares regression model considering the issues of heteroscedasticity and autocorrelation in the panel data. The results indicate that slack resources differently impact the performance of innovative ICT manufacturing firm according to whether the companies were venture capital-backed or not. Venture capital-backed companies have a positive effect from financial slack but a negative effect from human slack. However, non venture capital-backed companies have positive effects form both slack resources. Venture capital-backed companies seem to make more financial profit through managing human resource more efficiently due to the existence of Venture capitalist based on the agency theory. Venture capital- backed ICT companies holding higher-leveled slack resource showed higher financial performance than companies holding lower-leveled slack resources.
The Effect of International Financial Reporting Standards on the Efficiency of Korean Venture Capital Firms: Using Nonparametric Analysis
  • - Changhee Kim (Incheon National University)
[Abstract]
In previous studies, the adoption of International Financial Reporting Standards (IFRS) has led to increased investment efficiency via improved management transparency or reduce information asymmetry. However, there are some studies which indicate the adoption of IFRS is negative for the Korean venture capital firms. Therefore, in this study, I analyze the efficiency of venture capital firms and compare efficiency of venture capital with IFRS adoption or not. For this experiment, I used data envelopement analysis using investment asset and operating expenses as input factor and operating income as output factor. And Mann-Whitney U Test, Kolmogorov-Smirnove Test, and Wald-Wolfowitz Runs Test were used to compare the distributions across two groups based on the efficiency results obtained from the data envelopment analysis. As a result, it was analyzed that the retain the null hypothesis at the significance level of .05 of the group did not show a significant difference in the efficiency of venture capital firm’s adoption of IFRS.
IPO Certification Role by Venture Capital Type: Comparison of Independent Venture Capital and Corporate Venture Capital
  • - Seunghak Lee (Seoul Venture University)
  • - Byungseop Yoon (Seoul Venture University)
[Abstract]
This study analyzed that which types of groups contribute more to mitigating low-cost issuance after dividing venture capital into IVC and CVC. This study discussed the differentiation of the certification role through analysis of investment share and public offering ratio between CVC and IVC on the sample of 87 companies invested by CVC and 74 companies invested by IVC among the KOSDAQ market during 10-year research period from January 1, 2008 to December 31, 2017. The results are as follows.
First, an analysis of which type more contributes to the mitigation of low-cost issuance between the two groups showed that CVC had a systematically significant negative (-) effect on abnormal return and cumulative abnormal return than IVC at section AR (1.1), CAR (1.3), CAR (1.7). This can be judged that CVC, which prefers investment for strategic purposes, is more faithful to its certification role than IVC, which pursues return on investment for financial purposes.
Second, the analysis of whether the investment share of venture capital invested in venture business shows low abnormal return when venture business do IPOs. showed a significant difference between each section AR (1.1), CAR (1.3), CAR (1.7), CAR (1.30). The higher the share of venture capital investments invested in venture business in each segment, the more systematically significant negative impact on abnormal return of venture IPOs. The higher the share of the CVC invested in venture business, the more likely it an be accepted as the certification role of CVC to mitigate the low-cost issue of the venture IPO.
Third, an analysis of whether the abnormal return is low for venture business’ IPO according to the public offering ratio found that the higher public offering ratio, the more significant negative (-) effect was found in the interval AR (1.1), CAR (1.3). This can be seen as a certification role of venture capital, which distributes risks and increases efficiency of operation, while reducing low-cost issuance of IPO. Therefore, it can be judged that the higher the public offering ratio, the more closely the IPO price is decided to market value, demonstrating the certification role of venture capital that mitigates the low-cost issuance of IPO.
However, there is a need to identify the certification role of venture capital by dividing the target companies according to the level of he CVC and IVC investment share and revealing the portion of the investment share that shows a slightly lower abnormal return.
The Effects of the Revision to the Act on External Audit of Stock Companies on SMEs’ Business and External Audit Environment
  • - Byungchul Choi (Yonsei University)
  • - Doocheol Moon (Yonsei University)
  • - Jungyoon Byun (Yonsei University)
[Abstract]
This study discusses the effects of the revision to the Act on External Audit of Stock Companies (Hereafter “the Act”) on Small and Medium-sized Enterprises (SMEs)’ business and external audit environment. The latest revision of the Act was passed by the Korea National Assembly on September 28, 2017, and the revised bill will take effect from November 1, 2018. The key provisions of the amendment are as follows. First, the scope of companies subject to external audit will be expanded to limited liability companies (LLCs). Second, the cases subject to the Securities and Futures Commission (SFC)’s designation will be expanded, and all listed and unlisted companies whose ownership and management are not separated will be designated an external auditor for three years after six-year audit engagements. Third, standards for appropriate audit hours will be set. Fourth, supervisory role and disciplinary action will be enhanced. The amendment is expected to improve accounting transparency and audit quality of companies. According to the changes of business and audit environment following the amendment, however, SMEs may encounter financial burden and reverse discrimination. Thus, it is necessary to focus a discussion on the effects of the amendment on SMEs’ business and audit environment. This paper may carry implications for SMEs, external auditors, and financial supervisory authorities.
An Empirical Study on the Effect of SME’s Management Strategies and Corporate Social Responsibility (CSR) on Business Performance: Focusing on Mediated Effect of Types of Corporate Organizational Culture
  • - Chae-Gyu Lee (Hoseo Graduate School of Venture)
  • - Dong Woo Yang (Hoseo Graduate School of Venture)
[Abstract]
In this research, the management strategies and CSR activities of Samsung’s mobile industry subcontractors (in Vietnam Hanoi region) are analyzed to seek out their effects on business performance. Alongside, the mediated effect of different types of organizational culture is analyzed to deduce implications on future sustainability of SMEs and Venture enterprises.
Through the statistical analysis of the 406 questionaires from 57 SME’s managerial positions using SPSS 22, economic, ethical, and philanthropic responsibilities affect firm performance and organizational culture positively. Interestingly, philanthropic responsibility has no significant effects in adhocracy culture. In the analysis of mediated effect of types of organizational culture, in order of clan, hierarchical and market culture have mediated effects. Especially, clan and hierarchical culture have strong mediated effects, whilst adhocracy culture has no such effects. This is because small and medium business venture firms show tendency to emphasize control, regulation, productivity and participation, maintaining its hierarchical and clan culture. This implies that these firms need to promote adhocracy culture, focusing on creativity, innovation and adaptability, to increase their competitiveness.
The significance of this research is that the analysis of the effects of CSR activities on the business performance for sustainable management was carried out for same industry and alongside, the mediated effects of different types of organizational culture was tested. One of the limitations is bias in sample data and as a further work, the sample size needs to be increased to include domestic and foreign data and the sample should be divided into greater number of categories for a deeper analysis.
The Effects of Teaching Competency of University’sEntrepreneurship Education and Entrepreneurial EducSupport on Entrepreneurial Intention:The Moderating Role of Entrepreneurshipation
  • - Chun Ho Kim (Hoseo Gradute School of Venture)
  • - Dong Woo Yang (Hoseo Gradute School of Venture)
[Abstract]
The purpose of this study is to inform university officials and start-up policy-makers about the current status of university professors’ ability and entrepreneurial education support, and to identify the factors that have a substantial effect on the formation
of entrepreneurship And to suggest the right direction of the university’s start-up support system and policy for enhancing the positive mindset of university students’ entrepreneurship.
The purpose of this study is to investigate the influence of entrepreneurship and entrepreneurship on entrepreneurship and entrepreneurship. The results of the questionnaire analysis were as follows: First, the capacity of the professors of the university
was significant in terms of the willingness to start up. Respectively. Second, support for entrepreneurship education has a significant effect on entrepreneurship. Third, entrepreneurship was found to control only the risk sensitivity among the sub-variables
in the relationship between the capacity of the instructor and the entrepreneurship, and it was confirmed that the effect of entrepreneurship support and entrepreneurship was not moderated.
This study redefines the empirical examination of the competence of the university, entrepreneurship support, entrepreneurship and entrepreneurship, and the entrepreneurial spirit of entrepreneurship The results of this study are as follows. First, the results of this study are as follows.
The Effect of Satisfaction on the Start-up of Bizcool (:Entrepreneur) Education Program of Specialized High School Students: Including Modulating Effects of Psychological Characteristics
  • - Youn-Pyo Hong (Hoseo University)
  • - Dong-Woo Yang (Hoseo University)
[Abstract]
The future of the Republic of Korea depends on how the upcoming aging society and the continuing youth unemployment rate will improve dramatically in an accelerated and unstable employment environment. You can't do too much. In this situation, it is necessary for current teenagers to be self-initiated in finding their own jobs, understanding and preparing for their own businesses, rather than content with existing jobs. Therefore, the study found that the effect of the Bizcool education satisfaction level of high school students on the will to start a business in the future was felt and the psychological characteristics were confirmed. The following findings were identified in this study. First, the level of satisfaction with Bizcool (:entrepreneur) education among specialized high school students has been shown to affect their willingness to start a business. Second, the self-efficacy, risk-taking tendency, and control position of psychological characteristics have a moderating effect on satisfaction with Bizcool (:entrepreneur) education and entrepreneurial will, but the achievement effect has no moderating effect. Bizcool (entrepreneur) Education prepares for a startup by presenting its vision and ideas for the future, and creates confidence that ‘I can do well’ if it is highly satisfying. Adding psychological and personal qualities can also help you gain satisfaction with education and the will to start a small business? Right now, about 90 percent of the Bizcool (entrepreneur) education is focused on specialized high schools, but if we can move forward, we can expand to ordinary high schools, special schools, and even middle schools. This study suggests that satisfaction with Bizcool (entrepreneur)’s education can affect the will to start young people.
A Study on Strengthening Technological Competitiveness of Venture/SMEs in the Transition of Technology Paradigmof the Fourth Industrial Revolution: Corporate Culture and Adaptation of Patent Strategy
  • - Wankyu Cha (Soongsil University)
  • - Taeho Ahn (Soongsil University)
[Abstract]
In the rapidly changing environment of the technological paradigm in the era of the 4th industrial revolution, enterprises are required to grow through securing their fundamental competitiveness through systematic strategies and responses to survive. Therefore, it is necessary to establish and implement a strategy linked with the enhancement of technological competitiveness of companies. Venture/SMEs have a limitation in strengthening their fundamental competitiveness due to the lack of internal resources and capacity relatively possessed by large companies. In order to solve this problem, the patent strategy is applied to the Venture/SMEs in terms of strategic perspective, securing perspective, analytical perspective and utilization from the viewpoint of adaptation of corporate culture and patent strategy. In this study, we present strategic directions connected with the patent strategy of Venture/SMEs according to organizational culture, and the first study on the adaptation of organizational culture and patent strategy of small business group; In order to verify and extend this study, it is necessary to carry out further research on the structural causality of the perspective of detailed patent strategy according to the type of organizational culture presented through empirical research.
Antecedents of Entrepreneurial Intention and the Moderating Effect of Entrepreneurial Family Background:A Comparative Study between South Korea and Uzbekistan
  • - Hulkar Suvonova (Yeungnam University)
  • - Ki Keun Kim (Gumi University)
  • - Taekyung Park (Yeungnam University)
[Abstract]
This research seeks to explore the effects of entrepreneurship education and availability
of financial resources on entrepreneurial intention, with a particular emphasis on
the moderating effect of entrepreneurial family background, in South Korea and
Uzbekistan. Building on the literature review concerning key constructs, hypotheses
are developed and tested using data collected from university students in both countries.
Results indicate that for the Korean sample, availability of financial resources is
found to be positively related to entrepreneurial intention, and entrepreneurial family
background significantly moderates this relationship. For the Uzbek sample, results
find that entrepreneurship education is positively associated with entrepreneurial intention,
while no moderating effect was found. Through a comparative study between
university students of Uzbekistan and South Korea, the present research makes a
contribution to the theoretical extension of constructs which facilitate entrepreneurial
intention in the field of entrepreneurship.
The Effect of Islamic Law (Shariah-compliance) on Accounting Quality
  • - Seck Chun Lee (Kyung Hee University)
  • - Seung Uk Choi (Kyung Hee University)
[Abstract]
In this paper, we examine the effect of Islamic law on accounting quality. Islamic law also known as Shariah is a comprehensive system that defines everything in the Muslim world, such as religious life from personnel to family, society, economy, politics and international relations. Thus, Shariah is a very different law than the other law systems with respect to its impact on human life. We investigate whether a firm who follows this Shariah law (Shariah-compliance) reports higher quality of accounting information than that of non-followers. We use discretionary accruals as well as performance- matched discretionary accruals for the proxies of accounting quality.
By using 210 Malaysian public firms of year 2016, we hypothesize and find the negative relation between Shariah-compliance and earnings management. We further find that Shariah law reduces both positive and negative earnings management.
Collectively, our results suggest that Islamic law enhances accounting quality.