학회지
중소기업연구
JSBI
학회게재논문
 
학회사무국
벤처경영연구12권2호 (2009년 05월)
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An Empirical Study on the Performance of Korean Venture Capital Funds in Relation to the Management Behavior of the Domestic Venture Capital Firms
  • - Cho Sung-Sook (HOSEO University)
  • - Park Jeong-Seo (Korea Venture Investment Corp)
[Abstract]
This report analyses the performance results of the venture capital funds in relation to the operational characteristics of the domestic venture capital firms, such as status of investment target concentration, track records, corporate governance structure.
Although investment results have been analyzed restrictive to the survey method research samples suggested by the previous research; in this report, IRR(Internal Rate of Return) have been calculated based on the actual exit results of the 318 venture capital funds that have been liquidated between 1999~2007.
Actual results of the analysis are as follows.
First, corporate governance structure of the venture capital firms can be classified into individual-type, industry-type finance-type. The performance results of the individual-type venture capital funds showed low returns than others group, but then the performance results of finance-type venture capital funds achieved the highest returns. This research results was different of the previous research; The performance results of industry-type venture capital funds was better than finance-type venture capital funds.
Second, there is a difference in the investment results between venture capital funds operated by an established venture capital firm versus newly established venture capital firm at the time of the venture capital fund set up. The venture capital funds operated by an established venture capital firm had higher returns than the newly established venture capital firm.
Third, within the venture capital funds that are operated by the venture capital firms, there is a difference in the results achieved by a ‘professional venture capital funds’ that focus on start-up companies or specific regions/industries versus a ‘general venture capital fund’ that does not focus on any specifics. It was proved that “general venture capital funds” generate higher rate of return according to the natural portfolio diversification.
In addition, it was shown that financial results, exit timing, investment target concentration, track-record of the venture capital firm at the time of fund establishment are critical aspects which contribute to the profitability of the funds.
It is expected that such findings evident in this report will be of a critical usage to the development of venture capital funds benchmark venture capital investment index that can assist in making investment decisions of the venture capital investors.
(An)Empirical Study on the Influence of Technology Marketing Competence on Foreign Market Entry Timing
  • - Park Ji Ho (Korea Institute of Science Technology Information)
  • - Yang Dong woo (Hoseo University)
[Abstract]
This study was aimed to explain the model how venture companies’ technological international marketing competence are influencing the direct export With 76 domestic venture companies, this study used multi-regression analysis it showed that technology competitiveness, copyright capacity of marketing division are main factors for venture companies’ direct export. Also, technology competitiveness international br awareness can help to pull forward the timing to penetrate international markets.
A Study on Mimicry Patterns in U.S. Investment Banks’ Timing IPOs
  • - Park Kyung Min (Yonsei University)
[Abstract]
This study examines temporal mimicry patterns in underwriting of initial public offering(IPO) in the United States. The study examines the question of whether investment banks imitate the entire industry(follow-the-herd), the leader(follow-the- leader), or comparable banks(follow-the-peer) in making decisions about the timing of filing IPOs. Analyses of the data on IPOs during the period 1996~2000 in the U.S. suggest that the investment banks show patterns of both follow-the-herd follow-the-peer.
Virtual Corporation Technology Innovation : The Role of Project Managers in Neutralizing Uncertainties
  • - Oh Ingyu (University of the West of Engl Bristol UK)
[Abstract]
Successful cases of transnational cooperation toward new technology innovation suggest that small firms venture startups can benefit from forging strategic alliances with knowledge providers in the international market. We notice that knowledge sharing through strategic alliances is often done in the form of virtual teamwork. As long as organizational codes of weak firms can lead to new platforms that can bring about the benefits of low-risk low-cost innovation projects, cooperation with a variety of global partners through virtual means can enhance the strategic position of innovative firms. However, since the international entry mode is restricted to virtual corporations(i.e., no other governance options available to each participant), production managers their utive supporters face problems of searching ing reliable partners for their virtual knowledge sharing. In the absence of organizational means of control as in virtual corporations, project managers must be able to network international social capital using organizational resources available to them. What is required of these project managers is the ability in (a) locating potential knowledge providers in the private public sectors of the global economy, (b) networking these potential partners using a variety of internet-based resources, (c) safeguarding investments by setting up feasible governance mechanisms.
The effect of Consumer Involvement on the Relationship between Br Equity Customer Satisfaction
  • - Kim Youngchan (Yonsei School of Busines)
  • - Whang Sejung (Samsung Electronics)
  • - Kim Min Jung (Yonsei School of Business)
[Abstract]
Br Equity has become a core competence that increases profit of business management. Customer Satisfaction is also an important issue when companies consider the long-term relationship with their customers. Most of previous studies related to br have focused on what br effects how it influences on. Compared to them, the main purpose of this research is to figure out the simultaneous relationship between br equity customer satisfaction. Especially, for more clarification, the analysis of this relationship is based on consumer involvement consumer decision making process. Moreover br awareness, br image perceived quality were identified as dimensions of br equity, this research studies the impact of these dimensions on the relationship between br equity customer satisfaction.
As a result of this research, the simultaneous relationship between br equity customer satisfaction were partly confirmed throughout consumer involvement. In the high-involvement consumer group, the impact of br equity on customer satisfaction were significant but that of customer satisfaction was not supported. On the other h, in low-involvement consumer group, the result were diametrically opposed to high-involvement group. In addition, perceived quality, one of dimensions consisted of br equity, showed the significant effect on br equity in the case of high-involvement, but it showed the significant effect on customer satisfaction in the case of low-involvement instead.
Consequently, this research found the different formation of the relationship between br equity customer satisfaction depending on consumer involvement, implied the importance of differentiated br equity management for venture business.
Venture Capital Corporate Governance in Venture Firms
  • - Song Chi Seung (Korea Small Business Institute)
  • - Rhee Joonhee (SoongSil University)
[Abstract]
This paper studies the influence of the venture capital backing on the corporate governance of venture firms. Following the method of Hochberg(2006), We choose the earning management CEO turnover as the measurements of the corporate governance. We find that there does not exist the clear relationship between the venture backing the corporate governance of the venture firms. This contrasts the results of U.S. cases. We also perform the logit test which examines the effects of venture capital backing on the likelihood of the change of venture firm’s CEO. The logit analysis also shows that the venture capital does not affect the CEO turnover as well. We obtain the following results from the empirical studies : First, Venture-backing in Korea is hard to interpretate the strategic alliance, consequently, does not effect the corporate governance of the venture firm. Second, the registered firms in Kosdaq have more tendency to manage the earnings. Third, the high turnover of CEO reduces the degree of the earring management. The high CEO turnover, however, does not come from the venture-backing.
Neoplux Inc. : Diversifying Venture Capital Businesses
  • - Park Sunju (Yonsei University)
  • - Chung Seungwha (Yonsei University)
  • - Choi Youngkeun (POSCO Research Institute)
[Abstract]
Korean venture capital industry has emerged through government support, grown rapidly with the help of information technology internet boom during 1990s. It has, however, shrank dramatically after the bubble breaks around May, 2000. Unlike US venture capital, the legal form of Korean venture capital is a corporation such that the interest of shareholders is the most important. This governance system pushed Korean venture capitalists’ business diversification in such dimensions as investment target industries, investment regions, investment types. This study investigates the development investment diversification of Neoplux, a Doosan Group affiliated venture capital company. Neplux’s diversifications were strongly related to Doosan Group’s business diversification because Neoplux itself was established not only as a venture capital, but also as a business developer of Doosan group as a whole. Neoplux is expected to play a major role as a financial services company for Doosan group.