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The primary objectives of this study is to develop and suggest the contents of training program for IT business incubator managers. Due to short history of IT venture incubation in Korea, it is difficult to appoint qualified incubation managers in incubation facilities for taking care of start-up companies in early stage of growth, especially. This study focuses on the major contents of a training program for IT incubation managers.
The study follows several steps to get the contents of the training program. First, related research was reviewed for setting a ground for developing a contents, which in next step were surveyed and evaluated by incumbents in incubation facilities. Next, the summarized subjects of a training program were evaluated and consolidated by factor analysis and expert judgement before constructing a training program. The program is composed of incubation due process module, incubator management module, venture startup infrastructure management module, and entrepreneurship module.
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This paper examines the R&D contest between venture firms. The contest is assumed to generate positive externalities to the firms and to the society as well. The paper derives the relationship between the equilibrium R&D expenditures, the prize of the R&D contest and the socially optimal level of R&D expenditures. The paper also derives comparative static effects of changes in the number of firms and government subsidies.
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This paper presents an analysis of how the business models of organizations are getting transformed in the Marketspace created by the Internet. We use a research model comprising the transformation scores of four Ps(Product, Price, Promotion, and Place) as dependent variables and three dimensions, Demographics, Technology, and Community elements on the Websites, as explaining variables about the Cyber Transformation of the 4Ps.
While most existing literatures have focused on Website's technology, our research model includes 22 five-point-scale items; 10 Demographics/Technology items and 12 Community items(Visitor Guide, number and quality of bulletin boards, club activation, vision, offline activity, member participation in Website design, consulting, entertainment contents, quality of contents, site/partner links).
To measure the 4P's transformation score, the authors ed 12 workable items from the Marketspace Model by Dutta, Kwan, & Segev(1997). A sample of 97 shopping mall Websites comprising two categories(jewelry/accessory and cosmetics) from the list published by 100hot.co.kr are evaluated by six panel groups and the data is analyzed by the SPSSWIN 8.0 version.
The result shows that there are five significant factors, Technology, Interaction, Connectedness, Business Features, and Domain, while the average transformation scores of 4Ps are at very low level. The factor scores are used in regression analysis for each P. Two factors, Technology and Interaction are influencing all four Ps; Connectedness is influencing only two, Product and Price. Organizations must not simply take their existing business models. They have to adopt the Technology items(navigation, logo, e-mail, graphics, structure) and to facilitate the Interaction items(consulting, number and quality of bulletin boards, participation, offline events) and Connectedness(club activation, contents, partner/site link, entertainment contents) in order to get transformed in the Marketspace successfully in the near future.
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This paper explores the certification role of venture capitalists in the Kosdaq IPO market. This role of venture capitalist is empirically examined by utilizing 244 firms listed on the KOSDAQ market from July 1996 to March 2000. In order to examine the certification role of venture capitalists in KOSDAQ, we classify the sample into two groups: venture capital-backed firms and nonventure capital-backed firms. Using t-test, the difference on initial returns, business history, venture capitalist's holding between two groups after listing on KOSDAQ is analysed.
The major results of this study are as follows. First, we find that initial excess returns of two groups on the first trading day are not significantly different. However, as the time after the listing day passes, venture capital-backed firm's excess return statistically shows higher than that of nonventure capital-backed firms. In KOSDAQ IPOs market, venture capitalists could not reduce the information asymmetry between investors and issuing firms. This finding is different from the results of the existing studies which exhibited the different return between venture capital-backed firms and nonventure capital-backed firms in the US IPOs market.
We also explore the grandstanding effect, which is the hypothesis suggested by Gompers(1996). He argues that unseasoned venture capital-backed firms will go public earlier than seasoned venture capital-backed firms. The firms which KTB (Korea Technology Bank) backed went public earlier than those backed by other venture capital firms. This result is different from Gompers (1996). However, our empirical analysis shows that the business history of venture capital-backed firms is shorter than that of nonventure capital-backed firms.
This study also investigates the changes of venture capitalists' holdings between KTB-backed firms and other venture capitalist-backed firms before and after going public in order to examine the signaling effect. The holdings of KTB-backed firms are decreased more than those of other firms. This finding is different from Gompers(1996) which more reputable venture capitalists would not sell their holdings after IPOs.
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중소기업연구
