 |
Using venture firms over the period 2000~2010, we examine whether gazelle firms have different characteristics in terms of profitability, level of R&D and employment, and labor productivity compared to non-gazelle firms. Our results show that not only gazelle firms are highly profitable in ROA and ROE compared to non-gazelle firms, but also their subsequent profitability still remains higher after ed as gazelle firms. Interestingly, the level of R&D concentration in gazelle firms is significantly higher so that their number of patents and job creating ability are greater that those of non-gazelle firms. Furthermore, our evidence supports the view that gazelle firms have a more job creating ability as measured by the level of new employment and net employee growth rate. This finding suggests that gazelle firms use their employees efficiently, which results in higher labor productivity. Collectively, gazelle firms could create the high level of employment by having greater investment in R&D and profitability.
|
 |
|
|
The long-term economic recession worldwide has brought the unemployment issue into focus, especially the youth unemployment. Some countries in Europe are putting their efforts to broaden the job opportunities for their potential entrepreneurs who are high school students. In addition, the issue of corporate social responsibility has become another hot potato domestically. Potential entrepreneurs in their adolescence are major and potential sources for national development and their successes in businesses are deeply related to the national development. So many studies in entrepreneurship have been focused on this. Too much focus on economic aspects, however, has made the social aspects overlooked.
As socio-economic view on corporations has emerged, the role of corporate social responsibility as a member of society has been stressed and has become a primary issue in countries. The research on corporate social responsibility has been done limitedly in the fields of entrepreneurship and business ethics. Studies on actual behaviors of potential entrepreneurs have started only recently. Until now, entrepreneurship-related studies have been tailored to the success of new venture or start-up business, it should be noted that performing social responsibility as well as entrepreneurial success is more vital to the regional and national development.
This study focuses on two things. First, how much entrepreneurial intentions of potential entrepreneurs affect their actual entrepreneurial behaviors. Second, how much their entrepreneurial intentions and behaviors affect their social responsibility. For this, entrepreneurial Intention model, entrepreneurial nascent behavior model, entrepreneurial expectation model, and role mode have been considered.
Entrepreneurial intention had positive effect on entrepreneurial nascent behavior and intention of social responsibility. Entrepreneurial nascent behavior has negative effect on intention of social responsibility. There are not moderate effects of role model exposure on three causal relationships.
|
|
|
|
Before and after initial public offering(IPO), the ownership structure has been less-known to affect the decision to list newly and IPO process in Korea. This paper examines whether the ownership structure of newly listed firms affects the decision and IPO process by analyzing these thru data. The examination includes the choice of underwriters as well as the effect of the change of the ownership structure on the underpricing. The underpricing is measured as the excess return of the first secondary market date closing price over the offer price. Ownership means the aggregated share of controlling shareholders.
From the data on ownership structure of newly listed Korean firms in the KOSDAQ board of Korea Exchange, our main empirical results are as follows. First, the event of IPO reduces the share of controlling shareholders around 10% on median. Second, more share of controlling shareholders just before and just after leads higher underpricing. Moreover, the underpricing is positively associated with the change of the ownership by IPO. These results imply that the ownerships at just before as well as just after IPO positively affects IPO process and that IPO becomes a significant method to improve the performance.
|
|
|
|
This study investigate the effect of bank’s market power on firm-level cash-holding and investment of Korean manufacturing SMEs (small medium-sized enterprise) between 1999 and 2010. Using firm and bank-level data we analyze financial constraints with the Euler equation induced from the dynamic investment model.
According to the empirical results, We find that banking sector with higher market power mitigates financial constraints and make a more investment activity of SMEs. The results are consistent with information hypothesis that greater market power in banking industry increases banks’ advantage to produce information on SMEs and supply more credit. These results is greater for bigger firm and higher economic growth since asymmetric information problem are less severe. To improve SME's access to capital market and investment, policy maker should consider market power in banking sector instead of bank's concentration.
|
|
|
|
This paper is to study the sustainable growth strategies of one-man start-up business which was founded with government support and later have successfully merged to a company for synergy. We analyze the success factors of one-man start-up from the entrepreneurship such as risk-taking and challenge, and innovation and value creation. The strategic management implications from the case study are following: (1) The success of the one-man business would be affected not only by the entrepreneur’s capability and will to succeed, but also by the way how to utilize the strength of the one-man start-up. (2) The innovative idea to identify and enter into the niche market is important to the business since it lacks the resources and capabilities including capital. And (3) the stage of the moving forward is required for the sustainable growth by merging to a company with whom the synergy effects can be realized.
The policy implications of this case study are summarized as follows : (1) The one-man start-up business may result in the relatively disadvantageous contract formation in the opportunity of merging into a big firm or investment from venture capital. In the process of merge with a bigger firm, the consultation support by a legal counsel services would be critical to minimize the disadvantage to the inexperienced owner of the start-up. (2) The emphasis of the government policy needs to be shifted from the support to the beginning stage of the start-ups to the sustainable growth of them and ultimately to the fair deal in the merge and acquisition by the big company. The establishment of the one-stop supporting system is inevitable in the sound eco- system with successful one-man start-up businesses. And it is important to vitalize a merge and acquisition marketplace to recover the initial investment of the start-ups. And (3) the systematic education curricula with various levels for the start-ups will provide the potential challengers of the information and knowledge required for start-up. This case will offer a best practice to foster the motivation for the venture by the young people with entrepreneurship.
|
|
|
중소기업연구
