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The whole world enters into the financial revolution called crowdfunding. The United States, Italy, the United Kingdom and Japan have already legally allowed equity crowdfunding. South Korea also enacted equity crowdfunding in July 2015 for the purpose of efficient financing for startups and SMEs. This study reviews their crowdfunding regulations in terms of offering and investment limitations, requirements for intermediaries and requirements for issuers. And then, we raise several points about Korean crowdfunding and suggest amendment of regulations to promote fund raising through crowdfunding.
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Understanding key factors that affect entrepreneurial intention of university students is important to establish effective pedagogy for educating potential entrepreneurs. This cross-cultural study examines the direct effects of entrepreneurship education and self-efficacy on entrepreneurial intention of university students, and further examined how self-efficacy interacts with an entrepreneurship education in promoting entrepreneurial intention of Korean and Chinese university students. Empirical findings of this study suggest that entrepreneurship education and self-efficacy affect significantly entrepreneurial intention of university students in both countries. The proposed moderation effect of self-efficacy was supported for Korea but not China. The implications of the study were discussed and presented in terms of theoretical and practical aspects.
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Despite the growing importance of corporate venture capital (CVC) in the venture capital market, little scholarly attention has been devoted to cross-border CVC investment. Venture firms perceive higher risks of technology leakage in cross-border CVC investment than they do in domestic CVC investment due to geographical and cultural disparity. Given that venture firms would not receive CVC investment in the presence of the partner uncertainty, we argue that the likelihood of cross-border CVC investment increases with the strength of intellectual property protection (IPP) regime, the investment timing (i.e. funding round number), and the industry unrelatedness with the corporate investor. Additionally, we investigate how the venture firm’s complementary resource need interact with the partner uncertainty in decisions for cross-border CVC investment. By examining 2,873 CVC investment transactions in the period 1994-2009, we found supporting evidence for the strength of IPP regime and the industry unrelatedness in mitigating the partner uncertainty of foreign corporate investors. However, the effectiveness of these factors is moderated by the type of resources that the venture firms need from the foreign corporate investors.
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Using an international setting, this study investigates the relation between cash holdings and financial reporting quality, measured by accruals quality. Empirical results show that the balance of cash holdings is positively related to the opacity of financial reporting in non-U.S. international markets. The relation becomes stronger as the strength of investor protection increases, implying that precautionary motives, instead of agency motives, drive the increase of cash holdings of opaque firms. In addition, the positive relation is stronger for discretionary accruals quality. The decomposition of the aspects of investor protection shows that public enforcement through regulation authorities is the main driver of the positive relation between cash holdings and the opacity of financial reporting.
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중소기업연구
