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- Chung Dae-Yong (연세대학교)
- Ryou Hyo-sang (공군사관학교)
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[논문다운받기]
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This study mainly focuses on helping to frame government's venture capital policy by comparing status of domestic venture capital market with that of foreign venture capital market.
Firstly, we've examined the individual status of venture companies, venture capitals, and Kosdaq which constitute venture industry, and analyzed the role of venture capital in domestic economy and the differences of the circumstance of venture capital industry.
The second chapter constituting of 3 paragraphs, covers the status of foreign and domestic venture capital industries, and analysis of the differences.
In the third chapter, we've analyzed the differences of the organization of venture capitals, the investment patterns, the status of exit, and the earning rates by comparing foreign venture industries.
We can expect that findings from this policy study can be referred in the course of changing government's venture capital policy, simultaneously contributing toward establishment of productive venture capital cycle by benchmarking foreign advanced venture capital cycles of fundraising, investing, monitoring, and exiting.
To improve the current problems of the government-sponsored unbalanced fundraising practice, the open access for the public in terms of information about the result of fund management is required which will alternatively reduce possible risks of investment in the venture capital industry. Furthermore, we introduce various skills to solve out these kinds of problems resulted from information asymmetry.
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- Bahn Sung-Sik (Professor Jinju National University)
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[논문다운받기]
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Venture capitalists (VCs) are considered experts in identifying high potential new ventures. Thus the VC decision process has received much attention within entrepreneurship literature. Yet, most studies on VC decision-making focus on which decision criteria are central to selecting high potential new venture. Although informative, the majority of theses has neglected cognitive differences in how VCs make decisions. This currency study investigates whether VCs are overconfident, as well as the factors surrounding the investment decision that lead to overconfidence in Korean Venture Capitalists.
A decision experiments were conducted to 53 VCs in Korean venture capital firms. Each of the participants made 50 investment decisions using from eight information factors. The cognitive cues in Treatments were derived from previous post hoc research.
The results of the current study indicate that VCs are indeed overconfident and that overconfidence negatively affects VC decision accuracy.
Although overconfidence in itself does not necessarily lead to a wrong decision, the bias is likely to inhibit learning and improving the decision. Reducing overconfidence may lead to stronger decisions. It is hoped that this study illustrates the power of cognitive theories for understanding VC decision -making.
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- Youn ((주)네오플럭스)
- Moon-Seob
- Bae
- Zong-Tae
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[논문다운받기]
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This study attempts to explore the processes, through which founders' experiences and abilities and R&D efforts are combined to affect venture performance in the early stage. The objective of this paper is to analyze how those factors interact with each other to affect the performance of new ventures. We analyzed the performance of 110 IT ventures in Korea, using the OLS (Ordinary Least Square) multiple regression method.
This study provides several important findings. First, market similarity and marketing ability turned out to be more important factors of venture performance than technological similarity and ability. But, it has also been found that technological and market similarities alone do not affect venture performance in a significant way, while market similarity does influence venture performance by interacting with marketing ability. Second, R&D affects venture performance in a significant way when the venture has marketing ability to get the R&D results to market.
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- Choi Munsoo (유한대학 유통물류과 겸임교수)
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[논문다운받기]
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The purpose of this paper is to survey the valuation methods for IPO shares in the Korean IPO market over the period of 2002-2003. The survey result indicates that PER and EV/EBITDA models are most commonly used in practice. The result also shows that the value of IPO shares tends to decline after the book-building process. This tendency, we believe, supports the Beveniste and Spindt's partial-adjustment hypothesis, which suggests that IPOs are underpriced to provide investors with compensation for revealing their private information and to avoid overpricing. To test this hypothesis, regression models are estimated and the estimation results provide supporting evidence for the partial-adjustment hypothesis. The paper also examines the prediction error of each model used in valuing IPO shares. The finding suggests that there is no significant difference in prediction errors of models, indicating that underwriters adopt valuation models providing similar estimation results.
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- Kwon Yung-Chul (제주대학교)
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[논문다운받기]
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When going abroad, small ventures are confronted with 'born-limitations' such as liability of newness, liability of smallness, and liability of foreignness. Consequently, a purpose of this paper is to justify network advantages as a theory of internationalization of small/medium ventures. Based on the test results of 154 ventures, it is found that business network strategy promotes ventures' internationalization by exports or foreign direct investments as expected. It is also found that ventures can continue to grow via internationalization.
These results suggest that venture firms should utilize the internationalization strategy to keep their growth continuously, and in this process should adopt the business network strategy aggressively to overcome their 'born-limitations'.
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- Baik (협성대학교)
- You-Sung
- Choi
- Kyu-Hyun
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[논문다운받기]
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This study focuses on the influence of personal factors, job characteristic factors, and career related factors to career commitment of the venture company employee.
In order to analyze the research model and to test the hypotheses, the data are collected from 262 venture company employees in Korea through the administration of structured questionnaires. A series of correlation and regression analysis is performed by the SPSS package.
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- Park Sangmoon (Samsung Advanced Institute of Technology)
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[논문다운받기]
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This paper investigates the relationship between characteristics of founding team, technology strategy, and performance of new ventures in Korea. Although some characteristics of founding team are not significantly related to performance, the existence of Chief Technology Officier (CTO) has positively related to the performance. In addition, R&D intensity and external technological collaboration shows positive relationship with the growth and profitability of new ventures. The existence of CTO also has impact on the technology strategy of new ventures. Finally, this paper suggest some managerial implication for new ventures to organize founding teams and develop technological capabilities.
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- Choi (Professor of Economics)
- Yong-Ho (Kyungpook National University)
- Hwang (Senior Researcher)
- Woo-Ik (Daegu Regional Innovation Agency)
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[논문다운받기]
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This study aims to analyze the relation between technological innovation performance of venture firms and Industry-University-Government (I-U-G) networks, and then propose a suggestive point of policy. This study is based on empirical research on the basis of the analytical results of questionnaires collected from 324 venture firms with theoretical research.
Through interrelation analysis and regression one between I-U-G networks of venture firms and technological innovation performance, it's found that networking with government and its related agencies and the one with civil producer organizations have a positive influence on process innovation, and also networking with government & its related agencies has a positive influence on product innovation.
Through the results of this study, we can know that support from government and its related agencies has an effective influence on innovation of venture firms, so continuous reform and complementary measures of government policy are needed. In addition, I-U-G's linkage support measures for technological innovation of firms by universities and research institutes should be strengthened.
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