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- Koo Kyeong Cheol (STIC Investment Inc.)
- Lee Cheol Gyu (Konkuk University)
- Yoo Wang Jin (Konkuk University)
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[논문다운받기]
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The main purpose of this study is to establish a decision making model that explains how Korean Venture Capital(VC) weighs various financial performance indicators. For this, literature study empirical study were combined. As for empirical analysis, the AHP(Analytic Hierarchy Process) method was adopted.
The analysis confirmed that VC considered the “potential growth” of investees as the most important investment criterion, , secondly, “profitability”.
Furthermore, the disposition of management, venture’s ability to cope with market changes, market condition, marketing capability, product differentiation, market competition are other important criteria which are considered in the decision making process.
This study derived the venture capital’s investment decision making model analysed the feasibility of this model by comparing the business performance of venture capital investees with that of non-investees among companies listed on KOSDAQ.
This study can significantly contribute to research on venture capital’s investment decision making process also provide useful guidelines to both venture capitalists entrepreneurs. |
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- Lee Seok Kyu (Sejong University)
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[논문다운받기]
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The major findings of this paper that analyzed the risk management behaviors of Korean venture capital firms are as follows.
First, finance-type venture capital firms tend to do more diversification than firm -type venture capital firms in ing venture firms’ types of industry. Second, firm-type venture capital firms tend to do more specialization than finance -type venture capital firms in ing venture firms’ types of industry venture stages. Third, the earnings performance of specialization is superior to that of diversification in ing venture firms’ types of industry venture stages.
These findings of this paper will furnish new viewpoints strategic pespectives to venture capitalists for successful portfolio management, to policy makers for venture capital industry developing policies, to investors for estimating evaluating the performances of venture capital firms in Korea. |
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- Chee Yong Hee (Sogang University)
- Bae Jun Young (Sogang University)
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[논문다운받기]
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Employing a sample of 83 internationalized knowledge-intensive venture firms of Korea, we examined the moderating effects of entrepreneurial leadership on relationship between knowledge acquisition knowledge internalization(knowledge sharing knowledge exploitation).
Hierarchical moderated regression results showed that in the case of technical knowledge, the moderating effects of transformational leadership on the relationship between technical knowledge acquisition technical knowledge sharing is significantly negative. the moderating effects of transactional leadership on the relationship between technical knowledge acquisition technical knowledge exploitation is significantly negative.
However, in the case of marketing knowledge, the moderating effects of transformational leadership on the relationship between marketing knowledge acquisition marketing knowledge sharing is significantly positive. the moderating effects of transactional leadership on the relationship between marketing knowledge acquisition marketing knowledge exploitation is significantly positive.
Much of the previous studies about leadership have claimed that transformational leadership is effective at knowledge sharing, transactional leadership is effective at knowledge exploitation without any consideration for the type of knowledge. But this research laid a beginning foundation for understing that effective leadership at knowledge sharing knowledge exploitation can be changed according to type of knowledge. |
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- Kim Jung Yeon (Hoseo University)
- Yang Dong Woo (Hoseo University)
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[논문다운받기]
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| In this study, the effects of the founder’s characteristics on venture’s business success factors for pet business was investigated focused on the pet hospitals. The effects of the founder’s background psychological characteristics, the business start-up preparing procedure characteristics, service factor characteristics for customers on the business performance was analyzed by classifying it into financial business performance non-financial business performance for the he pet hospitals. The questionnaire survey for 150 pet hospitals located in Seoul Gyunggi -do area was performed, the main conclusions was drawn as follows. First, as a result of research model analysis for financial business performance among the business performance, it was analyzed that the founder’s academic background factor among the founder’s background factors had a statistically significantly negative influence on the financial business performance, on the contrary, the control locus factor among the founder’s psychological factors, the financing factor among the business start-up preparing procedure factors had a statistically significantly positive influence on the financial business performance. Second, as a result of research model analysis for non-financial business performance among the business performance, it was analyzed that the danger acceptance propensity factor among the business start-up preparing procedure factors the intangible service quality factor among the service quality factors had a statistically significantly positive influence on the non-financial business performance. |
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- Jeong Seong Min (Chonnam National University)
- Cho Seong Do (Chonnam National University)
- Kim Kyoung Eun (Chonnam National University)
- Moon Youn Hee (Chonnam National University)
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[논문다운받기]
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| Prior research has studied many failure causes of venture companies. However, those studies have not focused on Korean local venture companies. Korean local venture companies are in special situations in terms of Korean reality. Therefore, this study analyzes the failure causes of one local company by using critical incident technique time-ordered method that qualitative research has adopted. The results show that other than what we expect CEO centered management wrong marketing strategies are the main causes. Therefore, in the future governmental organizations need to help local venture companies to form knowledge network take part in education program for CEO's reasonable decision-making. Also local venture companies governmental organizations need to consider strategic alliance such as joint marketing for more effective marketing strategy implementation. |
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- Han Sang Yun (Korea Institute of Science Technology Evaluation Planning)
- Son Byoung Ho (Korea Institute of Science Technology Evaluation Planning)
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[논문다운받기]
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The market failure in the high-risk investment market to the starting early-growing stage firms is taken through lack of ability to manage the risk or hedging. Hence many countries have enforcing diversities of government equity-financing policies for compensating the market failure.
This study have classified them to four kinds of type such as Tax relief, Funds of Fund, Investment partnership, Investment agency. in this paper, each type of equity-financing policies have been inductively analysed in terms of using scale or developing stage of high risk investment market.
Consequently, some interesting findings emerge from the study. One, the structure types of equity-financing policies for supporting starting early-growing firms are diversified whether willing to compensate the market failure directly or promote the high-risk investment market for recovering the function of it. Two, in implication to Korea, the equity financing policies must be exped henceforth continuously increasing the type of Funds of fund considering the growing venture capital industry. Finally, the government strategically needs to consider to put in operation the direct equity-financing policies in the biotechnology industry which is required long term for commercialization retrieving the investment. |
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- Hong Seong-Min (Korea Industrial Technology Foundation)
- Kim Karp-Soo (Korea Industrial Technology Foundation)
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[논문다운받기]
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This study focuses on defining the concept of “University Originated Venture Business” (U-Venture) identifying current status of U-Venture in Korea by conducting two phased research on the entire venture certified companies as a target group. then, we make a comparative analysis of the cases in Korea Japan to further identify the characteristics of the U-Venture in Korea.
As a result, Korea’s U-Venture business was created mainly based on the joint research of industry academy it obtained better economic performance compared to Japan. Therefore, it turned out that Korea’s U-Venture has more influence on the economic growth employment than Japan. However, some weak points of U-venture business in Korea were observed. For example, recent U-Ventrue business creation activities is on a decline, strategies for promotion of U-Venture were not so various the supporting institutes for venture business were not so helpful.
Based on the research for the characteristics weak points of U-Venture in Korea, some political measures have been suggested, such as reinforcement policies to aid technology transfer commercialization of university, diversification of U-Venture creation revitalization of business supporting organizations. |
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