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Traditionally, studies on the internationalization of a firm focused on the gradual internationalization of multinational corporations (MNCs). These studies often suggested that the internationalization takes quite a long time because it is a gradual learning process. However, we have recently seen that some small-sized venture firms have shortened this process even went abroad from their inception. Scholars who have studied this phenomenon, including Oviatt McDougall, argue that traditional “stage model” of internationalization is no longer appropriate for understing how why new ventures internationalize early on.
In this study, we aim to advance our knowledge about factors influencing early internationalization of venture firms. Drawing primarily on the capability-based view, we investigated how capabilities of a venture company promote the firm’s early internationalization decision. Focusing on firm’s technological international experiential capabilities at both the top management team(TMT) the firm levels, we offer an framework for the determinants of early internationalization test it empirically.
The sample for this study consists of 235 Korean ventures listed in KOSDAQ (Korea Securities Dealers Automated Quotations System). The empirical results from the binary logistic regression analysis generally support our arguments. Our findings show that strong technological capabilities of TMT members those accumulated over time at the firm level are key drivers of the early internationalization of new ventures. We could also find that the high ratio of research workers has stronger impact on the early internationalization than that of R&D costs has. The finding suggests that capabilities which reside in humans are critical to new ventures that are small relatively short of resources needed for internationalization.
In addition, we found that firms with international networks are more likely to exp their businesses at or near inception since they provide firms with knowledge information of unfamiliar overseas markets. Yet, we did not find significant relationship between international experience that the TMT members held early internationalization of the firm.
Our study has some theoretical implications contributions to the study of the early internationalization phenomenon. In this paper, we examined firm capabilities at two levels, TMT firm. The previous researches have focused little on technological capabilities of TMT members, let alone considering both levels simultaneously. In this study, we found that strong technological capabilities of TMT members including founders are very important for the early internationalization decision. Moreover, this paper offered an answer to the question of whether or not networks help new ventures overcome resource deficiencies. We found that a venture firm with international tie-ups with overseas institutions such as venture capital firms is more likely to go abroad early on.
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This study examines the relations between performance measurement system characteristics firm performance. In particular, this study investigates whether the use a diverse set of performance measures, the definiteness of performacne measurements’ goal setting measuring, the extent to which performance measurement systems are aligned with the firm's strategy, the diverse use of performance measurement system for management control are associated with superior performance.
We test these hypotheses using a sample of small-medium sized venture firms that responded to a survey. The results of this paper are as follows. First, firms that make more extensive use of a broad set of financial non-financial measures earn higher performance. Second, the definiteness of performacne measurements’ goal setting measuring is associated with higher members’ efforts superior financial performance. Third, the extent to which performance measurement systems are aligned with the firm’s strategy is positively associated with financial performance. Fourth, firms that make more extensive use of performance measurement system for strategy development its implementation have better perform. Also, linking performance evaluation compensation to performance measurement systems is associated with superior performance.
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This study ultimately aims at finding directions for formation development of agriculture-related success factors business model in order to improve reinforce agricultural sector in Korea. The Korean agricultural sector has been suffering from decreasing rural population incomes. Under the present conditions, Korean agricultural venture business is regarded as alternative opportunity to cope with many existing problems in rural region. In agricultural sector, we consider that Koran traditional farms ought to adopt a new technology find out a niche market develop competitive competency as a Venture Business.
In doing so, this study tries to apply the previous concept of success factors formal business models including supply chain integration cluster to agricultural sector suggests strategies to improve agricultural policies based on the analysis of application feasibility conditions.
The study shows that for the prosperous future in agricultural sector it is important that many researchers are willing to do the empirical research based on given success factor model by using both qualitative quantitative data.
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In this paper, we analyse empirically the relations between internal finance R&D investment of innovation type small medium sized enterprises listed on Korea Securities Market Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows.
Free cash flows by proxy variables of internal finance have the significant effects on R&D investment as well as fixed asset investment. Internal finance have the significant effects on R&D investment of innovative enterprises than that of non-innovative enterprises. For that reason, innovative enterprises try to R&D investment depend on internal finance, on condition financial restriction.
Internal finance has more effects on asset-counted R&D investment than cost-counted R&D investment. Asset-counted R&D investment is counted in intangible assets on Balance Sheet, cost-counted R&D investment is counted in cost on Income Statement.
Internal finance has more effects on R&D investment of financial constrained firms than that of financial unconstrained firms. Financial constraints is measured by credit ratings. Faulkender Smith(2007) emphasize that low credit ratings firms are more likely to face financial constraints, they rely largely on internal finance.
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Increased attention has worldwide been given to Born Globals, which are firms pursuing the rapid internationalization from their inception. Despite the small size limited resources, these early internationalizing firms enjoy considerable international success. Such firms are emerging currently in increasing numbers in South Korea. Nevertheless, only a limited number of empirical research has been conducted on Born Globals in the context of South Korea. Using a survey of 271 small firms going global shortly after their founding, this study addresses this important issue by analyzing the relationships among international orientation, network, international scope, international intensity, employing structural equation modeling. The findings show that international orientation network frequency of Born Globals significantly influence international scope international intensity, respectively. The results also reveal that the international scope significantly affects the international intensity. These findings their implications are discussed limitations future research directions are presented.
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