Essays on New Venture Strategy and Growth: Resource Allocation Strategies and Strategic Repertoire Variety : 신생 벤처기업의 전략과 성장에 대한 연구: 자원배분 전략과 전략 레퍼토리의 다양성

진태훈 경북대학교 대학원 2026 국내박사

This doctoral dissertation investigates how new ventures configure their strategic approaches and how such configurations influence firm growth under various internal and external conditions. Despite the importance of strategic decision-making in early-stage venture firms, prior research on new ventures has been relatively limited—particularly from the perspective of resource allocation. Existing studies have tended to examine entrepreneurial strategies from a single-dimensional perspective or by focusing on isolated variables, leaving limited understanding of how multiple strategic approaches interact. Moreover, the specific challenges of new ventures—such as resource scarcity, strategic choices in capability development, adaptation to market dynamism, and the influence of founder and organizational traits—have often been overlooked. Addressing these gaps, the dissertation adopts an integrative perspective by analyzing the breadth of resource allocation strategy, resource allocation strategy typologies, and strategic variety as three complementary approaches to new venture strategy. Through three interrelated essays, the study advances theoretical and empirical understanding of strategic decision-making in new ventures. The first essay examines how the breadth of resource allocation strategies (operationalized as strategic focus) affects financial performance, as well as the moderating roles of founders’ experience and external collaboration. The findings indicate that focused allocation strategies generally lead to superior financial performance compared to broadly allocated strategies, though their performance advantage is even stronger when founders have less experience. This suggests that experienced founders may be better positioned to leverage broadly allocated strategies that support diverse capability development. External collaboration, however, does not exert a significant moderating effect. The second essay develops an empirical typology of resource allocation strategies using a configurational approach. Cluster analysis of Korean high-technology ventures identifies five distinct strategy types: R&D-Oriented, Broadly Allocated, Production-Focused, Marketing-Focused, and Management-Focused. These patterns are systematically linked to founder traits and organizational characteristics, indicating that early strategic behavior reflects alignment between strategic choices and founding conditions rather than random variation. Although growth differences across the five types are not statistically significant, R&D-oriented ventures show directionally stronger performance, while broadly allocated type tends to underperform. These patterns underscore that multiple internally coherent configurations can coexist—consistent with the principle of equifinality—while still exhibiting meaningful performance tendencies. The third essay investigates the impact of strategic variety on new venture growth, testing the moderating effects of industry dynamism and external financing. Results indicate that strategic variety offers partial growth benefits, with industry dynamism moderating this relationship in an inverted U-shaped manner. This finding suggests that the benefits of strategic variety are contingent rather than uniformly positive, underscoring the importance of strategic–environmental fit in dynamic markets. External financing, however, shows no significant moderating effect. Taken together, the three essays highlight that venture growth is shaped not by a single strategic dimension but by configurational patterns of strategic approaches interacting with contextual conditions. This dissertation contributes theoretically by extending research on new venture strategy at the intersection of the Resource-Based View (RBV), Configuration Theory, and Dynamic Capabilities Theory. It further offers a differentiated approach by integrating resource allocation patterns, strategic variety, and founder/organizational characteristics, thereby providing new insights into the complexity of strategic choices in new ventures. Practically, it provides actionable implications for entrepreneurs and policymakers, underscoring the importance of aligning strategic choices with both internal capabilities and external environments to foster sustainable growth. 본 박사학위논문은 신생 벤처기업이 전략을 어떻게 구성하고, 이러한 전략 구성 방식이 다 양한 내부 및 외부 조건하에서 기업 성장에 어떤 영향을 미치는지를 탐구한다. 기존 연구는 신생 벤처의 전략을 개별적 관점에서만 다루거나 단일 전략 변수를 중심으로 분석하는 데 그쳐왔다. 또한 신생 벤처의 특수한 상황인 자원 부족, 역량 개발의 전략적 선택, 시장 환경 변화에 대한 대응, 창업자와 조직 특성 등을 반영한 다층적·통합적 연구는 부족하였다. 이에 본 논문은 신생 벤처의 자원배분 방식을 전략적 관점에서 재해석하여, 집중과 분산의 이분 법, 자원배분 패턴의 전략 유형, 그리고 전략 레퍼토리의 다양성이라는 세 가지 상호보완적 접근을 통해 이러한 한계를 보완한다. 나아가, 세 편의 상호 연관된 연구를 통해 신생 벤처 의 전략적 의사결정에 대한 이론적·실증적 이해를 심화하고자 한다. 첫 번째 연구는 자원배분 전략의 폭, 즉 집중적 자원배분과 광범위 자원배분이 재무성과에 미치는 영향을 분석하고, 이 관계에서 창업자의 경험과 외부 협력의 조절효과를 검증한다. 분석 결과, 집중적 자원배분 전략은 일반적으로 신생 벤처의 재무성과를 높이는 경향이 있 으며, 특히 창업자의 경험이 적을수록 집중적 자원배분 전략의 효과가 더욱 뚜렷한 것으로 나타났다. 이는 창업자의 경험이 적을수록 다양한 역량 개발을 위한 광범위한 자원배분 전 략 보다 단일 역량 개발에 집중하는 전략이 상대적으로 더 효과적일 수 있음을 시사한다. 반면, 외부협력은 유의한 조절효과를 보이지 않았다. 두 번째 연구는 구성형태적 접근을 적용하여 자원배분 전략의 실증적 유형을 도출하였다. 한국 첨단기술 신생 벤처 데이터를 활용한 클러스터 분석을 통해 다섯 가지 전략 유형— R&D 중심형, 광범위 배분형, 생산 집중형, 마케팅 집중형, 경영관리 집중형—이 확인되었으 며, 각 유형은 창업자의 학력·전공·역할과 조직의 연령·규모·R&D 강도·아웃소싱 수준 등과 체계적으로 연계된 패턴으로 나타났다. 성장성과의 관계 분석에서는 전략 유형 간 통계적으 로 유의한 차이는 나타나지 않았으나, 기술통계와 회귀계수의 방향성은 R&D 중심형의 성장 경향이 상대적으로 높고, 광범위 배분형은 낮은 경향을 보였다. 이는 자원배분 전략이 창업자·조직 특성과의 정렬을 통해 구성되는 전략적 형태임을 보여주는 동시에, 서로 다른 전략 구성도 유사한 성장 결과로 이어질 수 있는 동일종결성(equifinality) 가능성을 시사한 다. 세 번째 연구는 전략 다양성이 신생 벤처 성장에 미치는 영향을 분석하고, 산업 역동성과 외부 자금조달의 조절효과를 검토하였다. 분석 결과, 전략 다양성은 성장성에 부분적으로 긍정적인 영향을 미치며, 산업 역동성은 이 관계를 역U자형으로 조절하는 것으로 나타났다. 이는 전략 다양성이 성장성에 일방적으로 긍정적 효과를 주는 것이 아니라, 시장 환경의 변 화에 따라 그 효과가 달라지며, 특히 산업 역동성의 곡선적 조절효과를 통해 전략 적합성의 중요성이 부각됨을 보여준다. 반면, 외부 자금조달은 유의한 조절효과를 보이지 않았다. 세 편의 연구를 종합하면, 신생 벤처의 성장에는 단일 전략 차원보다 전략적 접근의 구성 (configurational) 방식과 맥락적 조건이 함께 작용함을 확인하였다. 따라서 본 논문은 신생 벤처 전략 연구를 자원기반이론(Resource-Based View, RBV), 구성형태론(Configuration Theory), 동적역량론(Dynamic Capabilities Theory)의 교차점에서 확장하며, 자원배분 패 턴·전략적 다양성·창업자·조직 특성을 유기적으로 통합한 차별적 접근이라는 점에서 학문적 의의를 가진다. 이를 통해 창업자와 정책 입안자 모두에게 신생 벤처의 전략적 선택 복합성 을 이해할 수 있는 새로운 통찰을 제공한다.

중국 하이텍 벤처기업의 글로벌화 및 본 글로벌화 결정요인에 관한 연구

정추매 영남대학교 대학원 2022 국내박사

With the change of economic system such as joining with WTO, Chinese enterprises, specially the small and medium-sized Hi-Tech ventures that conduct business activities based on new ideas and technologies, are showing a pattern of going out on their own to overseas markets. Moreover, with the increasingly fierce competition among China's technology-intensive enterprises, the strategy of entering overseas markets for their sustainable growth becomes more important. Therefore, the objectives of this research are as follows: First, we analyze the determinants of globalization and born-globalization of Chinese Hi-Tech ventures. Second, with the view of the internal and external environmental factors of the globalization and born-globalization of Hi-Tech ventures, a variety of theoretical backgrounds are sorted out and empirical analysis is conducted to explore which theoretical background play a crucial role in the globalization and born-globalization of Chinese Hi-Tech ventures. Third, we try to figure out the particular China government policy influencing in the process of globalization or born-globalization of Chinese Hi-Tech ventures. Based upon the analysis of 308 Chinese Hi-Tech ventures, we found out the following results. First, the overseas work experience of CEOs has a significant impact on the globalization and born-globalization of Chinese high-tech ventures. In order to globalize Hi-Tech ventures, therefore, it is necessary to actively foster personnel with a lot of overseas work experience internally or recruit them from outside. Second, it was found that technology capabilities measured by the number of patents doesn't has a statistically significant effect on globalization of Chinese Hi-Tech ventures, but has a statistically significant effect on born-global of Chinese Hi-Tech ventures. This result implies that it is necessary of possessing technology capabilities for the early globalization. Third, it was found that the ability to raise venture capital has a significant effect on both the globalization and born-globalization of Chinese Hi-Tech ventures. Fourth, it was found that the network relationship with foreign enterprises and overseas institutions has a significant effect on both the globalization and born- globalization of Chinese Hi-Tech ventures. Fifth, the result showed that the marketing capabilities doesn't significantly affect on both the globalization and born-globalization of Chinese Hi-Tech ventures. In fact, the globalization of these high-tech ventures can be more dependent on technical capabilities than marketing capabilities. Sixth, it was found that the global competitive advantage of the industry as an external factor has no significant impact on the globalization and born- globalization of Chinese high-tech ventures. The results suggest that in the process of globalization of high-tech ventures, the competitive advantage of individual enterprises pay more important role than the global competitive advantage of the whole industry. Seventh, the result showed that the growth of China's domestic market has no significant impact on the globalization and born-globalization of Chinese high-tech ventures. The result suggests that, as a latecomer Chines Hi-Tech ventures put more emphasis on developing overseas markets than domestic markets for their growth. Lastly, as a government policy, the government subsidies to promote for Chinese Hi-Tech ventures going abroad has a significant impact on their globalization and born-globalization. It will be easier for Chinese high-tech ventures to advance oversea markets by taking full advantage of various government support policies. These results provide the insights of the globalization and born-globalization of Chinese Hi-Tech ventures.

The Impact of Cultural Differences on the Performance of Sino-foreign Joint Ventures

호, 영 부산대학교 대학원 2022 국내석사

In the context of economic globalization, overseas investment by multinational corporations has developed rapidly, and international joint ventures have gradually become one of the main economic forms of utilizing foreign investment in host countries. Due to the improvement of infrastructure conditions and investment environment, China has attracted more and more foreign investment, which has made Sino-foreign joint ventures an important form of utilizing foreign investment in China. Nevertheless, the failure rate of international joint ventures is still high, and China is no exception. According to statistics, about 15% of the Sino-foreign joint ventures have their expected life terminated prematurely, and 70% of Sino-foreign joint ventures have failed cooperation. Under this background, this paper makes related research on Sino-foreign joint ventures in China, and from the perspective of cultural differences, focuses on the impact of cultural differences on the performance of Sino-foreign joint ventures. Meanwhile, this paper uses the approach of empirical analysis to analyze the influence of cultural differences between Chinese and foreign employees on enterprise performance. Specifically, this paper takes Chinese and foreign managers working in joint ventures operated by China and European countries in Guangdong Province of China as respondents, and discusses the influence of cultural differences between Chinese and foreign employees on performance during the operation of Sino-foreign joint ventures. Moreover, this paper divides cultural differences into two parts: national cultural differences and organizational cultural differences. Firstly, this paper introduces the research background and related theories, and makes an empirical analysis on this basis. In this paper, the national cultural differences and organizational cultural differences are taken as independent variables, the performance of Sino-foreign joint ventures as dependent variables, trust as the moderating variable between cultural differences and performance, and a theoretical model is constructed and relevant hypotheses are put forward. Then a questionnaire survey was conducted, and SPSS software was used to test the reliability and validity of the scale. Finally, the research hypothesis of this paper is verified by regression analysis. Last but not least, this paper provides some suggestions for the management of international joint ventures given the influence of cultural differences. The innovation of this paper is that, on the one hand, it expands the concept of cultural differences, which is embodied in not only using the previous concept of national cultural differences, but also adding the concept of organizational cultural differences based on this research. In other words, this paper not only discusses cultural differences from a macro perspective(national cultural differences), but also adds a micro perspective (organizational cultural differences) to make supplementary explanations. On the other hand, this paper adds trust as a moderating variable to analyze the moderating effect of trust on the cultural differences and performance of Sino-foreign joint ventures, which makes the research more comprehensive.

A Study on the Influence of Intellectual Capital on Business Innovation of New Ventures : Focus on the Mediating Effect of Knowledge Integration Capability and Entrepreneurial Bricolage

적상남 우석대학교 일반대학원 2022 국내박사

사업 혁신과 관련하여 복잡성과 비즈니스 환경의 불 확실성이 증가하고, 제품의 생명 주기가 지속적으로 단축됨에 따라 기업들은 자체역량만으로 혁신을 개선하기 어려워졌다. 더 이상 독자적인 혁신 모델은 지속하기 어려워졌으며, 다양한 외부 혁신의 주체와 협력 관계를 구축해야 한다. 지식통합능력은 새로운 벤처의 성장기의 맥락에서 혁신 전략을 성공적으로 구현함으로써 경쟁 우위를 강화하는 열쇠가 될 수 있다. 새로운 벤처가 직면한 주요 과제로는 기업가적 브리콜라주, 지식 통합 및 비즈니스 혁신등이 있다. 기업가적 브리콜라주는 “새로운 문제와 기회에 대처하기 위하여 다양한 자원을 조합하여 사업에 활용하는 것”으로 정의할 수 잇는 자원구축의 방식이다. 지식통합은 “지식을 활용하는 것으로 조직의 가치를 창출해 낼 수 있으며, 조직 내 구성원들과의 협업을 통하여 문제를 해결하는 과정”을 의미한다. 비즈니스혁신은 “ 더 많은 가치를 창출하기 위하여 새로운 방식으로 사업을 혁신하는 것”을 의미한다. 본 연구는 지적자본이 상대적으로 열악한 새로운 벤처을 대상으로 기업가적 브리콜라주, 지식 통합능력이 사업혁신에 미치는 영향을 규명하여 새로운 벤처의 지적자본과 지식통합능력과 사업혁신을 개선하기 위한 실천적, 정책적 제언을 목적으로 한다. 이러한 연구목적을 달성하기 위해 본 연구의 연구 문제는 다음과 같다. 첫째, 새로운 벤처의 지적자본, 사업혁신, 지식통합능력과 기업가적 브리콜라주는 어떠한가? 둘째, 새로운 벤처의 지적자본이 사업혁신에 미치는 영향은 어떠한가? 셋째, 새로운 벤처의 지적자본이 지식통합능력과 기업가적 브리콜라주에 미치는 영향은 어떠한가? 넷째, 지식통합능력과 기업가적 브리콜라주가 새로운 벤처의 사업혁신에 미치는 영향은 어떠한가? 다섯째, 지식통합능력과 기업가적 브리콜라주가 새로운 벤처의 지적자본과 사업혁신 사이에 미치는 매개효과는 어떠한가? 본 연구는 중국 베이징, 광저우, 상하이, 심천, 산동성의 새로운 벤처 709개를 중심으로 기업가와 관리자를 대상으로 이메일을 통해 온라인으로 1000개의 설문지를 수집하였다. 확보된 설문지를 바탕으로 본 연구의 목적에 맞는 총 846개의 유효한 설문지를 수집·분석하였다. 분석방법은 SPSS 25.0을 사용하여 수집된 자료에 대한 기술통계분석, 신뢰도 분석, 차이 분석, 상관관계분석을 진행하였고, AMOS26.0을 사용하여 연구모형과 가설을 검증하고, bootstrap을 통하여 매개 검증을 수행하였다. 본 연구의 연구결과는 다음과 같다 첫째, 지적자본은 새로운 벤처의 사업혁신에 직접적인 영향을 미치는 것으로 나타났다. 둘째, 지적자본의 하위요인인 사회적 자본과 인적자본은 기업가의 브리콜라주에 직접적인 영향을 미치는 것으로 나타났다. 조직 자본은 기업가적 브리콜라주에 직접적인 영향을 미치지 않는 것으로 나타났다. 셋째, 지적자본의 하위요인인 조직자본과 인적자본은 지식 통합능력에 직접적인 영향을 미치는 것으로 나타났다. 사회적자본은 지식 통합에 직접적인 영향을 미치지 않는 것으로 나타났다. 넷째, 지식 통합능력과 기업가적 브리콜라주는 지적자본과 새로운 벤처의 사업혁신 간의 매개 역할을 하는 것으로 나타났다. 이러한 연구결과는 다른 선행연구의 결과와 일치한다. 이러한 연구결과를 바탕으로 새로운 벤처의 사업혁신을 개선하기 위하여 다음과 같이 정책적, 실천적 제언하고자 한다. 정책적인 제언으로 첫째, 중국 정부는 새로운 벤처들의 위한 정책 정책 형성에 주목할 필요가 있다. 둘째, 중국 정부는 자원 공급 및 정책 지원을 새로운 벤처 기업의 성장 과정에 초점을 맞추고 시장에서 성공할 수 있도록 다양한 지원을 활성화시켜야한다. 셋째, 공유 플랫폼, 독창적 플랫폼 및 공생 플랫폼을 포함한 공공 혁신 플랫폼을 이용하여 기업가적 브리콜라주를 활성화 할 필요가 있다. 실천적 제언으로 첫째, 새로운 벤처 기업은 비즈니스 협회, 기술 혁신 동맹, 공식 및 비공식적인 소셜 네트워크를 강력하게 구축할 필요가 있으며 다양한 단체와 협회에 가입하도록 장려할 필요가 있다. 둘째, 기업가는 외부 환경의 변화에 대한 민감하고 깊은 통찰력을 가지고, 지적자본을 활용하여 혁신에 대한 긍정적인 자세가 필요하다. 또한 혁신적인 기회에 대한 연구를 수행하기 위한 자원을 조직 할 필요가 있다. 셋째, 새로운 벤처 기업은 제품 및 서비스를 차별화하고 새로운 가치 창출을 실현하고 경쟁 우위를 확립할 필요가 있다. 본 연구와 관련하여 학문적인 제언은 첫째, 지역적 특성을 고려하여 다양한 변인을 포함하여 연구를 진행할 필요가 있다. 둘째, 본 연구와 관련하여 종단 연구 또는 질적 연구를 사용하여 새로운 벤처 기업의 성공에 영향을 미치는 다양한 요인을 고려할 필요가 있다. With the increasing complexity of innovation and the uncertainty of the business environment, and the continuous reduction of product life cycles, it has become difficult for companies to rely solely on their own capabilities to improve their innovation. Independent innovation models have become difficult to continue, and coll aborative relationships with external innovation entities should be established. The integration of external knowledge has become the key for news ventures to enhance their competitive advantage by successfully implementing innovation strategies in the con text of a transitional economy. The main challenges faced by new ventures include entrepreneurial bricolage, knowledge integration and business innovation. In order to clarify the connotation and relationship of the above three variables, this study combin es the reality and integrates the new concept of resource based view in recent years into the traditional concept of resource bricolage. This study emphasizes that in resource integration, more attention should be paid to the excavation and optimal allocat ion of the value of the resources on hand, entrepreneur’s immediate action and willingness to take risks. Entrepreneurship is a systematic project, this research opposes the radical concept of resource integration. Entrepreneurs should pay attention to the important role of entrepreneurial learning. Only through entrepreneurial learning can resources produce sustainable value to the enterprise, and then enterprise can obtain dynamic capabilities and competitiveness, and transform valuable resources into cor porate competitive advantages. The core essence of innovation is transformation of knowledge resources. Enterprises ensure their competitive advantage in the market by absorbing and integrating internal and external innovation resources. The open innovatio n model puts more emphasis on the exploration and acquisition of external innovation resources by enterprises. In the process of searching and integrating external knowledge of the organization, enterprises gradually improve their identification, acquisiti on, absorption and utilization of heterogeneous knowledge and innovation resources of external organizations a bility. This study focus on construct the theoretical analysis framework of the relationship among intellectual capital, knowledge integration capability, entrepreneurial bricolage and business innovation. Opportunity and ability will have an impact on the relationship between entrepreneurial bricolage and business innovation. Based on this, this research is based on organizational learning theor y, resource based theory, entrepreneurial opportunity theory, and disruptive innovation theory. By reviewing and collating relevant literature, combined with the practice of new ventures, this research combines intellectual capital, entrepreneurial bricola ge, knowledge integration capability and business model innovation integrated into a theoretical framework, in depth exploration of the interaction between variables. The purpose of this thesis is to identifies two intermediary paths between intellectual c apital and business innovation. The intellectual capital in different dimensions have impact on different dimensions of business innovation in the path, level and extent through knowledge integration and entrepreneurial bricolage ability. This research aim s to enhance the bricolage and integration ability of new ventures on first hand data, as well as to propose suggestions to policy makers and to provide important research perspectives and empirical support for follow up scholars. The subject of the resear ch is the entrepreneurs and employees from new ventures in Beijing, Guangzhou, S hanghai, Shenzhen, Shandong province in China. A small scale pre test of 120 questionnaires was conducted. Validity and reliability analysis was conducted to sort out unreasona ble questionnaire items, and the validity and reliability of the scales were improved. The formal survey was conducted to 1000 entrepreneurs and employees from 709 new ventures in China. After the formal survey, 846 valid questionnaires are used to conduct analysis. SPSS 26.0 and Amos 25.0 software were used to perform descriptive statistical analysis, reliability analysis, exploratory factor analysis, confirmatory factor analysis, difference analysis and verification analysis of the hypothesis. The non pa rametric percentile bootstrap method was used to further test the significance of the mediating effect. In general, the analysis methods of the data in this study are mainly structural equation modeling and multiple linear regression. Finally, through path analysis, the direct path and indirect path are compared with the absolute value of path effects. The results based on the analyses are as follows. First, through theoretical analysis and empirical testing, and with the help of analytic tools, this study deeply explores the internal positive influence mechanism of intellectual capital on the innovation of new ventures’ business innovation. Secondly, the social capital dimension and human capital dimension of intellectual capital have significant influence to entrepreneur’s bricolage. O rganizational capital dimension has no significant impact on entrepreneurial bricolage. Thirdly, the o rganizational capital dimension and human capital dimension of intellectual capital has a positive impact on knowledge integration . Social capital dimension has no significant impact on knowledge integration. Fourthly, knowledge integration plays a mediating role between intellectual capital and business innovation. Fifthly, it is found that e ntrepreneurial bricolage play s a mediating role between intellectual capital and business innovation. It can be seen that the business model innovation of new ventures can be realized through entrepreneurial bricolage, and the intellectual capital required for entrepreneurial bricol age need to be acquired through knowledge integration. New ventures make decisions based on their own opportunities and capabilities in entrepreneurial bricolage, and carry out bricolage activities in appropriate fields. And this provides suggestions for p olicy direction as follows: In terms of government policy support, the positive role of new ventures’ subjective initiative should be clarified, and a policy support policy led by enterprises should be formed. The government should realize the shift from f ocusing on resource supply and policy support to focusing on the entrepreneurial process of new ventures and activating the vitality of market allocation. The open innovation platform including shared platform, co creation platform and symbiosis platform i s the key to advancing this process. Local governments should pay attention to the positive effect on the construction of the external market environment, reduce excessive resource supply. Based on the background of China’s specific social and political development, the government can appoint civil servants or university professors to hold positions in enterprises. For example, government officials can serve as corporate executives, or managers can form associations with corporate departments through some public welfare undertakings. This can increase the government’s support for enterprises and the level of support, and can also enrich the investment and resources that enterprises can use for business innovation. New ventures should actively join business associations, technological innovation alliances, and participate in various exhibition activities in the industry, vigorously expand formal and informal social networks, and subscribe to relevant periodicals and newspapers in the industry, and encourage employees to read and log in. in the face of fierce market competition, entrepreneurs need to change their thinking, maintain a high degree of insight into changes in the external environment, use intellectual capital to obtain more information and knowled ge about innovation, and organize resources to conduct research on the identified innovative opportunities. Development to differentiate the products and services of new ventures from other enterprises, realize new value creation, and establish competitive advantages.

국제합작투자에서 기술이나 노하우 이전에 영향을 미치는 요인 분석 연구 : 국내에 진출한 국제합작투자 기업을 중심으로

이형석 연세대학교 대학원 2000 국내석사

본 연구는 기업의 경쟁력 강화수단으로 널리 이용되고 있는 전략적 제휴중 가장 많은 비중을 차지하고 있는 합작투자를 연구대상으로 하여 이와 관련된 기존 이론과 선행 연구를 검토하고, 기술이나 노하우 이전 정도에 영향을 미치는 요인들을 전략적 중요성, 신뢰, 몰입, 보완성, 절차적 정당성, 정보공유, 거래비용의 7가지로 분류하였다. 본 연구에서 국제합작투자는 5%에서 95%에 해당하는 지분합작투자를 의미한다. 국내에 진출한 국제합작투자 기업을 대상으로 총 62부를 회수하였고, 이 표본을 Spss Window 8.0 프로그램을 이용하여 다중 회귀분석을 실시하였다. 이와 같은 본 연구의 결과를 정리하여 보면 다음과 같다. 첫째, 국제합작투자에서 합작에 참여하는 모기업이 인식하는 전략적 중요성이 클수록 합작투자기업이 각각의 모기업에 미치는 영향력은 커지게 되며, 이와 같은 합작투자기업의 영향력 증대는 합작투자에서의 기술이나 노하우 이전을 촉진시키는 것으로 나타났다. 둘째, 국제합작투자에서 자원의 보완성의 경우에는 기술이나 노하우 이전에 미치는 영향이 유의하지 않게 나타났다. 이는 합작투자에서 실제 상호보완하고자 하는 자원이 기술이나 노하우 이전을 촉진하는 것과는 그다지 관련이 없을 수 있음을 설명하고 있다. 셋째, 국제합작투자에서 협력측면으로서 기업의 운영에 영향을 미치는 절차적 정당성, 몰입, 정보공유, 신뢰 등은 기술이나 노하우 이전을 촉진하는 것으로 나타났다. 넷째, 국제합작투자에서 거래비용의 경우 합작투자에서 기술이나 노하우 이전에 미치는 영향이 유의하지 않은 것으로 나타났다. 결과적으로 국제합작투자에서 기술이나 노하우 이전이 잘 이루어지기 위해서는 단기적인 목적 달성보다는 장기적인 안목을 지닌 두 기업간의 협력적인 관계가 무엇보다도 중요하다는 점을 시사하고 있다. In recent years, international joint ventures in Korea have increased as a mean of gaining and sustaining competitive advantages. This paper focuses on international joint ventures which commands an overwhelming majority in the strategic alliance. This paper also examines the determinants of technology or knowhow transfer in international joint ventures based on the previous theory and empirical research, and I sorted out the independent variables affecting on the technology or knowhow transfer in international joint ventures. Independent variables are (1) strategic importance, (2) trust, (3) commitment, (4) complementarity, (5) procedural justice, (6) information sharing, (7) transaction cost. The international joint ventures in this study are consisted of equity joint ventures(5% - 95%) between Korean companies and foreign companies. Data were gathered from 62 joint venture companies in Korea by a survey of Korean side and analyzed in multiple regression by using Spss Window 8.0 The results of this study are as follows. First, as the degree of strategic importance which two parent companies pariticipating in the international joint ventures recognize increases, technology or knowhow transfer in international joint ventures is facilitated. Second, resource complementarity has not a significant effect on the technology or knowhow transfer in international joint ventures. This result shows that resources which each parent company wants to complement may have nothing to do with the facilitation of technology or knowhow transfer in international joint ventures. Third, as elements of cooperation, factors such as procedural justice, commitment, information sharing, trust, facilitates the technology or knowhow transfer in international joint ventures. Fourth, in case of transaction cost, it has not a significant effect on the technology or knowhow transfer in international joint ventures. In summary, result of this study suggests that variables concerning cooperation between two companies participating in joint venture are the most important of all the other elements to facilitate the technology or knowhow transfer in international joint ventures.

기술 기반 벤처기업 유형에 따른 투자자의 의사결정 요인 분석

윤상규 한국기술교육대학교 일반대학원 2026 국내석사

기술 기반 벤처기업은 첨단 기술을 바탕으로 혁신을 창출하고 산업 구조 고도화와 신시장 개척을 이끄는 주체로서, 국가 경쟁력을 뒷받침하는 핵심 역할을 수행한다. 그러나 이들은 긴 연구개발 주기와 높은 불확실성으로 인해 외부 자본 의존도가 높으며, 이에 따라 투자자의 의사결정 구조를 이해하는 것은 기술 창업의 성패를 좌우하는 중요한 과제가 된다. 이러한 문제의식을 바탕으로 본 연구는 기술 기반 벤처기업을 현금흐름 구조에 따라 연구 기반형, 개발 기반형, 생산 기반형의 세 가지 유형으로 구분하고, 유형별로 투자 의사결정 요인이 어떻게 달라지는지를 실증적으로 규명하였다. 이를 위해 선행 연구를 종합하여 창업자·경영자 특성, 기술·제품 특성, 시장 특성, 재무·사업성의 네 가지 상위 요인과 12개의 하위 요인으로 구성된 통합 요인 체계를 도출하였다. 이후 AHP(Analytic Hierarchy Process) 기법을 적용하여 엔젤투자자, 액셀러레이터, 벤처캐피탈 등 실제 투자자 34명의 설문 응답을 분석함으로써, 벤처 유형별로 각 요인의 상대적 중요도와 우선순위를 비교하였다. 아울러 응답자를 엔젤투자자, 액셀러레이터, 벤처캐피탈로 구분하여, 각 벤처 유형 내에서 투자자 유형별 중요도 인식이 어떻게 다른지를 교차분석하였다. 분석 결과, 기술 기반 벤처의 현금흐름 유형에 따라 투자 판단의 초점이 기술 중심에서 시장 중심, 나아가 재무 중심으로 점진적으로 이동하는 구조가 확인되었다. 연구 기반 벤처에서는 창업자·경영자의 산업경험·전문성 등 인적 역량이 가장 중요한 요인으로 나타났으며, 개발 기반 벤처에서는 시장 성장성과 제품화 실행 가능성이 핵심 판단 기준으로 부각되었다. 생산 기반 벤처에서는 시장 수요의 안정성 및 재무·사업성이 상대적으로 높은 중요도를 보였다. 투자자 유형별 교차분석 결과, 연구 기반 벤처에서는 세 투자자 유형 모두 창업자·경영자 특성을 최우선으로 평가하였으나, 그 비중은 엔젤투자자에서 가장 높게 나타났다. 개발 기반 벤처에서는 액셀러레이터가 창업자·경영자 특성과 시장 특성을 균형 있게 고려하는 반면, 벤처캐피탈은 시장 특성과 재무·사업성에 보다 높은 가중치를 부여하였다. 생산 기반 벤처에서는 세 투자자 유형 모두 시장 특성과 재무·사업성을 중시하였으나, 엔젤투자자는 여전히 창업자 역량에 대한 평가 비중을 일정 수준 유지하는 경향을 보였다. 이러한 결과는 기술 기반 벤처의 투자 결정 요인이 단일 구조가 아니라, 현금흐름 유형별로 동태적으로 변화하는 동시에 투자자 유형에 따라 강조점이 달라지는 다차원적 구조를 지닌다는 점을 실증적으로 보여준다. 특히 기술혁신의 초기 단계에서는 엔젤투자자를 중심으로 인적자본에 대한 평가가, 시장 진입 단계에서는 액셀러레이터를 중심으로 실행역량과 시장 검증이, 생산·확장 단계에서는 벤처캐피탈을 중심으로 재무적 지속가능성과 확장 가능성이 각각 중요함을 확인하였다. 본 연구는 이론적으로는 기존의 ‘투자자 중심 연구’가 주로 투자자 유형 간 차이에만 초점을 맞추어 온 한계를 보완하여, 기술 기반 벤처의 유형별·투자자 유형별 투자 결정 요인 체계를 통합적으로 정립하였다는 점에서 의의가 있다. 방법론적으로는 AHP 분석을 통해 투자자의 다기준 의사결정 구조를 정량화함으로써, 벤처 유형과 투자자 유형을 동시에 고려한 계량적 비교의 가능성을 제시하였다. 또한 실무적으로는 기술 기반 벤처가 자사의 비즈니스모델상의 현금흐름 특성과 주요 타깃 투자자(엔젤, 액셀러레이터, 벤처캐피탈)의 특성에 적합한 투자 유치 전략 수립 및 정책 설계의 근거 자료로 활용할 수 있는 실증적 시사점을 제공한다. Technology-based ventures play a pivotal role in fostering innovation, advancing industrial sophistication, and creating new markets in the knowledge-based economy. However, due to long R&D cycles and high uncertainty, these firms are heavily dependent on external capital. Accordingly, understanding investors’ decision-making structures is a key factor determining the success or failure of technology entrepreneurship. Drawing upon prior literature, this study first reconstructs an integrated set of investment evaluation criteria consisting of four higher-level categories-entrepreneur/management team, technology/ product, market, and finance/business model-and twelve sub-factors. Using the Analytic Hierarchy Process (AHP), the study then measures the relative importance and priority of these factors for three cash-flow-based types of technology-based ventures: research-based, development-based, and production-based ventures. A total of 34 professional investors (including accelerators, venture capitalists, and angel investors) participated in the survey. In addition, respondents were classified into three investor types-angels, accelerators, and venture capitalists-so that differences in the perceived importance of the same criteria across investor types could be cross-analyzed within each venture type. The empirical results show a systematic shift in the focus of investment decisions across technology-based ventures with different cash-flow profiles-namely research-based, development-based, and production-based ventures. For research-based ventures, entrepreneur/management-related factors, such as industry experience and expertise, emerged as the most critical determinants. For development-based ventures, market-related factors, including market growth potential and feasibility of commercialization, became the primary evaluation criteria. For production-based ventures, market stability and financial/business viability showed higher importance. The cross-analysis by investor type further reveals that, while all investor groups highly value the entrepreneur/management team in research-based ventures, angel investors place the greatest emphasis on human capital. In development-based ventures, accelerators tend to balance their attention between the entrepreneur/management team and market factors, whereas venture capitalists assign relatively higher weights to market and financial/business factors. In production-based ventures, all three investor types focus mainly on market and financial dimensions, yet angel investors still maintain a non-negligible emphasis on the founder’s capabilities. These findings indicate that investment decision criteria for technology-based ventures are not only dynamic across different cash-flow profiles and their associated commercialization contexts, but also heterogeneous across investor types. The study contributes to the literature by integrating venture-type and investor-type perspectives into a unified analytical framework for investment decision factors in technology-based ventures. Methodologically, it demonstrates how AHP can be used to quantify multi-criteria decision structures while simultaneously comparing different venture types and investor groups. Practically, the results provide actionable implications for technology-based ventures in designing stage-appropriate and investor-specific fundraising strategies, and for policy-makers in tailoring support programs to the needs of different investor segments in the innovation financing ecosystem.

한국의 경제위기 전후 합작투자기업의 소유지분 증가 결정요인에 관한 연구

김경진 연세대학교 대학원 2004 국내석사

본 연구는 한국의 경제위기를 전후로 국제합작기업들의 외국인 파트너 기업의 소유지분 증가 결정요인에 관한 체계적인 실증분석을 진행하였다. 그 결과를 토대로 국제합작기업에 있어서 소유지분증가에 어떠한 요인들을 고려하여야 하며, 특히 경제위기 이후의 외국인 투자의 특성을 정확하게 설명하는데 기여하고자 한다. 본 연구에서는 경제위기 이후 정부주도하의 구조조정과정을 겪으면서 국제합작기업의 해외파트너기업의 지분이 증가하는데 미치는 요인을 도출하기 위하여 실물옵션이론과 거래비용이론을 기반으로 합작기업의 모회사관련요인과 합작기업관련요인으로 나누어 분석하였다. 첫째, 합작기업의 모회사와 관련된 요인으로는 해외파트너기업과의 문화적 거리와 현지파트너기업의 부채비율, 파트너기업간의 제휴기간을 고려하였고 합작기업관련요인으로는 합작기업의 성과와 합작기업과 현지파트너기업간의 사업의 유사성을 살펴보았다. 가설검증을 위하여 122개 기업의 자료를 수집한 후 이항 로지스틱 회귀분석을 통하여 관련성을 분석하였다. 또한 해외파트너기업이 소수지분에서 다수지분으로 지분구도가 변경된 것을 추가로 이항 로지스틱 회귀분석을 통하여 분석하였다. 분석 결과, 부채비율이 높을수록, 합작기업의 성과가 나쁠수록, 현지파트너기업과 합작기업의 사업이 유사할수록 해외파트너의 소유지분이 증가하는 경향을 보이고 있는 것으로 나타났다. 이러한 실증분석을 통하여 환경불확실성으로서의 국가적 위기상황이라는 특수환경에서 소유지분 변화에 관한 결정요인을 규명하고 한국의 기업이 어떠한 경쟁적 요소를 가지고 글로벌 경쟁력을 갖기 위하여 노력해야 할 것인가에 대한 경쟁력 함양에 기여를 할 것으로 본다. 또한 경제위기 이후 합작기업의 국내파트너기업들이 해외파트너기업과의 지분 변화 가능성을 타진하고 앞으로의 관계 우지 및 전략적 방안 모색에 활용될 수 있을 것이다. This research is conducted to identify the determinants of equity increase in Joint Ventures after recent financial crisis in Korea. The purpose of this study is not only to recognize the important factors that affect equity increase in Joint Ventures, but also to explain the characteristics of foreign direct investments under uncertain financial environments. Based on the real option theory and the transaction cost theory, two major factors are set as parent company related factors and Joint Venture related factors. Parent company related factors are cultural distance between the Joint Venture and foreign partner, debt ratio of the local partner and the partnership period of two parent companies. Joint Venture related factors are performance of the Joint Ventures and similarities in business nature of local partner and joint venture. Five independent variables and fourteen control variables were used to analyze the 122 samples. Binomial logistic regression analysis yield the below results; local partner's debt ratio has positive, the similarities of business nature between local and join ventures also have positive, the performance of the joint venture has negative influence on increasing foreign partner's equity. Additional analysis has been done to identify changes of governance structure (minor equity to major equity) influence of financial crisis. This empirical study is intended not only to examine the determinants of equity increases but also to provide practical strategic information to parents companies and joint ventures under financial uncertainties.

Three Essays on Entrepreneurial Experimentation within Independent New Ventures

Burnell, Devin ProQuest Dissertations & Theses Indiana University 2023 해외박사(DDOD)

소속기관이 구독 중이 아닌 경우 오후 4시부터 익일 오전 9시까지 원문보기가 가능합니다.

This dissertation investigates entrepreneurial experimentation within independent new ventures. Independent new ventures, by definition, cannot rely on existing institutions, resources, or past routines and hence face an uncertain future. Entrepreneurial experimentation helps new venture founders manage uncertain futures by changing and testing different aspects of their ventures. In Essay 1, I review the literature on entrepreneurial experimentation within independent new ventures, integrate two emerging perspectives, and chart a future research agenda on new venture experimentation. In Essay 2, I explore new ventures experimenting with different aspects of their early-stage business models and a set of factors that might enable pivoting in response to negative feedback. I find in Essay 2 that founders may resist pivoting the value proposition of their business model during early-stage experimentation, but entrepreneurial experience, startup mentoring, and team size may enable pivoting the value proposition because these factors contribute to a broadened perspective. In Essay 3, I explore the cognitive process entrepreneurs use to mentally experiment with the position of a new venture and theorize a cognitive process model of optimal distinctiveness thinking. Overall, these three essays contribute to understanding the dynamics of entrepreneurial experimentation within independent new ventures.

Collaborative Management of Migratory Waterfowl Along the Pacific Flyway

Karasov-Olson, Aviv University of California, Davis ProQuest Dissertat 2023 해외박사(DDOD)

소속기관이 구독 중이 아닌 경우 오후 4시부터 익일 오전 9시까지 원문보기가 가능합니다.

The movement of waterfowl across the Pacific Flyway creates ecological interdependencies across the entire landscape. However, management of waterfowl is fragmented between individuals and organizations operating at various scales, in different sectors, and within multiple jurisdictions creating a need for cross-boundary collaboration. The goals with this body of work are to (1) elucidate how collaboration leads to successful management of waterfowl, (2) identify what motivates and presents barriers to collaboration, and (3) explore organization and system levels drivers of collaboration nested within regional Migratory Bird Joint Venture partnerships.I used a mixed methods approach to address these goals using qualitative and quantitative methods for data collection and analysis. I conducted semi-structured interviews with 32 key informants. Interview questions were designed to first develop a robust understanding of various roles in management and the goals and issues in regions across the flyway. Then, several questions focused explicitly on collaboration, while others addressed topics such as successful management and use of science. Semi-structured interviews were followed by web-based surveys of 645 participants identified through purposive and snowball sampling resulting in 220 responses (34% response rate). The survey instrument was designed to (1) collect key professional affiliation attributes about respondents, (2) identify professional connections and categorize those relationships, and (3) evaluate involvement in and perceptions of Migratory Bird Joint Ventures (Joint Ventures hereafter). Joint Ventures are the predominant formal partnerships designed to advance regional habitat management for waterfowl. Identification of professional connections was accomplished using a free recall name generator approach. Relationships were categorized by activities (sharing resources, implementing projects, collaborative decision-making) and management focus (population, habitat, human dimensions). Each chapter pulls from these extensive datasets to explore different dimensions of collaboration.In chapter one, I investigate how waterfowl management practitioners define success and the ways in which collaboration contributes to success by analyzing interviews using grounded theory and thematic analysis. A recurrent theme is the multi-dimensionality of waterfowl management. Practitioners defined waterfowl management in multiple ways including a focus on population and harvest management, habitat management, and human dimensions. Management goals, actions, and metrics of success mirror these three elements. Interview participants identified key ways in which collaboration contributes to successful management, dependent on each of these elements. Collaboration contributes to population management by facilitating whole lifecycle or whole flyway level thinking. Interorganizational relationships can increase capacity for habitat management work, which is particularly resource intensive. Success defined by public and partner satisfaction is enhanced by collaboration because engaging partners broadly can increase buy-in and support for management actions. There was broad agreement that Joint Ventures are successful at regional management, but slightly less successful at advancing flyway level management. Additionally, by analyzing survey data on Joint Ventures with ordinal logistic regression, I quantify how Joint Venture involvement leads to a significant increase in perceived success.Identifying key barriers to collaboration within this system can help practitioners find ways to strengthen existing partnerships and to engage new partners as needed. In chapter two, I explore the specific roles of partners in different sectors, and their motivations for and barriers to collaboration. Specifically, funding was identified as both a motivation for and the primary barrier to collaboration. Partnerships were formed to increase overall funding by leveraging economies of scale. However, funding restrictions, such as the inability to spend money on developing or maintaining collaboration and match requirements present key barriers. There are also siloes within waterfowl management that present barriers, such as that between population and habitat management, and competing approaches and goals within the broader waterfowl management enterprise. These barriers are present across many, if not all, sectors, and some organizations are more well-suited to overcome these challenges. This qualitative analysis does not present novel collaborative governance challenges. Rather, I present issues specific to waterfowl management across the Pacific Flyway in order to recommend specific ways to improve collaboration.Within the multiscale management of migratory waterfowl, interorganizational relationships are nested within larger regional partnerships. In chapter three, I create a directed management network between organizations to examine cross-sector and regional patterns of collaboration. Engagement within larger collaborative forums is theorized to increase individual collaborative relationships. Furthermore, when management networks operate within complex social-ecological systems across large landscapes, we expect collaboration within such forums to align with ecological patterns. I analyze the waterfowl management network using valued exponential random graph models based on types of collaborative activities in which organizations engage. I find that collaboration within waterfowl management is particularly driven by state agencies and organizations operating at a regional scale. Involvement in Joint Ventures significantly increases the likelihood that any organization will collaborate in the broader management network. There are also significant differences between collaboration within each Joint Venture region. Organizations working with the Central Valley are significantly more likely to engage in collaboration, which may be explained by alignment with ecological patterns, the high concentration of wintering waterfowl, and the need for active, on-the-ground habitat management. However, there are other institutional dynamics at play. Larger Joint Venture regions that retain strong waterfowl priorities (e.g., Intermountain West) have more cross-boundary collaboration. The more recently established California Central Coast Joint Venture region has the highest intensity of collaborative ties, driven by regional actors with pre-existing relationships. This work reveals a more complex picture of social-ecological alignment, necessitating future research of nuanced ecological patterns and regional differences in management.Together, these chapters further our understanding of the role of collaboration within a complex social-ecological system. Understanding the ways in which collaboration contributes to successful management can provide insight into pursuing more targeted collaborative efforts. Collaboration can be costly but is critical for large scale natural resource management. This work highlights the need to create clear objectives for collaborative partnerships because the benefits of collaboration are dependent on how we measure success. Additionally, results from these studies demonstrate the importance of Migratory Bird Joint Ventures. The ecological, institutional, and social dynamics within each region create different collaborative dynamics. Nonetheless, these formal regional partnerships present excellent opportunities to advance flyway level management of waterfowl. Waterfowl management presents a rich, multi-dimensional system in which to study collaborative dynamics, with countless additional avenues for research focused on cross-scale collaboration and social-ecological networks. Building upon existing and successful collaborative endeavors, I hope this work provides insight to the waterfowl management community that contributes to more effective partnerships moving forward.

Internationalization Speed and Entry Mode Choice of Chinese New Ventures

Zhao, Xin-Quan 부경대학교 대학원 2008 국내박사

A universal phenomenon exists. Due to recent technological advances, the business environment has seen a rapid progression towards internationalization with industries among developed countries understanding the benefits of international trade. Though, this approach is not just confined to large companies, with many small to medium sized companies (SMEs) also involved. Therefore, it comes of no surprise that Chinese companies are beginning to venture into the global market and looking for a spice of the pie. The methods used for new ventures by Chinese SMEs are causing analysts to revise their theories on internationalization. The most popular traditional theory for internationalization of SMEs is the Uppsala Internationalization Process (UIP). This perspective contends that firms become international in a slow and incremental manner which may be due to lack of knowledge about foreign markets, high risk aversion, high perceived uncertainty, or similar factors. The most popular new theoretical perspective is the International New Ventures (INV), it points out that more and more new ventures start their companies internationally without incremental stages, and the INV perspective claims that the UIP perspective lacks the ability to explain these types of new ventures. The purpose of this paper is to find out which theory can be applied to the internationalization phenomena of Chinese New Ventures (CNV). Is it the traditional theatrical perspective - UIP - or the new theatrical perspective - INV? The thesis examines both theories and offers a conclusion based on research which was separated into two parts In the first part, I identified and confirmed the difference explanation power on the internationalization speed of CNV by the factors of international experience and entrepreneurship that comes from the UIP and INV perspectives. In the second half, I investigated when a CNV chooses the foreign market entry mode, whether they will follow the forecast of the UIP or INV perspective. The methodology study is as follows: First, I established a theoretical research framework of internationalization speed and entry mode choice of a CNV through archival analysis, and then I identified and confirmed this framework with empirical analysis. Then I created a survey and case observation. Finally, I compared explanation power of internationalization of CNVs between the two perspectives. The main findings of this study are: 1) The traditional (UIP) perspective is still applicable in a CNV case. The international experience of members of a Top Management Team (TMT) had a key role in the process of internationalization of CNV, this is an essential tenet of the UIP perspective. When CNVs select foreign market entry modes, they followed the UIP viewpoint in a certain sense. 2) The new (INV) perspective is necessary; the start-up time for an international business by a CNV is short. Entrepreneurship is an important factor in the internationalization of a CNV. However, based on the study, the two perspectives should undergo modification. Action-oriented members of TMTs should be considered by the UIP perspective, and INV perspective should explain how to overcome international barriers during the initial period. This research is an initial study. There are some limitations, for example, the sample is not enough, there maybe some bias about the procedure and instrument. In future study, it is necessary to extend the study by conducting a further empirical test, more research should be done to examine any additional factors that might have an influence on the internationalization of SMEs. Furthermore, the investigation might be extended to domestic and international SMEs in order to compare the behavior of domestic and international firms