Since the foundation of Y Combinator in 2005 and Techstars in 2007, startup accelerators have rap... more Since the foundation of Y Combinator in 2005 and Techstars in 2007, startup accelerators have rapidly emerged as a new form of organization in the startup ecosystem. In Korea, Primer was founded in 2010 as the first startup accelerator and was then followed by other early accelerators. The recent government certification of accelerators has since triggered the rapid spread of accelerators. However, despite this rapid diffusion of accelerators, there is a paucity of research. This paper seeks to offer a conceptual model as to how accelerators add value. It also provides suggestions for accelerator design, public policy and future research. Accelerators can mitigate institutional voids that hinder the creation and success of startups. They also assist startups to gaining access to human, social, and financial capital by offering education programs, mentoring service, networking opportunities, and demo days. In addition, mentoring helps startups to test key assumptions and receive feed...
Firm reputation is one of important sources to survive and gain competitive advantage. Previous r... more Firm reputation is one of important sources to survive and gain competitive advantage. Previous researchers argue that institutional endorsement builds reputation and this reputation spills over affiliated organizations. However, there is little empirical evidence to support reputation spillover effect among business group affiliates. This study attempts to fill this gap by examining market responses to an affiliated firm’s additions to and deletions from a sustainability index. Findings suggest that there is asymmetric reputation effect and reputation spillover effect within business group affiliates. Further, this spillover effect is stronger among some business group member firms than others.
An appointment of a family heir as the new CEO attracts significant media attention and signals t... more An appointment of a family heir as the new CEO attracts significant media attention and signals the advent of a new chapter of family leadership. Regardless, the senior generations can remain to ex...
Controlling families of family firms strive to preserve their socioemotional wealth (SEW) through... more Controlling families of family firms strive to preserve their socioemotional wealth (SEW) through family involvement in company leadership. Prior research points to a potential trade-off of family ...
Despite the increasing presence of foreign institutional investors in emerging economy firms, the... more Despite the increasing presence of foreign institutional investors in emerging economy firms, there has been little systematic effort to understand how these investors determine their ownership stakes when facing the information asymmetry problem. Drawing on information-based theories of imitation and, in particular, the informational cascades theory, our study proposes an ownership-based model of herding behavior in which foreign institutional investors are more likely to invest in emerging economy firms, where family owners and domestic institutional investors who are positioned to exploit relative informational advantages have higher equity ownership positions, independently and jointly. Our study uses a sample of 385 publicly traded manufacturing firms in South Korea during the 1998-2003 period to test hypotheses. The results partly support an ownership-based model of herding behavior.
As a departure from previous literature that has focused on the consequences of family management... more As a departure from previous literature that has focused on the consequences of family management, this study turns our attention to its antecedents. This study extends our understanding of when family members join boards of directors by focusing on the legitimating aspects of board membership. According to the findings, family members are appointed to boards of high-performing and high-reputation firms in an effort to build the legitimacy of family leadership. Furthermore, organizational efforts to legitimize leadership are focused on family members who are most in need of legitimacy: family members beyond the second generation. Evidence in support of these mechanisms is found using panel data of business group affiliated firms in South Korea.
The business group literature is important to multiple theoretical perspectives in the organizati... more The business group literature is important to multiple theoretical perspectives in the organizational sciences. However, the literature is also vast, fragmented, and geographically diverse. In response, we review the business group literature with a special emphasis on discussing current debates within this literature and on identifying opportunities for future research. Specifically, we organize, review, critically analyze, and make suggestions for future research in three areas of business group research: (1) market imperfections and internal capital markets, (2) corporate governance and strategic actions, and (3) affiliate and business group performance. We pay particular attention to the potential of business groups to advance extant theoretical perspectives such as transaction cost theory, institutional theory, resource-based theory, social network theory, and agency theory.
Motivated by the growth and internationalization of business groups, this paper reviews the busin... more Motivated by the growth and internationalization of business groups, this paper reviews the business group literature and presents a future research agenda, highlighting their implications for international strategy. The paper identifies theoretical tensions and empirical ambiguities around three key business group features—corporate governance, internal markets, and corporate strategy—and three key outcome variables—performance, economic impact, and innovation—that have generated significant debate. We conclude with three methodological concerns relevant to these debates: generalizing business group research across countries, endogeneity in business group research, and performance measurement in business groups.
1997년에 창업된 아이디스는 범죄예방 및 감시 목적으로 설치된 보안용 영상감시 시스템에서 촬영되는 영상을 저장하는 Digital Video Recorder(DVR) 전문회사... more 1997년에 창업된 아이디스는 범죄예방 및 감시 목적으로 설치된 보안용 영상감시 시스템에서 촬영되는 영상을 저장하는 Digital Video Recorder(DVR) 전문회사로 세계시장에서 명실상부한 ‘히든 챔피언’으로 인정받고 있는 국내의 강소기업이다. 본 사례는 영상저장장치 시장이 아날로그에서 디지털로 기술이 개편되는 시기에 아이디스가 DVR 시장에 성공적으로 진출하여 성장하는 과정을 제품개발과 시장개척 전략으로 나누어 살펴봄으로써, 신규 벤처기업이 기존에 존재하던 산업에서 특화된 경쟁력을 기반으로 이뤄낸 성공에 대한 시사점을 도출하고자 한다. 더 나아가 최근 들어 일어나고 있는 Internet Protocol(IP) 기반으로 기술변화에 직면한 아이디스가 통합보안솔루션 전문업체로 도약하기 위해 취하는 전략적 변화를 소개하며 벤처기업이 성장하면서 직면하는 과제에 대한 시사점을 제공하고자 한다.
Since the financial crisis of late 1997, and spurred on by the successes of entrepreneurial start... more Since the financial crisis of late 1997, and spurred on by the successes of entrepreneurial start-ups and by increasing cynicism about the established firm’s entrepreneurial capabilities, large Korean firms have launched corporate venture programs. The purpose of this paper is to draw lessons from the Korean experience and offer guidelines about how to design corporate venture programs in the midst of shifting institutional contexts. We propose four design rules: a mechanism selection rule, an “internal versus external” rule, a separation rule, and a sharing rule. We conclude by discussing the managerial implications.
극한적 불확실성(Extreme Uncertainty)으로 집약되는 최근의 경영환경에서 기업은 새로운 경쟁우위의 창출의 필요성을 절감하고 있다. 하지만, 이러한 극한적 불확실성... more 극한적 불확실성(Extreme Uncertainty)으로 집약되는 최근의 경영환경에서 기업은 새로운 경쟁우위의 창출의 필요성을 절감하고 있다. 하지만, 이러한 극한적 불확실성하에서 기업경영에 대한 연구가 아직 미진한 실정이며, 본 연구는 환경적 불확실성이 매우 높은 인터넷과 모바일 시장에서 성공을 거둔 네이버 사례분석을 통해 극한적 불확실성 하에서의 새로운 경영방식을 탐색적으로 연구하고자 한다. 사례분석을 위한 개념적 틀로서 혁신 모멘텀(Momentum)의 형성을 설명하는 M-eso 모델을 제시하고자 하며, 이를 기반으로 네이버가 기업가 이니셔티브(Entrepreneur Initiative), 전략적 의사결정(Strategic Decision Making), 조직화(Organizing)라는 다면적인 경영혁신의 관점에서 네이버가 어떻게 극한적 불확실성에 대응해 왔는지를 설명한다. 사례연구 결과, 네이버는 기업가가 일정한 혁신 프로세스를 주도함으로써 기회를 획득했으며, 사전적인 계획에 의하기 보다는 환경변화에 지속적으로 대응하는 진화적 방식으로 전략을 수립했음을 알 수 있었다. 또한, 셀 조직으로 분권화함으로써 고객중심주의와 현장중심주의를 구현할 수 있었음을 파악하였다. 본 연구를 통하여 전통적 전략이론으로는 극한적 불확실성 하의기업경영을 설명하는데 한계가 있으며, 새로운 전략이론의 개발이 필요하다는 시사점을 도출하였다.
We use agency theory to examine the influence of ownership structure on the relationship between ... more We use agency theory to examine the influence of ownership structure on the relationship between financial slack and R&D investments, highlighting how that relationship might differ depending on the identity of the owners, and their potentially different interests. In doing so, we extend the scope of agency theory by examining the principal-principal conflicts of interests that may exist among different types of owners. Using a sample of Korean manufacturing firms in R&D-intensive industries between 1998 and 2003, we find that financial slack has an inverted U-shaped relationship with R&D investments. Furthermore, that relationship varies depending on the presence of different types of owners. Family ownership positively moderates the relationship between financial slack and R&D investments, whereas domestic institutional investors and foreign investors negatively moderate that relationship. Our results show that distinguishing among different types of owners is instrumental in enha...
Since the foundation of Y Combinator in 2005 and Techstars in 2007, startup accelerators have rap... more Since the foundation of Y Combinator in 2005 and Techstars in 2007, startup accelerators have rapidly emerged as a new form of organization in the startup ecosystem. In Korea, Primer was founded in 2010 as the first startup accelerator and was then followed by other early accelerators. The recent government certification of accelerators has since triggered the rapid spread of accelerators. However, despite this rapid diffusion of accelerators, there is a paucity of research. This paper seeks to offer a conceptual model as to how accelerators add value. It also provides suggestions for accelerator design, public policy and future research. Accelerators can mitigate institutional voids that hinder the creation and success of startups. They also assist startups to gaining access to human, social, and financial capital by offering education programs, mentoring service, networking opportunities, and demo days. In addition, mentoring helps startups to test key assumptions and receive feed...
Firm reputation is one of important sources to survive and gain competitive advantage. Previous r... more Firm reputation is one of important sources to survive and gain competitive advantage. Previous researchers argue that institutional endorsement builds reputation and this reputation spills over affiliated organizations. However, there is little empirical evidence to support reputation spillover effect among business group affiliates. This study attempts to fill this gap by examining market responses to an affiliated firm’s additions to and deletions from a sustainability index. Findings suggest that there is asymmetric reputation effect and reputation spillover effect within business group affiliates. Further, this spillover effect is stronger among some business group member firms than others.
An appointment of a family heir as the new CEO attracts significant media attention and signals t... more An appointment of a family heir as the new CEO attracts significant media attention and signals the advent of a new chapter of family leadership. Regardless, the senior generations can remain to ex...
Controlling families of family firms strive to preserve their socioemotional wealth (SEW) through... more Controlling families of family firms strive to preserve their socioemotional wealth (SEW) through family involvement in company leadership. Prior research points to a potential trade-off of family ...
Despite the increasing presence of foreign institutional investors in emerging economy firms, the... more Despite the increasing presence of foreign institutional investors in emerging economy firms, there has been little systematic effort to understand how these investors determine their ownership stakes when facing the information asymmetry problem. Drawing on information-based theories of imitation and, in particular, the informational cascades theory, our study proposes an ownership-based model of herding behavior in which foreign institutional investors are more likely to invest in emerging economy firms, where family owners and domestic institutional investors who are positioned to exploit relative informational advantages have higher equity ownership positions, independently and jointly. Our study uses a sample of 385 publicly traded manufacturing firms in South Korea during the 1998-2003 period to test hypotheses. The results partly support an ownership-based model of herding behavior.
As a departure from previous literature that has focused on the consequences of family management... more As a departure from previous literature that has focused on the consequences of family management, this study turns our attention to its antecedents. This study extends our understanding of when family members join boards of directors by focusing on the legitimating aspects of board membership. According to the findings, family members are appointed to boards of high-performing and high-reputation firms in an effort to build the legitimacy of family leadership. Furthermore, organizational efforts to legitimize leadership are focused on family members who are most in need of legitimacy: family members beyond the second generation. Evidence in support of these mechanisms is found using panel data of business group affiliated firms in South Korea.
The business group literature is important to multiple theoretical perspectives in the organizati... more The business group literature is important to multiple theoretical perspectives in the organizational sciences. However, the literature is also vast, fragmented, and geographically diverse. In response, we review the business group literature with a special emphasis on discussing current debates within this literature and on identifying opportunities for future research. Specifically, we organize, review, critically analyze, and make suggestions for future research in three areas of business group research: (1) market imperfections and internal capital markets, (2) corporate governance and strategic actions, and (3) affiliate and business group performance. We pay particular attention to the potential of business groups to advance extant theoretical perspectives such as transaction cost theory, institutional theory, resource-based theory, social network theory, and agency theory.
Motivated by the growth and internationalization of business groups, this paper reviews the busin... more Motivated by the growth and internationalization of business groups, this paper reviews the business group literature and presents a future research agenda, highlighting their implications for international strategy. The paper identifies theoretical tensions and empirical ambiguities around three key business group features—corporate governance, internal markets, and corporate strategy—and three key outcome variables—performance, economic impact, and innovation—that have generated significant debate. We conclude with three methodological concerns relevant to these debates: generalizing business group research across countries, endogeneity in business group research, and performance measurement in business groups.
1997년에 창업된 아이디스는 범죄예방 및 감시 목적으로 설치된 보안용 영상감시 시스템에서 촬영되는 영상을 저장하는 Digital Video Recorder(DVR) 전문회사... more 1997년에 창업된 아이디스는 범죄예방 및 감시 목적으로 설치된 보안용 영상감시 시스템에서 촬영되는 영상을 저장하는 Digital Video Recorder(DVR) 전문회사로 세계시장에서 명실상부한 ‘히든 챔피언’으로 인정받고 있는 국내의 강소기업이다. 본 사례는 영상저장장치 시장이 아날로그에서 디지털로 기술이 개편되는 시기에 아이디스가 DVR 시장에 성공적으로 진출하여 성장하는 과정을 제품개발과 시장개척 전략으로 나누어 살펴봄으로써, 신규 벤처기업이 기존에 존재하던 산업에서 특화된 경쟁력을 기반으로 이뤄낸 성공에 대한 시사점을 도출하고자 한다. 더 나아가 최근 들어 일어나고 있는 Internet Protocol(IP) 기반으로 기술변화에 직면한 아이디스가 통합보안솔루션 전문업체로 도약하기 위해 취하는 전략적 변화를 소개하며 벤처기업이 성장하면서 직면하는 과제에 대한 시사점을 제공하고자 한다.
Since the financial crisis of late 1997, and spurred on by the successes of entrepreneurial start... more Since the financial crisis of late 1997, and spurred on by the successes of entrepreneurial start-ups and by increasing cynicism about the established firm’s entrepreneurial capabilities, large Korean firms have launched corporate venture programs. The purpose of this paper is to draw lessons from the Korean experience and offer guidelines about how to design corporate venture programs in the midst of shifting institutional contexts. We propose four design rules: a mechanism selection rule, an “internal versus external” rule, a separation rule, and a sharing rule. We conclude by discussing the managerial implications.
극한적 불확실성(Extreme Uncertainty)으로 집약되는 최근의 경영환경에서 기업은 새로운 경쟁우위의 창출의 필요성을 절감하고 있다. 하지만, 이러한 극한적 불확실성... more 극한적 불확실성(Extreme Uncertainty)으로 집약되는 최근의 경영환경에서 기업은 새로운 경쟁우위의 창출의 필요성을 절감하고 있다. 하지만, 이러한 극한적 불확실성하에서 기업경영에 대한 연구가 아직 미진한 실정이며, 본 연구는 환경적 불확실성이 매우 높은 인터넷과 모바일 시장에서 성공을 거둔 네이버 사례분석을 통해 극한적 불확실성 하에서의 새로운 경영방식을 탐색적으로 연구하고자 한다. 사례분석을 위한 개념적 틀로서 혁신 모멘텀(Momentum)의 형성을 설명하는 M-eso 모델을 제시하고자 하며, 이를 기반으로 네이버가 기업가 이니셔티브(Entrepreneur Initiative), 전략적 의사결정(Strategic Decision Making), 조직화(Organizing)라는 다면적인 경영혁신의 관점에서 네이버가 어떻게 극한적 불확실성에 대응해 왔는지를 설명한다. 사례연구 결과, 네이버는 기업가가 일정한 혁신 프로세스를 주도함으로써 기회를 획득했으며, 사전적인 계획에 의하기 보다는 환경변화에 지속적으로 대응하는 진화적 방식으로 전략을 수립했음을 알 수 있었다. 또한, 셀 조직으로 분권화함으로써 고객중심주의와 현장중심주의를 구현할 수 있었음을 파악하였다. 본 연구를 통하여 전통적 전략이론으로는 극한적 불확실성 하의기업경영을 설명하는데 한계가 있으며, 새로운 전략이론의 개발이 필요하다는 시사점을 도출하였다.
We use agency theory to examine the influence of ownership structure on the relationship between ... more We use agency theory to examine the influence of ownership structure on the relationship between financial slack and R&D investments, highlighting how that relationship might differ depending on the identity of the owners, and their potentially different interests. In doing so, we extend the scope of agency theory by examining the principal-principal conflicts of interests that may exist among different types of owners. Using a sample of Korean manufacturing firms in R&D-intensive industries between 1998 and 2003, we find that financial slack has an inverted U-shaped relationship with R&D investments. Furthermore, that relationship varies depending on the presence of different types of owners. Family ownership positively moderates the relationship between financial slack and R&D investments, whereas domestic institutional investors and foreign investors negatively moderate that relationship. Our results show that distinguishing among different types of owners is instrumental in enha...
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