Earticle

A venture may be defined as a project prospective converted into a process with an adequate assumed risk and investment, and venture capital is financial capital provided to early stage, high potential growth startup companies. Private equity investments began to emerge marked by the founding of the first two venture capital firms in 1946. One of the first steps toward a professionally-managed venture capital industry was the passage of the Small Business Investment Act of 1958. While the substantial developments in venture capital have made progresses practically after the SBI act and ventures face an increasingly various set of funding sources, the academic researches on this industry are not very filling due to scarcity of data on venture capital. This paper investigates the business analysis using Venture Capital's financial information and analyze the effect of venture capital investment and profitability by implementing the parametric test and the multi- regression analysis on the basis of the venture company DB and its financial data. The major results of this study are as follows. I classify the sample into two groups: the high-evaluated venture firms and low- evaluated firms. The positive influence of fund investment of venture capital moderates the information asymmetry between investors and venture capitals to improve the corporate value of the venture capital firms. The investment decision and management system of venture capital should be strengthened by quality to that of global venture capital firms.

Small and Medium enterprises(SMEs) is accounted for a significant proportion of our economy. Technological competitiveness of SMEs is an important factor of their competitiveness. But SMEs have weak point in the factor conditions, demand condition because of low capital and small manpower as well as insufficient investment on the business. This study tries to analyze the competitiveness of the hidden champion in the world closely business, applying the diamond model of Michael Porter. They attaining revenues comparable with large companies despite of its small/medium size. It also tries to search for a development strategy of SMEs in the world market by analyzing competitive elements of the hidden champion.

Entrepreneurs have the intent and attitude toward business venturing come from many sources. Real entrepreneurial behavior is affected by inner and outer influencers and made by complex decision making process. If we know the origin, process and moderators toward entrepreneurial activity we can have detailed knowledge for the entrepreneur. Up to date there were many researches for the entrepreneurial activity. They are mainly focused to the individual, environmental factors initiating the entrepreneurship and contributed a lot toward the realty of entrepreneurship. However we need a comprehensive and integrated model toward entrepreneur’s behavior to know the reality of entrepreneurship. If we quote the results of behavioral research on other disciplines and combine them in entrepreneurial study, we have chance to draw integrated model toward entrepreneur’s behavior. This paper is exploratory research on this sense.

This paper suggest structural model that explains the relationship between strategic business orientations and business performances. In the model, we assumed that customer-orientation and technology innovation orientation are key exogenous variables that affect on the performances directly or indirectly. The structural model include two important mediating variables between business orientations and performances. The first mediating variable is the capability of core resources aquisition and allocation, and the second is the process efficiency of the system. To test the model, we gathered 220 company data which was responded by the manager of IT manufacturing and services companies and non-IT manufacturing companies. The empirical test proved that the customer-orientation and technology innovation orientation didn't affect on their performances directly, but through the two mediating variables indirectly. The implications of the research results are as follows. For whom to enhance the business performances, not only the strategic business orientations are essential prerequisite, but also the effective resource management and process efficiency are very important in the business system. Especially, for the companies who are in the edge of agile technological and innovative environments, the capability of core resources management is essential asset of the company. We could conclude that the more a company has strategic view and orientations, the more the company will have resource control ability, and finally the company will have chance to get high business performances.