Studies on investment and innovation strategy of venture startups and small and medium-sized enterprises = 벤처 스타트업 및 중소기업의 투자와 혁신 전략에 관한 연구

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Venture startups and entrepreneurship are driving forces of innovation based on the state-of-the-art technologies. Establishment of venture startups can create innovation and employment and make rapid shifts of capital flows, finally it affect national economy. Thus, those studies are important to analyze not only the influence of establishment of startups on national economy in view of macroeconomics but also the strategies of successful exit of the startups in terms of micro view. However, previous studies have concentrated on the mature and listed firms which are easier to access the financial data. Previous research of startups has mainly used methodologies as qualitative methods, simulation data, and survey data due to difficulty of collecting empirical data. Thus, three essays in this dissertation perform the studies of financial and innovation strategies which are based on empirical data to fill the research gap. Following three essays provide various strategies and decision making in terms of each startup. First essay focuses on trade credit, which is usually used to constrained startups and small and medium enterprises (SMEs). Trade credit is important, especially during a monetary contraction, as it is the last option for firms that lack bank credit. This essay aims to determine whether trade credit, in terms of both trade payable and receivable, is profitable for the buyer and supplier firms during and after a financial crisis. It uses panel data that consists of all trade credit transactions and financial statements of 5,751 Korean firms during the period 2008–2012. The results show that trade credit is more profitable for both buyers and suppliers in the post-crisis period than during the crisis. Moreover, trade payable is more effective for unconstrained buyers than for constrained buyers. Finally, a mixed strategy is superior to an aggressive or passive strategy of SMEs. The results suggest less profitability of trade credit during a period of contraction and greater sensitivity of the buyer SMEs, emphasizing on the idiosyncratic liquidity strategy of each firm. Second essay provides the effect of mergers and acquisitions (M&A) in energy sector. M&As are important activities for the growth of firms. In the energy sector, acquiring firms can obtain eco-friendly technology and green premium, as well as tangible assets through the acquisitions of energy firms. Among many energy firms, an acquired startup is more effective since the acquisition price is relatively inexpensive and the acquirer firms can also get an exposure to entrepreneurial culture. To test the acquisition effect, it uses datasets from Worldscope and CrunchBase, especially the listed firms in NYSE and NASDAQ. It observes that despite the advantages of an acquisition, the effect of a startup acquisition is negative. However, firms in environmentally sensitive industries benefit from such acquisition activity. The acquisition price of energy startups is overestimated due to increased demand for acquisitions. On the other hand, green premium also helps “dirty” firms make a profit. Thus acquirers should consider the pros and cons of M&A and startups must select the relevant sector as an exact targeting to get higher price. Third essay is an empirical analysis of innovation patterns of large companies and startups in the big data technology. Large companies and startups have been considered as the principal sources of innovation. Previous studies have focused on the factors of the number of patents and citations, such as firm size, industrial classification, core capacity, and R&D expenditure as comparative research. However, large companies and startups have the differences in directions and types of innovation, but not simple number of patents. Thus, it investigates innovation patterns of the big data technology between large companies and startups as innovation types. It analyzes all of the patents in G06F-17/30 class in USPTO in 2017 and use the methodologies as hierarchical clustering, word stems analysis, and minimum spanning tree to classify the patents as an exploratory research. Large companies are defined as the patents of IBM, Google, and Microsoft, which are the first three firms in the class, whereas startups are chosen as the patents of the firms within 10 years. As a result, large companies concentrate on B2C businesses such as entertaining and interacting skills, whereas startups focus on niche markets such as materials, components, and social media. This paper contributes to the comprehensive understanding of future technologies and the decision of investments from venture capital and government. This dissertation provides the view of the strategies and performance management to operate startups and SMEs successfully. It can contribute in academic perspectives as follows. First, it extends to startups from other incumbent companies in management perspective. Second, it provides the perspective of the various sectors of startups, such as energy and state-of-the-art technology, in the research of venture startups. Third, it provides more realistic results by using the empirical data. Finally, it suggests the various methodologies, that is, the simple regression by least squares, propensity score matching (PSM), difference-in-differences (DID), complex networks, and keyword analysis. Therefore, this dissertation will be valuable not only practical application of investment and innovation strategies of each startup, but also other perspectives to researchers, policy makers, and potential entrepreneurs.
Lee, Duk Heeresearcher이덕희researcher
한국과학기술원 :기술경영학부,
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학위논문(박사) - 한국과학기술원 : 기술경영학부, 2019.2,[iv, 82 p. :]


venture startups▼afinancial performance▼ainnovation strategy▼amergers and acquisitions▼afinancial crisis▼atrade credit▼acomplex network; 벤처 스타트업▼a재무 성과▼a혁신 전략▼a인수 합병▼a금융 위기▼a기업 간 거래 채권▼a복잡계 네트워크

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