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창업자의 사회적 역량과 사회적 자본이 투자유치 시도방식에 미치는 영향

The Influence of the Founder's Social Competence and Social Capital on Access to Funding Sources

김도현|박계현
한국벤처창업학회 (The Korean Society of Business Venturing)|2021.02|벤처창업연구 (Asia-Pacific Journal of Business Venturing and Entrepreneurship)|제16권 제1호|pp. 21-35|DOI 10.16972/apjbve.16.1.202102.21

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키워드

Social capital사회적 자본사회적 역량Social competence개인 네트워크창업자Founder투자유치 시도방식비즈니스 네트워크지위 생성기Access to funding sourcePersonal networkBusiness networkPosition generator

초록

본 연구는 사회적 자본이론을 중심으로, 창업자의 사회적 역량이 사회적 네트워크의 특성을 매개로 투자유치 활동에 미치는 영향을 공식적, 비공식적 투자유치 접근방식으로 구분하여 분석하였다. 또한 창업자의 사회적 자본을 개인 네트워크와 비즈니스 네트워크로 구분하여 투자유치 시도방식에 미치는 영향을 검증하였다. 국내 창업기업의 창업자 252명을 대상으로 설문 데이터를 수집하였으며, 구조방정식 모형을 적용하여 경로분석과 매개효과 분석을 수행하였다. 본 연구는 사회적 역량이 창업자의 개인 네트워크와 비즈니스 네트워크를 각각 완전 매개하여 각기 다른 투자유치 시도방식을 선택한다는 결과를 도출하였다. 즉, 창업자의 사회적 역량 수준이 높으면 창업자 본인의 네트워크를 통하여 비공식적인 투자유치 기회를 추구하며 이들은 상대적으로 공개 투자유치 시도를 하지 않는 경향이 있음을 시사한다. 반대로 창업자의 사회적 역량 수준이 낮으면 비즈니스 네트워크를 통하여 공식적인 투자유치 기회를 추구하며, 상대적으로 이들은 지인 또는 지인 소개를 통한 투자유치 시도를 하지 않는 경향이 있음을 의미한다. 이는 투자유치 맥락에서 창업자의 사회적 역량이 개인 네트워크와 비즈니스 네트워크에 상반된 영향을 미친다는 점을 실증한 국내 첫 연구로서 의의가 있다. 또한 지위 생성기(Position generator)기법으로 네트워크의 크기, 위세, 이질성을 종합한 변수를 구성하여 보다 정밀하게 네트워크 특성을 측정하였다는 방법론적인 기여가 있다.

Abstract

Based on social capital theory, this study investigated the influence of the start-up founder’s social competence on the start-up’s access to funding sources and performance through the mediating role of the type of social network. This study aimed to examine two types of social networks empirically (i.e., personal networks and business networks) as social capital in analyzing the effect of the founder’s social competence and social capital on the method of accessing funding sources. A self-report questionnaire was administered to 252 South Korean start-up founders whose businesses are based in South Korea. Path analysis and mediation effect analysis were performed by structural equation modeling(SEM) using STATA 16.1. This study examined the full mediating effect of the founder’s social competence on his/her personal and business networks, respectively, and how the effect leads to different methods to approach funding sources. This is the first study in South Korea to analyze empirically how social competence has contrasting effects on personal and business networks as well as how each type of network varies in its influence on the method founders use to attract investment. This study is also significant in that it proposed a new methodology by utilizing the position generator as the measure of personal and business networks to analyze social networks in detail. The analyses of 252 survey data collected over a period of six months will be a valuable resource that may provide researchers, founders, investors, and other stakeholders in the start-up ecosystem with meaningful implications.

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