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실효성 및 인과성의 의사결정 원칙이 스타트업의 성장률에 미치는 영향: 성장 단계의 조절효과

Impacts of Effectuation and Causation on the Growth Rates of Startups in South Korea: Moderating effects of Growth Stage

김건식|박계현
중소벤처기업연구원 (Korea SMEs & Startups Institute)|2023.12|중소기업정책연구 (Journal of SME Policy)|제8권 제3호|pp. 1-41

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키워드

실효성스타트업비선형성인과성Causation형성적 요인분석StartupsNonlinearityEffectuation복합성장률Composite growthFormative factor analysis

초록

기업가정신에 관한 최근 연구는 사업 목표 수립과 의사결정의 접근방식에 관해 실효성(effectuation)과 인과성(causation)에 대한 이론과 지식을 축적하고 있다. 본 연구는 실효성과 인과성이 한국 스타트업의 재무적 성장에 미치는 선형 및 비선형 효과를 검증한다. 227개의 국내 스타트업을 대상으로 분석한 결과 첫째, 실효성 접근은 스타트업의 복합 성장률에 효과가 있으나 인과성 접근이 성장에 기여한다는 증거는 확인되지 않았다. 둘째, 실효성 접근이 성장에 미치는 영향은 지수함수적인 증가의 기제가 검증되었으나 인과성 접근은 그렇지 않았다. 셋째, 실효성 접근이 성장에 미치는 영향은 초기의 신생단계에서 가장 큰 효과가 있음을 확인하였다. 그리고 실효성 기반의 원칙이 스타트업의 성장을 촉진하는 반면 인과성 기반의 원칙은 그렇지 않았다. 실효성의 효과는 비선형적으로 증가하고, 실효성이 초기 창업 단계에서 가장 효과가 크다는 본 연구의 결과를 바탕으로 이론적, 정책적 시사점을 제시하였다.

Abstract

Recent research in entrepreneurship has accumulated theories and knowledge on effectuation and causation that have different venturing approaches in business goal-setting and decision-making. This study examines the effects of effectuation and causation on the financial growth rates of Korean startups. Using a sample of 227 Korean startups, we found that, first, the effectuation approach is effective on the composite growth rate of startups, but there was no evidence that the causation approach contributes to growth of startups. Second, the effect of the effectuation approach on growth was found to be exponential, while the causation approach was not. Third, we found that the effect of the effectuation approach on growth is strongest in the early stage of startups. This study contributes to the literature by demonstrating that effectuation principles of decision making in venturing accelatates the growth of startups, while causation principles do not have significant effects.

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