본문 바로가기
KERD
논문KCI 등재

벤처기업의 소유권 구조와 협력 네트워크가 혁신성과에 미치는 영향 : 기업성장단계와 지역조건에 의한 조절효과

The Effects of Ownership and Cooperation Network on Innovation Performance among Venture Companies : Moderating Effect by Corporate Growth Stage and Regional Conditions

박철|이중원
중소벤처기업연구원 (Korea SMEs & Startups Institute)|2020.09|중소기업정책연구 (Journal of SME Policy)|제5권 제2호|pp. 1-44|DOI 10.23099/jsmep.2020.5.2.1

0

조회

0

다운로드

2

인용

0

참고문헌

키워드

Governance협력 네트워크벤처기업혁신성과Innovation PerformanceVenture Company소유권 구조Cooperation Network

초록

벤처기업은 고용창출, 기술혁신 및 경제성장의 원동력으로 국가경제 발전에 중추적인 역할을 담당하고 있다. 최근 세계경기 침체로 대기업의 주력산업이 고전을 하는 가운데, 벤처기업들의 역할이 중요해지고 있다. 본 연구는 벤처기업의 생존과 발전에 중요한 역할을 하는 혁신성과에 기업의 소유권 구조(지분율)와 외부의 협력 네트워크(파트너)가 미치는 영향을 실증해 보았다. 그리고 이들 관계를 조절하는 변수로 기업성장단계와 소재지역을 설정하였다. 이를 위해 중소벤처기업부 벤처기업 실태조사(2016- 2017) 4,163개의 데이터를 분석하였다. 포아송 회귀분석결과, 내부 이해관계자보다는 외부 이해관계자(타기업, 엔젤투자자, 벤처 캐피탈)의 지분율이 높을수록 벤처기업의 혁신성과는 높았으며, 기업성장단계별로 이 효과는 달라지는 것으로 나타났다. 외부 협력 네트워크는 모두 혁신성과를 높이는 역할을 하였으며, 특히 수도권 소재의 벤처기업들이 효과가 큰 것으로 나타났다. 이를 토대로 벤처기업 혁신성과를 높이기 위한 정책적 시사점을 제시하였다.

Abstract

Venture companies are playing a pivotal role in the development of the national economy as a driving force for job creation, technological innovation and economic growth. Amid the recent global economic downturn, major industries of large corporations are struggling, the role of venture companies is becoming more important. This study demonstrates the influence of corporate governance (shareholding) and external cooperation networks(partners) on innovation performance, which plays an important role in the survival and development of venture firms. In addition, the stages of growth and location of companies were set as variables to moderate these relationships. For empirical analysis, 4,163 data of venture firms’ survey (2016-2017) were analyzed. The results of the Poisson regression analysis showed that the higher the stakes of external stakeholders(other companies, angel investors, and venture capital) than the internal stakeholders, the higher the innovation performance of venture firms. The external cooperation networks all played an important role in enhancing innovation performance, and venture firms located in the metropolitan area were particularly effective. Based on this, the policy implications for enhancing the innovation performance of venture firms were presented.

참고문헌 (74)

  1. 구중회, "한국 벤처캐피탈리스트의 투자결정에 미치는 요인 연구", 벤처창업연구, 14(4), pp.1~18 (2019), 한국벤처창업학회[DOI]
  2. 국토연구원, "제4차 산업혁명과 국토발전", 국토, (424) (2017)
  3. 2015년 벤처기업정밀실태조사, "벤처기업협회", ~ (2015)
  4. "벤처기업 수출" (2015), 한국무역협회[URL]
  5. Alvarez, S. A., "How entrepreneurial firms can benefit from alliances with large partners", Academy of Management Perspectives, 15(1), pp.139~148 (2001)
  6. Baker, W. E., "Whose innovation performance benefits more from external networks: entrepreneurial or conservative firms?", Journal of Product Innovation Management, 33(1), pp.104~120 (2016)
  7. Baum, J. A., "Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups", Journal of Business Venturing, 19(3), pp.411~436 (2004)
  8. Baum, J. A., "Don’t go it alone : Alliance network composition and startups’ performance in Canadian biotechnology", Strategic Management Journal, 21(3), pp.267~294 (2000)
  9. Branzei, O., "Strategic pathways to product innovation capabilities in SMEs", Journal of Business Venturing, 21(1), pp.75~105 (2006)
  10. Camisón-Zornoza, C., "A meta-analysis of innovation and organizational size", Organization Studies, 25(3), pp.331~361 (2004)
  11. Cassiman, B., "Organizing links with science : Cooperate or contract? : A project-level analysis", Research Policy, 39(7), pp.882~892 (2010)
  12. Ceccagnoli, M., "Productivity and the role of complementary assets in firms’ demand for technology innovations", Industrial and Corporate Change, 19(3), pp.839~869 (2010)
  13. Chang, S. J., "When and how does business group affiliation promote firm innovation? A tale of two emerging economies", Organization Science, 17(5), pp.637~656 (2006)
  14. Chen, J., "Are employee-friendly workplaces conducive to innovation?", Journal of Corporate Finance, 40, pp.61~79 (2016)
  15. Choi, S. B., "Does ownership structure matter for firm technological innovation performance? The case of Korean firms", Corporate Governance : An International Review, 20(3), pp.267~288 (2012)
  16. Dutta, S., "A comparison of the effect of angels and venture capitalists on innovation and value creation", Journal of Business Venturing, 31(1), pp.39~54 (2016)
  17. Dyer, J. H., "The relational view : Cooperative strategy and sources of interorganizational competitive advantage", Academy of Management Review, 23(4), pp.660~679 (1998)
  18. Ehrlich, S. B., "After the cash arrives : A comparative study of venture capital and private investor involvement in entrepreneurial firms", Journal of Business Venturing, 9(1), pp.67~82 (1994)
  19. Eisenhardt, K. M., "Dynamic capabilities: what are they?", Strategic Management Journal, 21(10‐11), pp.1105~1121 (2000)
  20. Elitzur, R., "Contracting, signaling, and moral hazard : a model of entrepreneurs, ‘angels, ’ and venture capitalists", Journal of Business Venturing, 18(6), pp.709~725 (2003)
  21. Feldman, M. P., "The geographic sources of innovation : technological infrastructure and product innovation in the United States", Annals of the Association of American Geographers, 84(2), pp.210~229 (1994)
  22. Fiet, J. O., "Reliance upon informants in the venture capital industry", Journal of Business Venturing, 10(3), pp.195~223 (1995)
  23. Gassmann, O., "Extreme customer innovation in the front end : Learning from a new software paradigm", International Journal of Technology Management, 33(1), pp.46~66 (2006)
  24. Grant, R. M., "Toward a knowledge‐based theory of the firm", Strategic Management Journal, 17(S2), pp.109~122 (1996)
  25. Greiner, L. E., "Evolution and revolution as organizations grow", Harvard Business Review, 76(3), pp.55~64 (1998)
  26. Greve, A., "Social networks and entrepreneurship", Entrepreneurship Theory and Practice, 28(1), pp.1~22 (2003)
  27. Hanks, S. H., "Tightening the life-cycle construct : A taxonomic study of growth stage configurations in high-technology organizations", Entrepreneurship Theory and Practice, 18(2), pp.5~29 (1994)
  28. Heckman J. J., "The common structure of statistical models of truncation, sample selection and limited dependent variables and a simple estimator for such models", In Annals of Economic and Social Measurement, 5(4), pp.475~492 (1976)
  29. Hellmann, T., "Venture capital and the professionalization of start-up firms : Empirical evidence", The Journal of Finance, 57(1), pp.169~197 (2002)
  30. Hite, J. M., "Evolutionary processes and paths of relationally embedded network ties in emerging entrepreneurial firms", Entrepreneurship Theory and Practice, 29(1), pp.113~144 (2005)
  31. Hoang, H., "Network-based research in entrepreneurship : A critical review", Journal of Business Venturing, 18(2), pp.165~187 (2003)
  32. Hoskisson, R. E., "Conflicting voices : The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies", Academy of Management Journal, 45(4), pp.697~716 (2002)
  33. Hsu, D. H., "Experienced entrepreneurial founders, organizational capital, and venture capital funding", Research Policy, 36(5), pp.722~741 (2007)
  34. Ibrahim, D. M, "The(not so)puzzling behavior of angel investors", Vanderbilt Law Review, 61, pp.1405~ (2008)
  35. Jensen, M. C., "Economics social institutions", pp.163~231 (1979), Springer
  36. Katz, D., "The social psychology of organizations", pp.528~ (1978), Wiley
  37. Kazanjian, R. K., "An empirical test of a stage of growth progression model", Management Science, 35(12), pp.1489~1503 (1989)
  38. Larson, A., "A network model of organization formation", Entrepreneurship Theory and Practice, 17(2), pp.5~15 (1993)
  39. Laursen, K., "Open for innovation : the role of openness in explaining innovation performance among UK manufacturing firms", Strategic Management Journal, 27(2), pp.131~150 (2006)
  40. Laursen, K., "Regions matter : How localized social capital affects innovation and external knowledge acquisition", Organization Science, 23(1), pp.177~193 (2012)
  41. Lechner, C., "Firm networks : external relationships as sources for the growth and competitiveness of entrepreneurial firms", Entrepreneurship & Regional Development, 15(1), pp.1~26 (2003)
  42. Lewis, V. L., "The five stages of small business growth", Harvard Business Review, 61(3), pp.30~50 (1983)
  43. Lieberman, M. B., "First‐mover advantages", Strategic Management Journal,, 9(S1), pp.41~58 (1988)
  44. Lim, K., "Open innovation and patterns of R&D competition", Doctoral, pp.2008
  45. Lipparini, A., "The glue and the pieces : Entrepreneurship and innovation in small-firm networks", Journal of Business Venturing, 9(2), pp.125~140 (1994)
  46. Mason, C. M., "Barriers to investment in the informal venture capital sector", Entrepreneursh ip & Regional Development, 14(3), pp.271~287 (2002)
  47. Maurer, I., "Dynamics of social capital and their performance implications : Lessons from biotechnology start-ups", Administrative Science Quarterly, 51(2), pp.262~292 (2006)
  48. McConnell, J. J., "Additional evidence on equity ownership and corporate value", Journal of Financial Economics, 27(2), pp.595~612 (1990)
  49. Neergaard, H., "Networking activities in technology-based entrepreneurial teams", International Small Business Journal, 23(3), pp.257~278 (2005)
  50. Nelson, R. R., "The Schumpeterian tradeoff revisited", The American Economic Review, 72(1), pp.114~132 (1982)
  51. Nieto, M. J., "The importance of diverse collaborative networks for the novelty of product innovation", Technovation, 6(7), pp.367~377 (2007)
  52. Partanen, J., "Innovation types and network relationships", Entrepreneurship Theory and Practice, 38(5), pp.1027~1055 (2014)
  53. Porter, M. E., "Techniques for analyzing industries and competitors Competitive Strategy, New" (1980), Free
  54. Powell, W. W., "Interorganizational collaboration and the locus of innovation : Networks of learning in biotechnology", Administrative Science Quarterly, 41(1), pp.116~145 (1996)
  55. Premaratne, S. P., "Networks, resources, and small business growth : The experience in Sri Lanka", Journal of Small Business Management, 39(4), pp.363~371 (2001)
  56. Propris, L. D., "Types of innovation and inter-firm co-operation", Entrepreneurship & Regional Development, 14(4), pp.337~353 (2002)
  57. Rosenbusch, N., "Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs", Journal of Business Venturing, 26(4), pp.441~457 (2011)
  58. Rosenthal, S. S., "Geography, industrial organization, and agglomeration", Review of Economics and Statistics, 85(2), pp.377~393 (2003)
  59. Sapienza, H. J., "Venture capitalist governance and value added in four countries", Journal of Business Venturing, 11(6), pp.439~469 (1996)
  60. Saxenian, A., "Regional advantage : Culture and competition in Silicon Valley and Route 128, Cambridge" (1994), Harvard Univ. Press
  61. Schoonhoven, C. B., "The entrepreneurship dynamic: Origins of entrepreneurship and the evolution of industries" (2001), Stanford University Press.
  62. Schoonhoven, C. B., "Speeding products to market : Waiting time to first product introduction in new firms", Administrative Science Quarterly, 35(3), pp.177~207 (1990)
  63. Shane, S., "Network ties, reputation, and the financing of new ventures", Management Science, 48(3), pp.364~381 (2002)
  64. Shleifer, A., "Greenmail, white knights, and shareholders’ interest", The Rand Journal of Economics, 17(3), pp.293~309 (1986)
  65. Sorenson, O., "The social structure of entrepreneurial activity: Geographic concentration of footwear production in the United States, 1940–1989", American Journal of Sociology, 106(2), pp.424~462 (2000)
  66. Sorenson, O., "Syndication networks and the spatial distribution of venture capital investments", American Journal of Sociology, 106(6), pp.1546~1588 (2001)
  67. Sorenson, R. L., "The collaborative network orientation : Achieving business success through collaborative relationships", Entrepreneurship Theory and Practice, 32(4), pp.615~634 (2008)
  68. Stein, J. C., "Takeover threats and managerial myopia", Journal of Political Economy, 96(1), pp.61~80 (1988)
  69. Stinchcombe, A. L., "Social structure and organizations", Handbook of Organizations, 7, pp.142~193 (1965)
  70. Stuermer, M., "Extending privatecollective innovation : A case study", R&D Management, 39(2), pp.170~191 (2009)
  71. Teece, D. J., "Dynamic capabilities and strategic management", Strategic Management Journal, 18(7), pp.509~533 (1997)
  72. Teirlinck, P., "Corporate decisionmaking in R&D outsourcing and the impact on internal R&D employment intensity", Industrial and Corporate Change, 19(6), pp.1741~1768 (2010)
  73. Tether, B. S., "Beyond industry–university links : Sourcing knowledge for innovation from consultants, private research organisations and the public science-base", Research Policy, 37(6-7), pp.1079~1095 (2008)
  74. Tian, X., "Tolerance for failure and corporate innovation", The Review of Financial Studies, 27(1), pp.211~255 (2014)

관련 논문AI추천

국내 벤처기업의 성장단계별 외부자원 활용이 기술혁신 성과에 미치는 영향강원진, 오왕근, 이병헌한국벤처창업학회 · 벤처창업연구2012 · 제7권 제1호벤처캐피탈 투자가 벤처기업 혁신성과에 미치는 영향박지영, 신현한한국벤처창업학회 · 벤처창업연구2020 · 제15권 제1호외부자원 활용이 벤처기업의 기술혁신에 미치는 영향박상문, 이병헌한국중소기업학회 · 중소기업연구2006 · 제28권 제2호벤처기업의 외부협력이 경영성과에 미치는 영향김종운한국벤처창업학회 · 벤처창업연구2012 · 제7권 제1호벤처기업 외부협력에 대한 특허의 신호효과: 벤처캐피탈과 성장단계의 조절효과강신형, 신통천경영경제연구소 · 경영경제연구2024 · 제46권 제2호기업가정신, 혁신역량 및 외부협력이 벤처기업의 기술혁신 성과에 미치는 영향최종열한국벤처창업학회 · 벤처창업연구2015 · 제10권 제5호

이 간행물의 다른 논문 (3건)

비재무정보가 소상공인 신용평가 개선에 미치는 영향 : 상권정보를 중심으로이주희pp. 45-82경영위험과 유효법인세율과의 관련성에 있어 중소기업의 영향김선화pp. 83-124중소기업의 학습조직 수준과 조직몰입 관계 : 변화지지행동의 매개효과와 상사 신뢰 및 자기효능감의 조절효과송영선pp. 125-158
원문 보기