기업기반 스핀오프 벤처기업의 성과에 모기업의 역할과 관계가 미치는 영향에 관한 연구: 대전, 경남지역 벤처기업을 중심으로
Impacts of Role and Relationship Type of Parent Firm on the Performance of Corporate Spin-offs: Focused on Venture Firm in Daejeon and Kyungnam Region
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Corporate Spin-offs are successful phenomena that show outstanding performance in comparison with research-based spin-offs and non-spin-offs. However, there are few studies focused on corporate spin-off performance with relation to the role and relationship type of parent firm in Korea until now. This study investigates the influences of parent firm’s role and relationship type on the performance of corporate spin-offs. Based on the theoretical studies of parent firm’s role as an independent variable in the creation of corporate spin-offs, parent firm roles can be divided into role and non-role. And there are three types of parent firm role in corporate spin-offs. One is opportunity corporate spin-off. Another is incumbent-backed corporate spin-off. The other is necessity corporate spin-off. We also set current relationship between corporate spin-off and its parent firm as an independent variable. Current relationships with the parent firms are divided into relationship and no relationship. In the case of relationship type with parent firms, we categorize current relationship type between corporate spin-off and its parent firm into three categories such as different market seeker, business partner(supplier or buyer), and competitor. Then, we set the performance of corporate spin-off as a dependent variable. Dependent variable is composed of satisfaction level of sales growth, market share, and profit margin. We formulate several hypotheses between independent variables and dependent variable and build research model. Data were collected using questionnaire from the corporate spin-offs’ CEOs and 104 survey data were collected and analyzed to test hypotheses. Our findings indicate that the performance of corporate spin-offs with parent firm’s role is better than without parent firm’s role. And in the case of corporate spin-offs with parent firms, opportunity and incumbent-backed spin-offs’ performance are better than that of necessity spin-offs. But, it shows no significant performance difference between opportunity and incumbent-backed spin-offs. The performance of corporate spin-offs which have current relationship with parent firms is better than without current relationship with parent firms. However, when it comes to corporate spin-offs have current relationships with parent firms, it does not show any significant performance differences among the relationship types such as different market seeker, business partner, and competitor. In the end of the study, the implications and limitations are discussed and future research directions base on this study results are suggested.
Abstract
Corporate Spin-offs are successful phenomena that show outstanding performance in comparison with research-based spin-offs and non-spin-offs. However, there are few studies focused on corporate spin-off performance with relation to the role and relationship type of parent firm in Korea until now. This study investigates the influences of parent firm’s role and relationship type on the performance of corporate spin-offs. Based on the theoretical studies of parent firm’s role as an independent variable in the creation of corporate spin-offs, parent firm roles can be divided into role and non-role. And there are three types of parent firm role in corporate spin-offs. One is opportunity corporate spin-off. Another is incumbent-backed corporate spin-off. The other is necessity corporate spin-off. We also set current relationship between corporate spin-off and its parent firm as an independent variable. Current relationships with the parent firms are divided into relationship and no relationship. In the case of relationship type with parent firms, we categorize current relationship type between corporate spin-off and its parent firm into three categories such as different market seeker, business partner(supplier or buyer), and competitor. Then, we set the performance of corporate spin-off as a dependent variable. Dependent variable is composed of satisfaction level of sales growth, market share, and profit margin. We formulate several hypotheses between independent variables and dependent variable and build research model. Data were collected using questionnaire from the corporate spin-offs’ CEOs and 104 survey data were collected and analyzed to test hypotheses. Our findings indicate that the performance of corporate spin-offs with parent firm’s role is better than without parent firm’s role. And in the case of corporate spin-offs with parent firms, opportunity and incumbent-backed spin-offs’ performance are better than that of necessity spin-offs. But, it shows no significant performance difference between opportunity and incumbent-backed spin-offs. The performance of corporate spin-offs which have current relationship with parent firms is better than without current relationship with parent firms. However, when it comes to corporate spin-offs have current relationships with parent firms, it does not show any significant performance differences among the relationship types such as different market seeker, business partner, and competitor. In the end of the study, the implications and limitations are discussed and future research directions base on this study results are suggested.
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