본문 바로가기
KERD
논문KCI 등재

소셜벤처의 이중가치(경제적 vs. 사회적 가치)와 벤처투자가의 해석수준이 소셜벤처 투자의도에 미치는 영향

The Effects of the Dual Values(Economic value vs. Social value) of Social Venture and the Venture Capitalist’s Construal Level on the Investment Intention

한정수|최자영
한국창업학회|2021.07|한국창업학회지 (Journal of the Korean Entrepreneurship Socieity)|제16권 제4호|pp. 85-111|DOI 10.24878/tkes.2021.16.4.85

0

조회

0

다운로드

6

인용

0

참고문헌

키워드

positive affect긍정적 정서social impact해석수준이론소셜벤처construal level theory벤처투자가소셜 임팩트social venturesventure capitalists

초록

본 연구는 벤처투자가 관점에서 두 개의 가치(경제적 가치 vs. 사회적 가치)가 존재하는 소셜벤처에 대한 투자행동을 행동심리학 측면에서 분석하는데 목적이 있다. 특히, 해석수준이론(construal level theory)은 의사결정자들의 판단 방법이나 스타일에 따라 동일한 상황에서도 다른 결정을 내린다는 점을 설명한다. 이 이론을 적용하여 본 연구는 3개의 가설을 설정하여 2*2 실험설계를 진행하였고, 실험에는 금융기관의 투자심사역 및 엔젤투자자 그리고 공공부문 창업담당자 등 145명이 참여하였다. 분석결과, 소셜벤처 유형에 따라 투자의도에 미치는 영향은 유의하지 않았으나, 소셜벤처 유형(A vs. B)과 벤처투자가의 해석수준(low vs. high)이 투자의도에 미치는 상호작용효과가 유의하게 나타나서 소셜벤처 유형이 투자의도에 미치는 영향에 있어서 벤처투자가의 해석수준에 따라 다르다는 것이 확인되었다. 즉, 상위수준의 벤처투자가는 경제적 가치가 우선하는 소셜벤처에 대한 투자의도가 높았고, 하위수준의 벤처투자가는 사회적 가치가 우선하는 소셜벤처에 대한 투자의도가 높게 나타났다. 또한 소셜 임팩트의 긍정적 정서의 매개효과 검증을 위해 SPSS Process Macro Model 5를 이용하여 간접효과 유의성을 검증하였으며 정(+)으로 유의하게 나타났다. 이러한 결과는 사회적 가치를 우선 제공하는 소셜벤처에 대해 벤처투자가는 소셜 임팩트에 대한 긍정적인 정서가 유발되고 이는 중요한 심리적 기제로 작동되어서 투자의도가 높아지는 것으로 해석된다.

Abstract

The purpose of the study is to analyze the venture capitalists' intention to invest in social ventures with the two different values (i.e., economic value vs. social value) based on the behavioral psychology. In particular, the construal level theory explains that decision-makers make different decisions under the same circumstances, depending on how they judge or style. Applying this theory, this study conducted 2*2 experimental design with three hypotheses, and The experiment involved 145 people, including fund managers in private investment institutions and the public sectors, as well as angel investors. As a result of the analysis, the impact of social venture types on investment intentions was not significant. However, the interaction effect of social venture types (A vs. B) and construal level (low vs. high) of venture capitalists on investment intentions was statistically significant. Therefore, it was confirmed that the impact of social venture types on investment intentions depends on the level of construal of venture capitalists. In other words, high-level construal venture capitalists were highly willing to invest in social ventures with the economic value as higher concepts and social values as lower concepts, while low-level construal venture capitalists were highly willing to invest in social ventures with social value as higher concepts. In addition, we found the significant the mediation effects of the positive affect of the social impact on the invest to the social venture, using the Process Macro Model 5. Consequently, the social venture are more likely to increase the positive affect due to the higher social impact, in turn the positive affect increase venture capitalists’ investment intentions.

참고문헌 (77)

  1. 김승욱, "시장인가? 정부인가?" (2004), 도서출판 부키
  2. 윤선일, "사회문제 해결을 위한 증세 태도와 사회문제 해결 조직에 대한 투자의 결정요인", GRI연구논총, 22(4), pp.237~258 (2020), 재단법인 경기연구원
  3. 서울시 소셜벤처 실태와 정책방향, "주재욱", 서울연구원, ~ (2018)
  4. Albert, S., "Organizational identity", Research in organizational behavior, 7, pp.263~295 (1985)
  5. Alexy, O. T., "Social capital of venture capitalists and start-up funding", Small Business Economics, 39(4), pp.835~851 (2012)
  6. Ansell, C., "Collaborative governance in theory and practice", Journal of public administration research and theory, 18(4), pp.543~571 (2008)
  7. Austin, J., "Social and commercial entrepreneurship:same, different, or both?", Entrepreneurship theory and practice, 30(1), pp.1~22 (2006)
  8. Austin, J., "Social and commercial entrepreneurship: same, different, or both?", Revista de Administração, 47(3), pp.370~384 (2012)
  9. Bagozzi, R. P., "Goal setting and goal striving in consumer behavior", Journal of marketing, 63(4_suppl1), pp.19~32 (1999)
  10. Battilana, J., "Advancing research on hybrid organizing–Insights from the study of social enterprises", Academy of Management Annals, 8(1), pp.397~441 (2014)
  11. Bay, D., "The theory of trying and goal‐directed behavior: The effect of moving up the hierarchy of goals", Psychology &Marketing, 20(8), pp.669~684 (2003)
  12. 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)
  13. Beckman, C. M., "Early teams: The impact of team demography on VC financing and going public", Journal of business venturing, 2, pp.147~173 (2007)
  14. Bugg-Levine, A., "Impact investing: Transforming how we make money while making a difference", Innovations: Technology, Governance, Globalization, 6(3), pp.9~18 (2011)
  15. Byers, T. H., "Technology Ventures: From Idea to Enterprise", pp.179~185 (2011), McGraw-Hill
  16. Cummings, B., "Benefit corporations: How to enforce a mandate to promote the public interest", Colum. L. Rev, 112, pp.578~ (2012)
  17. Dean, D. H., "Consumer perception of corporate donations effects of company reputation for social responsibility and type of donation", Journal of advertising, 32(4), pp.91~102 (2003)
  18. Dees, J. G., "For-profit social ventures", International Journal of Entrepreneurship Education, 2(1), pp.1~26 (2003)
  19. Deskins, M. R., "Benefit corporation legislation, version 1.0-A breakthrough in stakeholder rights", Lewis &Clark L. Rev, 15, pp.1047~ (2011)
  20. Doherty, B., "Social enterprises as hybrid organizations: A review and research agenda", International journal of management reviews, 16(4), pp.417~436 (2014)
  21. Dorado, S., "Social entrepreneurial ventures: different values so different process of creation, no?", Journal of developmental entrepreneurship, 11(4), pp.319~343 (2006)
  22. Eakin, E., "How to save the world? Treat it like a business", The New York Times, 20~ (2003)
  23. Easterly, L., "Social venture business strategies for reducing poverty", pp.3~26 (2007), Information Age Publishing
  24. Edell, J. A., "The power of feelings in understanding advertising effects", Journal of Consumer research, 14(3), pp.421~433 (1987)
  25. Fauchart, E., "Darwinians, communitarians, and missionaries: The role of founder identity in entrepreneurship", Academy of management journal, 54(5), pp.935~957 (2011)
  26. Foreman, P., "Members' identification with multiple-identity organizations", Organization science, 13(6), pp.618~635 (2002)
  27. Fujita, K., "Influencing attitudes toward near and distant objects", Journal of experimental social psychology, 44(3), pp.562~572 (2008)
  28. Gandhi, T., "Social entrepreneurship: the need, relevance, facets and constraints", Journal of Global Entrepreneurship Research, 8(1), pp.1~13 (2018)
  29. George, G., "The business model in practice and its implications for entrepreneurship research", Entrepreneurship theory and practice, 35(1), pp.83~111 (2011)
  30. Golden-Biddle, K., "Breaches in the boardroom: Organizational identity and conflicts of commitment in a nonprofit organization", Organization Science, 8(6), pp.593~611 (1997)
  31. Grimes, M., "Strategic sensemaking within funding relationships: The effects of performance measurement on organizational identity in the social sector", Entrepreneurship Theory and Practice, 34(4), pp.763~783 (2010)
  32. Haigh, N., "Hybrid organizations: the next chapter in sustainable business", Organizational dynamics, 41(2), pp.126~134 (2011)
  33. Hallahan, K., "Seven models of framing: Implications for public relations", Journal of public relations research, 11(3), pp.205~242 (1999)
  34. Hall-Phillips, A., "I (heart) social ventures: Identification and social media engagement", Journal of Business Research, 69(2), pp.484~491 (2016)
  35. Hanleybrown, F., "Channeling change: Making collective impact work", pp.56~78 (2012), FSG
  36. Harjula, L., "Tensions between Venture Capitalists' and Business-Social Entrepreneurs' Goals", Greener Management International, 51, pp.79~87 (2006)
  37. Hayes, A. F., "PROCESS: A versatile computational tool for observed variable mediation, moderation, and conditional process modeling" (2012)
  38. Hayes, A. F., "Introduction to mediation, moderation, and conditional process analysis: A regression-based approach" (2013), Guilford publications
  39. Henderson, R., "자본주의 대전환:하버드 ESG경영수업" (2020), 어크로스
  40. Hess, D., "The next wave of corporate community involvement: Corporate social initiatives", California Management Review, 44(2), pp.110~125 (2002)
  41. Hietschold, N., "Blinded by a Social Cause? Differences in Cognitive Biases between Social and Commercial Entrepreneurs", Journal of Social Entrepreneurship, pp.1~23 (2021)
  42. Hillman, A. J., "Directors' multiple identities, identification, and board monitoring and resource provision", Organization Science, 19(3), pp.441~456 (2008)
  43. Hosmer, L. T., "Strategic planning as if ethics mattered", Strategic management journal, 15(S2), pp.17~34 (1994)
  44. Kahneman, D., "Prospect theory: An analysis of decision under risk", Econometrica, 47(2), pp.263~ (1979)
  45. Lee, S., "To profit or not to profit? The role of greed perceptions in consumer support for social ventures", Journal of Consumer Research, 44(4), pp.853~876 (2017)
  46. Liberman, N., "The role of feasibility and desirability considerations in near and distant future decisions: A test of temporal construal theory", Journal of personality and social psychology, 75(1), pp.5~18 (1998)
  47. Liberman, N., "The psychology of transcending the here and now", Science, 322(5905), pp.1201~1205 (2008)
  48. Liberman, N., "Traversing psychological distance", Trends in cognitive sciences, 18(7), pp.364~369 (2014)
  49. Liberman, N., "Construal level theory and consumer behavior", Journal of consumer psychology, 17(2), pp.113~117 (2007)
  50. Lumpkin, G. T., "Entrepreneurial processes in social contexts: how are they different, if at all?", Small Business Economics, 40(3), pp.761~783 (2013)
  51. Margiono, A., "A typology of social venture business model configurations", International Journal of Entrepreneurial Behavior & Research, 24(3), pp.626~650 (2018)
  52. Meurer, A. M., "Environmental Responsibility, Psychological Distance, and Environmental Consumption: Mediation in Accounting Students", Revista de Administração Contemporânea, 25(03), pp.1~17 (2021)
  53. Miller-Stevens, K., "Assessing value differences between leaders of two social venture types: Benefit corporations and nonprofit organizations", VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 29(5), pp.938~950 (2018)
  54. Moss, T. W., "Dual identities in social ventures: An exploratory study", Entrepreneurship theory and practice, 35(4), pp.805~830 (2011)
  55. Perugini, M., "The role of desires and anticipated emotions in goal‐directed behaviours: Broadening and deepening the theory of planned behaviour", British Journal of Social Psychology, 40(1), pp.79~98 (2001)
  56. Petty, R. E., "Attitudes and persuasion: Classic and contemporary approaches" (2018), Routledge
  57. Pivato, S., "The impact of corporate social responsibility on consumer trust: the case of organic food. Business ethics", A European review, 17(1), pp.3~12 (2008)
  58. Reiser, D. B., "Benefit corporations- a sustainable form of organization", Wake Forest L. Rev., 46, pp.591~625 (2011)
  59. Scarpi, D., "A construal-level approach to hedonic and utilitarian shopping orientation", Marketing Letters (2021)
  60. Scognamiglio, E., "Social uncertainty evaluation in Social Impact Bonds: Review and framework", Research in International Business and Finance, 47, pp.40~56 (2019)
  61. Sen, S., "Does doing good always lead to doing better? Consumer reactions to corporate social responsibility", Journal of marketing Research, 38(2), pp.225~243 (2001)
  62. Shaw, E., "Social entrepreneurship: Theoretical antecedents and empirical analysis of entrepreneurial processes and outcomes", Journal of small business and enterprise development, 14(3), pp.418~434 (2007)
  63. Shin, M., "Towards an explication of the presence effects on information processing and persuasion: A construal level framework", Doctoral, pp.2019
  64. Shrout, P. E., "Mediation in experimental and nonexperimental studies: new procedures and recommendations", Psychological methods, 7(4), pp.422~ (2002)
  65. Smith, W. K., "Managing social-business tensions: A review and research agenda for social enterprise", Business Ethics Quarterly, 23(3), pp.407~442 (2013)
  66. Smith, W. K., "Toward a theory of paradox: A dynamic equilibrium model of organizing", Academy of management Review, 36(2), pp.381~403 (2011)
  67. Tajfel, H., "Social identity and intergroup behaviour", Social science information, 13(2), pp.65~93 (1974)
  68. Thompson, J. L., "The world of the social entrepreneur", International journal of public sector management, 15(5), pp.412~431 (2002)
  69. Trope, Y., "Temporal construal and time-dependent changes in preference", Journal of personality and social psychology, 79(6), pp.876~889 (2000)
  70. Trope, Y., "Temporal construal", Psychological review, 110(3), pp.403~421 (2003)
  71. Trope, Y., "Construal-level theory of psychological distance", Psychological review, 117(2), pp.440~463 (2010)
  72. Trope, Y., "Construal levels and psychological distance:Effects on representation, prediction, evaluation, and behavior", Journal of consumer psychology, 17(2), pp.83~95 (2007)
  73. Vallacher, R. R., "What do people think they're doing? Action identification and human behavior", Psychological review, 94(1), pp.3~15 (1987)
  74. Vallacher, R. R., "Levels of personal agency: Individual variation in action identification", Journal of Personality and Social psychology, 57(4), pp.660~671 (1989)
  75. Westaway, K., "The benefit corporation: An economic analysis with recommendations to courts, boards, and legislatures", Emory LJ, 62(4), pp.999~ (2012)
  76. Yang, S., "What signals matter for social startups? It depends:The influence of gender role congruity on social impact accelerator selection decisions", Journal of Business Venturing, 35(2), pp.1~22 (2020)
  77. Zeng, T., "Construal Level and Well-being: The Role of Psychological Needs Satisfaction", Doctoral, pp.2019

관련 논문AI추천

소셜벤처 비즈니스 모델 유형별 투자선호도가 투자의도에 미치는 영향 : 긍정적 정서 매개 효과 검증김종성, 홍유정한국진로·창업경영학회 · 한국진로창업경영학회지2023 · 제7권 제5호임팩트 투자자의 투자 우선순위와 비중 차이에 관한 연구유성호, 황보윤한국벤처창업학회 · 벤처창업연구2023 · 제18권 제3호임팩트 투자 결정요인에 관한 실증연구고병기, 김다혜, 성창수한국벤처창업학회 · 벤처창업연구2023 · 제18권 제3호공감이 사회적기업 창업의도에 미치는 영향에 관한 연구: 창업내적동기와 친사회적 경험의 순차적 이중매개효과를 중심으로강헌상, 성창수한국벤처창업학회 · 벤처창업연구2025 · 제20권 제3호사회적 기업가정신과 혼합가치 지향성이 사회적 기업의 성과에 미치는 영향유한나, 정의범한국벤처창업학회 · 벤처창업연구2022 · 제17권 제1호사회적기업의 가치에 대한 인식과 자기해석 성향이 제품구매의도에 미치는 영향강명애한국창업학회 · 한국창업학회지2017 · 제12권 제3호

이 간행물의 다른 논문 (8건)

창업실패두려움과 기업가정신이 창업의도에 미치는 영향에 관한 실증연구: 창업 자기효능감의 매개효과를 중심으로김영희, 양동우pp. 1-25국립대학 교원의 기업가 지향성이 창업의지에 미치는 영향: 금전욕의 매개효과최종인, 손윤정pp. 26-51정부의 창업지원사업의 만족도가 창업가의 기술창업역량과 창업성과에 미치는 영향김판수, 장영혜, 현선진pp. 52-70국제화 경영이 기업 가치에 미치는 영향에 대한 실증 연구: 중국기업의 개발비를 중심으로JI CHENHONG, 배기수pp. 71-84교육경험만족과 창업의도 간 관계: 기업가정신역량의 매개효과 및 계열집단 차이를 중심으로이장희, 윤기선, 변지유pp. 112-140
원문 보기