Entrepreneurial Orientation (EO hereafter) can be described as firm level entrepreneurial tendencies. Initially Miller(1983) clarifies the construct of EO, and defines an "entrepreneurial firm as one that engages in product marketing innovation, undertakes somewhat risky ventures, and is first to come up with proactive innovations, beating competitors to the punch". After Miller (1983), Covin & Slevin(1989) adopted EO as a uni-dimensional construct, and insisted that these three dimensions can be combined into a single scale. Since Covin & Slevin(1991), researchers including Lumpkin & Dess(1996) have explored the usefulness of EO. However not many attempts have been tried to summarize the results of previous empirical researches, and to suggest future research directions. To examine and find implications, current study classified the effects of EO as 1) main and mediating effects, 2) moderating effect, 3) other effects. After analyzing research results published in major international and Korean papers in each research domain, current paper summarizes and evaluates previous research results, and then suggests research directions for the future. In doing so, I hope to provide some theoretical and practical insight for management of small and medium sized firms.

This paper examines the theoretical background of the entrepreneurship policy recently prevailing in Korea. First of all, we define the entrepreneurship policy as “ the one that the government increases the supply of the individual entrepreneurs with entrepreneurship by intervening the entrepreneurial process.” We distinguish the entrepreneurship policy from the small and medium-sized enterprises policy and the venture firm policy. As for the legitimacy of the entrepreneurship policy, we introduce the market for entrepreneur, examine the factors resulting in the market failure, and argue the necessity and the principles of government intervention to the market. Based on the entrepreneurial process, we establish the framework of entrepreneurship policy and examine the transmission channels by the policy area. The channels are ① demand side, ② supply side, ③ decision-making of establishing a new firm, ④ resources obtaining. Lastly, according to the transmission channels, we classify various entrepreneurship policy tools being presently implemented by the Korean government. However, since this study is a exploratory economic analysis of entrepreneurship policy, the approach and contents of entrepreneurship policy can be varied according to the research agenda and policy intension.

This study　is an empirical research on the relationships between entrepreneur's career orientation, entrepreneurship and the firm performance.
The results from this study are as follows: First of all, the hypothesis regarding the influence of entrepreneur's managerial competence, and entrepreneurial creativity on entrepreneurship has turned out to be adopted. Secondly, the hypothesis regarding the influence of entrepreneur's technical competence, security and autonomy on entrepreneurship has turned out to be rejected. Thirdly, the hypothesis regarding the influence of entrepreneurship on firm performance turned out to be adopted.

.

.

.

The purposes of this article are to review the current situations and government policies of the Japanese venture industry focusing on the innovation ecosystem and to derive policy implications for the Korean government. While there have been three times of venture boom and the fourth boom is about to emerge in Japan, the Korea society need to revitalize its industry structure by establishing a possible second venture boom. This article at first reviewed the existing researches on the Japanese venture industry and suggested the analytical framework. Then, it described the overview of the Japanese venture industry mainly focusing on the industry evolution process and the government policy direction. In addition, it reviewed how universities, public research institutions and large firms had contributed to the creation and support of venture firms in Japan. Through these reviews, this article derived policy implications for the Korean government such as the need of continuing to strengthen policies supporting the venture industry, the need of educating the importance of venture firms, the need of formulating detailed policies for university-based venture firms, the need of utilizing public research institutions for the revitalization of the venture industry, the need of strengthening the network between large firms and venture firms. In the final section, the summary of this article and future research topics were mentioned.

More than developed economies, emerging markets have huge opportunity to develop in the future. Emerging economies are less-developed and do not have well-developed institutions for innovation and learning. Moreover, certain economies have been regulated and they have short history of pursuing free-market system and deregulation. Innovation level of each firm can be an ex-ant factor to let firms seek for exploitative or explorative innovation. According to prospect theory, highly innovated firms are more likely to be risk averse because they have many things to lose, whereas less innovated firms are more likely to be risk seeking. Based on perspective theory, we argue that innovation level drives a type of innovative performance rather the outcome of the establishment leads innovation level. Regarding the unique environment of the emerging economies, the gap between firms highly innovated and less innovated can be maximized. Our hypotheses are partially supported with the result that the establishment with innovation level above the industrial average is likely to be risk seeking and risk averse so they are good at both exploitation and exploration. The result can be explained by ambidexterity and the relationship between slack and innovation.

Open innovation is an effective way to improve R&D efficieny. However, many of studies, theoretical or empirical, have focused mainly on global large companies. But small and medium-sized enterprises could get more outcome from open innovation because they are more deficient in resources and capabilities.
This paper analysed open innovation characteristics of SMEs with empirical research of Korean manufactuing SMEs. The paper consists of two parts.
First, it compared SMEs with large companies on utilization of several types of methods and partners of open innovation. In some innovation methods and partners, high utilization and potential are observed in SMEs.
Second, it examined differences of open innovation characteristics of SMEs by five industries. There is a apparent tendency that bio-medical industry and chemical-energy industry have better utilization and potential on open innovation than other industries.

The purpose of this study is to suggest some improvements of information service on the Internet through a frequency analysis and R&D level difference analysis of information use patterns of R&D researchers in SME.
We classify information use patterns into information use purpose, information use types, a frequently used/referenced portal site, the initial method of internet search, information service ion factors and the channels of off-line information acquisition. We classify R&D level into number of R&D project participation, number of Pilot participation, achieved through a number of commercialization pilot participation, number of published thesis number of intellectual property.
The results of this study are as follows: First, according to frequency analysis, there are some information use patterns among information use purpose and information use types. Second, according to analysis, there are differences in only information use types.

.

This research begins with theoretical framework that the loans to small and medium enterprises(‘SME’) are influenced by three factors such as government policy, lending technology, and the infrastructure of bank industry. Under this framework, large banks have some comparative advantage in the loan for SME and can offer efficiently the loan for SME’s which are not transparent in their information, if they ively take the hard information lending technology. This research showed the ion behaviour for which banks is suitable for loans to SMEs. This paper analyse the SMEs in Pusan how to their main bank considering variables as company size, ROE, market environment, relationship between bank and SMEs. The result by logit model calculations showed that 1) as the size of SMEs going bigger, SMEs want to the larger bank 2) as the ROE grows higher, SMEs want to the larger 3) the stronger relationship between bank and SMEs, SMEs want to the smaller bank.
Our empirical result means the policy implication that large banks have some comparative advantage in the loan for SME’s. Also small bank in Pusan can give relationship financing to the SMEs, government has to support provincial banks to lend more loans to the SMEs.

With the data of initial public offering stocks (IPOs) hand-collected from KOSDAQ under the rule of market stabilization between January 2001 and August 2003, this paper examines why IPOs are overpriced and the characteristics of IPOs affect the short-term and the long-term performances. The data of the failure are little available from other IPO markets including US IPO market.
From the data, the results obtainable are the followings. First of all, the underpricing 40% of the failed IPOs on average is less than that 67.40% of the succeeded ones. The cumulative returns of the failed from the first after-market dates to the 25th ones move down; after the 25the after-market dates, the prices become stable. This implies that the failed IPOs are over-priced at the pricing dates. Second, the failed IPOs are priced over the mid prices of the price bands at the pricing dates and then. relatively higher subscription rates of individual investors. Moreover, the failed IPOs are closed to value stocks that the issuing firms prefer earning management before the IPO dates. The final analysis of the probit presents that IPOs issued at prices higher than the price band or the ones issued by small firms with little R&D before the IPO dates are inclined to fail.

.

Using a panel logit regression model, this study analyzed whether five categorized financial supports to SMEs (small and medium enterprises) from the governments of 14 OECD (Organization for Economic Cooperation and Development) countries, namely direct government loans to SMEs, government-guaranteed loans to SMEs, the reinforcement of relationship banking, financial stability steps to ease pro-cyclicality, and equity-linked financing, can contribute to accompanying economic and employment growth. In particular, the academic contribution of this research is to identify the optimal type of government financial supports to SMEs in accordance with the financial crisis and business cycle stage. Through the empirical test performed on this research topic, I can summarize the main results as follows. First, the type of financial supports that contribute to economic and employment growth are financial stability steps to ease pro-cyclicality, regardless of the financial market condition or business cycle stage. Second, the reinforcement of relationship banking can also contribute to the improvement of economic and employment conditions if a financial crisis has not occurred. Third, it is confirmed that economic and employment improvement is reflected more in the less capital-intensified countries. In conclusion, it is thought that the adoption of dynamic loan loss provisions to prepare for a period of business recession is required to reduce the pro-cyclicality of SMEs loans in OECD countries. Furthermore, the transition from a regulation stance to an incentive system by governments making SME loans is needed to ensure financial supports progress smoothly during an economic recession. The scheme and application of equity-linked financing methods through the stock market is urgent in developing countries.

.

.

.

.