In this study, we analyzed the efficiency of technology special listed companies. The results can be summarized as follows. First, the efficiency of R&D has decreased after IPO compared to before IPO, despite the fact that financing or securing excellent man-power has become easier through IPO. Second, as a result of examining the efficiency of R&D shows on financial performance, after IPO, it is rather lower than before IPO. Third, after reviewing the efficiency of R&D and financial activities, after IPO, it decreased rather than before IPO. Finally, the analysis of the market value as the proxy variable of the future value shows that the efficiency before and after the IPO remained at a similar level. In other words, the total efficiency before the IPO is 0.35, and the total efficiency after the IPO is 0.33. Despite the decline in efficiency of R&D and financial performance before and after the IPO, the efficiency of market capitalization, still re-mained at the same level, suggesting that expectations for future value are still maintained.

This study analyzes the effects of the innovative capabilities of startups on growth. And we examine whether the effect of the support program types on startups’ growth. For the purpose of this, we conduct panel analysis 162,829 startups registered in SIMS and CADE for 6 years from 2010 to 2015.
The results of the analysis are as follows. First, innovation certification and absorptive capacity have positive effects on the sales growth, while global innovative capacity has negative. Among the characteristics of the support program types, R&D, commercializa-tion, The Young Startup and Package type programs have positive effects on the sales growth. On the other hand, innovation certification only positively affects employment growth, and absorptive capacity and global innovative capacity have a negative impact. Finally, the moderating effects of the amount of government support for startups on the relationship between innovative capacity and characteristics of programs and per-formance were very different depending on the variables. This study provides some im-plications in that we consider innovative capacity and characteristics of program types retained by the beneficiary startups, unlike the previous researches, which have been mainly focused on efficiency of specific support programs.

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This study examines the current state of accelerators in Korea and analyzes and tries to deduce the subjects to be improved in the future. It has been less than one year since the registration system was implemented for accelerators, the data would not have been accumulated. This paper focuses on the features and roles that foreign researchers emphasize in defining accelerators. This study finds the followings: First, the require-ments for registration of accelerators are somewhat different from the basic features such as ion process, fixed period, cohort, mentorship, and demonstration day. Second, it is necessary to create environment to enable more experiments and validation among the role of accelerator. Third, since the accelerator appears in various forms in a specific industrial area, standardization requirements for registration need an alternative.

This paper investigated an improvement scheme of public organizations performance evaluation system to strengthen role of small business policy financing institutions for job creation by the new government. In particular, it classified management plan of small business policy financing institutions into quantitative one and non-quantitative one for investigation. It is required that public institutions supporting small business policy financing have to reorganize performance indicator control system of their performance evaluation for creation of 'good jobs' promoted by the government and then, to establish quantitative and non-quantitative performance system in order to manage the results. In conclusion, an institution supporting small business policy financing has to suggest result of 'good job creation' in public organizations performance evaluation system which is the top priority of government projects, While respective small business policy financing institutions have suggested performance evaluation indicators in various forms as their major results, it is unavoidable for them to manage their overall results in connection with 'good job creation' from now on. Therefore, it is necessary for public institutions to manage their result system in the way that their major results are directly connected to job creation, create synergy effect between institutions and then, fulfill social responsibilities as public organizations.

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The interest and efforts of technological collaborations between private firms and pub-lic research institutes are increasing, but the performance of technical cooperation is less than expected. Most of the previous researches on technological collaborations focus on the technical characteristics of project and management practices in the devel-opment processes. In this study, we analyzed the influence of the characteristics of the researcher in the situation of technical cooperation between domestic private com-panies and public research institutes on the performance of technical cooperation. As a result of the analysis, the technical competence of the researcher and the commerciali-zation experience did not significantly affect the joint technology development performance. The experience of past collaboration with the research institute did not show a significant effect, but the experience of collaboration with the project manager had a significant influence. There was a contradictory nonlinear relationship between the number of research projects and the technological collaborations performance de-pending on whether or not there was prior collaboration experience with the project leader. This study suggests practical and policy implications for technological collabo-rations between private firms and public research institutes.

The purpose and scope of this study is to compare individual entrepreneurship by country using 2016 GETR data, and find out the way of comparing the level of en-trepreneurship by the start-up stage and for improvement of individual entrepreneurship. To do this, 20 countries were categorized as factor-driven (2), efficiency-driven (8), and innovation-driven countries (10). The main results of the study are as follows. First, the level of entrepreneurship of the Korean is at the lowest level (19th place) among the 20 countries. Korea has a low entrepreneurship (4.41) than the mean (4.76) of in-novation-driven countries which Korea belongs while the mean of efficiency-driven and factor-driven countries is 5.30 and 5.33 respectively. Second, the level of entrepreneur-ship of individuals is higher in the order of potential entrepreneur , entrepreneur, and entrepreneur evader. The importance of entrepreneurship is confirmed by the fact that the entrepreneurship of potential entrepreneur and entrepreneur is much higher than that of entrepreneur evader. Third, entrepreneurship education is an important determi-nant for individual entrepreneurship, and experience of entrepreneurship education at elementary, middle and high school, university, and lifelong education affects the en-trepreneurship positively. GETR data is valuable in that it can be compared by country, type and individual entrepreneurship and includes the results of on-site response of policy recipients. Therefore, various studies based on GETR are required in the future.

Electronic Promissory Note (EPN) is used as a payment method among corporates in place of Paper Note or cash. EPN is more safe and clear electronic note to pay amount in 3 months on the average, which are managed and checked by computer system. Recently, the amount of EPN increases. We researched the relation of EPN usage with cash holding of SMEs by regressions in Korea. As a result, We found that the volume of EPN of each company is related to the cash holding positively in SMEs. That is be-cause SMEs are preparing cash to settle the EPN amount not to be failed. Futhermore as a result of analysis on the this paper, the bigger the SMEs are , the more cash holding they hold, because the transaction amount are larger than smaller SMEs. The SMEs are not familiar with borrowing money in the financial market and keeps cash settlement for EPN amount and liquity level, although cash don't give earning in SMEs.

Appropriate financing is one of the most important factor for growth of SMEs to global firm. In Korea, financing necessary for enlarging sales amount for SMEs which has growth opportunity is dependent on indirect financial market through banks. Also it's necessary to support collateral through certificates for definite performance and credit guarantee for additional financing. But, since it's difficult to get additional credit line for new business opportunity in case of similar level performance record last year, ac-cessibility into direct financial market should rise important policy direction. Because it's not yet facilitated for SMEs traditional direct financial market such as stock and cor-porate bond, we have to develope new apporoach for SMEs' direct financial market. But, under recent Korean financial circumstances, it’s not easy to find out appropriate SMEs’ direct financing. So it’s natural we should effort to search for new financing in-strument and study real case of small construction equipment firm financing by dividing financing needs per project. Using this financing instrument we find out sub-di-rect(bridge like) FM approach for which is remote from total project. Required cost, managed risk and taking growth opportunity is possible by matching investor profitability and firm financing needs. In this study we propose new financing instrument to aim for growth and employment enlargement making use of distinct analysis of financing demand of SMEs.

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The domestic franchise industry has been contributing to the creation of new jobs and regional economic growth over the last 30 years. However, there is a negative per-ception of the franchise industry at the same time due to high business failure rates and inequal contracts by the affiliated headquarters. The purpose of this study is to analyze how the franchise CEO's inappropriate behavior impacts on attitude toward con-sumers in the process of practicing sustainable management such as CSR and ethical management. The inappropriate behavior of the CEO of the franchise company applied in this study was ed as a topic of sexual harassment against female employees who have recently become a big social issue. The dependent variables are the brand preference and purchasing intention. In addition, the gender and self construal types of the respondents were examined. As a result of the study, it was found that improper behavior of corporate CEOs resulted in a significant decrease in terms of brand preference. In terms of the gender difference, the female group showed lower brand preference and purchase intention than the male, but it was not a significant level. Self oriented group were found to be statistically significantly lower than those of other ori-ented group. In addition, the theoretical and practical implications of ethical management and corporate CEO influence were discussed.

As a means of electronic contracts for the Korean of Small Business, we analyze the present status and embedded technological / environmental / user factors of smart contracts based on block chaining and propose an active role of the block chain platform as a countermeasure. It is necessary to present the market functions such as the pay-ment policy of large companies, policy of contract method, technology protection policy of the Korean of Small Business, which are detailed policies of mutual growth, but current status of Small Business contracts have limitations such as absence of MIS system and uncertainty of expense handling. Therefore, if contracts are created with digital in-structions through a smart contract based on a block chain, contracts can be automati-cally uted according to conditions. Therefore, this study aims to derive the advan-tages of smart contracts and the desirable role of platforms for activation of smart con-tracts and long-term growth of the Korean of Small Business.

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The Export Infrastructure Strengthening Program(EISP) is a project to expand exports of agri-food products through providing customized export information to small and medium sized export companies and supporting overseas information activities. A total of 39.6 billion won was provided by 2016, and about 70% of the budget was allocated to promotion of agri-food for export such as support for participating in international fairs. Despite the government's support, Korea's agriculture, forestry and fishery exports amounted to US 8.6 billion dollar in 2016, accounting for only 1.7% of total exports. So, the purpose of this study is to analyze whether EISP is effective for expanding exports of agri-food products. For the analysis, we surveyed 177 food companies during the period from February to March 2017. We also analyzed the policy effects of the EISP through the Propensity Score Matching Method(PSM). As a result of the analysis, it is found that the EISP contributes to the increase of agricultural products export by SMEs. In general, SMEs are vulnerable to publicity or marketing due to lack of funds or lack of competence. It seems that the EISP is helping to solve these difficulties.

The purpose of this study is to find out success factors that can affect the succession of small business people 's occupation based on the 15 year store management survey conducted by Small Enterprise And Market Service(SEMAS).The logistic regression anal-ysis was carried out using the succession of manager 's succession as a dependent variable and the sales, labor, cost (labor cost, raw material cost, rent) and child' s suc-cession intention as independent variables. As a result of analysis, the higher the sales, the workforce, the childhood succession intention, and the lower all three cost factors, the more positive effect on the succession expectation of the family business. Interestingly, it is confirmed that the factors of children are more influential than econom-ic factors and work. In addition, a logistic regression analysis was performed using the sales, labor, and cost factors as independent variables, with the groups with positive and negative intentions of succession of business and management in a business. As a result of the analysis, both sales and business affects the willingness of the manager and the child to succeed the family business, but only the rent cost among the three cost factors negatively affected the will to succeed the family business. Based on the results of this study, implications and future research were discussed.

The purpose of this study is to examine the possibility of fostering the defense industry considering the characteristics of industries that link Pohang and neighboring regions from the viewpoint of industrial clusters.
It is necessary to establish a systematic framework for the trust between the cities to coordinate the interests of the cities and to promote the sustainability of win-win cooperation. In the future, it is necessary to pay attention to important big tasks and functional aspects among the local governments and to secure the necessity and necessity. In addition, in the reorganization of the R & D function, which is the strength of Pohang, and the reorganization with the current industrial structure, strategies to at-tract companies that meet the purpose of the R & D zone in the East Sea and to strength-en the self- need.
Focusing on the functional aspects of inter-regional cooperation through the Alliance as an urban alliance, the search for growth engines through the defense industry can enhance the existing industrial ecosystem. In this study, we sought to develop the de-fense industry ecosystem of Pohang and to find ways to cooperate with other local governments.

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