The Changes in Financial Performance of Technology Innovation Activities by the Different Phases of Business Growth in Innovative SMEs

• 발행기관: 한국창업학회
• 저자명: Hye-Su Park Nick Lee Sun-Young Park
• 간행물 정보: 『한국창업학회 Conferences』2012년 추계학술대회 발표집, 1~16쪽, 전체 16쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2012.10.30

영문 초록

An empirical analysis, which dataset is based on the 2010 Survey of Korea Venture Firms 1), was performed on the efficiency of resource allocation in each business growth stage for maximizing the investment efficiency of technology innovation activities of innovative SMEs. To summarize, variables show different productivities in each growth stage. First, increasing manpower in research and development (R&D), increasing manpower in sales, and obtaining government supports are significantly correlated with financial performance in the start-up phase, but having intellectual properties is not. Second, in the phase of initial growth, the manpower in production and R&D are influential to the financial performance. Third, in the phase of rapid growth, the productivity of the manpower in R&D is increased, but the manpower in production and sales become not as highly as influential than before. However, in the phase of maturity, the intellectual properties and the manpower of R&D are highly correlated with financial performance. This result suggests that productivity of resources different in each growth stage could be applied the decision making process for efficient resource allocation to maximize financial performance. Since Innovative small to Medium-sized enterprises (SMEs) tend to carry limited resources in the phases of business growth, from start-up and to maturity, the technology innovation activities are constrained differently in each phase. Although many studies have been focused on the phases of business growth similar to biological organisms, the studies on the productivity of technology innovation activities are insufficient. Thus, in this study, an empirical analysis was performed on the efficiency of resource allocation to the technology innovation in each phase of the growth. This study is done ultimately to help to maximize the investment efficiency of businesses based on the data of 2010 Survey of Korea Venture Firms. The result of the study shows that financial performance is affected in different phases by different variables, i.e. adding investment, increasing manpower, obtaining government supports, and cooperating with external business networks for technology innovation activities. In addition, the effects of variables to financial performance show different results in different phases. To summarize, first, increasing manpower in research and development (R&D), increasing manpower in sales, and obtaining government supports are significant in the start-up phase, but having intellectual properties is not. Second, in the phase of initial growth, the manpower in production and R&D are influential to the financial performance. Third, in the phase of rapid growth, the productivity of the manpower in R&D is increased, but the manpower in production and sales become not as highly as influential than before. However, in the phase of maturity, the intellectual properties and the manpower of R&D become influential. From the result, business executives may compare the effect of variables with each other, and allocate resources that may maximize their financial performance. However, since this study was not able to confirm the statistical significance between the investment in R&D and in capital expenditure, follow-up studies may be needed.

목차

l. introduction

ll. Previous Research and Literature Review

lll. Research Methodology

lV. Conclusion

키워드

Innovative SME Growth Phase Technology Innovation Financial performance