벤처기업의 생존에 기술혁신이 미치는 영향

Implementing innovation is one of the most critical factors that decide performance of ventures. However, innovation has diverse types, such as new product, improved product, product service, process, marketing, and organization types of innovation. This study examines their different impacts on venture survivals. Based on proposition that the risk associated with different types of innovation vary, this empirical research delves into survival data of 1,966 small and medium enterprises of 2005 Korean Innovation Survey. Exit of a firm can be also divided into several categories, and merger and aquisition type should be separately treated from dissolution type. Detailed categorization on both explanatory variables and dependent variable enabled the revelation of previously undiscovered aspects. New production innovation could jeopardize the life of small and medium enterprises but the survival of venture firms may be affected largely by marketing innovation rather than technological innovation. In addition, the analysis on the exit type of merge and acquisition reveals that process innovation accelerates merger and acquisition of small firms. This study adopts the advanced method, Cox hazard analysis with stepwise time varying covariates, to find out the diverse effects of innovations.