기업가지향성과 시장지향성이 벤처기업의 국제화와 성과에 미치는 영향

Given the increasing importance of a role venture firms play in the global economy, this study empirically examined the effects of entrepreneurial orientation and market orientation on internalization and performance in Korean venture firms. Although previous studies suggested entrepreneurial orientation and market orientation, which represent the major concepts of organizational orientation, as crucial variables influencing firm internationalization and performance, those studies have failed to model the effects of entrepreneurial orientation and market orientation simultaneously and systematically analyze the influence of those two orientations on firm internalization and performance. Recognizing such a gap in prior research, this study proposed and empirically tested a comprehensive model and hypotheses regarding the relationships among those two orientations in the context of Korean venture firms. Particularly as notable, this study included examining whether entrepreneurial orientation and market orientation directly influence firm performance or whether those orientations indirectly affect firm performance via the mediating role of internalization. Based on a sample of 68 Korean manufacturing venture firms, the results showed that entrepreneurial orientation, which comprized three components of innovativeness, proactiveness, and risk-taking propensity, positively affected internalization of Korean venture firms, while market orientation did not influence their internalization. The results also indicated that internalization was positively related to performance of the venture firms, which confirmed that internalization was an important factor for the competitiveness of Korean venture firms. Finally, the results demonstrated that entrepreneurial orientation indirectly and positively affected performance of Korean venture firms via the mediating role of internalization, while market orientation directly and positively affected performance of the venture firms regardless of internationalization. The results of this study were also analyzed in comparison with previous related studies regarding internalization and performance in venture firms and the theoretical and managerial implications for the results of this study were discussed.