규제 불확실성이 벤처창업기업의 신사업 전략에 미치는 영향

This study examines the effect of regulatory uncertainty on new business strategies ofnew ventures. New technology-based ventures may find it difficult to invest new business becauseof existing regulations such as laws and regulations. Previous research suggests that regulatoryuncertainty affects whether firms delay investment decision until uncertainty resolution or firmsproactively invest to respond to regulations. Traditionally, companies have shown that they have towait and see investment decisions in response to uncertainties or make decisions that wait for themto resolve. On the contrary, recent research suggests that companies are actively responding toregulatory uncertainty rather than delaying investment decisions. They stress that it is necessary toprepare for the uncertain future through an approach based on real option theory with minimalinvestment or active participation, even in the face of regulatory uncertainty, rather than passivelyresponding to future possibilities. Prior studies have focused on large companies with existingbusinesses and sufficient resources for new investment. Large companies have a relatively smallpotential risk to the entire enterprise due to delayed investment and limited participation in newbusinesses. In addition, large corporations have free slack for future investments and can makelarge-scale investments at any time when regulatory uncertainty would be resolved. However, venturestart-ups have no existing business and limited resources, so investment decisions for new businessesare very important. Venture companies have to take advantage of new technologies to preemptopportunities in new businesses, so delaying investment in new businesses seems to lose businessopportunities. Therefore, under regulatory uncertainty, venture firms are unlikely to make the samedecisions as large firms. There are few studies on how new ventures could respond to regulatoryuncertainty.Based on survey data on new ventures, we empirically analyzed the relationship betweenregulatory uncertainty and new business strategy. As a res has positive relationships with the intention to enter foreign market rather than domestic market andintention of risk-taking new market entry strategy. The founder's regulatory experience showed anegative effect on the intention to enter a new business. The level of cognitive regulation of foundersdid not have a significant influence on the intention to enter a new business. The founder's regulatoryexperience did not show a significant influence on the intention to enter the overseas market. Thelevel of cognitive regulation of founders was found to have a significant positive influence on theintention to enter the overseas market.This study shows that the experience and perception level of regulatory uncertainty ofKorean new ventures have different influences on the intention to enter the domestic market andthe overseas market. In particular, regulatory uncertainty has been found to make it difficult for venturestart-ups to enter new businesses, which must pursue challenges through risk-taking. Finally, thisstudy presents the theoretical and practical implications and explained the future research directions.