성숙산업의 벤처창업 결정요인 : 산업의 기술발전과 경쟁강도, 자원조달과 벤처 정당성의 복합적 영향

This study examines the factors that can affect entrepreneurial action in mature industries by integrating the economic and social perspectives. We first discuss how a slowdown in technological progress, increase in com- petitive intensity, and deterioration in resource supply affect new venture creation in mature industries by draw- ing data from the economics literature. We then connect the economic logics with social perspectives by analyz- ing the moderation of economic factors through the legitimacy of entrepreneurial action in the industry. To verify our arguments, we empirically analyze new venture creation in four mature industries in Korea. According to the results, a slowdown in technological progress and increase in competitive intensity promote venture creation. However, a deterioration in resource supply has a negative effect on venture creation. Meanwhile, the effect of economic factors on venture creation may vary depending on how legitimate the venture is in the industry. First, the strengthening of venture legitimacy weakens the positive effect of technological progress slowdown on ven- ture creation. Second, venture legitimacy positively moderates the effects of competitive intensity and resource supply on venture creation. We find all our hypotheses are supported and discuss general implications of entre- preneurial action and new venture creation as well as venture legitimacy in mature industries.