부산대학교 도서관

The purpose of this study is to examine the effect of entrepreneurship on long - term and short - term management performance. The results of the empirical studies on the relationship between entrepreneurship and business performance do not show consistent results despite the theoretical and logical organizational structure of entrepreneurship. These different results are largely due to research methodological problems such as sample selection and variable measurement. The purpose of this study is to clarify the relationship between entrepreneurship and business performance by complementing the limitations and problems of research methodology of previous researches. In this study, entrepreneurship and management performance are defined as innovativeness and efficiency, respectively, and measured using Cobb-Douglas production function and DEA(Data Envelopment Analysis). To empirically analyze hypotheses of this study, 2,406 firm-year observations were collected from Korean firms listed on the KOSDAQ over the period from 2011 to 2013. The results of the analysis are as follows. First, we find that firm’s innovativeness is positively(+) associated with short-term and long-term management efficiency. Second, as a result of the additional analysis by dividing the sample into the ownership management company and the professional management enterprise, firm’s innovativeness is positively(+) associated with short-term and long-term management efficiency in the owner managed firms. On the other hand, in a professional CEO firms, innovativeness has a positive(+) effect only on the management efficiency of the current period, but it is not persistent. Lastly, these results are similar to the analysis using the return on assets(ROA) as a variable of management performance. This study has differentiated from the previous researches that have been proven by using subjective and qualitative data, by measuring the variables related to entrepreneurship and business performance through objective and quantitative data and examining the relationship between them in the long term. It is also meaningful that the relationship between the entrepreneurship and the short - term management performance is differentiated according to the managerial ownership