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Business groups and institutional upheaval in emerging economies: Corporate venturing in Korea

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  • Hicheon Kim

    ()

  • Johngseok Bae

    ()

  • Garry Bruton

    ()

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    Abstract

    In this paper we detail the nature of market-oriented institutional upheaval and its implications for business groups in Korea during the late 1990s. Employing case study methodology we identify four projects that were nurtured under corporate venture programs in response to this upheaval: two internal incubating projects and two new venture investment projects. We analyze these cases employing the concepts of resource fit and organizational misfit. Based upon these in-depth case analyses we generate a conceptual framework that managers can rely on for the choice of organizing mode of corporate venture projects. We conclude by discussing managerial implications and future research directions. Copyright Springer Science+Business Media, LLC 2012

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    File URL: http://hdl.handle.net/10.1007/s10490-010-9233-5
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    Bibliographic Info

    Article provided by Springer in its journal Asia Pacific Journal of Management.

    Volume (Year): 29 (2012)
    Issue (Month): 3 (September)
    Pages: 729-752

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    Handle: RePEc:kap:asiapa:v:29:y:2012:i:3:p:729-752

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    Postal: P.O. Box 17, 3300 AA Dordrecht, the Netherlands
    Web page: http://www.springerlink.com/link.asp?id=106589

    Related research

    Keywords: Corporate venture program; Financial crisis; Market-oriented institutional upheaval; Resource fit; Organizational misfit; Korea; LG CNS; LG Electronics;

    References

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    1. Lee, Keonbeom & Peng, Mike W. & Lee, Keun, 2008. "From diversification premium to diversification discount during institutional transitions," Journal of World Business, Elsevier, vol. 43(1), pages 47-65, January.
    2. Dushnitsky, Gary & Lenox, Michael J., 2006. "When does corporate venture capital investment create firm value?," Journal of Business Venturing, Elsevier, vol. 21(6), pages 753-772, November.
    3. Dushnitsky, Gary & Lenox, Michael J., 2005. "When do incumbents learn from entrepreneurial ventures?: Corporate venture capital and investing firm innovation rates," Research Policy, Elsevier, vol. 34(5), pages 615-639, June.
    4. Chesbrough, Henry W, 1999. "The Organizational Impact of Technological Change: A Comparative Theory of National Institutional Factors," Industrial and Corporate Change, Oxford University Press, vol. 8(3), pages 447-85, September.
    5. Bruton, Garry D. & Rubanik, Yuri, 2002. "Resources of the firm, Russian high-technology startups, and firm growth," Journal of Business Venturing, Elsevier, vol. 17(6), pages 553-576, October.
    6. Sorrentino, Mario & Williams, Mary L., 1995. "Relatedness and corporate venturing: Does it really matter?," Journal of Business Venturing, Elsevier, vol. 10(1), pages 59-73, January.
    7. Sykes, Hollister B., 1990. "Corporate venture capital: Strategies for success," Journal of Business Venturing, Elsevier, vol. 5(1), pages 37-47, January.
    8. Tony Fang, 2010. "Asian management research needs more self-confidence: Reflection on Hofstede (2007) and beyond," Asia Pacific Journal of Management, Springer, vol. 27(1), pages 155-170, March.
    9. Ekin Alakent & Seung-Hyun Lee, 2010. "Do Institutionalized Traditions Matter During Crisis? Employee Downsizing in Korean Manufacturing Organizations," Journal of Management Studies, Wiley Blackwell, vol. 47(3), pages 509-532, 05.
    10. Lee, Seung-Hyun & Beamish, Paul W. & Lee, Ho-Uk & Park, Jong-Hun, 2009. "Strategic choice during economic crisis: Domestic market position, organizational capabilities and export flexibility," Journal of World Business, Elsevier, vol. 44(1), pages 1-15, January.
    11. Mike Peng & Andrew Delios, 2006. "What determines the scope of the firm over time and around the world? An Asia Pacific perspective," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 385-405, December.
    12. Bae, Johngseok & Rowley, Chris, 2001. "The impact of globalization on HRM: the case of South Korea," Journal of World Business, Elsevier, vol. 36(4), pages 402-428, January.
    13. Allen, Stephen A. & Hevert, Kathleen T., 2007. "Venture capital investing by information technology companies: Did it pay?," Journal of Business Venturing, Elsevier, vol. 22(2), pages 262-282, March.
    14. Tarun Khanna & Yishay Yafeh, 2007. "Business Groups in Emerging Markets: Paragons or Parasites?," Journal of Economic Literature, American Economic Association, vol. 45(2), pages 331-372, June.
    15. Siegel, Robin & Siegel, Eric & MacMillan, Ian C., 1988. "Corporate venture capitalists: Autonomy, obstacles, and performance," Journal of Business Venturing, Elsevier, vol. 3(3), pages 233-247.
    16. Narayanan, V.K. & Yang, Yi & Zahra, Shaker A., 2009. "Corporate venturing and value creation: A review and proposed framework," Research Policy, Elsevier, vol. 38(1), pages 58-76, February.
    17. Burgers, J. Henri & Jansen, Justin J.P. & Van den Bosch, Frans A.J. & Volberda, Henk W., 2009. "Structural differentiation and corporate venturing: The moderating role of formal and informal integration mechanisms," Journal of Business Venturing, Elsevier, vol. 24(3), pages 206-220, May.
    18. Macmillan, Ian C. & Block, Zenas & Narasimha, P. N. Subba, 1986. "Corporate venturing: alternatives, obstacles encountered, and experience effects," Journal of Business Venturing, Elsevier, vol. 1(2), pages 177-191.
    19. Block, Zenas & Ornati, Oscar A., 1987. "Compensating corporate venture managers," Journal of Business Venturing, Elsevier, vol. 2(1), pages 41-51.
    20. Sykes, Hollister B., 1992. "Incentive compensation for corporate venture personnel," Journal of Business Venturing, Elsevier, vol. 7(4), pages 253-265, July.
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    Cited by:
    1. Peng, Mike W. & Su, Weichieh, 2014. "Cross-listing and the scope of the firm," Journal of World Business, Elsevier, vol. 49(1), pages 42-50.

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