백용욱 교수

Research Summary : With the recent growth of the sharing economy, regulators must frequently strike the right balance between private and public interests to maximize value creation. In this article, we argue that political competition is a critical ingredient that explains whether cities accommodate or ban ridesharing platforms and that this relationship is moderated in more populous cities and in cities with higher unemployment rates. We test our arguments using archival data covering rideshar

This article investigates the effects of prior firm founding experience, prior venture capital ( VC ) financing experience, and prior success with regard to subsequent venture survival by distinguishing serial entrepreneurs with and without prior VC financing experience. My analysis shows that ventures founded by serial entrepreneurs perform better than those founded by novice entrepreneurs regardless of whether entrepreneurs had prior success or failure. However, contrary to expectations, this

Corporate venture capital (CVC) investment has increasingly become an important source of entrepreneurial finance. Accordingly, while scholars have traditionally focused on understanding the main motivations behind CVC activity and its impact on the investing corporate firm, more recently, scholars have also started to emphasize the importance of understanding the impact of CVC investment on the investee venture. In particular, these recent studies commonly show that CVC investment has a positiv

Strategy scholars have documented in various empirical settings that firms seek and leverage stronger institutions to mitigate hazards and gain competitive advantage. In this paper, we argue that such “institution-seeking” behavior may not be confined to the pursuit of strong institutions: firms may also seek weak institutions to mitigate hazards. Using panel data from the global smartphone industry and recent patent wars among key industry rivals, we examine how smartphone vendors that are not

This study examines how fluctuations in the amount of capital flowing into venture funds affect the financing of innovative startup companies and how economic downturns affect such financing. We argue that the nature of the economic downturn can cause differential effects on the investment pattern. We find that venture capital firms invest more in early‐stage companies than in later‐stage companies when the amount of capital flowing into the market increases. We also find that venture capital fi

This paper empirically investigates the effect of the Bankruptcy Reform Act of 2005 on entrepreneurial activity. We find that this act had virtually no noticeable effect on the overall level of entrepreneurship, measured by self‐employment, partly because potential entrepreneurs were more likely to seek limited liability to offset the reduction in wealth protection imposed by the new law. That is, the incorporation rate increased for small businesses after the new law was enacted. This increase

We examine how patent wars affect firm strategy during ecosystem competition. Using data from the global smartphone industry, we show that smartphone vendors, even if they are not directly involved in the patent war, gradually shift their business focuses to markets with weak intellectual property rights protection. This shift is attenuated for firms with capabilities to countersue others and pronounced for vendors whose home markets have weak intellectual property rights protection. We also fin

Abstract Governments around the world have been facing the challenges of regulating the ever-increasing prevalence of ridesharing platforms, leading to a proliferation of academic and policy debates about the social value of such platforms. However, the overall social value is still unclear because when analyzing the net benefit provided by ridesharing platforms, prior studies have focused on either supply side (i.e., drivers) or demand side (i.e., passengers) users without considering nonusers.