Jung Yoon Jang

This study examines how ownership structure mediates the relationship between market liberalization and firms' innovation-oriented entrepreneurial orientation (EO) in post-crisis Korea. Integrating institutional and agency theories, we conceptualize ownership as a governance mechanism translating macro-level reform into firm-level strategic behavior. Using panel data on Korean technology-intensive firms from 1998 to 2003, we measure innovation-oriented EO through a patent-based technological exploration ratio and analyze the mediating roles of inside, outside, foreign ownership, and ownership competition. The results show that inside ownership exhibits a curvilinear relationship with EO, while outside ownership constrains innovation-oriented behavior. In contrast, foreign ownership and ownership competition do not play significant mediating roles. These findings clarify the governance conditions under which institutional reforms foster entrepreneurial strategy and offer insights for transitional and emerging economies.

Purpose - This study aims to examine the transformative impact of crowdfunding on entrepreneurial ventures, focusing on backers' decision-making on reward-based platforms. It investigates why crowdfunding is popular among creators and backers, despite the inconsistent success rates of projects. The study empirically analyzes the factors influencing backers' pledging decisions, particularly past crowdfunding experience, herding behavior and product innovativeness. By exploring these dimensions, the research aims to provide insights into backers' decision-making dynamics in crowdfunding. Design/methodology/approach - The study used logistic and ordered logistic regression models to assess the effects of key determinants, including prior crowdfunding experience, herding behavior and perceived product innovativeness. A total of 402 valid responses were collected from individuals with experience on a reward-based crowdfunding platform. The model specifications tested both the likelihood of changes in backers' initial decisions and their final pledging intentions. Findings - Backers' crowdfunding experience significantly increases the likelihood of changing their initial decisions. The number of backers positively influences impulse purchases. However, product innovativeness does not have a statistically significant impact. Interestingly, the interaction between crowdfunding experience and time pressure - measured by the number of remaining days - reveals that backers are more likely to alter their decisions in the early stages of campaigns, contrary to expectations. Originality/value - This research examines how crowdfunding transforms entrepreneurial ventures by analyzing backers' decision-making on reward-based platforms. Despite its popularity, project success rates vary, highlighting the need to understand decisions made with incomplete information. Using a multi-step approach that includes literature review, campaign analysis and online surveys, the study explores factors influencing impulse purchases. Findings show that backers' crowdfunding experience and campaign dynamics significantly affect decision changes, offering implications for campaign management. This study provides valuable insights into backer behavior and practical guidance for creators and platform operators to optimize crowdfunding campaigns.

Purpose – This study aims to offer a strategic management response to societal disruptions of the magnitude triggered by the agricultural, industrial and information revolutions. These pose challenges that are much greater and different in kind than the industry-wide disruptions that businesses have learned to manage. Pandemics, climate change, biotech and artificial intelligence guarantee that such societal disruptions will be an inescapable and recurring reality. Design/methodology/approach – The paper builds on the strategic management responses to wicked problems, which possess in microcosm the chaotic ambiguity that characterizes societal disruptions. Findings – The authors propose a management process that affirms a sense of identity, identifies robust actions, adopts a real-options approach and uses a platform organization. Research limitations/implications – The primary limitation is that the recommendations and findings are extrapolations of organizational practices in analogous situations. No examples of formal management processes specifically designed to address societal disruptions were identified. Practical implications – The practical implications are significant. The specific recommendations in the paper directly address strategic management practice in organizations. Social implications – The social implications are integral to the motivation of the paper as it describes the intrinsic characteristics of societal change and transformation, enabling organizations to interact with society on a dynamic basis. Originality/value – While there has been growing interest and research into business and industry disruptions, the challenge of societal disruptions, which is the focus of this paper, has not been directly addressed.