The purpose of this study is to verify the effectiveness of the entrepreneurship curriculum and the educational program recognized by students and graduates. This paper has studied the improvement of curriculum and educational programs operated by the Graduate School of Entrepreneurship by using Importance-Performance Analysis (IPA). This study was conducted on students and graduates who attended entrepreneurship graduate schools designated by the Ministry of SMEs and Startups (MSS) in Korea. The results of the questionnaire survey were tested the differences of curriculum courses by paired-sample t test and its improvement was analyzed through Importance-Performance Analysis (IPA). According to the research analysis, there was a difference in the preference of the curriculum and the educational program recognized by graduate students and graduates. The results of this study suggested academic and practical implications. In academic terms, this study classified the subject and educational curriculums of entrepreneurship graduate programs through the analysis of importance-satisfaction. In practical terms, this study suggested implications for the improvement of curriculum and educational programs for the activation of entrepreneurship graduate schools.

This study aims to identify, from among business strategies presented in Miles and Snow (1978, 2003), those that increase the future performance or growth sustainability of unlisted small and medium-sized enterprises (SMEs) in Korea. (This study applied the scope of SMEs based on Article 2 of the Enforcement Decree of the Tax Exemption Restriction Act in Korea. The Korean tax law sets the scope of SMEs based on independence criteria set by the scale of sales, assets, and affiliation, and subordination. For example, the size standard of a manufacturing industry can be regarded as a small business if the average sales amount is less than 150 billion won or the total amount of assets is less than 500 billion won for three years.) In addition, it analyzes measured variables of business strategy for factors influencing unlisted SMEs’ future performance and growth potential. The objective is to determine a business strategy for unlisted SMEs, which are small, financially challenged, and have shorter lifespans and faster growth rates. The results highlight that investment in research and development (R&D) for new products influences both future performance and growth sustainability. R&D is an important intangible resource of the firm, which increases future risk due to high future uncertainty, but it is also an important factor to increase future performance or value based on resource-based theory. In the accounting field, research and development expenditure also provided evidence of future excess return or performance. This study is meaningful because it identifies the role of research and development in increasing future growth sustainability in SMEs, thus emphasizing change and innovation.

This paper analyzes the impact of the managerial ability and level of compensation on firm value in small and medium enterprises. The ability of managers is important for the sustainability and growth of small and medium enterprises because they lack awareness of resources, technology, and reputation compared to large enterprises. The managerial ability is the ability to efficiently utilize resources and choose the investment plan with the highest future net cash flows. Managerial ability is also an indicator of the level of compensation for executives. Therefore, the level of executive compensation can help a firm value or growth if it is based on managerial abilities. In addition, high executive compensation standards can be an opportunity or motivation to work hard for the wealth of companies and shareholders. We analyzed 1872 small and medium-sized companies listed on the Korean stock market to achieve the purpose of the research. We analyzed the accounting period of 6 years from 2012 to 2017. Our results have had a positive impact on firm value with executive compensation. In groups with excellent managerial skills, executive compensation has had a positive (+) impact on firm value. However, executive compensation did not have a significant impact on firm value in groups with poor managerial skills. These results validate that the CEO’s role in small and medium enterprise is important and that the level of compensation for executives is important to motivate. It also suggests that executive compensation cannot affect the firm value in groups with low managerial abilities.

This study examines the effect of managerial ability and compensation on the relationship between business strategy and firm value for small and medium-sized enterprises (SMEs). Managers determine, plan, implement, and maintain a firm’s business strategy. Therefore, the characteristics of a manager are an important factor in the selection and success of a business strategy. We believe that managerial abilities are important factors in determining that success. If the managerial ability is good, the manager is more likely to implement a strategy suitable for the firm, significantly affecting the firm’s value. Managers are also more motivated to work harder if their compensation level is high. Therefore, the manager will make efforts to successfully lead the firm’s business strategy. In small and medium-sized enterprises (SMEs), the role of managers is important for carrying out strategies due to the lack of internal resources and difficulties in external funding. Therefore, we examine whether managerial ability and compensation affect the relationship between business strategy and firm value for SMEs. The analysis period is from 2011 to 2017, and the analysis was based on 1615 (firm/year), due to some of the listed SMEs being non-financial businesses with a December settlement of accounts. As a result of the analysis, managerial compensation and ability demonstrated different effects depending on the type of strategy, in terms of the relationship between business strategy and firm value. We suggest that managerial ability and compensation affect the value of a firm and moderate the relationship between business strategy and firm value.