Comparative Analysis for Survival Period of SMEs According to Innovation Certification Type

Abstract

In terms of survival period, it was analyzed whether there was a significant difference according to the type of innovation certification (venture certification, inno-biz certification and main-biz certification). The event was defined as overdue equivalent to default, and the survival period was calculated. Based on the year of innovation certification, the work experience, number of employees, financial status, and composition by industry of innovation certified SMEs were set as control variables. As a result of the analysis, it was confirmed that there was a significant difference in the survival period depending on the type of innovation certification even when the control variables were considered. Inno-biz certified companies and main-biz certified companies had a 31.2% and 29.3% reduction in overdue risk, respectively, compared to venture certified companies. Therefore, it is necessary to differentiate innovation certification benefits by considering the life cycle of a company. In addition, it was concluded that there is a need to strengthen the connection between certifications, such as providing additional benefits when converting innovation certification.