Research

Published and Forthcoming Articles (Selected)

2025

1. Published

   How Digital Platforms Affect Local Entrepreneurial Activities: Evidence from the Staggered Entry of Craigslist

   Daehyun Kim, Yongwook Paik, and Namil Kim

   Strategic Entrepreneurship Journal (FT50), 2025

   Abstract Journal

   Access to markets is critical for entrepreneurial success, yet many face significant barriers. This study argues that digital platforms functioning as peer-to-peer marketplaces can facilitate entrepreneurial activity by improving market access for new ventures. Using the staggered entry of Craigslist into various markets, we find that Craigslist’s entry increased local entrepreneurial activities, especially in low-income regions. Moreover, individuals from lower-income households, as well as Black and immigrant communities, were more likely to create new ventures following Craigslist’s entry. Firms founded after Craigslist’s entry were also smaller in size, potentially reflecting more efficient management, and primarily operated in B2C rather than B2B sectors. This study highlights how multisided platforms can empower individuals with limited market accessand resources, ultimately democratizing entrepreneurship in the digital age.

2. Published

   Anti-Labor Environments and Employee Entrepreneurship: Evidence from Right-To-Work Laws

   Daehyun Kim, Namil Kim, and Haemin Dennis Park

   Strategic Entrepreneurship Journal (FT50), 2025

   Abstract Journal SMS

   We explore how changes in labor union and related labor environments affect employees’ likelihood of starting a new business. Using Michigan’s and Indiana’s adoption of right-to-work (RTW) laws as a natural experiment, we demonstrate that the likelihood of employees becoming self-employed increased by 54.6% as compared to that in states without RTW laws following the passage of the law. However, this tendency is more pronounced for less-educated and blue-collar workers. Moreover, newly created-firms are mostly small businesses with limited scalability. These findings offer novel insights on the relationship between anti-labor environments and employee entrepreneurship.

3. Published

   When Automation Hits Jobs: Entrepreneurship as an Alternative Career Path

   Daehyun Kim, Taekyun Kim, Wonjoon Kim, and Hyejin Youn

   PLOS One, 2025

   Abstract Journal

   This study investigates the relationship between occupational automation risks and workers’ transitions to entrepreneurship using data from the Current Population Survey. We find that employees facing automation-related job displacement are inclined to shift toward unincorporated entrepreneurship, emphasizing entrepreneurship as a viable alternative career path. Noteworthy variations emerge when examining specific automation technologies, revealing a positive association between industrial robots and entrepreneurial transitions, whereas artificial intelligence displays a negative relationship. Gender disparities are observed, with female workers exhibiting a lower likelihood than males of transitioning into entrepreneurship. This study also shows a heightened prominence of entrepreneurial transitions during the early stages of the COVID-19 pandemic. By illuminating entrepreneurship as a response to job displacement, our results offer crucial policy insights into the labor market implications of automation.

Manuscripts Under Review

current

1. 2nd R&R

   How Does Publicly Available Knowledge Affect Interfirm Hiring?

   Shu Deng, Haemin Dennis Park, and Daehyun Kim

   2^nd Revise and Resubmit, Journal of Management Studies (FT50)

   Abstract SSRN

   Increased availability of public knowledge may diminish the necessity of hiring inventors for codified knowledge, but it may heighten the demand for inventors with tacit knowledge to utilize public knowledge. By using the enactment of the American Inventor’s Protection Act (AIPA) as a shock that increased publicly available knowledge through mandated patent disclosure, we find that firms with greater exposure to AIPA hire fewer inventors who possess less complex knowledge while hiring more inventors who possess highly complex knowledge. Further analyses reveal that both the substitution and complementation effects are less pronounced for firms with highly novel technological portfolios, whereas they are more pronounced for firms with greater technological capability.

2. 2nd R&R

   Unpacking the Entrepreneurial Process after Failure: The Role of Attribution and Behavioral Responses in Technology-Based Startups

   Daehyun Kim, Haejun Jung, Aaron Chatterji, Wonjoon Kim, and Sunghyun Cho

   2^nd Revise and Resubmit, Strategic Entrepreneurship Journal (FT50)

   • Award: Amore-Pacific Scholarship from MK-AKMS, 2021

   Abstract

   This study examines why entrepreneurs perceive the causes of failure differently and how these attributions relate to post-failure processes. Using a unique survey of failed entrepreneurs, we find that those with prior external financing are more likely to attribute failure to internal factors, since receiving such critical resources for startup success makes external causes less plausible. We further show that such internal attribution is negatively associated with reentry. Next, among serial entrepreneurs who do reenter, attribution is related to strategic change: internal attribution is associated with revising the business model, whereas technology change occurs mainly when shortcomings are perceived as the cause. Finally, entrepreneurs who revised their business model or technology after failure were more likely to secure venture capital through such internal changes.

3. Rej & R

   Technological Uniqueness and Venture Capital Investment

   Daehyun Kim, Haemin Dennis Park, and Shu Deng

   Reject and Resubmit, Journal of Business Venturing (FT50)

   Abstract SSRN

   We examine how venture capital (VC) investors evaluate the technological uniqueness of startups and the conditions under which this evaluation varies. Using a text-based approach that maps startups in the technology space, we find an inverted U-shaped relationship between technological uniqueness and the likelihood of receiving first-round VC investment, indicating that startups with moderate uniqueness are most likely to attract capital. This pattern varies with the degree of startup–VC alignment. When an investor’s existing portfolio overlaps with the startup’s technological domain or industry, the evaluation penalty at higher levels of uniqueness is attenuated, shifting the peak of the inverted U toward greater uniqueness. These findings suggest that prior exposure to related technologies or industries helps VC investors interpret unfamiliar technologies and reduce the uncertainty that otherwise discourages investment at the upper end of uniqueness. Our study contributes to research on optimal distinctiveness and entrepreneurial resource acquisition by drawing attention to investor-side characteristics that shape how technological uniqueness is evaluated. It also offers a text-based approach for measuring startups’ technological positioning that future work on innovation and early-stage investment can apply.

4. Under Review

   The Emergence of P2P Platforms and Entrepreneurial Activities: New Pathways into Entrepreneurship

   Daehyun Kim

   Under Review

   Abstract

   How can we foster more inclusive entrepreneurship - one where individuals from diverse backgrounds have genuine opportunities to start and grow ventures? While prior research has examined various barriers to entrepreneurial entry, we argue that scholars have largely overlooked a fundamental constraint: market access. We investigate whether reducing frictions in reaching customers can democratize entrepreneurship, particularly for resource-constrained founders. To examine this question, we leverage the staggered introduction of Craigslist across U.S. cities as a quasi-experiment. This P2P digital platform dramatically lowered the costs of market access by enabling direct peer-to-peer transactions. Our findings reveal that Craigslist’s entry spurred new venture formation broadly, with the strongest effects among the unemployed and founders with lower educational attainment. Critically, these ventures exhibited markers of sustainability rather than necessity-driven entrepreneurship: founders increased their working hours and demonstrated greater persistence compared to the pre-platform period. Moving beyond entrepreneurial entry, we leverage granular individual-level data from Revelio Labs to examine post-entry team dynamics. Our findings reveal that less-educated founders used the expanded market access provided by P2P platforms to build larger founding teams and increase hiring. Taken together, this evidence highlights the role of P2P digital platforms as critical inclusive infrastructure that enables resource-constrained founders to integrate into the entrepreneurial ecosystem and drive venture growth.

5. Submitting

   Employee-Friendly but Costly Workplace Practices? Evidence from Paid Family Leave Policies and Venture Capital Investments

   Daehyun Kim, Yongwook Paik, and Shu Deng

   Preparing submission

   • Award: Best Paper Award, Korean Academic Society of Business Administration (KASBA), 2025
   • Media Cover: Maeil Business Newspaper

   Abstract SSRN

   This study examines how paid family leave (PFL) policies affect venture capital (VC) investment in startups. We argue that PFL can destabilize the human capital advantages that startups rely on, triggering workforce disruptions that weaken their attractiveness to investors. Using the staggered implementation of PFL across U.S. states, we employ a difference-in-differences design with coarsened exact matching using data from PitchBook and Revelio Labs. We find that PFL implementation is associated with a decline in both the likelihood and amount of VC investment. This effect is concentrated among startups with a higher proportion of female employees. However, the negative effect is attenuated in firms with greater occupational concentration, where roles are more substitutable and operational disruption is less severe. Mechanism analyses reveal that PFL increases female employee departures and reduces innovation output, suggesting that workforce instability and diminished innovative capacity are channels through which PFL lowers VC investment. Our findings contribute to strategy and entrepreneurship research by showing how institutional interventions designed to protect workers can impose organizational burdens that destabilize the human capital foundations of entrepreneurial firms.

6. Submitting

   Entrepreneurial Training and Startup Internationalization: Evidence from the German Accelerator Program

   David Heller, Daehyun Kim, and Dietmar Harhoff

   Preparing submission

   • Award: European Investment Fund Best Paper Award on Highest Policy Impact, 2025
   • Note: CEPR Discussion Paper No. 20888

   Abstract CEPR SSRN

   The benefits and challenges of accessing international markets as a key strategy for many entrepreneurial ventures are well-known. But how can we effectively support startups’ expansion into foreign markets? This study takes an initial step to answer this question, arguing that entrepreneurial training can provide crucial experiential learning opportunities that foster startup internationalization. To empirically test our predictions, we explore a unique combination of proprietary application data from the German Accelerator (GA), a government-financed program that offers startups an international learning journey, and detailed startup- and founder-level information from Crunchbase and Revelio Labs, as well as qualitative evidence from a survey of GA alumni. We find that the average GA participant raises significantly more funding and hires more employees in the GA’s target countries, but not in their home markets, relative to a comparison group of startups that were admitted but did not attend for exogenous reasons. Quantitative and qualitative evidence suggests that in-person interactions in the target country are essential for eliciting these effects and that startups with limited prior international experience benefit most from participating in the program, both of which support our theoretical considerations about experiential learning.

Manuscripts Under Development

Correct authoring will be determined later

current

1. In Progress

   Entrepreneurial Growth with Generative Artificial Intelligence

   Daehyun Kim, David Heller, and Asam Dominik

   Preparing manuscript
2. In Progress

   The Impact of Generative AI on Founding Team Diversity

   Daehyun Kim, and David Heller

   Preparing manuscript
3. In Progress

   Beyond Deep Tech: A Family Resemblance Framework for Classifying Technology Ventures

   Carolyn Crichton, Daehyun Kim, Dietmar Harhoff, and Marc Gruber

   In progress
4. In Progress

   Guests are More Important than Hosts: Asymmetric Effect of Engineers in Acquiring and Target Firms on Post-acquisition Knowledge Combination

   Seungho Choi, and Daehyun Kim

   Data Analysis