Determinants of growth prospects in Korean venture firms: Mediating effects of technology commercialization capabilities and moderating effect of internationalization performance

This study investigates the structural determinants of growth prospects (GP) in Korean venture firms by examining the mediating role of technology commercialization capabilities (TCC) and the moderating effect of internationalization performance (IP). Using nationally representative data from the 2024 Comprehensive Survey of Venture Businesses , we integrate key internal and external resources – including R&D capability (RD), competitive strategy (CS), brand equity (BE) and venture business certification (VBC) – and assess their influence on firm growth via TCC. Partial least squares structural equation modelling (PLS-SEM) and multi-group analysis (MGA) were conducted to compare firms with and without institutional investment. The findings indicate that strategic resources significantly enhance TCC, which in turn positively affects GP. IP strengthens the commercialization–growth relationship, highlighting the role of global engagement. Overall, this study clarifies heterogeneous growth mechanisms and provides evidence for designing differentiated support strategies that foster sustainable development in the Korean venture ecosystem.