A Study on the Impact of Regional Entrepreneurial Ecosystem Factors on Firm Performance: Focused on Companies Supported by the University-Centered Entrepreneurship Program

Abstract

This study empirically analyzed the impact of entrepreneurial ecosystem factors, including regional policy, entrepreneurial culture, infrastructure (incubation facilities), investment attraction environment, networks, market exploration, growth, and local attachment, on the firm performance of 75 startups supported by the University-Centered Entrepreneurship Program. The factor analysis results indicated that the eight factors (policy, culture, infrastructure, investment attraction environment, network, market exploration, growth, and local attachment) demonstrated high reliability and validity, distinctly categorized. Correlation analysis revealed significant positive (+) correlations between firm performance and factors such as networks, market exploration, growth, and local attachment. In the multiple regression analysis, infrastructure (β=0.481), networks (β=0.298), growth (β=0.349), and local attachment (β=0.247) were found to have significant positive (+) effects on firm performance. However, entrepreneurial culture unexpectedly exhibited a significant negative (-) coefficient (β=-0.351). Meanwhile, regional policy, investment attraction environment, and market exploration were not statistically significant in this model. These findings suggest that incubation infrastructure, networks, growth strategies, and local attachment directly contribute to short-term improvements in firm performance. On the other hand, entrepreneurial culture and regional policies may exert indirect effects through mediating variables. Therefore, future research should expand the sample and apply structural equation modeling (SEM) to investigate more sophisticated causal relationships. This study holds academic and practical significance by emphasizing the importance of “practical support systems,” “growth strategies,” and “community integration” in designing and managing regional entrepreneurial ecosystem policies and programs.