Effect of Component Factors of Innovation Clusters on the Corporate Business Activity: The Moderating Effect of Financial Support

Abstract

Abstract Globalization and knowledge-based economy have increased the importance of local areas as the units of global competition. Therefore, the meaning of localities has been emphasized as the core value of economic activities. In this context, innovation cluster has been recognised and emphasized as effec-tive policy measure for innovation. Therefore, most countries have been trying to develop innovation clusters with their expectation for a rapid growth of economy. Nevertheless, there have been minimal empirical researches on innovation cluster. Therefore, for suggesting implications that activation factors of innovation cluster are to have an effect on tenant's business activities, this study conducted a literature review for the theories of regional innovation system(RIS) and innovation cluster. As a result, the activation factors of innovation cluster were classified into institutional, physicals, and social factor. The case of Gyeonggi province's innovation cluster policy was examined for an empirical analysis. Data were analyzed using ordered logistic regression. The results were as follows:First, Institutional and Infra factors had a positive influence on firms' business activities in every empirical test, so they were the most important activation factors of innovation cluster. Second, regarding the interactive effects of financial support, the interactive effects between fi-nancial support and Infra factor had a positive influence on the firms' business activities, according to the result of the empirical test.