TABLE OF CONTENTS Introduction Literature Review Research Model

TABLE OF CONTENTS Ⅰ. Introduction Ⅱ. Literature Review Ⅲ. Research Model Ⅳ. Methodology V. Discussion 2

III. Research Model & Hypotheses 시장 불확실성 (박진수, 2010) 기존의 타성 (박진수, 2010) 간접적 경험과 기존 자원 보유 (D’Aveni, 1994) 낮은 진입장벽과 새로운 시장 환경 의 급격한 변화 (이상명 et al 2008) Market Uncertainty Learning Failure Targeting Weak Spot of Value Chain Use of network in industry H 1: Market Uncertainty will be negatively related to the first mover advantage effect of Korean entertainment firm. H 1 (-) First Mover Advantage H 2 (-) H 3 (+) Second Mover Advantage H 4 (+) H 2: Learning Failure will be negatively related to the first mover advantage effect of Korean entertainment firm. H 3: Targeting weak spot of entertainment industry value chain will positively to the second mover advantage effect of Korean entertainment firm. H 4: The use of network in entertainment industry will positively to the second mover advantage effect of Korean entertainment firm. 10

III. Research Model & Measurement • Stock Volatility • Analysts’ Consensus on Entertainment Business Market Uncertainty H 1 (-) First Mover Advantage • Interview from Samsung & Orion’s entertainment division employees, related experts Learning Failure H 2 (-) • Business sectors of CJ E&M Targeting Weak Spot of Value Chain H 3 (+) • Co-work status of CJ E&M and other Entertainment firms Use of network in industry H 4 (+) • Firm Continuity • Financial Performance - Revenue - Operating Profit Second Mover Advantage • Market Share 11

V. DISCUSSION 15

Thank You Any Questions? 16