This study examined the effects of startup firm's knowledge assets on the effectiveness of their sales strategies, efficiency of sales activities, and management performance, after categorizing these assets into customer knowledge assets and technology knowledge assets. Furthermore, the moderating effects of promotion focus by CEOs and sales managers of startup firms were analyzed. For the analysis, dyadic questionnaire surveys were conducted targeting the CEOs and sales managers of startup firms established at the Gyeongnam Technopark and the KAIST Technology Business Incubation Center in Korea. Hypotheses were verified through structural equation modeling, and moderating effects were identified through ANOVA. CEO's customer knowledge asset strengthened their effectiveness of sales strategies, and sales manager's technology knowledge asset strengthened the efficiency of their sales activities. Also, CEO's effectiveness of sales strategies and sales manager's efficiency of sales activities have been found to enhance startup firm's management performance. Meanwhile, the moderating effect of promotion focus strengthened CEO's effectiveness of sales strategies through CEO's customer knowledge asset and interaction as CEO's promotion focus level increased, but promotion focus of sales managers did not have any significant interaction effect. This study provides implications by offering empirical evidence on startup firms with regard to knowledge assets.

Abstract
 1. Introduction
 2. Theoretical Background
  2.1. Knowledge Assets
  2.2. Effectiveness and Efficiency
  2.3. Promotion Focus
 3. Hypotheses Development
  3.1. CEO's Customer Knowledge Asset andCEO's Effectiveness of Sales Strategies
  3.2. CEO's Effectiveness of Sales Strategies andStartup Firm's Management Performance
  3.3. Sales Manager's Technology KnowledgeAsset and Sales Manager's Efficiency ofSales Activities
  3.4. Sales Manager's Efficiency of Sales Activitiesand Startup Firm's Management Performance
  3.5. Moderating Effects of Promotion Focus
 4. Research Methodology
  4.1. Data Collection
  4.2. Measurement of Variables
 5. Data Analysis and Result
  5.1. Subject Characteristics
  5.2. Reliability and Validity
  5.3. Hypotheses Test
 6. Conclusion
  6.1. Summary and Implications
  6.2. Limitations and Future Studies
 References

• Sang Yun Seo(Department of Business Administration, Kyungnam University)
• Sang Duck Kim(Department of Business Administration, Kyungnam University)
• Myoung-Soung Lee(Associate Research Fellow, Incheon Foundation for Women and Family) Corresponding Author