Abstract
The purpose of this study is to comprehensively review previous studies and discover implications for the sustainable growth engines of middle market enterprise (MME) of Korea using meta-analysis. Since Germany’s hidden champion companies are considered as benchmarking targets because their economic environment and size are similar to those of Korean MMEs, a meta-analysis was conducted on the previous studies of them. As a result of integrating the effect sizes of input and output factors according to the process of the Program Logic model from the viewpoint of dynamic capabilities, 198 in Germany and 229 in Korea were derived. It was found that, unlike Korean companies, the number of skilled workers, labor productivity, CEO experience, and Innovation activities within the firm had a significant impact on Germany’s hidden champion companies. In addition, industry and region-oriented innovation networks and family businesses were identified as important variables. Meta-analysis collects a large number of individual studies in order to integrate the results and statistically assess the data. As a result, it will be used as basic data for developing models for academic research in the future. In addition, it will provide implications for sectors in which Korean MMEs should concentrate their efforts in order to create an innovative ecosystem.
Highlights
Most markets in highly developed open economies, innovation is a key driver of competition [1]
Since this study aims to verify the core elements that have induced the growth of hidden champion firms in major advanced countries such as Germany and the core competencies of middle market enterprise (MME) in South
Since Germany has similar industrial and economic structures to those of South Korea, it has been continuously argued that German hidden champion firms should be benchmarked to develop the capabilities of South Korean
Summary
Most markets in highly developed open economies, innovation is a key driver of competition [1]. SMEs (small- and medium-sized enterprises) need to develop capabilities and management practices to keep pace with technological change and to gain competitive advantages from innovation, allowing them to compete with large firms [1]. In a time when the pandemic caused by COVID-19 has caused economic downturns in countries around the world and paradigm shifts in industries, as with recent times, firms are required to innovate to overcome the crisis [2]. Innovation research has explained how firms cope with the economic fallout of the pandemic and how innovation processes are structured and conducted [3]. The research suggests that firms respond to emerging challenges by accelerating digitization [4,5], rethinking corporate practices [5,6,7], or developing frugal solutions [3,8]. Technology innovation based on partnerships will be a key factor in promoting a virtuous cycle of national economic growth and in creating a firm’s sustainable growth and positive economic performance [9,10]
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