Abstract
Securing and expanding innovation capability is a critical challenge for the survival and growth of small and medium-sized enterprises (SMEs), as they normally lack internal resources and show limited environmental responsiveness. However, few prior studies focus on the factors influencing the innovation capability of SMEs in terms of facilitators, barriers, and moderators. Using survey data collected from Korean SMEs in the manufacturing sector, we show that innovation capability is a fundamental determinant of firm performance. Top management leadership and external networking serve as facilitators, while organisational rigidity and insufficient resources act as barriers to firm performance, and have a significant impact on innovation capability. This study reveals that commercialisation capabilities serve as moderators between innovation capability and firm performance. The implications and directions for future research are also suggested.
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