Innovative Culture and Firm Performance of Medical Device Companies: Mediating Effects of Investment in Education and Training.

Jeong-Min Ryu,Yoonseo Park,Munjae Lee,Jeongwon Park,Sewon Park

doi:10.3390/ijerph18178926

Abstract

This research explored the mediating effect of investment in education and training relating to the innovative culture and organizational performance of medical device companies. We used the Human Capital Corporate Panel data provided by the Korea Vocational Competency Development Institute. In the industrial classification system of panel data, the industries related to medical devices were extracted and conclusively analyzed for 8629 workers and 368 companies. The independent and dependent variables were innovative culture and corporation performance, respectively. Investment in training and education was a mediating variable between the independent and dependent variables. Quantitative data were analyzed using SPSS software. A higher level of organizational satisfaction emerged in an innovative culture. Innovative culture positively affected organizational satisfaction. Further, investment in education and training to promote an innovative culture positively affected organizational satisfaction. Medical device companies should improve their performance by creating an innovative culture.

Highlights

The medical device industry in South Korea largely comprises small- and mediumsized companies (SMEs), which cannot exercise their self-sustaining power because they remain under political protection and have been negligent in their growth and development
A regression analysis was performed to examine the causal relationship between inOrganizational performance was measured with the themediating organizational pronovative culture and corporate performance and analyze effectsatisfaction of investment vided by data, which utilizes a
This study identified how innovation culture influences corporate performance, notably the satisfaction of employees, relating to investment in education and training

Summary

Introduction

The medical device industry in South Korea largely comprises small- and mediumsized companies (SMEs), which cannot exercise their self-sustaining power because they remain under political protection and have been negligent in their growth and development. The medical device industry belongs to small-scale multidisciplinary production—. Administration’s report, in 2018, South Korea’s medical device market, based on production amount and import and export, was KRW 6.8179 trillion (approximately USD5.86 billion). This was a 10% increase from 2017, and the size of the domestic market grew at an average annual rate of 8% from 2014 to 2018. Considering the size of the domestic market, the number of companies is sizable.

Methods

Results

Conclusion