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Korean SMEs in the Wake of the Financial Crisis: Strategies, Constraints and Performance in a Global Economy

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Abstract

South Korea was one of the most adversely affected economies from the Asian financial and economic crisis of 1997. This paper focuses upon the contribution that the SME sector in this country is making towards the recovery of the economy, and, in particular, focuses upon their contribution in a knowledge-based society. In this paper we present an overview of the contribution and significance of SMEs to the economy. We follow this with a discussion of the impact of the Asian financial crisis on the SME sector. Next, we look at the involvement of SMEs in the global economy, focusing on the globalisation readiness of Korea's SMEs. Based on a recent study of nearly 1,800 SMEs in Korea, we look at the existing impediments in globalising operations, along with areas government should support in assisting SMEs to become globalisation ready. Finally, we present the prospects for Korea's SMEs in the 21st century and the emphasis on venture enterprises as a way to promote the technological competitiveness of SMEs.

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  • Gregory, Gary & Harvie, Charles & Lee, Hyun-Hoon, 2002. "Korean SMEs in the Wake of the Financial Crisis: Strategies, Constraints and Performance in a Global Economy," Economics Working Papers wp02-12, School of Economics, University of Wollongong, NSW, Australia.
    • Handle: RePEc:uow:depec1:wp02-12
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    File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow012131.pdf
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    Cited by:

    1. Richa Chaturvedi & Ashok Karri, 2022. "Entrepreneurship in the Times of Pandemic: Barriers and Strategies," FIIB Business Review, , vol. 11(1), pages 52-66, March.
    2. Eleanor Jawon Choi & Jaewoo Choi & Hyelim Son, 2019. "The Long-Term Effects of Labor Market Entry in a Recession: Evidence from the Asian Financial Crisis," Upjohn Working Papers 19-312, W.E. Upjohn Institute for Employment Research.
    3. Inha Oh & Almas Heshmati & Chulwoo Baek & Jeong‐Dong Lee, 2009. "Comparative Analysis Of Plant Dynamics By Size: Korean Manufacturing," The Japanese Economic Review, Japanese Economic Association, vol. 60(4), pages 512-538, December.
    4. Eleanor J. Choi & Jaewoo Choi & Hyelim Son, 2020. "The Long-Term Effects of Labor Market Entry in a Recession: Evidence from the Asian Financial Crisis," Working Papers 637, Princeton University, Department of Economics, Industrial Relations Section..
    5. Kim, Yunhee & Lee, Jeong-Dong & Heshmati, Almas, 2008. "Analysis of Pay Inequality and its Impacts on Growth and Performance in the Korean Manufacturing Industry," IZA Discussion Papers 3774, Institute of Labor Economics (IZA).
    6. Inha Oh & Jeong-Dong Lee & Almas Heshmati & Gyoung-Gyu Choi, 2009. "Evaluation of credit guarantee policy using propensity score matching," Small Business Economics, Springer, vol. 33(3), pages 335-351, October.
    7. Slamet Rosyadi & Ayusia Sabhita Kusuma & Elpeni Fitrah & Agus Haryanto & Wiwiek Adawiyah, 2020. "The Multi-Stakeholder’s Role in an Integrated Mentoring Model for SMEs in the Creative Economy Sector," SAGE Open, , vol. 10(4), pages 21582440209, October.
    8. Choi, Eleanor Jawon & Choi, Jaewoo & Son, Hyelim, 2020. "The long-term effects of labor market entry in a recession: Evidence from the Asian financial crisis," Labour Economics, Elsevier, vol. 67(C).
    9. -, 2018. "Innovation and SME internationalization in Korea and Latin America and the Caribbean: Policy experiences and areas for cooperation," Documentos de Proyectos 44147, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    10. Eleni Papaoikonomou & Pere Segarra & Xiaoni Li, 2012. "Entrepreneurship in the Context of Crisis: Identifying Barriers and Proposing Strategies," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 18(1), pages 111-119, February.
    11. Inha Oh & Jeong-Dong Lee & Almas Heshmati, 2008. "Total Factor Productivity in Korean Manufacturing Industries," Global Economic Review, Taylor & Francis Journals, vol. 37(1), pages 23-50.
    12. Choi, Eleanor J. & Choi, Jaewoo & Son, Hyelim, 2020. "The Long-Term Effects of Labor Market Entry in a Recession: Evidence from the Asian Financial Crisis," IZA Discussion Papers 13009, Institute of Labor Economics (IZA).
    13. Celeste Varum & Vera Rocha, 2013. "Employment and SMEs during crises," Small Business Economics, Springer, vol. 40(1), pages 9-25, January.
    14. Bana Abdulmajid Akkad & Sulaiman Mouselli, 2023. "Syrian SMEs in Times of COVID-19 Pandemic: Challenges, Adaptation, and Policy Measures," JRFM, MDPI, vol. 16(3), pages 1-16, February.
    15. Tae Woon Kim, 2010. "Barriers to Collaborating Activities among Policy Actors in Industry-Academia Collaboration Policies," International Review of Public Administration, Taylor & Francis Journals, vol. 15(1), pages 69-80, May.

    More about this item

    Keywords

    South Korea; Asian financial crisis; SME sector; economic recovery;
    All these keywords.

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