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Enhancing dynamism in SMEs and entrepreneurship in Korea

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  • Randall S. Jones
  • Jae Wan Lee

Abstract

Making SMEs and start-ups a driver of growth and job creation requires a number of policies to improve the performance of SMEs, whose labour productivity in the manufacturing sector has fallen to less than a third of that in large companies. The large-scale support for SMEs should shift from supporting the survival of firms to raising productivity. Measures to accelerate SMEs' take-up of new technology and increase their participation in international trade would boost productivity and inclusive growth. Given the chronic labour shortages facing SMEs, reforming the education system to reduce labour market mismatch is a priority. Relaxing the regulatory burden and government control would allow innovative SMEs to create new products and services. Entrepreneurship is lagging, reflecting a higher fear of failure and a lack of skills in Korea. Upgrading entrepreneurship education and lowering the personal costs faced by entrepreneurs who fail would be beneficial. A greater role for venture capital, in part by activating the M&A market to allow investors to recuperate their funds, would encourage firm creation. This Working Paper relates to the 2018 OECD Economic Survey of Korea (www.oecd.org/eco/surveys/economic-survey-korea.htm)

Suggested Citation

  • Randall S. Jones & Jae Wan Lee, 2018. "Enhancing dynamism in SMEs and entrepreneurship in Korea," OECD Economics Department Working Papers 1510, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1510-en
    DOI: 10.1787/ced4b0e9-en
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    Citations

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    Cited by:

    1. Lee Yong-Shik, 2019. "South Korean Economy at the Crossroads: Structure Issues under External Pressure – An Essay from a Law and Development Perspective," The Law and Development Review, De Gruyter, vol. 12(3), pages 865-885, October.
    2. Wonkyu Shin & Sehwan Oh & Sungho Rho, 2019. "Innovation and Exports of Korean Firms: How Do They Differ by Size and Industry?," Millennial Asia, , vol. 10(3), pages 249-271, December.
    3. Beverlley Madzikanda & Cai Li & Francis Tang Dabuo, 2021. "What Determines the Geography of Entrepreneurship? A Comparative Study Between Sub-Saharan Africa and South-East Asia," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 7(2), pages 246-262, July.
    4. Joonho Shin & Xavier Mendoza & Changbum Choi, 2022. "Do internationalizing business group affiliates perform better after promarket reforms? Evidence from Korean SMEs," Asia Pacific Journal of Management, Springer, vol. 39(2), pages 805-841, June.

    More about this item

    Keywords

    business angels; digitalisation; ecosystem; entrepreneurship; incubators; innovation; insolvency regime; Korea; productivity; public procurement; regulatory reform; small and medium-sized enterprises; SMEs; start-ups; subcontractors; R&D; venture capital;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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