Journal of Koreanology Reviews (한류연구)

Korea Koreanology Association (한국한류학회)
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The Key Historical Factors of Small and Medium-Sized Enterprises (SMEs) for Economic Growth in the Republic of Korea

  • Eungoo KANG (Becamex School of Business, Eastern International University)
  • Received : 2023.10.15
  • Accepted : 2023.12.30
  • Published : 2023.12.31
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Abstract

The primary objectives of this study is to examine and identify the historical factors that have significantly contributed to the growth/ expansion and prosperity of SMEs in the Republic of Korea and to evaluate and assess the impact of historical factors on the economic progress/ development, innovation, and job creation within SMEs in South Korea. To achieve the purpose of the current study, the present author has investigated the comprehensive literature investigation and figured out a total of four Key historical factors of SMEs for Economic Growth in the Republic of Korea, such as (1) Government Policies, (2) Technological Advancements, (3) Access to Finance, (4) International Trade. In conclusion, this study has undertaken a thorough investigation into the four critical historical factors that have significantly affected the development and achievements of SMEs in the Republic of Korea. By addressing a notable gap in current scholarly work, this study not only adds to the existing pool of knowledge but also provides valuable insights for various stakeholders. Practitioners/ professionals should proactively participate in government support initiatives/ programs and financial aid. SMEs can benefit from monetary incentives and donations/ grants intended to stimulate research and development, creativity, and international trade ventures.

Keywords

Acknowledgement

This study was supported by the research grant of the KODISA Scholarship Foundation in 2023.

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