• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.2
• /
• pp.51-78
• /
• 2021

Followed by 'start-up', the theme of 'scale-up' has been considered as an important agenda in both corporate and policy spheres. In particular, although it is a term commonly used in industry and policy fields, even a conceptual definition has not been achieved from the academic perspective. "Corporate Growth" in the academic aspect and "Business Growth" in the practical management field have different understandings (Achtenhagen et al., 2010). Previous research on corporate growth has not departed from Penrose(1959)'s "Firm as a bundle of resources" and "the role of managers". Based on the theory and background of economics, existing research has mainly examined factors that contribute to firms' growth and their growth patterns. Comparatively, we lack knowledge on the firms' growth with a focus on 'annual revenue growth rate'. In the early stage of the firms, they tend to exhibit a high growth rate as it started with a lower level of annual revenue. However, when the firms reach annual revenue of more than 100 billion KRW, a threshold to be classified as a 'middle-standing enterprise' by Korean standards, they are unlikely to reach a high level of revenue growth rate. In our study, we used our sample of 333 companies (6.7% out of 5,000 'fastest-growing' companies) which reached 15% of the compound annual growth rate in the last three years with more than USD 100 million. It shows that sustaining 'high-growth' above a certain firm size is difficult. The study focuses on firms with annual revenue of more than $100 billion (approximately 120 billion KRW) from the 'Inc. 2020 fast-growing companies 5,000' list. The companies have been categorized into 1) Fast-growing companies (revenue CAGR 15%~40% between 2016 and 2019), 2) Hyper-growing companies (40%~99.9%), and 3) Super-growing (100% or more) with in-depth analysis of each group's characteristics. Also, the relationship between the revenue growth rate, individual company's strategy choice (market orientation, generic strategy, growth strategy, pioneer strategy), industry/market environment, and firm age is investigated with a quantitative approach. Through conducting the study, it aims to provide a reference to the 'Hyper-Growing Model' that combines the paths and factors of growth strategies. For policymakers, our study intends to provide a reference to which factors or environmental variables should be considered for 'optimal effective combinations' to promote firms' growth.

• Journal of Service Research and Studies
• /
• v.11 no.1
• /
• pp.1-20
• /
• 2021

This study was conducted to derive a model of a sustainable economic system for humanity in the era of service economy that requires a paradigm shift. A new long-term sustainable development model has been built on the basis of thousands of years of economic operation experience. Currently, the world is operating the capitalism as the main economic system because there is no better alternative, and the changing economic and social environment such as the advent of the 4th Industrial Revolution is exacerbating the problems of the capitalism, such as job shortages and inequality. In this study, we analyzed the economic management system experienced by human society, and derived an economic system model that is ideal for the modern and future society and is sustainable in the long term. The conditions for a long-term sustainable economic system were presented first. It must be a model that can solve the problems of the current economic system. It must be a model that is faithful to the characteristics of the modern economic society and the nature of the economy itself. And since the new economic system is for humanity, it must be based on the common principles of human society. It should be a model that continuously guarantees core values such as equality and freedom required by human society. After analyzing the problems of the current economic system and analyzing the conditions required for the new system, the basic axioms that the new economic system should be based on were presented, and a desirable model was derived based on this. The structure of the derived model and the specific operation model were presented. In the future, research is needed to specify the operational model so that this model can be settled well in different environments for each country.