FUNDAMENTALS, CONDITIONS, AND SUSTAINABLE ：基础，条件，和可持续发展精品.pdfVIP

Promoting Globally Successful (and Innovative) SMEs: Strategies by Korean Firms to become Independent Global Specialists First draft: October 2010 This revision: May 2011 Keun Lee 1, Jooyoung Kwak 2, and Jaeyong Song 3 1Department of Economics, Seoul National University 2 Yonsei School of Business, Yonsei University 3School of Business, Seoul National University Earlier versions of the present paper were presented at the 2010 ASIALICS Conference held in Taipei, Taiwan, in April, and at the 2009 DIME workshop entitled, Industrial Dynamics and Sectoral Systems in Developing Economies,‖ which was held in Milan. The authors would like to thank two referees, as well as Richard Nelson, Franco Malerba, Jorge Katz, Roberta Rabellotti, Youngbae Kim, Sung-Soo Seol, Kong-Rae Lee, Chang-Wook Kim, Jin Ho Yoon, Young-Mok Bae, Keonbeom Lee, and Young-Ryeol Park for their useful comments and discussion.  Correspondence to: Keun Lee. Department of Economics, Seoul National University, 599 Gwanangno, Seoul, Korea. Email: Kenneth@snu.ac.kr; Phone: +822-880-6367. Abstract The paper investigates the catching up dynamics of firms from emerging markets, particularly in Korea. This work focuses on the independent small and medium-sized enterprises (SMEs) in charge of all value chains that have achieved significant catching up with incumbent companies in terms of global market shares. Our theoretical framework identifies both the commonalities and differences between successful and large enterprises and SMEs from emerging economies, such that they have a common start (resource scarcity) and end (global success owing to their own path-creation) achieved through d