Theories of the Firm, Entrepreneurship and Innovation in Business Practices of Korean Firms

By Hong Y. Park, Marwan A. Wafa and Geon-Cheol Shin.

Published by The Organization Collection

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Article: Print $US10.00
Article: Electronic $US5.00

This study assesses the practical utility of seven major theoretical perspectives of the firm, using a survey of 204 top executives in major South Korean firms administered five years after the 1997 economic crisis.
Top executives were asked to identify the three most important business practices and policies that their firms adopted after the 1997 economic crisis. Executives were further asked to indicate whether the three business practices adopted were successful or resulted in negative organizational consequences. Survey responses of the top executives were content analyzed and the different business practices and policies that were implemented were mapped with the different theories. Results of our study indicate that generally the important business practices adopted by the Korean firms clearly reflected the approaches suggested by the different theoretical approaches.

Keywords: Theories of the Firm, Entrepreneurship, Business Practice Design, Innovation, Economic Crisis, Integration of Theories and Practices

International Journal of Knowledge, Culture and Change Management, Volume 11, Issue 5, pp.261-286. Article: Print (Spiral Bound). Article: Electronic (PDF File; 1.014MB).

Dr. Hong Y. Park

Professor of Economics, Department of Economics, College of Business & Management, Saginaw Valley State University, University Center, Michigan, USA

Professor Park earned his undergraduate degree from Kyung Hee University, Korea, M.A. from Seoul National University, MBA from Fairlegh Dickinson University and Ph.D. from Utah State University. Professor Park specializes in the theory of the firm and economics of organization. His research interests include sourcing strategies, work incentives, application of the theory of the firm to business practices and strategies. He has taught courses in microeconomics, macroeconomics, economics of organization, managerial economics and money and banking. Professor Park’s publication includes articles on work incentives, sourcing strategies and organizational forms. His research has been published in Human Relations, Managerial and Decision Economics, Economic Studies, Annals of Regional Science, Mid-American Journal of Business, Multinational Business Review and European Journal of Purchasing and Supply Management. He has recently published two research monographs on the theory of the firm and corporate strategies. He was a Fulbright Scholar to Kyung Hee University, Seoul, Korea in 2002–3 academic year.

Dr. Marwan A. Wafa

Vice Chancellor & Dean, Office of the Vice Chancellor and Dean, Indiana University-Purdue University Columbus, Columbus, Indiana, USA

Professor Wafa’s publications include articles on just-in-time implementation in the International Journal of Operations & Production Management, International Journal of Management Science, and International Journal of Physical Distribution and Logistics Management. He served as a board member of the Kenosha Area Family and Aging Services, Inc. (KAFASI), Center for Advanced Technology and Innovations (CATI), and TechStar. He also served as president and program chair for the Mid-Continent East AACSB, and played different roles as a member of Production & Operations Management Society (P&OM), The Educational Society for Resource Management (APICS), The Decision Sciences Institute (DSI), The International Academy of Business Disciplines (IABD), and the Midwest Business Administration Association (MBAA). Professor Wafa provided consulting and counseling for businesses in the service as well as manufacturing sectors. He served on the Government Issues Committee of the Midland Chamber of Commerce, Michigan. He has been active with AACSB International which accredits business programs worldwide. Currently serves as a member of the Columbus Economic Development Board, Healthy Community Initiative, United Way and the Community Education Coalition (CEC). He served as a board member of the Visitor’s Center in Columbus, Indiana.

Dr. Geon-Cheol Shin

School of Management, Kyung Hee University, Seoul, South Korea

Professor Shin is currently Professor of Marketing at Kyung Hee University in Seoul, Korea. He holds an undergraduate degree from Kyung Hee University, an MBA and a Ph.D. from Georgia State University. He has previously held visiting appointments at Michigan State University, University of Vienna and Zhejiang University. His teaching and research interests are in the areas of marketing strategy and global business. His research activity has resulted in publications in scholarly journals including: Korean Management Review, Korean Journal of International Business, Journal of Korea Trade, Journal of Product Innovation Management, Global Economic Review, International Quarterly Journal of Marketing, European Journal of Purchasing and Supply Management, Journal of Travel and Tourism Marketing among others. He is co-author of several books in marketing and international business areas. Dr. Shin is currently serving as executive director of the Center for Global Innovation and Entrepreneurship, director of Korean Marketing Association, Vice President of Korean Academy of International Business and Korea Distribution Association.


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