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Analysis of Long-lived SMEs' Characteristics and Longevity Factors

Author Cho, Deok-Hee Date Page
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What is a long-lived SME and how can it become a long-lived SME? This is the background of the study. What are the characteristics of long-lived SMEs, what are their management characteristics, and if so, what are their longevity factors? In a word, we are going to look at long-lived SMEs in various aspects.

 

According to the empirical analysis in this study, the longevity of SMEs depends on longevity DNA longevity management luck. In the survey on 300 long-lived SMEs, the average contribution of longevity DNA was 28.8%, longevity management was 63.4%, and luck contributed to 7.8%. Breaking down the average contribution of longevity management(63.4%), there are business restructuring 23.1%, innovation and risk management 21.9%, organizational culture and leadership 18.4%.

 

The policy directions for long-lived SMEs are as follows. Promote the policy by distinguishing long-lived companies with high competitiveness from those who do not. It is necessary to promote business restructuring to secure future growth engines for long-lived SMEs. Strengthen the balance of corporate culture, employee loyalty, financial management and leadership, Emphasis is placed on technological innovation capability, stable financial management, and change and innovation oriented organizational culture of long-lived companies.