Digital transformation is perceived not only as a change in certain technology but also as a large transition that will ultimately change our lives for the better. Industry convergence, the key to digital transformation, entails, for firms, both various opportunities for innovation and the crisis of falling behind. Therefore, from the perspective of firms, it is critical to examine how digital transformation affects their industries and products as well as how they perceive and respond to digital transformation. This is ultimately a matter of how firms survive and maintain sustainable growth in this great upheaval of digital transformation. Based on the understanding of the concept of digital transformation, this study explores how high-growth firms perceive various aspects of digital transformation. The findings show that digital transformation involves a change of firms based on constant innovation, not simply the acceptance of technology, and that there is a large digital divide that depends on the firm size and industry type. Based on the above, this study derives implications in terms of the innovation activities of firms to ensure that digital transformation does not serve as a handicap and barrier for firms.

This study aims to explore whether a firm’s financial sustainability is enhanced by open innovation especially after a global financial crisis. There are few studies on the relationship between open innovation and financial sustainability. This study aimed to fill the literature gap by analyzing the change in the financial ratio according to the increase or decrease in open innovation. We used a case study method regarding large Korean food firms. Korea is a latecomer in the food industry, which is driven by large companies. This study is meaningful for financial sustainability studies of countries with a lack of resources and small market size, which require open innovation. The findings of this study are as follows: The most preferred alliance strategy of large food firms is joint research. In order to secure raw materials and markets, open innovation was actively conducted abroad, which increased growth and profitability. However, a firm which rarely adopts open innovation could grow steadily through internal strategies. On the other hand, although relatively many open innovations have been used, growth and profitability could decrease. Firms with sufficient absorptive capacity strengthen financial sustainability through open innovation.

Since small and medium enterprises (SMEs) play an important role in economic development, the government implements various supports. Nevertheless, SMEs have difficulties in gaining a competitive advantage in the market owing to lack of capital and capacity. Accordingly, SMEs try to secure a competitive advantage through innovation. Government support is necessary for the innovation of SMEs, and it is essential for food SMEs as well. Whether government support for firms can affect firm’s innovation is still a matter of debate. In particular, it is necessary to empirically investigate the relationship between government support and innovation for SMEs in latecomers to the food industry such as Korea. Therefore, this study conducted an empirical study on the factors that determine the innovation performance of food SMEs by government support. This study used a two-stage regression model. The government support does not unilaterally affect innovation performance, but rather, an endogeneity problem occurs through the interaction between them. This study examined the interrelationships between variables for a clear estimate of government support. Before two-stage regression, this study used the ordered logistic regression to determine the instrumental variables. Each instrumental variable was estimated for the seven types of government support that are normally implemented. The result suggests that the government certification support is effective in improving the innovation performance of food SMEs. This study is useful to establish innovation strategies for supporting food SMEs’ innovation in late-coming countries.

This empirical study explores the impacts of technological capability on inward foreign direct investment (FDI) with the moderations of institutional quality. We extend the existing literature by contributing the dynamic links between technology trade and institutional quality by using the panel data of 35 Organization for Economic Cooperation and Development (OECD) countries between 2000 and 2015. Based on fixed-effects regression, our results show that there is a U-shape relationship between the net technological capability of a host country and inward FDI. In addition, the institutional quality of a host country, government size and regulation have positive moderations, whereas sound money accessibility and legal system and property protection have negative moderations on the main U-shape relationship. Our study contributes to the literature on the determinants of inward FDI in the context of technological capabilities and institutional quality.

In the science and technology-based biopharmaceutical industry, the gap between advanced countries and developing countries is large. What is interesting recently is that a latecomer such as Korea in the biopharmaceutical industry has an opportunity to make a quantum jump through new to a business model. This study investigated latecomer firms’ catching up with advanced European and American firms in the biopharmaceutical industry, focusing on the cases of Celltrion and Samsung Biologics, which are representative Korean biopharmaceutical firms. In terms of profitability, as determined by EBITDA margin, Samsung Biologics has overtaken Lonza and Catalent. In terms of firm value, Samsung Biologics has overtaken Catalent. Celltrion surpassed all firms in 2017 and 2018, however it has been caught up by Catalent since 2020. In the Environmental, Social & Governance (ESG) management, Korean firms ranked lower grades than European and American firms. The driving force of the catching-up strategy revealed by this study is as follows: (1) utilize changes in the industrial structure and environment, (2) maximize the capabilities of the innovation system, (3) make strategic choices and (4) secure an independent and stable position in the relevant field.

The study investigated the factors related to the successful implementation of online e-government service delivery mechanism in Kathmandu, Nepal. The approach taken was based on DeLone and McLean IS success model, with data gathered through a questionnaire. System quality has significant relations with intention to use and net benefits that online services would bring about, while the constructs in information quality and service quality were also significant; however, they were identified as implementation barriers. The study concludes that the successful implementation of online services depends on the system quality which functions as an integral part of all quality measures in the Nepalese perspective.