Woo, Hyung Rok
A icle
S a egic leade ship in SMEs: The media ing oles o
co po a e en ep eneu ship and in ap eneu ship in
o ganiza ional pe o mance
Adminis a i e Sciences
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Sugges ed Ci a ion: Woo, Hyung Rok (2025) : S a egic leade ship in SMEs: The media ing oles o
co po a e en ep eneu ship and in ap eneu ship in o ganiza ional pe o mance, Adminis a i e
Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 15, Iss. 4, pp. 1-17,
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Recei ed: 31 Janua y 2025
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Ci a ion: Woo, H. R. (2025). S a egic
Leade ship in SMEs: The Media ing
Roles o Co po a e En ep eneu ship
and In ap eneu ship in
O ganiza ional Pe o mance.
Adminis a i e Sciences,15(4), 151.
h ps://doi.o g/10.3390/
admsci15040151
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licenses/by/4.0/).
A icle
S a egic Leade ship in SMEs: The Media ing Roles o Co po a e
En ep eneu ship and In ap eneu ship in
O ganiza ional Pe o mance
Hyung Rok Woo
School o Business Adminis a ion, Mokpo Na ional Uni e si y, Muan-gun 58554, Republic o Ko ea;
[email p o ec ed]
Abs ac : This s udy explo ed he ela ionship be ween s a egic leade ship and o ga-
niza ional pe o mance, wi h a pa icula emphasis on he media ing oles o co po a e
en ep eneu ship and in ap eneu ship in small and medium-sized en e p ises (SMEs)
in Sou h Ko ea. A c oss-sec ional su ey design was employed ha a ge ed SMEs wi h
mo e han h ee yea s o ope a ional expe ience. O he 532 ques ionnai es dis ibu ed,
112 alid esponses we e ob ained and analyzed using eg ession analysis. The indings
indica ed ha s a egic leade ship posi i ely in luenced bo h co po a e en ep eneu ship
and in ap eneu ship, each o which, in u n, con ibu ed o imp o ed o ganiza ional
pe o mance. This s udy also empi ically di e en ia ed en ep eneu ial beha io in o
co po a e en ep eneu ship and in ap eneu ship and con i med ha he la e signi ican ly
in luenced he o me . By cla i ying he concep ual bounda ies be ween in ap eneu ship
and co po a e en ep eneu ship and p o iding empi ical e idence o hei dynamic in-
e play, his s udy o e s a no el heo e ical con ibu ion o en ep eneu ship esea ch in
SMEs. The esul s unde sco ed he impo ance o s a egic leade ship in ac i a ing bo h
indi idual- and o ganiza ion-le el en ep eneu ship as c i ical mechanisms o enhancing
o ganiza ional pe o mance. These insigh s ha e p ac ical implica ions o es ablishing
sound s a egic leade ship p ac ices ha os e inno a i e and en ep eneu ial beha io s,
ul ima ely leading o o ganiza ional pe o mance.
Keywo ds: s a egic leade ship; co po a e en ep eneu ship; in ap eneu ship; o ganiza-
ional pe o mance
1. In oduc ion
Acco ding o “Wo ld Economic Ou look”, published by he In e na ional Mone a y
Fund (2024), he global economic g ow h a e is p ojec ed o be 3.2% in 2024 and o emain
a ha le el in 2025. The a e age global g ow h a e o e he pas decade p io o he
COVID-19 pandemic was 3.7%, bu i is expec ed o decline o 3.2% o e he nex decade.
This end sugges s ha he global economy has en e ed a phase o low g ow h. As his low-
g ow h end in he global economy pe sis s, i ms a e inc easingly ocusing on iden i ying
new g ow h d i e s. In o he wo ds, hey seek b eak h oughs by implemen ing mo e
lexible and agg essi e o ganiza ional changes o explo ing new p oduc s and business
oppo uni ies (Za kua e al.,2025).
This s udy in ends o unde s and hese s a egic esponses o i ms s i ing o c ea e
inno a i e businesses, wi h pa icula emphasis on en ep eneu ial beha io s and s a egic
leade ship. Fi s o all, en ep eneu ship is he pu sui o p o i -o ien ed oppo uni y
Adm. Sci. 2025,15, 151 h ps://doi.o g/10.3390/admsci15040151
Adm. Sci. 2025,15, 151 2 o 17
wi hou ega d o esou ces cu en ly con olled (Gopi & Sub amoniam,2023). I encom-
passes no only o e ing new p oduc s o se ices bu also adop ing new echnologies
and pionee ing new ma ke s (Höglund & Må ensson,2019). The cu en business end
aimed a building an inno a i e business unde isk and unce ain y is line wi h hese
en ep eneu ial beha io s. Mo eo e , es ablished i ms a e inc easingly paying a en ion
o in e nalizing he en ep eneu ial beha io s ypically associa ed wi h a ounding, be-
cause he p ac ices a e expec ed o help hem o e come en i onmen al h ea s and achie e
sus ainable g ow h (Jahanshahi e al.,2021). En ep eneu ship is no longe con ined o
he ounding o new i ms; i is ecognized as a esou ce o o ganiza ional i ali y ha
gene a es compe i i e ad an ages h ough inno a ion and explo a ion e en in es ablished
i ms (Hughes e al.,2021;Yun e al.,2022).
Despi e his g owing a en ion o en ep eneu ial beha io s wi hin es ablished i ms,
se e al ela ed concep s emain poo ly de ined, leading o conside able con usion. The
e ms ‘co po a e en ep eneu ship’ and ‘in ap eneu ship’, which a e equen ly employed
o deno e en ep eneu ship wi hin es ablished i ms, may be he mos ambiguous. Based
on he uni o analysis, se e al s udies (e.g., He nández-Pe lines e al.,2022;Neessen e al.,
2018;U bano e al.,2022) ha e ecen ly emphasized he necessi y o dis inguishing hese
wo concep s. Co po a e en ep eneu ship is de ined as he o ganiza ional ans o ma ion
o de eloping and implemen ing inno a i e ideas, whe eas in ap eneu ship e e s o
au onomous beha io cha ac e ized by inno a ion ini ia i es ha o igina e om employees
hemsel es. Howe e , hese asse ions emain a he heo e ical p oposi ion and empi ical
esea ch on he dis inc ion is s ill sca ce.
Nex , s a egic leade ship e e s o he oles unde aken by essen ial decision-make s
such as chie execu i e o ice s (CEO), op managemen eam (TMT), and boa d o di ec o s
(BOD). I is de ined as he capaci y o op managemen o a icula e a ision, o mula e
s a egy, and lead change in esponse o en i onmen al unce ain y, enabling i ms o
su i e and g ow (Kebede e al.,2024). This concep is closely associa ed wi h beha io s
o uppe echelons, which enhance pe o mance by building o ganiza ional capabili ies
(Singh e al.,2023). I is undeniable ha s a egic leade s exe a signi ican in luence
on a ious o ganiza ional ou comes, including isk- aking beha io , s a egic changes,
lexibili y, and inno a ion (Co es & He mann,2021). Howe e , esea ch conce ning
he impac o s a egic leade ship on en ep eneu ial beha io s wi hin es ablished i ms
is s ill insu icien . No ably, he e is no empi ical esea ch ha dis inguishes co po a e
en ep eneu ship and in ap eneu ship in examining he impac s o s a egic leade ship.
To add ess hese esea ch gaps, his s udy examined he ole o en ep eneu ial
beha io s—speci ically co po a e en ep eneu ship and in ap eneu ship—in he ela-
ionship be ween s a egic leade ship and o ganiza ional pe o mance, ocusing on small
and medium-sized en e p ises (SMEs). En ep eneu ial beha io is pa icula ly c i ical
in SMEs, which mus inno a e and espond apidly o ma ke dynamics despi e limi ed
esou ces (Mokbel Al Koliby e al.,2022). CEOs in SMEs end o exe s onge in luence, as
hey mus manage a wide ange o unc ions om R&D o sales, make s a egic decisions,
and in e ac closely wi h employees (Quansah e al.,2022). In SMEs wi h limi ed slack
esou ces, s a egic leade ship ha encou ages en ep eneu ial beha io s will play a c ucial
ole in enhancing o ganiza ional pe o mance. Howe e , exis ing esea ch on s a egic
leade ship has p edominan ly ocused on la ge i ms, and empi ical s udies ha examine
he CEO’s in luence on o ganiza ional pe o mance in SMEs—pa icula ly h ough he lens
o en ep eneu ial beha io — emain sca ce (Samimi e al.,2022).
The pu pose o his s udy is o iden i y he ole o en ep eneu ial beha io s in SMEs
in he ansi ion h ough which s a egic leade ship enhances o ganiza ional pe o mance.
Fu he mo e, by dis inguishing en ep eneu ial beha io s in o co po a e en ep eneu ship
Adm. Sci. 2025,15, 151 3 o 17
and in ap eneu ship, his s udy will con ibu e o cla i ying hei in e ela ionship and
empi ically alida ing hese concep s. The indings a e expec ed o yield meaning ul
insigh s in o he e ec i eness o s a egic leade ship in acili a ing long- e m inno a ion
and success h ough en ep eneu ial mechanisms in SMEs.
2. Theo e ical Re iew
2.1. S a egic Leade ship
While leade ship esea ch has o en ocused on middle manage s’ enhancemen o
subo dina e capabili ies, he impac o s a egic leade s (CEOs, TMTs, BODs) posi ioned a
he op o he o ganiza ional hie a chy on g ow h and inno a ion is conside ably g ea e
(Kebede e al.,2024). As decision-make s wi h comp ehensi e esponsibili y, s a egic
leade s signi ican ly in luence i m pe o mance h ough hei pe cep ions and beha io s
(Ozgen e al.,2024). The concep o s a egic leade ship was i s in oduced by Child
(1972) h ough he no ion o ‘s a egic choice’, which emphasized ha execu i e decisions
shape an o ganiza ion’s u u e, g ow h, and s uc u e (Kebede e al.,2024). Hamb ick
and Mason (1984) u he de eloped his idea using he Uppe Echelons Theo y, posi ing
ha he cha ac e is ics and wo ld iews o s a egic leade s a e c ucial in de e mining
o ganiza ional s a egies and ou comes (Co es & He mann,2021).
O e ime, he esea ch heme ega ding s a egic leade ship has e ol ed om ‘man-
age ial wo k and o ganiza ional s uc u e’ o he ‘ ole o manage s’; ‘uppe echelons’; and,
mo e ecen ly, ‘compe i i e ad an age’ (Singh e al.,2023). Thus, he li e a u e p esen s
a ious de ini ions and unc ions o s a egic leade ship. Resea ch on s a egic leade ship
encompasses no only he gene ic ole o op execu i es in es ablishing a ision and s a egic
di ec ion o he o ganiza ion and guiding he o mula ion and execu ion o s a egies, bu
also inco po a es p ocesses and means such as esou ce alloca ion, compe ency de elop-
men , ma ke o ien a ion, inno a ion p omo ion, and wo k o ce engagemen (O’Shannassy,
2021). Samimi e al. (2022) iden i ied eigh unc ions o s a egic leade ship: s a egic
decision making, s akeholde engagemen , human esou ce managemen , o e seeing op-
e a ions, mo i a ing and in luencing, add essing social and e hical issues, in o ma ion
managemen , and con lic managemen .
Jaleha and Machuki (2018) a gue ha s a egic leade ship enhances pe o mance
by d i ing o ganiza ional change and compe i i eness, which in ol es adap ing bo h
indi idual and o ganiza ional sys ems o unce ain en i onmen s. Resea ch on he impac
o s a egic leade ship, which has adi ionally ocused on basic managemen aspec s such
as making s a egic decisions, managing con lic ing demands, and mo i a ing (Samimi
e al.,2022), is inc easingly explo ing o ganiza ional-le el opics such as o ganiza ional
inno a ion (Co es & He mann,2021;Tikas,2023), o ganiza ional lea ning (Asi ,2020),
ambidex e i y (Ambilichu e al.,2023), and compe i i e ad an age (Tosee e al.,2022). In
his way, he e ec i eness o s a egic leade ship on o ganiza ional pe o mance canno be
denied, and schola s ha e p oposed s a egic leade ship as a amewo k o os e ing an
inno a i e en i onmen ha enhances o ganiza ional, social, and human capabili ies.
This s udy ocused on he ela ionship be ween s a egic leade ship and en ep eneu ial
beha io s. Speci ically, en ep eneu ial beha io wi hin es ablished i ms, which is demon-
s a ed h ough de eloping new p oduc s and se ices and c ea ing inno a i e sys ems
and echnologies, is a key domain and a c ucial ole o s a egic leade s. Howe e , he e
is a lack o esea ch aimed a consolida ing and cla i ying how s a egic leade s in luence
en ep eneu ial beha io s wi hin hei o ganiza ions.
Adm. Sci. 2025,15, 151 4 o 17
2.2. Co po a e En ep eneu ship and In ap eneu ship
While en ep eneu ship has p ima ily been s udied in he con ex o a ounding, i is
inc easingly ecognized as a s a egic means o enhancing he i ali y o es ablished i ms,
building compe i i e ad an ages, and imp o ing hei pe o mance (Bie we h e al.,2015;
Ku a ko,2018). O ganiza ional beha io s in explo ing and exploi ing business oppo uni-
ies unde condi ions o isk and unce ain y a e impo an no only o a ounding unde
he en ep eneu ial landscape bu also o es ablished i ms. These inno a i e beha io s
wi hin es ablished i ms a e consis en wi h he concep o adi ional en ep eneu ship bu
di e in ha hey pu sue es uc u ing and enewal based on al eady exis ing sys ems and
p oduc s (Tan au & F 㸠ilă,2021). As in e es in en ep eneu ial beha io wi hin es ablished
i ms has g own, ecen esea ch has sough o sys ema ize he concep by dis inguishing
be ween ‘co po a e en ep eneu ship’ and ‘in ap eneu ship’ based on he na u e and le el
o he ac i i y (He nández-Pe lines e al.,2022;U bano e al.,2022), as shown in Figu e 1.
Adm. Sci. 2025, 15, x FOR PEER REVIEW 4 o 18
While en ep eneu ship has p ima ily been s udied in he con ex o a ounding, i is
inc easingly ecognized as a s a egic means o enhancing he i ali y o es ablished i ms,
building compe i i e ad an ages, and imp o ing hei pe o mance (Bie we h e al.,
2015; Ku a ko, 2018). O ganiza ional beha io s in explo ing and exploi ing business op-
po uni ies unde condi ions o isk and unce ain y a e impo an no only o a ounding
unde he en ep eneu ial landscape bu also o es ablished i ms. These inno a i e be-
ha io s wi hin es ablished i ms a e consis en wi h he concep o adi ional en ep e-
neu ship bu diffe in ha hey pu sue es uc u ing and enewal based on al eady exis -
ing sys ems and p oduc s (Tan au & F ăţilă, 2021). As in e es in en ep eneu ial beha io
wi hin es ablished i ms has g own, ecen esea ch has sough o sys ema ize he concep
by dis inguishing be ween co po a e en ep eneu ship and in ap eneu ship based on
he na u e and le el o he ac i i y (He nández-Pe lines e al., 2022; U bano e al., 2022),
as shown in Figu e 1.
Fi s , co po a e en ep eneu ship ocuses on o ganiza ion-le el beha io s encom-
passing co po a e en u ing, business inno a ion, and sel - enewal wi hin es ablished
i ms (Chang e al., 2022; K eise e al., 2021). Co po a e en u ing is p oposing new ma -
ke s, businesses, o p oduc s and de eloping new businesses in-house. Business inno a-
ion en ails he pu sui o no el y by comple ely ede ining wha has become obsole e in
he a eas o p oduc and echnology. Sel - enewal e e s o ac i i ies ha e o m s a egies,
esou ces, cul u es, and s uc u es o adap o changing en i onmen s. In a hype compe -
i i e en i onmen , os e ing a cul u e o co po a e en ep eneu ship enables i ms o e-
main agile and espond effec i ely o cus ome equi emen s (Hughes & Mus a a, 2017).
Gi en he dynamic ma ke and e ol ing cus ome demand, i ms need o p io i ize co -
po a e en ep eneu ship because i is a i m-le el capaci y ha enables op-down ans-
o ma ion o he in e nal ecosys em.
Figu e 1. The ela ionship be ween co po a e en ep eneu ship and in ap eneu ship.
Second, in ap eneu ship emphasizes en ep eneu ial o ien a ion a he indi idual
le el wi hin es ablished i ms. This concep ocuses on indi idual endencies, d awing
om he ai s and beha io s commonly obse ed in success ul en ep eneu s. In ap e-
neu ship e e s o he a i udes and beha io s o employees aimed a implemen ing c ea-
i i y and inno a ion ini ia ed in a bo om-up manne (Blanka, 2018). Ea lie s udies on
in ap eneu ship ha e de ined employees en ep eneu ial o ien a ion as comp ising in-
no a i eness, p oac i eness, isk- aking, and compe i i e agg essi eness (Fe az e al.,
2021). Inno a i eness is he p opensi y o gene a e new ideas and c ea e no el p oduc s.
P oac i eness en ails ini ia ing ac ions in an icipa ion o compe i i e dynamics and u u e
needs. Risk- aking deno es he willingness o accep calcula ed isks o achie e objec i es.
Figu e 1. The ela ionship be ween co po a e en ep eneu ship and in ap eneu ship.
Fi s , co po a e en ep eneu ship ocuses on o ganiza ion-le el beha io s encompass-
ing co po a e en u ing, business inno a ion, and sel - enewal wi hin es ablished i ms
(Chang e al.,2022;K eise e al.,2021). Co po a e en u ing is p oposing new ma ke s,
businesses, o p oduc s and de eloping new businesses in-house. Business inno a ion
en ails he pu sui o no el y by comple ely ede ining wha has become obsole e in he
a eas o p oduc and echnology. Sel - enewal e e s o ac i i ies ha e o m s a egies, e-
sou ces, cul u es, and s uc u es o adap o changing en i onmen s. In a hype compe i i e
en i onmen , os e ing a cul u e o co po a e en ep eneu ship enables i ms o emain
agile and espond e ec i ely o cus ome equi emen s (Hughes & Mus a a,2017). Gi en
he dynamic ma ke and e ol ing cus ome demand, i ms need o p io i ize co po a e
en ep eneu ship because i is a i m-le el capaci y ha enables op-down ans o ma ion
o he in e nal ecosys em.
Second, in ap eneu ship emphasizes en ep eneu ial o ien a ion a he indi idual
le el wi hin es ablished i ms. This concep ocuses on indi idual endencies, d awing om
he ai s and beha io s commonly obse ed in success ul en ep eneu s. In ap eneu ship
e e s o he a i udes and beha io s o employees aimed a implemen ing c ea i i y and
inno a ion ini ia ed in a bo om-up manne (Blanka,2018). Ea lie s udies on in ap eneu -
ship ha e de ined employees’ en ep eneu ial o ien a ion as comp ising inno a i eness,
p oac i eness, isk- aking, and compe i i e agg essi eness (Fe az e al.,2021). Inno a-
i eness is he p opensi y o gene a e new ideas and c ea e no el p oduc s. P oac i eness
en ails ini ia ing ac ions in an icipa ion o compe i i e dynamics and u u e needs. Risk-
aking deno es he willingness o accep calcula ed isks o achie e objec i es. Compe i i e
Adm. Sci. 2025,15, 151 5 o 17
agg essi eness e lec s a p oac i e s a egy o su pass compe i o s h ough asse i e ac ions
aimed a inc easing ma ke sha e and compe i i e ad an age. Fo i ms o h i e, op exec-
u i es mus cul i a e an en i onmen ha encou ages hese in ap eneu ial cha ac e is ics,
because he e ec i eness o co po a e s a egy elies hea ily on employees’ engagemen
(S am & El ing,2008). Thus, in ap eneu ship is c ucial o success ully implemen ing
co po a e s a egies, which empowe s employees o d i e inno a ion and c ea i i y.
This s udy app oached en ep eneu ial beha io s wi hin es ablished i ms by iden-
i ying co po a e en ep eneu ship and in ap eneu ship, as well as highligh ing hei
in e ela ionships. While bo h concep s a e expec ed o play dis inc oles in os e ing
inno a ion and p omo ing i m g ow h, empi ical esea ch examining hese oles emains
limi ed. Co po a e en ep eneu ship adop s a op-down app oach, u ilizing he i m’s
esou ces o d i e inno a ion, whe eas in ap eneu ship embodies a bo om-up app oach,
ope a ing wi hin he i m’s amewo k o p omo e inno a ion (Neessen e al.,2018;Ri e a,
2017). Ou dis inc ion be ween hese wo concep s holds signi ican implica ions as i goes
beyond me e e minology o in luence s a egic managemen , o ganiza ional cul u e, and
o e all e ec i eness (Åmo & Kol e eid,2005;U bano e al.,2022).
3. Resea ch Model and Hypo heses
This s udy aims o iden i y he ole o en ep eneu ial beha io s—speci ically co po-
a e en ep eneu ship and in ap eneu ship—wi hin es ablished i ms as media o s in he
ela ionship be ween s a egic leade ship and o ganiza ional pe o mance, as illus a ed in
Figu e 2. Fi s , his s udy is conduc ed wi h a ocus on s a egic leade ship o SMEs. Re-
sea ch on s a egic leade ship and o ganiza ional pe o mance has gene ally demons a ed
a posi i e ela ionship bu is limi ed by ocusing p ima ily on he op execu i es o la ge
i ms (Ali & Anwa ,2021;Liu e al.,2018). Gi en ha CEOs o SMEs ha e ewe esou ces
han la ge i ms, hey equi e mo e s a egic choices and mus u ilize limi ed esou ces
as e icien ly as possible. Since CEOs in SMEs end o exe ela i ely g ea e in luence, i
is necessa y o sepa a ely examine whe he he indings om s udies on la ge i ms a e
applicable o he SME con ex (Quansah e al.,2022). The e o e, we aim o alida e ha he
s a egic leade ship exhibi ed by CEOs o SMEs se es as a c ucial an eceden in d i ing
en ep eneu ial beha io s and achie ing o ganiza ional pe o mance.
Adm. Sci. 2025, 15, x FOR PEER REVIEW 5 o 18
Compe i i e agg essi eness e lec s a p oac i e s a egy o su pass compe i o s h ough
asse i e ac ions aimed a inc easing ma ke sha e and compe i i e ad an age. Fo i ms
o h i e, op execu i es mus cul i a e an en i onmen ha encou ages hese in ap e-
neu ial cha ac e is ics, because he effec i eness o co po a e s a egy elies hea ily on
employees engagemen (S am & El ing, 2008). Thus, in ap eneu ship is c ucial o suc-
cess ully implemen ing co po a e s a egies, which empowe s employees o d i e inno-
a ion and c ea i i y.
This s udy app oached en ep eneu ial beha io s wi hin es ablished i ms by iden i-
ying co po a e en ep eneu ship and in ap eneu ship, as well as highligh ing hei in-
e ela ionships. While bo h concep s a e expec ed o play dis inc oles in os e ing inno-
a ion and p omo ing i m g ow h, empi ical esea ch examining hese oles emains lim-
i ed. Co po a e en ep eneu ship adop s a op-down app oach, u ilizing he i ms e-
sou ces o d i e inno a ion, whe eas in ap eneu ship embodies a bo om-up app oach,
ope a ing wi hin he i ms amewo k o p omo e inno a ion (Neessen e al., 2018;
Ri e a, 2017). Ou dis inc ion be ween hese wo concep s holds signi ican implica ions
as i goes beyond me e e minology o in luence s a egic managemen , o ganiza ional
cul u e, and o e all effec i eness (Åmo & Kol e eid, 2005; U bano e al., 2022).
3. Resea ch Model and Hypo heses
This s udy aims o iden i y he ole o en ep eneu ial beha io s—speci ically co po-
a e en ep eneu ship and in ap eneu ship—wi hin es ablished i ms as media o s in he
ela ionship be ween s a egic leade ship and o ganiza ional pe o mance, as illus a ed
in Figu e 2. Fi s , his s udy is conduc ed wi h a ocus on s a egic leade ship o SMEs.
Resea ch on s a egic leade ship and o ganiza ional pe o mance has gene ally demon-
s a ed a posi i e ela ionship bu is limi ed by ocusing p ima ily on he op execu i es
o la ge i ms (Ali & Anwa , 2021; Liu e al., 2018). Gi en ha CEOs o SMEs ha e ewe
esou ces han la ge i ms, hey equi e mo e s a egic choices and mus u ilize limi ed
esou ces as efficien ly as possible. Since CEOs in SMEs end o exe ela i ely g ea e
in luence, i is necessa y o sepa a ely examine whe he he indings om s udies on la ge
i ms a e applicable o he SME con ex (Quansah e al., 2022). The e o e, we aim o ali-
da e ha he s a egic leade ship exhibi ed by CEOs o SMEs se es as a c ucial an eceden
in d i ing en ep eneu ial beha io s and achie ing o ganiza ional pe o mance.
Figu e 2. Hypo he ical esea ch model.
Acco ding o Uppe Echelons Theo y (Hamb ick & Mason, 1984), he disposi ions
and decisions o op execu i es play c ucial oles in de e mining he s a egies and pe -
o mance o hei o ganiza ions. We expec ed ha he scope o op execu i es in luence,
Figu e 2. Hypo he ical esea ch model.
Acco ding o Uppe Echelons Theo y (Hamb ick & Mason,1984), he disposi ions and
decisions o op execu i es play c ucial oles in de e mining he s a egies and pe o mance
o hei o ganiza ions. We expec ed ha he scope o op execu i es’ in luence, as posi ed by
Uppe Echelons Theo y, would ex end o en ep eneu ial beha io s wi hin hei i ms. This
Adm. Sci. 2025,15, 151 6 o 17
expec a ion is based on he no ion ha s a egic leade ship closely aligns wi h he cha ac e -
is ics o en ep eneu ial beha io (Maha ani e al.,2024). Fo example, ac i e suppo and
bold in es men in c i ical a eas, such as new p oduc de elopmen and inno a ion, which
a e essen ial o SME pe o mance, mus be suppo ed by he commi men o op execu i es
(Hughes & Mus a a,2017). CEOs wi h high s a egic leade ship will se he i m’s ision
and s a egic goals based on insigh s and p edic ions abou he apidly changing business
en i onmen and will s i e o de elop he o ganiza ion’s co e compe encies o achie e
hese goals. Such CEOs encou age he de elopmen o p oduc s and se ices ha espond
mo e sensi i ely and apidly o ma ke demands han hose in o he o ganiza ions, he eby
secu ing a compe i i e ad an age (Singh e al.,2023).
To closely examine he p ocesses and impac s o en ep eneu ial beha io wi hin
SMEs, his s udy dis inguishes be ween he p e iously con la ed concep s o co po a e
en ep eneu ship and in ap eneu ship. Whe eas co po a e en ep eneu ship ocuses
on o ganiza ional le el beha io s aimed a s a egic enewal and in e nal en u ing, in-
ap eneu ship emphasizes he olun a y e o s o indi idual employees who d i e inno-
a ion (Åmo,2010;Neessen e al.,2018). Fu he mo e, his s udy elucida es how co po a e
en ep eneu ship and in ap eneu ship coexis and con ibu e o he o e all o ganiza-
ional i ali y and compe i i e ad an age. This s udy posi s ha in ap eneu ship a he
indi idual le el is an icipa ed o posi i ely in luence co po a e en ep eneu ship a he o -
ganiza ional le el. This assump ion is based on he p emise ha o ganiza ional change and
inno a ion canno be e ec i ely implemen ed wi hou he engagemen and pa icipa ion o
indi idual employees (Fe ede e al.,2024), o he eason ha employees a e key s a egic
esou ces in SMEs, while also con ibu ing o he achie emen o o ganiza ional ou comes.
(Pe i & C ossan,2020).
S a egic leade ship is expec ed o lead o ganiza ions o de elop p oduc s and se ices
ha c ea e alue p oposi ions o cus ome s by ac i a ing co po a e en ep eneu ship and
in ap eneu ship wi hin he o ganiza ion (Ve ma & Meh a,2022). Fi s , The CEOs o SMEs
would play a pi o al ole in de e mining whe he o os e co po a e en ep eneu ship by
p omo ing o ganiza ional le el ini ia i es such as co po a e en u ing, business model
econs uc ion, and s a egic enewal, as hey possess a signi ican deg ee o disc e ion
in deciding when, how, and wha o implemen ega ding co po a e en ep eneu ship.
Second, he a i udes and beha io s demons a ed by CEOs wi h highe s a egic leade ship
would se e as signals ha inspi e en ep eneu ial ac ions among employees. They would
encou age, ewa d, and empowe employees o engage in in ap eneu ial ac i i ies in o de
o achie e inno a i e ou comes. Based on he e iew o he p eceding s udies and he
a gumen s p esen ed, he ollowing key esea ch hypo heses ha e been es ablished:
Hypo hesis 1. In ap eneu ship will ha e a posi i e impac on co po a e en ep eneu ship.
Hypo hesis 2. S a egic leade ship will posi i ely in luence o ganiza ional pe o mance h ough
co po a e en ep eneu ship.
Hypo hesis 3. S a egic leade ship will posi i ely in luence o ganiza ional pe o mance h ough
in ap eneu ship.
4. Ma e ials and Me hod
4.1. Da a Collec ion
The a ge popula ion o his s udy was deemed app op ia e o es ing he esea ch
model on he condi ion ha hey possessed a minimum ope a ional enu e su icien o
ensu e eliable disclosu e o inancial indica o s as measu es o o ganiza ional pe o mance,
Adm. Sci. 2025,15, 151 7 o 17
and a i m size sui able o a emp s a in e nal business en u ing. Consequen ly, he
esea ch design ocused on SMEs in Sou h Ko ea ha ha e a leas 100 employees and
ha e a enu e o h ee yea s o mo e. This app oach is expec ed o exclude i ms ha ha e
no had he oppo uni y o expe ience he dynamics among in ap eneu ship, co po a e
en ep eneu ship, and s a egic leade ship, o ha ha e no es ablished s able business
models in he ma ke .
The sampling ame was cons uc ed om a lis o companies egis e ed wi h he
Minis y o SMEs and S a ups in Sou h Ko ea. P io o he o mal su ey, he pu pose o
his s udy was explained o ex e nal a ai s ep esen a i es a each company wi hin he
sampling ame ia elephone, and hei pa icipa ion in he su ey was con i med. A
mul ile el da a collec ion me hod was designed o cap u e he dis inc uni s associa ed wi h
each ac o in he esea ch model: s a egic leade ship, co po a e en ep eneu ship, and
in ap eneu ship, co esponding o he CEO, he o ganiza ion, and he employees, espec-
i ely. Ini ially, manage s om each i m’s HR depa men s we e in i ed o pa icipa e in
he su ey, and hey we e asked o assess co po a e en ep eneu ship and in ap eneu ship
wi hin hei own i ms. Nex , we eques ed ha hey acili a e he pa icipa ion o hei
CEOs in he su ey o assess s a egic leade ship. HR manage s we e chosen as su ey
esponden s o he wo ac o s as hey a e well-posi ioned o e alua e o ganiza ional-le el
en ep eneu ial beha io and ela ed dynamics. While he ocus o in ap eneu ship is on
indi idual employees wi hin each i m, we belie ed ha including HR manage s in he
su ey o assess he o e all in ap eneu ship o employees ac oss he o ganiza ion would
p o ide a mo e objec i e pe spec i e.
All p ocedu es complied wi h he e hical s anda ds se o h by he Ame ican Psy-
chological Associa ion. Fo mal e hical app o al was wai ed because he physical and
psychological isks o pa icipan s we e minimal and he collec ed da a did no con ain any
pe sonal iden i ie s. In o med consen was ob ained in w i en o m om all pa icipan s
p io o hei in ol emen in his s udy. Pa icipan s we e p o ided wi h a comp ehensi e
explana ion o he esea ch objec i es and me hodologies, which acili a ed hei olun a y
engagemen in he s udy.
A o al o 532 ques ionnai es we e dis ibu ed, and 147 esponses we e collec ed,
ensu ing pa icipa ion om bo h he CEOs and HR manage s o each i m. A e excluding
incomple e esponses, hose wi h missing da a, hose exhibi ing signi ican cen al endency
bias, and hose om i ms o which h ee yea s o inancial da a could no be ob ained,
112 esponses we e used o s a is ical analysis. Rega ding he cha ac e is ics o he esea ch
sample, 61.6% o he i ms a e in he manu ac u ing sec o , while 38.4% a e in he non-
manu ac u ing sec o . The enu e o he i ms was as ollows: 4.6% we e es ablished o
mo e han h ee yea s bu less han en yea s, 26.5% o en yea s o mo e bu less han
20 yea s, 26.2% o 20 yea s o mo e bu less han 30 yea s, 27.9% o 30 yea s o mo e bu
less han 40 yea s, and 14.8% o 40 yea s o mo e. In e ms o union p esence, 48.3% o
i ms had unions, while 51.7% did no . Fi m size was ca ego ized as ollows: 29.9% had
be ween 100 and 200 employees, 22.5% had be ween 200 and 300, 24.3% had be ween 300
and 500, and 23.3% had mo e han 500 employees.
4.2. Measu emen Scales
This s udy cons uc ed a su ey u ilizing alida ed mul i-i em scales d awn om
p io published esea ch o measu e key a iables, including s a egic leade ship, co po a e
en ep eneu ship, and in ap eneu ship (p esen ed in Appendix A). All i ems we e assessed
using a 7-poin Like scale anging om 1 (comple ely disag ee) o 7 (comple ely ag ee).
S a egic leade ship, as an independen a iable, is de ined as he abili y o enhance a
i m’s compe i i e ad an age by shaping s a egic di ec ion and o ganiza ional compe ence
Adm. Sci. 2025,15, 151 8 o 17
(I eland & Hi ,2005). To measu e his cons uc , we employed a 9-i em scale de eloped
by Belias and T ihas (2022) ha assesses aspec s such as con igu ing s a egic o ien a ion,
ansla ing s a egy in o ac ion, and adap i e capaci y.
Co po a e en ep eneu ship, o he inno a i e and en ep eneu ial ac i i ies unde -
aken by an o ganiza ion, was measu ed using a 16-i em scale de eloped by Zah a (1996)
and alida ed by Ling e al. (2008). This scale is conside ed mo e obus as i assesses
no only he p esence o en ep eneu ial cha ac e is ics wi hin he i m bu also he ac ual
en ep eneu ial ac i i ies unde aken. I b oadly measu es a i m’s co po a e en ep eneu -
ship ac oss h ee dimensions: inno a ion (e.g., spending on new p oduc de elopmen
ini ia i es), in e nal en u ing (e.g., en e ing eme ging ma ke s), and s a egic enewal (e.g.,
ede ining he indus ies in which we compe e).
To measu e in ap eneu ship, he p ac ice o indi idual employees ac ing as en-
ep eneu s, we u ilized a 15-i em scale de eloped by Mo iano e al. (2014). This scale
comp ises h ee dimensions: p oac i eness (e.g., ac ing in an icipa ion o u u e p oblems,
needs, o changes), isk- aking (e.g., engaging in ac i i ies ha ha e a chance o no wo king
ou ), and inno a i eness (e.g., inding new ways o do hings).
The dependen a iable, o ganiza ional pe o mance, can be measu ed using ei he
quali a i e o quan i a i e indica o s. Howe e , o educe biases ela ed o common me h-
ods and o enhance objec i i y, his esea ch selec ed e u n on in es ed capi al (ROIC) as
a p oxy me ic. To mi iga e common me hod bias, his s udy di e si ied da a sou ces by
sepa a ing su ey esponden s in o CEOs and HR manage s, and i employed an objec i e
inancial me ic (ROIC) ins ead o he sel - epo ed me hod. ROIC is he a io o ne op-
e a ing p o i o less adjus ed axes on he i m’s in es ed capi al and was collec ed om
he Financial Supe iso y Se ice o Ko ea. ROIC is widely ega ded as one o he mos
e ec i e indica o s o assessing a i m’s compe i i e ad an age (Tang & Liou,2010). To
mi iga e he impac o po en ial en i onmen al unce ain ies, he a e age ROIC o e he
pas h ee yea s was used. Addi ionally, o con ol o he in luence o i m age, i m size,
and he indus y on o ganiza ional pe o mance, hese ac o s we e es ablished as con ol
a iables based on p e ious esea ch (Co es & He mann,2021;Ku zhals e al.,2020).
4.3. Reliabili y and Validi y
A con i ma o y ac o analysis was conduc ed o e alua e he eliabili y and alidi y
o he measu emen ins umen s, as shown in Table 1. Reliabili y was assessed by exam-
ining C onbach’s
α
o in e nal consis ency and composi e eliabili y (CR), ensu ing bo h
exceeded he accep able h esholds o 0.6 (Nunnally,1978) and 0.7 (Bagozzi & Yi,1988),
espec i ely. C onbach’s
α
anged om 0.817 o 0.912, and CR anged om 0.891 o 0.914,
indica ing sa is ac o y o e all eliabili y o he a iables. Validi y was e alua ed in e ms o
con e gen and disc iminan alidi y. Con e gen alidi y was conside ed excellen when
he a e age a iance ex ac ed (AVE) was abo e 0.5 and he ac o loadings o he measu e-
men i ems we e abo e 0.7 (Hai e al.,2018). The AVE alues anged om 0.774 o 0.803,
and he ac o loadings a ied om 0.696 o 0.921, indica ing s ong con e gen alidi y
o he measu emen s. Disc iminan alidi y was assessed using he me hod p oposed by
Fo nell and La cke (1981), compa ing he squa e oo s o he AVE wi h he co ela ion
coe icien s among he espec i e ac o s. As illus a ed in Table 2, he esul s indica ed ha
he squa e oo s o he AVE o all ac o s exceeded he co ela ion coe icien s among he
ac o s, he eby con i ming he p esence disc iminan alidi y.
Adm. Sci. 2025,15, 151 15 o 17
5. spend on new p oduc de elopmen ini ia i es
6. en e new ma ke s
7. es ablish o sponso new en u es
8. ind new niches in cu en ma ke s
9. inance s a -up business ac i i ies
10.
c ea e new semi and au onomous uni s
11.
change i s compe i i e app oach (s a egy) o each business uni
12.
ecognize ope a ions, uni s, and di isions o ensu e inc eased coo dina ion and com-
munica ion among business uni s
13.
ede ine he indus ies in which i compe es
14.
in oduce inno a i e human esou ce p og ams
15.
be i s in he indus y o in oduce new business concep s and p ac ices
16.
di es se e al unp o i able business uni s
Appendix A.3. In ap eneu ship
1. app oach new p ojec s o ac i i ies in a cau ious manne
2. do hings ha ha e a chance o no wo king ou
3. a oid aking calcula ed isks
4. engage in ac i i ies ha ha e a chance o no wo king ou
5. will ake calcula ed isks despi e he possibili y o ailu e
6. keep ahead o changes ins ead o esponding o hem
7. ac i ely ix o imp o e hings hey don’ like
8. ac in an icipa ion o u u e p oblems, needs, o changes
9. ake he ini ia i e o s a p ojec s
10.
end o implemen changes be o e hey a e needed
11.
gene a e use ul new ideas
12.
de elop new p ocesses, se ices o p oduc s
13.
app oach business asks in inno a i e ways
14.
ind new ways o do hings
15.
o en do hings in unique ways
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