Pathways to global leadership for Korean firms: unveiling the strategic evolution of LG and SK in the market dynamics

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This paper examines the strategic evolution of two leading South Korean firms, LG and SK, focusing on their pathways to global leadership through five key stages: growth management, cultural development, innovation, mergers, and supply chain optimization. Drawing on unique data from 2020–2022, this study extends beyond prior research (2000–2010) by offering fresh insights into how these firms have navigated evolving market dynamics. Through an integrative approach combining primary and secondary data, we reveal how LG and SK leveraged dynamic capabilities, institutional adaptation, and strategic decision-making to sustain competitiveness in global markets. The findings contribute to the broader understanding of how emerging economy firms can transition from regional players to global leaders by aligning corporate strategy with shifting industry paradigms. The study’s implications extend beyond Korean chaebols, offering a strategic blueprint for firms in other emerging economies seeking to establish global competitiveness.