Differences in Readability, Keywords, and Orientation of Mission Statements of the Top 100 Korean and Top 100 US Traditional and Innovative Companies

Abstract

The mission statements of companies reflect the characteristics of their country. There are differences in the content of mission statements between traditional and innovative companies. The sustainable growth of companies has recently become a major focus, and it has been found that mission statements are somewhat related to company innovation. This study analyzed the differences in the readability, keywords, and orientation of mission statements between the top 100 Korean and top 100 US companies by market capitalization and their traditionality and innovativeness. Differences in readability were assessed with the Gunning fog index. Differences in the main keywords were assessed with a keyword network analysis. Differences in orientation were assessed with the nine components of a mission statement. As Korean companies were aiming for global business, there was not much difference in the readability of mission statements between Korean and US companies, but there was a difference between traditional and innovative companies in both countries. There was a difference in the keywords and orientation of the mission statements of Korean and US innovative companies. Both Korean and US innovative companies focused highly on “philosophy.” However, Korean innovative companies focused more on “self-concept,” and US innovative companies focused more on a “concern for survival.”