Journal of Korea Technology Innovation Society (기술혁신학회지)

Korea Technology Innovation Society (한국기술혁신학회)
권호 표지

Causal Links from Innovative Activities to Financial Performance in Korean Manufacturing Firms: Mediating Effects of Innovative and Operational Performance

한국 제조업에서 혁신활동과 재무적 성과 간의 인과경로: 혁신성과 및 운영성과의 매개효과를 중심으로

  • 김건식 (홍익대학교 일반대학원)
  • Received : 2013.09.30
  • Accepted : 2013.12.12
  • Published : 2014.03.31
Download PDF
⟨ Previous Next ⟩

Abstract

Extant studies have explained that firm's innovations including technological product and process innovations contribute to its competitive advantage and growth, thereby supporting competitiveness and growth of industry. These studies, however, have focused mainly on the role and effect of technological change that is primarily measured by the patent numbers and R&D intensity. Aside from these traditional streams, there has been growing interest on the impact by various dimensions of innovation including non-technological innovations. Apart from the discussions on the dimensions and scope of innovation, stages or processes of innovation also have been studied. Extant studies on innovation process model, however, has limited its interests in the structure of the transformation of knowledge. This study have established a comprehensive model embracing operational and financial performance to investigate the causal paths between innovation and firm performance. Using multi-level generalized linear model with path analysis, this study have found results as follows: First, the processes from innovative activities to innovation output and outcomes including operational and financial performance at firm level were verified. Secondly, the influence of innovation decreases gradually as the distance away from the direct outputs of the innovation increase in the direction of financial outcomes. Third, the effect of innovation on the sales growth rate is higher for small businesses than for medium-sized businesses. The effect of innovation on the profit rate, however, is significant only for medium-sized businesses. For large businesses, innovation has no positive significant impact on any financial performance at all. Fourth, Fourth, the appropriability of innovation has positive impacts on innovative performance, patent applications, and operational performance.

기술혁신을 포함한 기업의 혁신이 기업과 산업의 성장 및 경쟁우위에 기여한다는 연구는 많으나, 주로 연구개발 집약도 또는 특허로 측정되는 기술적 혁신의 성과 검증에 집중되어왔다. 또한 혁신의 단계 또는 프로세스에 관한 기존 모형들은 대부분 기술 혁신을 대상으로 아이디어 창출-기술개발-혁신성과 도출의 과정을 설명하고 있지만, 이러한 모형들은 지식의 창출과정을 설명하는 모형이거나 기술적인 혁신에 국한된 지식의 변환구조에 초점이 맞추어져있다. 본 연구는 기존의 혁신 모형을 확장하여 혁신 활동부터 기업의 운영성과와 재무적 성과까지를 포괄하는 모형을 설정하고, 이들 간의 경로들이 실제로 존재하는지를 규명하는 인과적인 경로분석을 수행하였다. 분석결과 첫째, 혁신활동이 늘어나면 신제품 출시, 공정혁신, 특허출원과 같은 혁신의 성과가 늘어나고, 혁신성과는 기업의 운영성과를 높이며, 운영성과는 매출성장률을 향상시키는 경로가 검증되었다. 둘째, 종속변수가 혁신성과, 기업운영성과, 재무적 성과의 방향으로 혁신의 직접적인 성과로부터 거리가 멀어질수록 혁신활동의 영향력이 점차 감소함을 확인하였다. 셋째, 혁신성과가 매출성장률에 미치는 효과는 소기업이 중기업보다 높으며, 중기업의 경우 혁신성과는 매출성장률에 긍정적인 영향이 있을 뿐만 아니라 영업이익률에 미치는 효과가 존재함을 검증하였다. 그러나 대기업의 경우 혁신성과가 재무적 성과에 미치는 직접 및 간접 효과는 확인되지 않았다. 넷째, 혁신의 전유성은 혁신성과, 특허출원건수, 기업운영성과에 모두 긍정적인 영향을 미치고 있음을 실증하였다.

Keywords

References

  1. Acha, V. and Salter, A. (2004), Oslo Manual Revision 3 Workshop for a Chapter on the 'Economics of Innovation', workshop report for the Department of Trade and Industry, London: HMSO.
  2. Battisti, G. and Stoneman, P. (2010), "How innovative are UK firms? Evidence from the Fourth UK Community Innovation Survey on synergies between technological and organizational innovations", British Journal of Management, 21(1): 187-206. https://doi.org/10.1111/j.1467-8551.2009.00629.x
  3. Becheikh, N., Landry, R. and Amara, N. (2006), "Lessons from innovation empirical studies in the manufacturing sector: A systematic review of the literature from 1993-2003", Technovation, 36(5): 644-664.
  4. Bernstein, B. and Singh, P. J. (2006), "An integrated innovation process model based on practices of Australian biotechnology firms", Technovation, 26(5): 561-572. https://doi.org/10.1016/j.technovation.2004.11.006
  5. Chen, K. and Guan, J. (2011), "Mapping the innovation production process from accumulative advantage to economic outcomes: A path modeling approach", Technovation, 31(7): 336-346. https://doi.org/10.1016/j.technovation.2011.03.004
  6. Cohen, W. (1995), "Empirical Studies of Innovation Activity and Performance", In Stoneman, P. (ed.), Handbook of the Economics of innovation and Technological Change, Hoboken: Wiley-Blackwell, 182-264.
  7. Djellal, F. and Gallouj, F. (2001), "Innovation Surveys for Service Industries: A Review", In B. Thuriaux, E. A. and Couchot, C. (eds.), Innovation and Enterprise Creation: Statistics and Indicators, Luxembourg: European Commission.
  8. Fagerberg, J. (2005), "Innovation: A Guide to the Literature", in Fagerberg, J., Mowery, D. and Nelson, R. R. (eds.), The Oxford Handbook of Innovation, Oxford: Oxford University Press, 1-26.
  9. Geroski, P. A., Machin, S. and Reenen, J. V. (1993), "The Profitability of Innovating Firms", Rand Journal of Economics, 24: 198-211. https://doi.org/10.2307/2555757
  10. Hansen, M. T. and Birkinshaw, J. (2007), "The innovation value chain", Harvard business review, 85(6): 121.
  11. Hayes, A. F. and Preacher, K. J. (2010), "Quantifying and Testing Indirect Effects in Simple Mediation Models When the Constituent Paths Are Nonlinear", Multivariate Behavioral Research, 45(4): 627-660. https://doi.org/10.1080/00273171.2010.498290
  12. Hollenstein, H. (2003), "Innovation Modes in the Swiss Service Sector: A Cluster Analysis Based on Firm-level Data", Research Policy, 32(5): 845-863. https://doi.org/10.1016/S0048-7333(02)00091-4
  13. Jensen, M. B., Johnson, B., Lorenz, E. and Lundvall, B. A. (2007), "Forms of knowledge and modes of innovation", Research policy, 36(5): 680-693. https://doi.org/10.1016/j.respol.2007.01.006
  14. Malerba, F. and Orsenigo, L. (1996), "The dynamics and evolution of industries", Industrial and Corporate Change, 5(1): 51-87. https://doi.org/10.1093/icc/5.1.51
  15. Nelson, R. R. and Winter, S. G. (1982), An evolutionary theory of economic change, Cambridge: Belknap.
  16. OECD (1996), Oslo Manual: The Measurement of Scientific and Technological Activities. Proposed Guidelines for Collecting and Interpreting Technological Innovation Data, 2nd edition, Paris: OECD.
  17. OECD and Eurostat (2005), Oslo Manual: The Measurement of Scientific and Technological Activities. Guidelines for Collecting and Interpreting Innovation Data, 3rd edition, Paris: OECD/Eurostat.
  18. OECD (2009), Innovation in Firms - A Microeconomic Perspective, Paris: OECD Publishing.
  19. Pavitt, K. (1984), "Sectoral patterns of technical change: towards a taxonomy and a theory", Research policy, 13(6): 343-373. https://doi.org/10.1016/0048-7333(84)90018-0
  20. Revilla, A. J. and Fernandez, Z. (2012), "The relation between firm size and R&D productivity in different technological regimes." Technovation, 32(11): 609-623. https://doi.org/10.1016/j.technovation.2012.06.004
  21. Roper, S., Du, J. and Love, J. H. (2008), "Modelling the innovation value chain", Research Policy, 37(6): 961-977. https://doi.org/10.1016/j.respol.2008.04.005
  22. Rothwell, R. (1994), "Towards the fifth-generation innovation process", International marketing review, 11(1): 7-31. https://doi.org/10.1108/02651339410057491
  23. Rogers, E. M. (1995), Diffusion of innovations, New York: Simon and Schuster.