• 지식경영연구
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• 제20권3호
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• pp.1-16
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• 2019

Jobless Growth, one of the most issue keywords for Korea's economy at this moment, stands for an economic situation where the unemployment rate once edging up at the downturn does not fall sharply even after a business cycle is on the stage of its recovery. A remarkable progress of ICT has intensified the apprehension of technology displacing human labor. A remarkable progress of ICT has intensified the apprehension of technology displacing human labor historically. Nowadays, ICT as the main cause for recent jobless growth in Korea ends up with pointing out. This study is to investigate whether the ICT leads to an economic situation of jobless growth. We served an empirical analysis using firm-level panel data from 2009 to 2013 and estimated the effects of ICT on both firm's employment and productivity. A result suggests not only does the employment increase with the rise of ICT investment, but also the employment becomes a complete mediator in terms of linking ICT and firm's productivity. It turns out to be a groundless fear that the ICT rules out human labor causing jobless growth for Korea's economy according to the result revealed.

• 한국산학기술학회논문지
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• 제14권10호
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• pp.4784-4790
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• 2013

세계화가 빠르게 진전되면서 한국 기업들의 오프쇼어링 비중도 커지고 있다. 기존 연구들의 경우 오프쇼어링의 효과보다는 기업이 오프쇼어링을 선택하는 결정요인을 분석하는데 집중하고 있다. 따라서 본 논문은 오프쇼어링이 한국 기업의 생산성에 미친 영향에 대해 정량적으로 분석했다. 이를 위해 통계청의 기업활동조사를 기반으로 기업수준의 패널데이터를 이용해 합동 최소자승법과 고정효과 패널모형을 통해 분석했다. 기존 연구와는 달리 서비스업을 제조업과 구분하여 오프쇼어링의 영향을 추정하였으며, 두 산업 간의 결과를 비교하였다. 합동 최소자승법 결과에서는 전체 기업의 오프쇼어링 비중이 1% 증가할 때 노동생산성은 0.03% 증가하는 것으로 분석되었다. 그러나 고정효과 패널모형 결과의 경우, 오프쇼어링이 기업의 노동생산성에 주는 효과가 유의하게 추정되지 못했다. 모든 모형에서 오프쇼어링이 제조업 생산성에 긍정적 영향을 미치는 것으로 추정되었다. 서비스산업의 경우 고정효과 패널분석 결과에서 오프쇼어링이 생산성에 미치는 영향이 부정적으로 추정되었으나 유의하지는 않았다. 자본과 R&D비용 등 기업의 생산성에 영향을 주는 다른 설명변수들은 서울에 본사가 있는가 여부에 대한 더미변수를 제외하고 대부분 생산성 향상에 기여한다는 결과를 얻었다.

• Journal of Korea Trade
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• 제25권1호
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• pp.65-88
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• 2021

Purpose - This paper aims to examine the determinants of SWFs' investment in Asian countries and to identify consistent investment patterns of SWFs in specific target firms from Asia, particularly China and South Korea. Design/methodology - This study extends the Tobin's Q model to examine the relationship between SWF investments in target firms and their returns with other firm-level control variables. We collect consistent data on SWF investments and the matched firm-level data on target firms, which of observation is 1,512 firms (333 in South Korea and 1,179 in China) targeted by 20 SWF sources during 1997-2017. The panel random effect model is used to estimate the extended Tobin's Q model. The robustness of the estimations is tested by the simultaneous equation models and the panel GEE model. Findings - The evidence shows that sovereign wealth funds are more inclined to invest in the financial sector with a monopoly position and in large firms with higher growth opportunity and superior cash asset ratios in China. In contrast to their investments in China, sovereign wealth funds in South Korea prefer to invest in strategic sectors, such as energy and information technology, and in large firms with high performance and low leverage. Sovereign wealth funds' investments tend to significantly improve the target firm's performance measured by sales growth and returns in both Korea and China. Originality/value - The existing literature focuses on examining the determination of SWFs investment in the developed countries, such as Europe and the United States. Our paper contributes to the literature in three ways; first, we analyzes case studies of SWF investments in Asian markets, which are less developed and riskier. Second, we examine whether the determination of SWF investment in Asian target firms depends on the different time periods, on types of sources of SWFs, and on acquiring countries. Third, our research uses vast sample data on target firms in longer time periods (1997-2017) than other previous studies on the SWFs for Asian markets.

• Journal of Korea Trade
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• 제24권7호
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• pp.54-72
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• 2020

Purpose - This study explores the contextual factors that affect the relationship between CEO overseas experience and firm internationalization. This study incorporates a wide range of contextual factors, including mega, macro, and micro variables. In particular, this study goes a step further from prior studies by incorporating a higher-order variable i.e., the global financial crisis that can constrain the managerial discretion of a CEO. Design/methodology - To structure the balanced data set before and after the 2008 global financial crisis, we used the data for the years from 2002 to 2014 from a sample of Korean manufacturing firms. Ultimately, 1101 firm-year unbalanced panel observations from 101 firms were used for the analysis. Findings - Our main findings can be summarized as follows. CEO overseas experience is positively related to firm internationalization. However, this relationship varies depending on the CEOs level of managerial discretion. As for the constraining moderation, the global financial crisis weakened the positive relationship between CEO overseas experience and firm internationalization. As for the enabling moderation, the CEOs tenure strengthened the relationship. Originality/value - This study adopted the knowledge, skills, and abilities (KSA) framework to explain the relationship between CEO overseas experience and firm internationalization. Moreover, we argue that the CEO-internationalization relationship depends on the specific context of the managerial discretion, focusing on the 2008 global financial crisis. Empirically, this study adopted the 2SLS procedure to correct endogeneity. Instead of taking the actual value of prior internationalization as a control, we estimated prior internationalization using the instrument variables at an industry level. This procedure made our estimation more robust.

• 한국산학기술학회논문지
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• 제22권1호
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• pp.221-230
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• 2021

본 연구에서는 기업의 국제화 수준을 개별 기업의 매출액 대비 해외매출비중(FSTS)으로 측정하고 Sloan(1996)의 모형을 활용 당기순이익과 차기순이익 간의 1차 자기상관관계를 회계이익 지속성의 대용치로 사용하여 기업의 이익지속성에 영향을 미치는 다수의 통제변수들과 함께 실증분석을 실시하였다. 2011년부터 2016년까지 유가증권 시장에 상장된 12월 말 결산법인을 대상으로 고정효과모형을 이용하여 실증분석을 실시한 결과, 기업의 국제화와 회계이익의 지속성은 1% 유의수준에서 양(+)의 효과를 나타내어 개별 기업의 국제화 수준이 증가할수록 기업의 이익 지속성 또한 증가하는 것을 확인 할 수 있었다. 또한 기업규모, 재무건전성, 현금 수반성, 성장성, 투자성은 예측과 일치하게 국제화와 통계적으로 유의한 양(+)의 관계를 나타내어 이들이 기업 이익의 지속성을 증진하는데 중요한 보완적 요인임을 검증하였다. 이는 기업의 규모가 크고 재무건전성 및 현금 수반성이 우수할수록, 성장기회와 투자성향이 높을수록 기업의 이익지속성이 증가함을 의미하여 기존 선행연구들의 결과와도 일치하였다. 이러한 결과는 기업이 국제화 전략 추진을 통해 새로운 해외 시장을 확보하고 성장을 도모함으로서 기업 가치를 안정적으로 유지·확장시킬 수 있음을 시사한다.

• East Asian Economic Review
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• 제28권2호
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• pp.143-174
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• 2024

This paper empirically examines the relationship between outward foreign direct investment (OFDI) of Korean manufacturing firms and the servicification of domestic employment using a firm-level panel data. In this study, considering the issue of low productivity in the Korean service sector, we categorize service employment into core and non-core services and investigate their relationship with OFDI using the firm-fixed effects model. The empirical results show that the share of core service employment exhibits a positive correlation with the extensive OFDI. On the other hand, the share of non-core service employment, which is expected to generate relatively low value-added, does not show a significant relationship with the extensive OFDI. When we divide the samples based on host countries and the type of subsidiaries, the impact on servicification varies depending on the technological capabilities of host countries and their participation in global value chains. Our study suggests that Korean manufacturing firm's internationalization strategies may facilitate a transition from labor-intensive employment, like the cases in advanced countries, to technology-intensive employment through OFDI and other means.

• 기술혁신연구
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• 제15권1호
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• pp.145-173
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• 2007

Using patent and firm-level panel data for 1982-2001, this study investigates spillover effects of patents and the strengthening of intellectual property rights on Productivity and Innovation. As well as we consider the effect of intra-industry spillovers, we extend the effect to inter-industry spillovers which implies the effects of IT industries on non-IT industries. The empirical results are summarized as follows. First, allowing for firm-level variables, market competition and technological spillovers, the strengthening of intellectual property rights does not play a significant role on innovative activities. Second, while innovative activities of domestic firms affect significantly firms' innovative activities, those of foreign firms do not. Third, innovative activities of IT industries as inter-industry spillovers play a significant role on innovative activities and labor productivities of domestic firms.

• 기술혁신연구
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• 제5권1호
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• pp.15-43
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• 1997

This paper investigates empirically the relationship between various business portfolio properties (particularly technological properties) and chaebol's performance using data on the 50largest chaebols in Korea. In addition to the traditional indexes to measure diversification such as entropy index, we calculated inter-industry technological similarity using R'||'&'||'D expenditure data by industry and 1990 Input-output Table in korea, and obtained chaebol-level technological relatedness and internal transaction proportion from chaebols' business profile, inter-inustry technological similarity and 1990 input-output table. We applied factor analysis on 13 business portfolio property indexes and showed that they could be grouped into 3 dimensions. diversification scope, inter-business relatedness and degree of vertical integration. In this paper, using 50 largest chaebols' financial data (1989-1994), we analyzed empirically the effect of business portfolio properties on ROS(Return On Sales) which is conventional index for firm performance and on TFP(Total Factor Productivity) growth which is a pure measure of firm performance. To utilize the advantage of panel data, FEM(Fixed Effect Model) and REM(Random Effect Model) were used. The empirical result shows that the entropy index as a measurement of inter-business relatedness in not significant but technological relatedness index is significant. OLS estimates on pooled data were considerably different from FEM or REM estimates on panel data. By introducing interaction effect among the three variables for business portfolio properties, we obtained three findings. First, only VI(Vertical integration) has a significant positive correlation with ROS. Second, when using TFP growth as an dependent variable, both TR(Technological Relatedness) and VI are significant and positively related to the dependent variable. Third, the interaction term between TR and VI is significant and negatively affects TFP growth, meaning that TR and VI are substitutes. These results suggest strategic directions on restructuring business portfolio. As VI is increased, chaebols will get more profit. A higher level of either TR or VI will increase TFP growth rate, but increase in both TR and VI will have a negative effect on TFP growth. To summarize, certain business portfolio properties such as VI and TR can be considered "resources" themselves since they can affect profit rate and productivity growth. VI and TR have a synergy effect of change in profit rate and productivity growth. VI increases ROS and productivity growth, while TR increases productivity growth representing a technological synergy effect.t.

• Journal of Korea Trade
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• 제26권7호
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• pp.127-144
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• 2022

Purpose - This study aimed to analyze the dynamic effects of progress in globalization on firm performance by employing individual companies' financial statement datasets. Design/methodology - The analysis leveraged the variables of operating revenue (OPRE) and pre-tax profit and loss (PLBT) as measurement variables for firm performance over 2011-2019. As a proxy variable for globalization, the trade index, a subordinate indicator of the KOF Globalization Index, was used. Through panel regression analysis, the relationship among those variables was ascertained, and the local projection (LP) method was subsequently utilized to identify dynamic effects. A subsample analysis was further performed by classifying companies based on their sizes and industries to determine the differential effects of globalization on each group. Findings - The panel regression analysis derived positive effects of an increasing degree of globalization on OPRE of Korea maritime and fishery firms. However, the impulse response functions, obtained from the LP, showed that in the short run, globalization affects PLBT negatively but in the long run, it gradually converted into a positive effect. In addition, according to the subsample analysis based on company size, the effects of globalization on OPRE became greater as each company became larger. Moreover, the industry-based analysis showed heterogeneous effects, depending on the industries in which the maritime and fishery companies operated. Originality/value - The analysis of the dynamic effects of globalization on firm performance, which revealed that the effects vary depending on the time points, is the important contribution of this study. The results also suggest that the effects of globalization vary depending on the company size and industry.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.295-304
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• 2021

This study aims to identify and analyze the impact of internal factors on business efficiency of steel firms in Vietnam. The article uses data collected from the financial statements of 26 steel firms operating in Vietnam between 2012 and 2019. With the application of E-view software in quantitative analysis to build regression models on the table data (panel data), and the study has built a regression model identifying the relationship and impact level of internal factors affecting business efficiency of steel firms in Vietnam. In the study, the dependent variable is business efficiency, determined by the profit after tax on the firm's assets. The independent variables are firm size, growth rate, capital structure, ratio of long-term assets, receivables management, and solvency. The research results show that the four factors of firm size, growth rate of assets, receivables management, and solvency have a positive impact on business efficiency, while two factors including capital structure and ratio of long-term assets do not affect business efficiency of enterprises. The results of this article are very useful for corporate executives in general and for financial managers in particular, helping managers make the right financial decisions for the company to promote business efficiency of the company.