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The R&D and productivity relationship of Korean listed firms
Department of Food and Resource Economics, College of Life Sciences and Biotechnology, Korea University, East Building #217, Anam-dong Seongbuk-gu, Seoul 136-701, South Korea.ORCID iD: 0000-0002-7902-4683
Department of Political Science, University of Rochester, Harkness Hall, Rochester, NY 14627-0146, United States.
2011 (English)In: Journal of Productivity Analysis, ISSN 0895-562X, E-ISSN 1573-0441, Vol. 36, no 2, 125-142 p.Article in journal (Refereed) Published
Abstract [en]

This study analyzes the relationship between R&D investment and the productivity of Korean R&D-engaged firms. An interdependent chain of equations including the propensity to invest, R&D investment and productivity are estimated in a multi-step procedure accounting for selectivity and simultaneity biases. Using Korean firm level panel data of listed firms from 1986 to 2002, we find four main empirical results. First, there is a two-way causal relationship between R&D investment and productivity for Korean listed firms. Second, Chaebol firms were associated with lower R&D growth as well as lower labor productivity growth in comparison to non-Chaebol firms. Third, there was a substantial reduction in growth rates both in R&D investment and labor productivity in 1997-1998, immediately following the Asian financial crisis. Fourth, considering the positive feedback effect from productivity growth to R&D growth, a decrease in R&D investment growth after the Asian financial crisis should have been harmful by further decreasing productivity growth. ©2011 Springer Science+Business Media, LLC.

Place, publisher, year, edition, pages
2011. Vol. 36, no 2, 125-142 p.
Keyword [en]
Asian financial crisis; Chaebol; Productivity; R&D investment; Selectivity; Simultaneity
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-24484DOI: 10.1007/s11123-010-0206-yScopus ID: 2-s2.0-80052345263OAI: oai:DiVA.org:hj-24484DiVA: diva2:742699
Available from: 2014-09-02 Created: 2014-09-01 Last updated: 2016-01-14Bibliographically approved

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CiteExportLink to record
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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
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More styles
Language
  • de-DE
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  • en-US
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  • nn-NO
  • nn-NB
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