企業家活動과 일자리 창출에 대한 실증분석

Abstract

This paper explores that an effect of entrepreneurial activity(start-up) has impacted on job creation by employing Korean regional data. Such a study has been rarely reported in the literature in Korea, whereas a big bunch of researches stored in some OECD countries such as U.S.A., U.K., and Germany, etc. A contribution of this paper can be said to find first empirical evidence on positive relationships between entrepreneurial activity and employment in Korea. The hypothesis, higher entrepreneurial activity(or entrepreneurship), higher economic growth and more job creation, has been argued in the literature in recent. Under the hypothesis, countries(or area) associated with higher entrepreneurial activities may enjoy higher growth and more job opportunity. A famous economist, Schumpeter, already asserted entrepreneurs played a key role or creative destruction in economic development. Entrepreneurs who invented breakthrough technology or perceived a big potential profit opportunity may establish new firms, which leads to promotion of employment and productivity. A consolidated research team called Global Entrepreneurship Monitor(GEM) was launched in order to confirm the hypothesis that entrepreneurial activities might promote growth and employment in 1999. The GEM report showed that entrepreneurial activities have enhanced economic growth and created jobs in many countries such as U.S.A., U.K., Italy, Japan, Israel, etc. The result of the GEM project was very similar to the existing researches investigated by many pioneers such as Birch(1979), Davis et al.(1996), Acs et al.(1999), Davisson et al.(1999), Acs and Armington(2004), Audretsch and Keilbach(2004, 2005), Audretsch et al.(2006), SBA(1998, 1999, 2005), among others. Thus many governments of OECD countries have supported small and medium enterprises as an alternative deriving strategy to create new jobs and to stimulate economic development by encouraging new establishments after oil crisis in 1970s. The objective of this paper is to investigate via empirical estimation how entrepreneurial activity affects employment in Korea by using Korean regional data. According to the empirical result, I found that entrepreneurial activity has created job opportunity in Korea as done in the foreign countries such as U.S.A., U.K., and Germany, Netherland, among other countries. According to my research, the entrepreneurial activity(establishment) has impacted differentially on promoting employment by regions. That is, the job creation opportunity made by establishment with employees was greater in metropolitan area than in rural area. Such a result seems to be closely related to the structural status. That is, the ratio of start-ups with employees to the regional population was shown higher portion in metropolitan area than in non-metropolitan(rural) area. While the opportunity of job creation from the establishment without employees was shown greater in rural area rather than in metropolitan area. Theoretical rationale how entrepreneurial activity stimulates employment opportunity is provided and its empirical model is also derived. The empirical model is derived from the representative firm's profit maximization function, including the entrepreneurial activity variable in the production function. From the first order condition of the profit maximization, labor demand function is constructed as follows in terms of taking logarithm for each variable. [수식] (1) Where L; labor demand, w : real wage, E : entrepreneurial activity, H : human capital, D : regional aggregated demand, X : other control variables such as enterprise's size or agglomeration effect. The subscript ‘j' indicates region and ‘t' time series. In Eq.(1) I assumed that entrepreneurial activity is exogenous variable, which makes it possible to be estimated by reduced form equation. Establishment associated with entrepreneurial activity keeps long run influence on labor market : employment is increased at beginning stage of establishment but it will be offset partially at intermediate period because of the entry effect in the concerning market. Due to dynamic market's competition process, some enterprises will be bankrupted, which results in reducing employment opportunity. However, enterprises survived in the market will hire more employees to grasp more profit in the long run. Mueller et al.(2006) showed that entrepreneurial activity might affect differentiated impact on employment according the three dynamic stages : they called 'direct effect' for the beginning stage, ‘displacement effect' for the intermediate stage and 'induced effect' for the long run period. Therefore the total effect should be summed up the whole dynamic impacts accumulated. To incorporate the dynamic influence Almon lag model is additionally employed as follows. [수식] (2) Empirical equations (1) and (2) were estimated separately by using statistical software Eviews 5.0 program. Empirical model (1), based on the panel data, was estimated by employing fixed effect model of the panel data. Generally speaking, statistics(e.g., high R2 and t-statistics) related to regression and parameters of coefficient are shown good enough to be accepted safely. Most coefficients estimated are also shown appropriated signs consistent with theoretical rationale. A set of data employed in the empirical model is summarized as follows. Index of employees of the non-farm & forest and fishing industries taken logarithm is used as dependent variable. Several explanatory variables(taken logarithm) are used including labor forces, wage, number of establishments per 1000 regional population(proxy variable for entrepreneurial activity), human capital, R&D investment, enterprise's scale and agglomeration variable, regional income, and so on. I classified region into two groups or metropolitan area(7 big cities) and non-metropolitan(rural) area(9 provinces) from 1995 to 2005. One of the contributing points is to use appropriate proxy variable for the entrepreneurial activity. I used three types of entrepreneurial activity variables : (i) number of establishments with employees divided by regional population 15 years and over by region, (ii) number of establishments without employees divided by regional population 15 years and over by region, and (iii) combination of (i) and (ii) mentioned above. The main findings are summarized as follows. First, it was shown that entrepreneurial activity(start-up) has promoted employment in Korean and their pattern of dynamic impact process was very similar to the cases of foreign countries including U.S.A., U.K., Germany, Netherlands, etc. Second, entrepreneurial establishment has shown different pattern of impact on job creation by region : the higher entrepreneurial start-up area, the higher job creation. In addition, the entrepreneurial start-up’s impact was shown different types by regions. Urban cities have enjoyed higher job creation associated with higher entrepreneurial start-ups, in which establishment with employee was shown higher in metropolitan urban areas than in rural areas. Third, human capital is also shown important factor to create new jobs in metropolitan areas, which is consistent with existing researches. Fourth, job creation was positively related to firm's size. Large scaled firms survived in the market or new establishments with more employees at beginning stage usually creates more employment opportunity. It suggests that government had better support intermediate sized firms to promote the capacity of employment in Korea. At present, government has supported impartially small and medium sized enterprises regardless of firm's size. Fifth, dynamic impact process of the entrepreneurial start-up on job creation was shown variously according to the dynamic process stages(short-run, intermediate, and long-run). At the beginning stage the entrepreneurial impact on job creation was shown jump up trend, but its effect diminished over time, and its impact increased again in the long-run, implying that firms survived in the market enhanced their competitiveness and, in turn, create more jobs.