Size, business duration, and productivity growth for Korea’s export-leading industries
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This study investigate the impact from changes in the business duration of large establishments (LEs) and that of small and medium-sized establishments (SMEs) on the productivity growth of 29 export-leading industries and 13 other exporting industries during 1995-2014 in Korea. The impact from changes in business duration of LEs varied across industries and time periods in a far greater extent than did that of SMEs. For export-leading industries, the extent of impact from the decrease in business duration of LEs was far greater than that of SMEs to reduce the productivity growth, which was triggered by the market exogenous shocks. Older target industries of fine chemicals, basic metal products, petrochemicals, and machinery, showed that the increase in business duration of LEs promoted productivity growth to a greater extent, which recouped their flagging technical progress (TP) to sustain high productivity growth by help of their accommodated tacit knowledge. Changes in the business duration of LEs achieved twice the impact on productivity growth than that of SMEs in the export-leading industries, as well as that of LEs in other exporting industries. During the 1998 depression, the productivity growth of export-leading industries plunged to a half resulting from significant technical efficiency and allocative efficiency losses, but led by steady TP and the longer business duration of LEs.
Abstract
This study investigate the impact from changes in the business duration of large establishments (LEs) and that of small and medium-sized establishments (SMEs) on the productivity growth of 29 export-leading industries and 13 other exporting industries during 1995-2014 in Korea. The impact from changes in business duration of LEs varied across industries and time periods in a far greater extent than did that of SMEs. For export-leading industries, the extent of impact from the decrease in business duration of LEs was far greater than that of SMEs to reduce the productivity growth, which was triggered by the market exogenous shocks. Older target industries of fine chemicals, basic metal products, petrochemicals, and machinery, showed that the increase in business duration of LEs promoted productivity growth to a greater extent, which recouped their flagging technical progress (TP) to sustain high productivity growth by help of their accommodated tacit knowledge. Changes in the business duration of LEs achieved twice the impact on productivity growth than that of SMEs in the export-leading industries, as well as that of LEs in other exporting industries. During the 1998 depression, the productivity growth of export-leading industries plunged to a half resulting from significant technical efficiency and allocative efficiency losses, but led by steady TP and the longer business duration of LEs.
참고문헌 (16)
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