Comparing the Management Practices and Productive Efficiency of Korean and Japanese Firms: An Interview Survey Approach
2
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
In this study, we conduct interview surveys on management practices in Japanese and Korean firms following the study of Bloom, and Van Reenen (2007). The average management scores in Japanese firms are higher than those in Korean firms, and human resource management is positively associated with firm performance. When a Korean dummy is added as a shift term in regressions with the merged sample, its coefficient is negative, implying that Korean firms have low efficiency. However, when the cross terms of the Korean dummy are added with capital and labor, the significance of the shift term disappears. This observation entails that any efficiency difference between the two countries does not come from a technical efficiency (shift term) but from a factor efficiency (marginal produc- tivity of labor and capital). One robust result of this study is that a high output elasticity of capital is observed in Korean firms, whereas a high output elasticity of labor is noted in Japanese firms despite the high capital ― labor ratios in the former. One interpretation of this puzzle is that Japanese firms have pursued the optimization of labor uses and have been relying on labor-saving growth in the face of labor shortage and aging and that Korean firms have relied on capital for growth, continuously renovating and updating their capital, there- by recording a high capital productivity in contempt of aggressive labor.
Abstract
In this study, we conduct interview surveys on management practices in Japanese and Korean firms following the study of Bloom, and Van Reenen (2007). The average management scores in Japanese firms are higher than those in Korean firms, and human resource management is positively associated with firm performance. When a Korean dummy is added as a shift term in regressions with the merged sample, its coefficient is negative, implying that Korean firms have low efficiency. However, when the cross terms of the Korean dummy are added with capital and labor, the significance of the shift term disappears. This observation entails that any efficiency difference between the two countries does not come from a technical efficiency (shift term) but from a factor efficiency (marginal produc- tivity of labor and capital). One robust result of this study is that a high output elasticity of capital is observed in Korean firms, whereas a high output elasticity of labor is noted in Japanese firms despite the high capital ― labor ratios in the former. One interpretation of this puzzle is that Japanese firms have pursued the optimization of labor uses and have been relying on labor-saving growth in the face of labor shortage and aging and that Korean firms have relied on capital for growth, continuously renovating and updating their capital, there- by recording a high capital productivity in contempt of aggressive labor.
참고문헌 (26)
- Aoki, Masahiko, "Corporations in Evolving Diversity, Cognition, Governance, and Institutions" (2010), Oxford University Press
- Bloom, Nick, "Measuring and Explaining Management Practices across Firms and Countries", Quarterly Journal of Economics, 122(4), pp.1351~1408 (2007)
- Bloom, Nick, "The New Empirics of Management", Journal of the European Economic Association, 12(4), pp.835~876 (2014)
- Do Intangibles Contribute to Productivity Growth in East Asian Countries?, "Chun, Hyunbae", RIETI, ~, pp.RIETI Discussion Paper Series No. 15-E-055 (2015)
- Corrado, Carol, "Measuring Capital in the New Economy", pp.11~46 (2005), The University of Chicago Press
- Corrado, Carol, "Intangible Capital and U.S. Economic Growth", The Review of Income and Wealth, 55(3), pp.661~685 (2009)
- Intangibles and Industry Productivity Growth:Evidence from the EU, "Corrado, Carol", INTAN, ~ (2014)
- Fukao, Kyoji, "Intangible Investment in Japan: Measurement and Contribution to Economic Growth", Review of Income and Wealth, 55(3), pp.717~736 (2009)
- Kyoji Fukao, "An International Comparison of the TFP Levels of Japanese, South Korean, and Chinese Listed Firms", Seoul Journal of Economics, 21(1), pp.5~38 (2008), 경제연구소
- Hao, Janet, "Intangible Assets in Europe:Measurement and International Comparability", Final Conference of EUKLEMS Project (2008)
- Human Resources Management Systems and the Performance of U.S. Manufacturing Businesses, "Ichikowski, Casey", NBER, ~, pp.NBER Working Paper No. 3449 (1990)
- Joo, Si Hyung, "Samsung’s Catch-up with Sony: An Analysis Using U.S. Patent Data", Journal of the Asia-Pacific Economy, 15(3), pp.271~287 (2010)
- Jung, Mooseop, "Sectoral Systems of Innovations and Productivity Catch-up by the Korean Firms with the Japanese Firms", Industrial and Corporate Change, 19(4), pp.1037~1069 (2010)
- 정무섭, "Total Factor Productivity of the Korean Firms and Catching up with the Japanese Firms", Seoul Journal of Economics, 21(1), pp.93~139 (2008), 경제연구소
- Centralization or Decentralization of Decision Rights? Impact on IT Performance of Firms, "Kanamori, Takahito", RIETI, ~, pp.RIETI Discussion Paper Series No. 06-E-032 (2006)
- Kurokawa, Futoshi, "How Can IT Raise Productivity Linked with Workplace Re-organization and Human Capital in Japan?", The Economic Analysis, 178, pp.54~95 (2006)
- Management Practices and Firm Performance in Japanese and Korean Firms, "Lee, Keun", JCER, ~, pp.JCER Discussion Paper No. 120 (2009)
- Lee, Keun, "Sustainable Development Model for Korea and Growth Engines" (2009), Nanam Press
- Marrano, Mauro, G., "What Happened to the Knowledge Economy? ICT, Intangible Investment and Britain’s Productivity Record Revisited", Review of Income and Wealth, 55(3), pp.686~716 (2009)
- Expensed and Sweat Equity. Federal Reserve Bank of Minneapolis, "McGrattan, Ellen", ~, pp.Working Paper No. 636 (2005)
- McGrattan, Ellen, "Unmeasured Investment and the Puzzling U.S. Boom in the 1990s", American Economic Journal: Macroeconomics, 2(4), pp.88~123 (2010)
- Miyagawa, Tsutomu, "Intangibles, Market Failure, and Innovation Performance" (2015), Springer International Publishing
- Atsushi Kawakami, and Kazuma Edamura. Organizational Reform and Firm Performance in Japan, "Miyagawa, Tsutomu", RIETI, ~, pp.RIETI Discussion Paper Series No.08-J-062 (2008)
- Miyagawa, Tsutomu, "Great Recessions in the Global Economy and Business Cycle Analysis" (2011), The University of Tokyo Press
- Pyo, Hak Kil, "Productivity Growth in the Republic of Korea", The First Asia KLEMS Conference (2011)
- Shinozaki, Akihiko, "Effective Reforms with Information Technology:Logit Model Analysis on Business Process Reengineering, Business Unit Restructuring, and Human Resource Management", The Economic Analysis, 179, pp.36~54 (2007)