The Effect of Government-Led Innovation Policy on Corporate Revenue Performance: Reference, Feedback, and Virtuous Effect in The Korean Software Industry
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This paper studies the effect of a direct support policy, including setting up the Korea Procurement System, which involved the participation of small and medium enterprises (SMEs) in public software projects. We analyze a panel of companies for six years before and after 2013, when the system was introduced. We use three-stage least squares (3SLS) estimation method, which can demonstrate the interaction effect between the public and private sectors within the software industry. Empirically, we find that public revenue has a positive reference effect on private revenue, and a positive feedback effect on private sales and public sales. Overall, there is a virtuous effect. Therefore, despite the debate on the effectiveness of public procurement and the policy on entry barriers against large firms, under an industrial structure concentrated on large corporations, direct support from the public sector to SMEs can be an effective industrial policy.
Abstract
This paper studies the effect of a direct support policy, including setting up the Korea Procurement System, which involved the participation of small and medium enterprises (SMEs) in public software projects. We analyze a panel of companies for six years before and after 2013, when the system was introduced. We use three-stage least squares (3SLS) estimation method, which can demonstrate the interaction effect between the public and private sectors within the software industry. Empirically, we find that public revenue has a positive reference effect on private revenue, and a positive feedback effect on private sales and public sales. Overall, there is a virtuous effect. Therefore, despite the debate on the effectiveness of public procurement and the policy on entry barriers against large firms, under an industrial structure concentrated on large corporations, direct support from the public sector to SMEs can be an effective industrial policy.
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