The Impact of Knowledge Stock on Exploration and Firm Growth: Evidence from Korean manufacturing firms
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This study examines the impact of a firm’s knowledge stock on its strategic decision to exploration and its growth after exploration. We exploit a panel of Korean manufacturing firms over the period 2006-2014. The main results are as follows. First, a firm’s accumulated knowledge stock increases the likelihood of its exploration. Second, a firm’s knowledge stock has a positive relationship with its growth after exploration. Finally, as a result of understanding the heterogeneous effects depending on the methods of knowledge accumulation, internally accumulated knowledge stock is positively associated with firm growth after the exploration decision. Our results suggest that despite the uncertainties and difficulties in internal development, a firm must continue its effort to accumulate knowledge internally to get sustainable competitive advantages.
Abstract
This study examines the impact of a firm’s knowledge stock on its strategic decision to exploration and its growth after exploration. We exploit a panel of Korean manufacturing firms over the period 2006-2014. The main results are as follows. First, a firm’s accumulated knowledge stock increases the likelihood of its exploration. Second, a firm’s knowledge stock has a positive relationship with its growth after exploration. Finally, as a result of understanding the heterogeneous effects depending on the methods of knowledge accumulation, internally accumulated knowledge stock is positively associated with firm growth after the exploration decision. Our results suggest that despite the uncertainties and difficulties in internal development, a firm must continue its effort to accumulate knowledge internally to get sustainable competitive advantages.
참고문헌 (63)
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