본문 바로가기
KERD
논문KCI 등재

Total Factor Productivity of the Korean Firms and Catching up with the Japanese Firms

이근|정무섭|Kyoji Fukao
경제연구소 (Hanyang Economic Research Institute)|2008.03|Seoul Journal of Economics|제21권 제1호|pp. 93-139|DOI 10.22904/sje.2008.21.1.003

2

조회

0

다운로드

10

인용

0

참고문헌

키워드

KoreaJapanProductivityCatch-upPolorization
주제분류경제학

초록

This paper measured the Total Factor Productivity (TFP) of all listed firms in Korea from 1984 to 2005 and compared this TFP of Korean firms with that of Japanese firms. This study used the chain-linked index number method developed by Good et al. (1999) to find that the average TFP of Korean firms grew about 44.1% between 1984 and 2005, with 2.1% annual growth rates. The catch-up index of Korean firms with Japanese firms is defined at an individual firm level for the first time among existing literature. Through this comparison analysis, the researchers found that there were four patterns of catching up methods practiced by Korean firms in closing in on the Japanese firms. These patterns were over catch-up, just catch- up, under catch-up, and reverse catch-up.” Furthermore, the researchers found that the number of under catch-up and reverse catch-up industries was more than 40% of the firms subjected in the study. In contrast, only 10.1% of all the Korean listed firms and 8.7% of total sales of all the listed firms surpassed Japanese firms in terms of TFP in 2004. Also, the catch-up performance was quite better in bigger firms, which is indicative of polarization in TFP catch-up performance.

Abstract

This paper measured the Total Factor Productivity (TFP) of all listed firms in Korea from 1984 to 2005 and compared this TFP of Korean firms with that of Japanese firms. This study used the chain-linked index number method developed by Good et al. (1999) to find that the average TFP of Korean firms grew about 44.1% between 1984 and 2005, with 2.1% annual growth rates. The catch-up index of Korean firms with Japanese firms is defined at an individual firm level for the first time among existing literature. Through this comparison analysis, the researchers found that there were four patterns of catching up methods practiced by Korean firms in closing in on the Japanese firms. These patterns were over catch-up, just catch- up, under catch-up, and reverse catch-up.” Furthermore, the researchers found that the number of under catch-up and reverse catch-up industries was more than 40% of the firms subjected in the study. In contrast, only 10.1% of all the Korean listed firms and 8.7% of total sales of all the listed firms surpassed Japanese firms in terms of TFP in 2004. Also, the catch-up performance was quite better in bigger firms, which is indicative of polarization in TFP catch-up performance.

참고문헌 (72)

  1. Ahn, Sanghoon, "Spillovers of Learning by Exporting and Productivity Growth: Evidence from Korean Manufacturing Micro Data", Journal of Korean Economic Analysis, 11, pp.75~131 (2005)
  2. Ahn, Sanghoon, "Internationalization of Production and Change of Productivity: Evidence from Micro Data and International Comparison. KDI Research Report 2006-5, 2006 (in Korean)", ~ (2006)
  3. Ahn, S. H., "The Internationalization and Performance of Korean and Japanese Firms: An Empirical Analysis Based on Micro-data", Seoul Journal of Economics, 17(4), pp.439~482 (2004)
  4. Aigner, D. J., "On Estimating the Industry Production Function", The American Economic Review, 58(4), pp.826~839 (1968)
  5. Aigner, D., "Formulation and Estimation of Stochastic Frontier Production Function Models", Journal of Econometrics, 6(1), pp.21~37 (1977)
  6. Aw, Bee Yan, "Firm-level Evidence on Productivity Differentials and Turnover in Taiwanese Manufacturing", Journal of Development Economics, 66(1), pp.55~86 (2001)
  7. Aw, Bee Yan, "Productivity and Turnover in the Export Market: Micro Evidence from Taiwan and South Korea", World Bank Economic Review, 14(1), pp.65~90 (2000)
  8. Aw, Bee Yan, "Productivity, Output, and Failure: A Comparison of Taiwanese and Korean Manufacturers", The Economic Journal, 113, pp.485~510 (2003)
  9. Bartelsman, Eric J., "Understanding Productivity: Lessons from Longitudinal Microdata", Journal of Economic Literature, 38(3), pp.569~594 (2000)
  10. "Biesebroeck, Johannes Van. The Sensitivity of Productivity Estimates: Revisiting Three Important Debates. NBER Working Paper No. W10065, 2003", ~ (2003)
  11. Biesebroeck, Johannes Van, "Robustness of Productivity Estimates. NBER Working Paper No. W10303, 2004", ~ (2004)
  12. Blundell, R. W., "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models", Journal of Econometrics, 87(1), pp.115~143 (1998)
  13. Blundell, R. W., "GMM Estimation with Persistent Panel Data: An Application to Production Functions", Econometric Reviews, 19(3), pp.321~340 (2000)
  14. Caves, D. W., "Multilateral Comparisons of Output, Input, and Productivity Using Superlative Index Numbers", The Economic Journal, 92(365), pp.73~86 (1982)
  15. Charnes, A., "Measuring the Effciency of Decision Making Units", European Journal of Operational Research, 2(6), pp.429~444 (1978)
  16. Chen, Edward K. Y, "Factor Inputs, Total Factor Productivity, and Economic Growth: The Asian Case", The Developing Economics, 15, pp.121~143 (1977)
  17. Chen, Edward K. Y, "The Total Factor Productivity Debate: Determinants of Economic Growth in East Asia", Asian Pacific Economic Literature, 11, pp.18~38 (1997)
  18. Christensen, L. R., "Real Product, Real Factor Input, and Total Factor Productivity in the Republic of Korea, 1960-1973. Discussion Paper No. 7507, Social Systems Research Institute, University of Wisconsin, Madison, WI, 1975", ~ (1973)
  19. Christensen,L.R.,and Cummings,D."Real Product,Real Factor Input,and Productivity in the Republic of Korea,1960-, "Real Product, Real Factor Input, and Productivity in the Republic of Korea, 1960-1973", Journal of Development Economics, 8(3), pp.285~302 (1981)
  20. Christsnsen,L.R.,Cummings,D.,and Jorgenson,D.W."Economic Growth 1947-1973:An International Comparison."In J.W.Kendrick and B.N.Vaccara(eds, "Economic Growth 1947-1973: An International Comparison" (1980), University of Chicago Press
  21. Copeland,Morris A, "Concepts of National Income", Studies in Income and Wealth, 1, pp.3~63 (1937)
  22. "Productivity Frontiers with Cross-sectional and Time Series Variation in Effciency Levels", Journal of Econometrics, 46, pp.185~200 (1990)
  23. Diewert, W. Eerwin, "Exact and Superlative Index Numbers", Journal of Econometrics, 4(2), pp.115~145 (1976)
  24. Dollar, D., "Patterns of Productivity Growth in South Korean Manufacturing Industries, 1963-79", Journal of Development Economics, 33(2), pp.309~327 (1990)
  25. Farrell, M. J, "The Measurement of Productive Efficiency", of the Royal Statistical Society, 120(3), pp.253~290 (1957)
  26. Fukao, Kyoji, "Database of the TFP of the Firm of Japan, China, and Korea. Research Report, Japan Center for Economic Research, 2007a (in Japanese, partly in English)", ~ (2007)
  27. "Fukao, Kyoji, Inui, T., Kwon, H., Yuan, T., Kim, Y., Jung, Moosup. “The Methodology of Measuring TFP and International Comparison of TFP.” Chapter 2, in Database of the TFP of the Firm of Japan, China, and Korea. Research Report, Japan Center for Economic Research 2007b (in Japanese)", ~ (2007)
  28. Fukao, K., "Miyagawa, Tsutomu, Kawai, Hiroki, Inui, Tomohiko, Yue, Ximing, Okumoto, Yoshinobu, Nakamura, Masakatu, Hayashida, Masahide, Nakata, Kazuyoshi, Hashikawa, Kensho, Okumura, Naoki, Murakami, Yukako, Hamagata, Sumio, Yoshizawa, Yuuki, Maruyama, Shiko, and Yamauchi, Chikako. “Sectoral Productivity and Economic Growth in Japan: 1970-98.” Economic Analysis 170, The Economic and Social Research Institute (ESRI), 2003 (in Japanese)", ~ (2003)
  29. Good, D. H., "“Index Number and Factor Demand Approaches to the Estimation of Productivity.” In H. Pesaran and P. Schmidt (eds.), Handbook of Applied Econometrics: Microeconomics, Oxford: Blackwell Publisher, Vol. II, pp. 14-80, 1999", ~ (1999)
  30. Griliches, Zvi, "The Discovery of the Residual: A Historical Note", Journal of Economic Literature, 34(3), pp.1324~1330 (1996)
  31. Hahn, C. H, "Entry, Exit and Aggregate Productivity Growth: Micro Evidence on Korean Manufacturing. OECD Economics Department Working Papers 272, 2000", ~ (2000)
  32. Hahn, C. H, "Exporting and Performance of Plants: Evidence from Korean Manufacturing. NBER Working Paper 10208, 2004", ~ (2004)
  33. Hayashi, F., "The Relation between Firm Growth and Q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms", Econometrica, 59(3), pp.731~753 (1991)
  34. Hulten, Charles R, "Total Factor Productivity: A Short Biography. NBER Working Paper 7471, 2000", ~ (2000)
  35. Jorgensen, Dale W, "Capital Theory and Investment Behavior", The American Economic Review, 53(2), pp.247~259 (1963)
  36. Kendrick, J. W, "Productivity", pp.44~47 (1955), NBER
  37. Kim, Chan Su, "Firm Dynamics and Productivity in Korean Manufacturing", 박사, pp.2006
  38. Kim, Jin su, "Corporate Tax Rate Policy: Recent Trends and Its Economic Effects. Report in Korea Institute of Public Finance. 2003 (in Korean)", ~ (2003)
  39. Kim, Jong-il, "The Sources of Economic Growth in the East Asia Newly Industrialized Countries", Journal of the Japanese and International Economics, 8, pp.235~271 (1994)
  40. Kim, Kwang Suk, "Sources of Economic Growth in Korea: 1963-1982. Seoul, Korea: Korea Develop- ment Institute, 1985", ~ (1982)
  41. Kim, Kwang Suk, "“Growth and Structural Transformation.” Studies in the Modernization of the Republic of Korea: 1945-1975. Cambridge, Massachusetts: Harvard University Press, 1979", ~ (1979)
  42. Kim, Young Chin, "The Utilization of Capital and the Growth of Output in a Developing Economy: The Case of South Korean Manufacturing", Journal of Develop- ment Economics, 4(3), pp.265~278 (1977)
  43. Korea Productivity Center, "Total Factor Productivity Analysis of Listed Firms. Research Report, 2002 (in Korean)", ~ (2002)
  44. Korea Productivity Center, "Total Factor Productivity Analysis of Mannufacturing Industries. Research Report, 2005 (in Korean)", ~ (2005)
  45. Korea Productivity Center, "Firm Level Relative Total Factor Productivity Analysis. Research Report, 2006 (in Korean)", ~ (2006)
  46. Krugman, Paul, "The Myth of Asia’s Miracle", Foreign Affairs, 73(6), pp.61~74 (1994)
  47. Kwack, Sung Yeung, "Knowledge Capital and Export Growth in Korean Manufacturing Industries. KIET (Korea Institute for Industrial Economics and Trade) Occasional Paper No. 65, 2007", ~ (2007)
  48. Kwon, Jene K, "Capital Utilization, Economies of Scale and Technical Change in the Growth of Total Factor Productivity: An Explanation of South Korean Manufacturing Growth", Journal of Development Economics, 24(1), pp.75~89 (1986)
  49. Lee, Kyu Sik, "The Bruno Production Function, Factor Market Disequilibrium, and Factor Contributions to Growth in the Korea Industrial Sectors. KDT WP7208, Korea Development Institute, 1972", ~ (1972)
  50. Levinsohn, James, "Estimating Production Functions Using Inputs to Control for Unobservables", The Review of Economic Studies, 70(2), pp.317~341 (2003)
  51. Meeusen, W., "Efficiency Estimation from Cobb-Douglas Production Functions with Composed Error", International Economic Review, 18(2), pp.435~444 (1977)
  52. Moon, Hee-Wha, "Total Factor Productivity in Korea: An Analysis of 27 Mannufacturing Industries. Seoul: Korea Productivity Center, 1991", ~ (1991)
  53. Motohashi, K, "Assessing Japan's Competitiveness by International Productivity Level Comparison with China, Korea, Taiwan, and United States, RIETI Discussion Paper, 2006", ~ (2006)
  54. Nadiri, M. Ishaq, "Some Approaches to the Theory and Measure- ment of Total Factor Productivity: A Survey", Journal of Economic Literature, 8(4), pp.1137~1177 (1970)
  55. Nadiri, M. Ishaq, "International Studies of Factor Inputs and Total Factor Productivity: A Brief Survey", Review of Income and Wealth, 18, pp.129~154 (1972)
  56. Nelson, Richard, "Research on Productivity Growth and Productivity Differences: Dead Ends and New Departures", Journal of Economic Literature, 19(3), pp.1029~1064 (1981)
  57. Oh, I., "Comparative Analysis of Firm Dynamics by Size: Korean Manufacturing. Ratio Working Papers No. 94, 2006", ~ (2006)
  58. Olley, G. Steven, "The Dynamics of Productivity in the Telecommunications Equipment Industry", Econometrica, 64(6), pp.1263~1297 (1996)
  59. Pyo, Hak K, "Economic Growth in Korea (1911-1999): A Long-term Trend and Perspective", Seoul Journal of Economics, 14(1), pp.59~125 (2001)
  60. Pyo, Hak K, ""Estimates of Capital Stocks by Industries and Types of Assets in Korea (1953-2000).” Mimeograph, Institute of Economic Research, Seoul National University, 2002", ~ (2002)
  61. Pyo, Hak K., "An Analysis of the Causes of Growth and Productivity by Industry for Republic of Korea, 1970-1990. Seoul: Korea Economic Research Institute, 1993", ~ (1990)
  62. Pyo, Hak K., "Estimation of Real Factor Input and Factor Productivity in the Korean Private Sector", Korean Economic Journal, 30, pp.147~194 (1991)
  63. Pyo, Hak K., "Growth Accounting and Productivity Analysis by 33 Industrial Sectors in Korea (1984-2002). Hi-Stat Discussion Paper Series from Institute of Economic Research, Hitotsubashi University, 2006", ~ (2006)
  64. Rodrik, D, "Getting Interventions Right: How South Korea and Taiwan Grew Rich", Economic Policy, 10(54), pp.107~ (1995)
  65. Schmidt, P, "Production Frontiers and Panel Data", Journal of Business and Economic Statistics, 4통권 : 367, pp.367~374 (1984)
  66. Schreyer, P, "International Comparison of Levels of Capital Input and Productivity. OECD", Ivie, pp.2005, ~
  67. Solow, Robert M, "Technical Change and the Aggregate Production Function", The Review of Economics and Statistics, 39(3), pp.312~320 (1957)
  68. Tinbergen, Jan, "“Econometrie.” Gorinchem: J. Noorduijn en zoon n. v. 1941 (in German)", ~ (1941)
  69. World Bank, "World Development Report: The Challenge of Development" (1991), Oxford University Press
  70. World Bank.The East Asian Miracle, "The East Asian Miracle. Economic Growth and Public Policy" (1993), Oxford University Press
  71. Young, A, "Lessons from the East Asian NICs: A Contrarian View", European Economic Review, 38, pp.964~973 (1994)
  72. Young, A, "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience", Quarterly Journal of Economics, 110(3), pp.641~680 (1995)

관련 논문AI추천

Total Factor Productivity of Chinese Listed Firms and Catching up with Korean Listed Firms김욱경제연구소 · Seoul Journal of Economics2012 · 제25권 제2호An International Comparison of the TFP Levels of Japanese, South Korean, and Chinese Listed FirmsDeqiang Liu, Kyoji Fukao, Shigesaburo Kabe, Tomohiko Inui경제연구소 · Seoul Journal of Economics2008 · 제21권 제1호A Comparative Analysis of Productivity Growth and Productivity Dispersion: Microeconomic Evidence Based on Listed Firms from Japan, Korea, and China김영각, 정무섭, Keiko Ito, Tangjun Yuan경제연구소 · Seoul Journal of Economics2008 · 제21권 제1호Comparing the Management Practices and Productive Efficiency of Korean and Japanese Firms: An Interview Survey Approach이근, 김영각, Kazuma Edamura, Tsutomu Miyagawa경제연구소 · Seoul Journal of Economics2016 · 제29권 제1호International Competitiveness: A Comparison of the Manufacturing Sectors in Korea and Japan권혁욱, 김영각, Kenta Ikeuchi, Kyoji Fukao, Tatsuji Makino경제연구소 · Seoul Journal of Economics2016 · 제29권 제1호Productivity Growth and Patterns of Efficiency Changes in Korean Economy: Stochastic Frontier Approach with Industry-Panel Data이영훈, 표학길경제연구소 · Seoul Journal of Economics2007 · 제20권 제1호

이 간행물의 다른 논문 (6건)

An International Comparison of the TFP Levels of Japanese, South Korean, and Chinese Listed FirmsKyoji Fukao, Deqiang Liu, Shigesaburo Kabe, Tomohiko Inuipp. 5-38A Comparative Analysis of Productivity Growth and Productivity Dispersion: Microeconomic Evidence Based on Listed Firms from Japan, Korea, and ChinaTangjun Yuan, 정무섭, 김영각, Keiko Itopp. 39-91The Change of Performance of Chinese Large-sized Private Enterprises and Its Determinants (2004-2006)Shiyong Zhao, Xiaoxuan Liupp. 141-167Measuring Organization Capital in Japan: An Empirical Assessment Using Firm-Level Data김영각, Tsutomu Miyagawapp. 169-193International Comparison of Japanese and Korean Banking Efficiency박정수, 신현한, Tomohiko Inuipp. 195-227
원문 보기