Global Value Chains, Multinational Enterprises, and Productivity in Manufacturing Firms in South Korea
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This study analyzes whether the impact of global value chains (GVCs) on firm productivity varies depending on a firm’s ownership structure by considering the heterogeneity of GVC types, such as intra-firm and inter-firm GVC. The system generalized method of moments (GMM) is used to estimate the effect of GVC participation on total factor productivity. Based on a firm-level unbalanced panel dataset from South Korea during 2006–2017, domestic firms are significantly positively affected by their GVC participation through intra-and inter-firm GVC. However, the effect of GVC participation of foreign multinational enterprises (MNEs) is statistically insignificant. This empirical finding indicates that foreign MNEs are more likely to be efficiently productive because of exposure to the international business environment; consequently, their expected gain from GVC participation is less than domestic firms. Meanwhile, the gains domestic firms receive from GVC participation are expected to be significant as they can access new sources of information and gather knowledge from global production networks, which they would not have had access to in the domestic market.
Abstract
This study analyzes whether the impact of global value chains (GVCs) on firm productivity varies depending on a firm’s ownership structure by considering the heterogeneity of GVC types, such as intra-firm and inter-firm GVC. The system generalized method of moments (GMM) is used to estimate the effect of GVC participation on total factor productivity. Based on a firm-level unbalanced panel dataset from South Korea during 2006–2017, domestic firms are significantly positively affected by their GVC participation through intra-and inter-firm GVC. However, the effect of GVC participation of foreign multinational enterprises (MNEs) is statistically insignificant. This empirical finding indicates that foreign MNEs are more likely to be efficiently productive because of exposure to the international business environment; consequently, their expected gain from GVC participation is less than domestic firms. Meanwhile, the gains domestic firms receive from GVC participation are expected to be significant as they can access new sources of information and gather knowledge from global production networks, which they would not have had access to in the domestic market.
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