Journal of Korea Technology Innovation Society (기술혁신학회지)

Korea Technology Innovation Society (한국기술혁신학회)
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The Impact of Information Technology Investment on Productivity in Korean Stock Industry

증권산업의 생산성과 정보화투자 효과

  • Published : 2003.12.01
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Abstract

This paper is aimed at analyzing the effect of Information Technology (IT) investment on the output growth and Total Factor Productivity (TFP) of Korean stock industry. Data on 24 stock firms for the eleven years (1991-2001) are used for the analysis. It is identified that there are both direct and indirect impacts of IT investment of the Korean stock industry on output growth. The total effect on output growth is 1.34 percentage point per year, which divided into a direct effect of investment in IT on the output growth is 1.97 and an indirect effect on the TFP is -0.63 percentage points per year. Results show that IT investment cannot contribute to increased stock industry productivity. Therefore, the Korean stock industry has not benefited from increased investment on IT in increasing productivity, implying the so-called productivity paradox has existed during the period.

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