Management & Information Systems Review (경영과정보연구)
- Volume 22
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- Pages.1-23
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- 2007
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- 1598-2459(pISSN)
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- 2733-4767(eISSN)
Exports, Firm Size, and Firm Dynamics : An Empirical Study on the Korean Manufacturing Industry
기업규모, 기업성장, 그리고 수출성과 : 우리나라 제조업에 대한 실증적 연구
- Sung, Tae-Kyung (School of Business, Jeonju University) ;
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Park, Kwang-Seo
(School of Business, Jeonju University)
- Published : 2007.09.30
Abstract
This paper investigates the relationships between exports, firm size, and firm dynamics. It is based on a longitudinal data covering listed firms in the Korean manufacturing industry. We found the stylized fact that the probability that a firm is exporter increases with firm size. A regression model for the determinant of export/sales ratio including dynamic adjustment process is tested on a cross-section sample for the year 2001. Empirical findings suggest that there is a positive and inversely U-shaped relationship between firm size and export/sales ratio, just for basic material and capital good industry. Except for firm size, the hypotheses concerning human capital intensity, physical capital intensity, R&D intensity, and patent are rejected. Using Granger causality test, we found that the rate of growth of total sales influences the change of the export/sales ratio with time lag for medium-sized firms. Finally, some policy implications are presented.
Keywords
- Firm size;
- Export performance;
- Firm growth;
- Dynamic adjustment process;
- Korean manufacturing industry