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Productivity Effect of Firms' External R&D and the Moderating Effect of Firm Size  

Kim, Kyung-ho (한국농촌경제연구원)
Jung, Jin Hwa (서울대학교 농경제사회학부, 농업생명과학연구원)
Publication Information
Journal of Korea Technology Innovation Society / v.21, no.3, 2018 , pp. 1077-1100 More about this Journal
Abstract
The present study analyzed the effect of firms' external research and development (R&D) on corporate productivity, while investigating the moderating effect of firm size on the external R&D-productivity nexus. In the empirical analysis, we estimated South Korean manufacturing firms' total factor productivity (TFP) using the firm level data drawn from the Survey of Business Activities (Korea National Statistical Office) for the years 2006-2015. Thereafter, focusing on the role of external R&D and its interaction with the firm size in determining firms' TFP, the productivity function was estimated as well. To this end, we used ordinary least squares (OLS) and quantile regression to highlight the heterogeneous impacts of external R&D by companies' productivity level. Empirical results confirmed that firms' external R&D significantly enhanced corporate productivity in all manufacturing industries, from high-tech to low-tech. The moderating effect of firm size in determining the productivity effect of external R&D was not as prominent as in the case for internal R&D, which exhibited some degree of the size premium in the productivity-enhancing effect. These results suggest that regardless of the firm size, external R&D can be an important channel for corporate productivity improvement, and can be a particularly effective strategy for SMEs with relatively limited internal R&D capacities.
Keywords
External R&D; Firm Size; Total Factor Productivity; Quantile Regression;
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