• 한국사회정책
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• v.25 no.2
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• pp.243-280
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• 2018

This paper examines the discussion on the income-led growth known as the core economic strategy of Moon's administration in terms of Korean welfare regime. Although the income-led growth strategies have presented various issues, the income-led growth strategy seems to be a timely alternative discourse that emphasizes the demand side, considering supply-oriented growth strategies have caused long-term recession and deepening of inequality. It is important that the income-led growth strategy places social expenditures as an important growth engine for virtuous cycle of production and consumption. However, this paper has confirmed that simply raising wages and increasing social expenditure do not increase the aggregate demand and production. Moreover, empirical studies have shown that the inclusion of external sectors and liabilities into the analysis weakens the wage-led growth of the Korean economy. For this reason, this study concluded that the government's sophisticated policy intervention is necessary for the increase of real wages and social spending to be economic growth.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.3
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• pp.420-450
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• 2022

Texas has recently emerged as a phenomenal industrial destination, which attracts headquarters, production facilities, and/or regional centers of global corporations including Tesla and Samsung. Known as "Texit", this trend of corporate investment to Texas has concentrated in highly developed industrial clusters (such as Dallas-Fort Worth, Houston, Austin, and San Antonio) since the early 2000s. Against this background, this paper examines sectoral and geographical characteristics of those clusters, and investigates associated state initiatives that have been introduced and implemented. As a result, key policy measures in the state are found to be aligned to free-market liberalism, diversified incentives, and regional specialization. Unlike Silicon Valley where Bohemian liberalism engendered vibrant entrepreneurship and innovative start-up formation, it is the strong state government that leads industrial cluster upgrading in Texas, while successfully harnessing lower income taxes and deregulation, affordable land and infrastructure, and quality higher education and human capital as regional assets for attracting inward investment.

• Korea journal of population studies
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• v.31 no.1
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• pp.27-54
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• 2008

The purpose of this study is to analyze the effect of policy boosting fertility and labor participation rate on potential GDP growth rate. To do this, we employ a growth accounting approach, which decomposes per capita GDP into two parts. The first one is the change of dependency ratio and the other is the change of labor input. The labor input is again decomposed into the qualitative and quantitative parts. The quantitative part considers the change of labor participation rate and working time. The qualitative aspects is based on the trend of productivity of labor. From the scenarios of NSO(National Statistics Office), the effect of the fertility-raising policy on per capita potential GDP growth rate is calculated and projected to the year of 2050. We also forecast the policy effect inducing high labor participating rate of female labor and beyond 55-year old labor. The baseline results show that the per capita GDP growth rate will show mid 4% to the year of 2010, gradually declining to 3.94% by 2020, 3.03% by 2030, 2.41% by 2040. The high fertility rate scenario will not have effects on the potential growth by 2030, but show 0.10%p higher per capita GDP growth rate than that of baseline scenario result. By the high female labor participation policy, the per capita GDP growth rate will reach 0.04%p higher per capita GDP growth rate than that of baseline scenario. Based on the results of this paper, we conclude that the quantitative labor input cannot solely account for the trend decline of potential GDP, and the qualitative aspect, like labor productivity, is much more important element to sustain and boots the economic growth.

• Journal of Labour Economics
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• v.30 no.1
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• pp.1-30
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• 2007

Using the Korean Labor and Income Panel Study 2001 (KLIPS 2001), this paper examines gender differences in the return to education in Korea. On average, there is little difference in return to education between male and female workers. However, this paper provides evidence that the impact of education on wages is greater for female workers compared to that for male workers using three different estimation strategies. First, a simple cohort analysis shows that the estimated returns to education for male and female workers have different patterns by age cohort and this is the main reason we observe little gap in average returns to education between men and women. Second, we find that college degree has a significant impact on women's labor market outcomes, while there is little gain for men in terms of wage levels by having college degree. Finally, when controlling unobservable individual ability level with test scores, education has no significant impact on male workers' wage levels, while the impact of education on wages is considerably large for female workers. All three findings support that the impact of education on labor market outcomes is greater for female workers compared to that for male workers as many researchers have found in other OECD countries.

• Journal of Industrial Convergence
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• v.19 no.6
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• pp.21-35
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• 2021

The purpose of this paper is to examine how demand for labor affects the job seeker's decision on the level of investment in education. In the current paradigm of economic growth in which innovations and technological developments generally weaken the strength demand for labor and increases the uncertainty related to employment, this paper provides a theoretical framework that can be used as a basic framework in understanding the decision of investment in education in varying conditions of demand for labor. The following are the findings of this paper. First, the level of investment in education can generally be regarded to be higher as the demand for labor exacerbates but for the job seekers with a certain characteristic. Second, the Arrow-Pratt absolute risk-aversion measure is the characteristic of the job seeker that determines in what direction the job seeker changes in the level of investment in education, For an arbitrary level of demand for labor there exists a certain threshold which determines the minimum degree of risk-aversion required for the job seeker's Arrow-Pratt should go over to increase the level of education as demand for labor weakens. Third, the job seekers lower the level of education even though the demand condition in labor markets weakens if the compensation function does not depend on the level of education. This is surprising because it turns out that one of the reasons why job seekers invest in education is that they want to be recognized in their compensation for their level of education even when more education still raises the probability of employment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.177-189
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• 2022

This study proposes policy recommendations for the Korea New Exchange ("KONEX"), which is a financial platform for SMEs and startups that relied on indirect and policy financing in the past. SMEs and venture firms with limited human and physical listing resources can grow through market incubation, and venture capitalists expect an early exit or return on investment. However, the lack of liquidity and sluggish trading volume have weakened the function of the market. Despite prior policy efforts, the number of newly listed companies has decreased while listing demand for KOSDAQ and K-OTC has increased. This study aims to suggest short- and long-term improvements in regulations and throughout the KONEX firms' listing life cycle. First, the minimum deposit requirement on individual investors should be abolished to increase the number of investors. Second, information disclosure should be conducted by firms so that the nominated advisor can focus on discovering and supporting new listed companies. Third, in order to increase trading volume, the 5% dispersion rule should be changed to 25% dispersion incentive principle. Fourth, a new track without profit condition in expedited transfer listing should be introduced because the KOSDAQ relaxes the profit realization requirements for listing. Lastly, transfer listing without additional review for firms that fulfill ownership dispersion, information disclosure, and investor protection will strengthen the incubating role of the KONEX.

• Journal of Technology Innovation
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• v.22 no.1
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• pp.149-175
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• 2014

This study analyzed the effect of corporate innovation strategies on patent production and ultimately on technological change and new product development of firms in South Korea. The intent was to derive efficient strategies for enhancing technological performance of the firms. For the empirical analysis, three sources of data were combined: four waves of the Human Capital Corporate Panel Survey (HCCP) data collected by the Korea Research Institute for Vocational Education and Training (KRIVET), corporate financial data obtained from the Korea Information Service (KIS), and corporate patent data provided by the Korean Intellectual Property Office (KIPO). The patent production function was estimated by zero-inflated negative binomial (ZINB) regression. The technological performance function was estimated by two-stage regression, taking into account the endogeneity of patent production. An ordered logit model was applied for the second stage regression. Empirical results confirmed the critical role of corporate innovation strategies in patent production and in facilitating technological change and new product development of the firms. In patent production, the firms' R&D investment and human resources were key determinants. Higher R&D intensity led to more patents, yet with decreasing marginal productivity. A larger stock of registered patents also led to a larger flow of new patent production. Firms were more prolific in patent production when they had high-quality personnel, intensely investing in human resource development, and adopting market-leading or fast-follower strategy as compared to stability strategy. In technological performance, the firms' human resources played a key role in accelerating technological change and new product development. R&D intensity expedited new product development of the firm. Firms adopting market-leading or fast-follower strategy were at an advantage than those with stability strategy in technological performance. Firms prolific in patent production were also advanced in terms of technological change and new product development. However, the nexus between patent production and technological performance measures was substantially reduced when controlling for the endogeneity of patent production. These results suggest that firms need to strengthen the linkage between patent production and technological performance, and take strategies that address each firm's capacities and needs.

• 한국사회정책
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• v.25 no.1
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• pp.3-43
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• 2018

The digital revolution has brought about both positive expectations and negative concerns. Many experts predict that the current technological revolution, so-called "Fourth Industrial Revolution", which is expected to increase productivity in a disruptive way, has significant implications on employment and the labor market. In subsequence, the possible demise of the traditional employment system could markedly undermine the comtemporary welfare state. As a result, basic income has emerged as an alternative. However, little welfare state research has conducted the systematic review on the impact of the present technological revolution on employment and welfare states. In this paper, we will start to review the gist of the digital revolution and critically review recent studies on its effects on employment and welfare states together with actual case studies. In particular, we will investigate the experiences of platform economies of Uber and Amazon Mechanical Turk, and the German experience from 'Work 4.0'. Finally, we will discuss key issues of future welfare state reforms. This research argues that the effects of the technological revolution on employment and welfare state policies would be enormous, but they will be most likely to be mediated by domestic political and policy institutions. It emphasizes the importance of high-quality social investment that would enable individuals to flexibly adapt technological changes and support creative human capital resource. But, high-quality social investment could not be sustained without the decent social protection system that universally provides security to people.

• Journal of the Korea Institute of Building Construction
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• v.11 no.1
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• pp.35-44
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• 2011

Business performance measurement is used as an important tool to evaluate management performance, control human resources, and implement strategies. It can be measured simply in terms of finance including net profit, return on investment, and return on equity, but this is not sufficient because the performance outside of finance such as internal business process and informatization cannot be examined. Therefore this study defined a KPI(Key Performance Indicators) applicable to local construction companies ranked in the top 30 in construction capability, and also introduced differentiated results from the earlier studies by reflecting more realistic corporate management based on the existing studies and interviews with business experts.

• Survey Research
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• v.10 no.3
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• pp.107-130
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• 2009

This study examines the factors affecting Korean firms' adoption of maternity protection practices. From a neo-institutional perspective, we argue that firms adopt institutionally legitimized practices mainly for their legitimacy concern rather than technical efficiency. Analysis of data from Establishment panel survey reveals that firms which belong to public sector, has received foreign investment, bench-mark leading firms, or have HR department are more actively adopting maternity protection practices and are showing lower level of decoupling between model and reality. These results imply that legitimacy concern matters among Korean firms in terms of adopting maternity protection practices. We propose that it is important for government agencies to take institutional factors into account when they try to promote maternity protection policy among firms in dealing with the problems of low fertility and gender equity.