• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.6 no.1
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• pp.23-37
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• 2011

This paper is brought to carry out an empirical study whether evolution process of venture firm's scale is following the Gibrat's law; random evolution process, or Pareto law; self-organizing process. The empirical test, as attaching theoretical explanation, of this research utilize the serial data samples of 92 KOSDAQ listed companies from the year of 2005 through 2008. Summarizing the research results are as followed. First, Gini Coefficients representing the density of venture firm's scale has been constantly reduced since the year of 2005 in terms of number of employee, while these index increased during the same time period from the perspective of sales volume. Second, the evolution process of Korea venture firm's scale is following the Power Law related to Pareto Law. In particular, estimated Pareto coefficient, ${\alpha}$, is shown lower than 1 which is significant result. Third, the probability of joining in the top tier group of firm starting from the early stage growing is forecasted into 6.9%, the result which emphasize the starting scale of venture firm play an important role in long term evolution of venture firm.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.4
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• pp.2376-2381
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• 2014

The necessity for co-prosperity between large and small businesses has emerged as a top policy priority as economic polarization has been exacerbated since the 2008 global financial crisis. Against this background this paper makes a detailed analysis of differences between SMEs (Small and Medium sized businesses) and large enterprises located in Gyeong-do, in respect of growth. The data set used in the analysis is the 15 year(1996-2010) panel data of IT companies (large enterprises: 80 data and SMEs: 437 data) collected from the KISVALUE database. The estimation results of Pooled OLS indicate that the coefficients representing corporate size are less than 1, which implies that the Gibrat's law, no correlation between the size of a firm and its growth rate, is not supported by the data. In the meantime, the estimated coefficients representing corporate age are negative, which implies that Jovanovic hypothesis, inverse correlation between the age and the growth rate of a firm, is consistent with the data. In short, SMEs, which are generally younger than big enterprises can achieve higher growth rate than the latter ones which are usually believed to be older. In addition, the more export- and innovation-oriented the firm, the higher its growth rates.

• KDI Journal of Economic Policy
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• v.42 no.3
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• pp.1-32
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• 2020

This paper studies urban growth in Korean cities. First, I document that population growth patterns change over time and that the current population distribution supports random urban growth. I confirm two empirical laws-Zipf's law and Gibrat's law-both of which hold in the period of 1995-2015, but do not hold in the earlier period of 1975-1995. Second, I find a systematic employment growth pattern of Korean cities in spite of the random population growth. I examine market access effects on employment growth. Market access, a geographical advantage, has a significant influence on urban employment growth. The market access effect is higher in the Seoul metropolitan area than in the rest of the country. This effect is stronger on employment growth in the manufacturing industry compared to employment growth in the service industry. These results are robust with various checks (e.g., different definitions of urban areas). The results here suggest that policymakers should consider geographical characteristics when they make policy decisions with respect to regional development.

• Asian Journal of Innovation and Policy
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• v.10 no.3
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• pp.330-354
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• 2021

To know the long-term growth patterns and determinants of successful startups, 15-year (2006-2020) panel data of 252 companies that had a growth rate of over 20% every year in the last three years were used. In the first analysis, statistics on the period required to designate a gazelle company or listed on the stock market were examined. In addition, five long-term growth patterns were presented. In the panel analysis, the R&D intensity, operating profit ratio, size, and age of the company were pointed out as determinants of growth. The operating profit margin and R&D intensity have a positive effect on growth. Gibrat's law was not supported, but an inverted U-shape was observed. Jovanovic's law was confirmed. Although many studies tend not to point to profitability as a determinant of long-term growth, this is an important long-term growth factor of a company. The operating profit ratio was used in this study.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.1 no.1
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• pp.105-125
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• 2006

This paper relates recent empirical research on the growth. Smaller and younger firms have been growing more quickly than larger and older firms, thus, generating proportionately more new jobs. It is not difficult to understand why small and medium firms receive so much attention. Because SMEs provide about 80 percent of private sector employment so SMEs performance is an important economic and social factor. Despite this, they are subject to higher risk and mobility than those at the large firms. This paper is analyzes the relationship between firm growth measured as growth in employment, sales and production and firms age, size and R&D investment. The growth and its relationship with the determinants is linked to industrial policy in Korea. Empirical results are based on an unbalanced panel data covering period 1999-2002. Results show significant relationship between growth, size and age of firm.

• Proceedings of the Korea Port Economic Association Conference
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• 2003.07a
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• pp.29-47
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• 2003

본 연구의 목적은 지난 20년 간 세계 컨테이너항만들을 대상으로 항만집중도 및 항만규모와 성장간 상관관계를 분석해 봄으로써 현재 우리나라가 추진하고 있는 중심항만 개발전략에 대한 시사점을 제시하는 데 있다. 이를 위해 아시아 21개 항만의 허쉬만-허핀달지수를 구하였으며, 세계 50대 컨테이너 항만뿐만 아니라 유럽, 북미 그리고 아시아지역 컨테이너항만들을 대상으로 항만규모와 성장간 실증분석을 시도하였다. 그 결과 아시아 컨테이너항만의 물동량 집중도는 90년대 중반 이후 둔화되고 있으며 동북아지역 항만집중도가 다른 지역에 비해 상대적으로 낮은 것으로 나타났다. 항만규모와 성장간 관계에 있어서도 세계 및 유럽 항만들은 대형항만일수록 성장률이 높았던 것으로 나타난 반면, 아시아지역 컨테이너 항만들은 소형항만들의 성장률이 더 높았던 것으로 분석되었다.

• East Asian Economic Review
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• v.21 no.4
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• pp.385-432
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• 2017

This paper investigates how firm age, size and ownership are related with job creation and destruction, and how these patterns differ across transition and non-transition economies. The analysis finds that age is inversely related with gross job creation and net job creation in the two samples. This finding is consistent with the theory of the learning effect. The relationship between age and job destruction is indifferent in non-transition economies. On the contrary, old firms in transition economies destroy more jobs than young ones. The paper further establishes an inverse relationship between size and gross job creation in the two groups. However, there is divergence between the two samples; small firms in non-transition economies also exhibit a higher gross job destruction rate. Consequently large firms have a higher net job creation rate. In transition economies, small and large firms exhibit similar rates of job destruction. But small firms retain a higher net job creation rate. A more intriguing finding is that state owned firms do not underperform domestic private ones. This means these countries may be using soft budget constraint which allows state owned firms to overstaff. Finally, crowding out of SMEs by foreign owned firms is not evident in transition economies.