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We conducted an international comparative analysis of Korea, Japan, and Germany using Orbis data to test three hypotheses related to the impact of technological progress on productivity divergence between firms. The main research results are as follows. (1) Technological progress widens productivity divergence between large and small and medium-sized firms in all of Korea, Japan, and Germany, and there is little difference in the impact of technological progress on productivity divergence among the three countries. In addition, the control variables such as capital stock per capita, return to scale, and industry-specific characteristics also affect the widening productivity divergence between firms in all three countries. (2) The economic shocks caused by the 2008 global financial crisis did not affect the productivity divergence between large and small and medium-sized firms in the three countries. (3) In Korea, the productivity divergence between firms widens in proportion to firm size, but in the case of Japan and Germany, this proportional relationship does not exist. In other words, the proportional relationship between firm size and the production divergence is evaluated as an intrinsic feature of the Korean industry. (4) Over the 10 years from 2010 to 2019, technological progress related to the Fourth Industrial Revolution generally led to an increase in productivity across all firm sizes (quantiles) in Korea, Japan, and Germany, leading to an increase in firm size. (5) Productivity growth is evaluated to be accelerating as technological progress becomes more advanced with the progress of the 4th Industrial Revolution. Korea is judged to be ahead of Japan in productivity increase due to technological progress of the 4th Industrial Revolution. (6) There was an effect of big changes in firm sizes followed by severe competition followed from productivity divergence among firms in all sizes of firms in Germany in the period 2010-2015, and in the Korean large firm group, and in the German medium firm group in the period 2016-2019.
Applying the above empirical results to the Korean situation, we suggest both ‘support policy’ for small and medium-sized firms, especially medium-sized firms and ‘technology policy combined with competition policy' that minimizes the adverse effects of industrial restructuring following a large productivity divergence. |
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| This study aims to analyze the impact of the consistency of Corporate Social Responsibility (CSR) engagement on CSR performance in small and medium-sized enterprises (SMEs). Additionally, it examines the influence of proactive CSR on this relationship. To this end, the study investigates the moderating effects of voluntary participation and institutionalization between CSR consistency and CSR performance. Empirical analysis was conducted using data from the SMEs’ CSR Practices Survey collected from 2018 to 2020, with a total of 614 SMEs included in the analysis. The results indicate that when CSR engagement in SMEs is not merely one-time but is carried out consistently, it positively affects CSR performance. Further analysis of CSR performance reveals that the consistency of CSR engagement does not significantly impact financial performance but positively influences relational and competence-related performance. The voluntary adoption of CSR and the degree of institutionalization play crucial roles in moderating the relationship between CSR consistency and performance. SMEs that proactively engage in CSR practices, even in the absence of widespread institutionalization, achieve more positive outcomes. This study provides strategic implications that even in resource-constrained environments, SMEs can secure competitive advantages and achieve more sustainable long-term outcomes through consistent and proactive CSR engagement. |
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| Based on signaling theory, previous studies have shown that ventures can successfully secure external funding by using their patents and government R&D grants as signals of their capabilities and growth potential. However, these studies often focus exclusively on either the perspective of ventures or investors, with limited attention given to the situational role of the investment environment in which both parties are embedded. This study integrates the perspectives of both ventures and investors and argues that the activation of investment narratives enhances the signaling effects of patents and government R&D grants. To test these hypotheses, we measured the activation of investment narratives using topic modeling on domestic news articles published from 2000 to 2018 and conducted empirical analyses using data from the “Survey of Korea Venture Firms” conducted in 2015, 2017, and 2019. The results showed that ventures’ patents and government R&D grants positively influence external funding and that these relationships are further strengthened during periods of activated investment narratives. This study contributes to the literature by comprehensively considering the interaction between ventures and investors through the lens of signaling theory and identifying the dynamic impact of the investment environment on signaling effectiveness, offering both academic and practical implications. |
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중소기업연구
