지배구조와 노사관계가 수출기업의 성과에 미치는 영향

The Effect of Corporate Governance and Labor Relations on Corporate Profitability in Korea

In this study, we investigate the effects of various types of corporate governance and labor unions, relations between the management and the labor unions on the performance of 2,218 exporting firms in Korea. The study was performed empirically using panel data analysis techniques like fixed effects panel models with biennial HCCP or Human Capital Corporate Panel developed by KRIVET for years of 2005, 2007, 2009, and 2011 and Korea Research Institute for Vocational Education and Training. Moreover, the database of Korea Information Service(KIS-Value) from 2005 till 2013 was used in this study. The major findings are summarized as follows. First, there is a positive relationship between the export ratio, measured by export to sales, and the profitability of firms, measured by ROA or return on assets. Second, there is a negative relationship between the extent of professional management and the profitability of firms. Third, there is a negative relationship between the extent of foreign management and the profitability of firms. Fourth, there is a negative relationship between the existence of labor unions in the firm and the profitability of the firm. Fifth, there is a positive effect of a good relationship between the management and the labor on the profitability of firms. However, we could not find any statistically significant evidence between the types of corporations like an independent firm, affiliated firm, or holding firm on their profitability. The results indicate that firms in Korea are depending on their profitability, regardless of their types of management. However, labor unions and bad management labor relationships hurt their profitability.