지배구조와 인력구조가 수출기업 수익성에 미치는 영향

The Effect of Corporate Ownership, Human Resource Structure on the Profitability of Exporting Finns in Korea

In this study, we investigate the effects of various types of corporate ownership and human resource structure on corporate profitability in Korea using firm-level accounting and finance data provided by the Korea Information Service(KIS-Value) from 1991 till 2011 and the Korea Research Institute for Vocational Education and Training (KRIVET)'s Human Capital Corporate Panel biennial survey data covering the years from 2005 - 2013. For these studies, we applied various types of test models for the panel data, like the ordinary least squares model, random effects panel model and fixed effects panel model, among which we found the fixed effects model by applying Lagrangian multiplier tests, Hausman tests, etc. for the dataset. The major findings from this study can be summarized as follows. First, there is a statistically positive relationship between the export ratio, and the return on assets (ROA) of firms. Second, there is a negative relationship between the shareholdings of foreign ownership and the ROA of firms, respectively, on the contrary to a significant positive effect of affiliation of firms with other firms as subsidiaries and owner-managing firms. Third, unexpectedly there is no significant negative relationship between highly educated employees with master degrees or Ph.D.s and the ROA of firms while there is a significant positive relationship between low-level educated employees and non-regular employment, respectively, and firm profitability.