한국 기업의 혁신성이 수출에 미치는 영향 분석

Firm Innovativeness on Exports in Korea : Testing for Organization Capital Approach

This study empirically analyzes the effect of enterprise' innovativeness on exports for the manufacturing companies listed on the Korea Exchange(KRX) using the dynamic panel model with unbalanced panel data over the period from 2000 to 2013. Whereas the existing papers that evaluate the performance of a company's innovativeness focused only on the size of direct R&D spending, this study uses a new concept of organization capital for measuring corporate's innovation and examines how firm innovation affects export growth in terms of business performance. Empirical results are summarized as follows. First, a high level of innovativeness of firms as measured by high organization capital effectively gives a positive impact on export growth. This means that an enterprise is more innovative through the accumulation of an intangible asset and this provides a more comparative advantage in international trade for firms. Second, R&D expenditure as measured by the concept of flow, on the other hand, does not give a statistically significant effect on the export level.