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The Effect of Quality of Work on the Exports of Firms in Korea

In this study, we investigate the effects of various types of work quality --wage, full-time employment and retirement rewards-- on the export performance of 4,044 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 covering the years 2005, 2007, 2009, and 2011 and the Korea Research Institute for Vocational Education and Training. Moreover, the database of the Korea Information Service(KIS) from 2005 till 2013 was used in this study. The empirical results are summarized as follows. First, there is a positive effect of wage level on the exports of firms. Second, hiring new permanent employees has insignificant effect on the exports of firms. Third, there is a negative effect of the presence of retirement rewards on the export of firms. This study primarily suggests that the effect of monetary rewards such as higher wage or incentives is more significant than that of non-monetary rewards. Granted, the increase of the exports does not necessarily guarantee profitability of firms. However, as the national economy of South Korea heavily relies upon exports and as domestic industries remain depressed, this seems noteworthy for the firms who eye the global markets.