The purpose of this study is to identify the factors affecting productivity changes of freight forwarders in Korea using the Malmquist productivity index to derive the productivity change levels of freight forwarders for the period covering the years 2010-2015. To analyze the six explanatory factors affecting productivity change, the panel regression method is used. An analysis of 74 freight forwarders during the sample period indicates the following results. First, selling expenses and the turnover ratio of total liabilities and net worth each had a positive impact on productivity change, while equity ratio had a negative impact. Second, selling expenses and the turnover ratio of total liabilities and net worth each had a positive impact on technical efficiency change, while equity ratio and general administrative costs each had a negative impact on technical efficiency change. Third, the turnover ratio of total liabilities and net worth had a positive impact on pure technical efficiency change, whereas equity ratio had a negative impact. The results of this study provide important managerial implications for freight forwarders of Korea.
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