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The Effects of Offshoring on Employment Growth after the Financial Crisis: Analysis Using Korean Firm-level Panel Data

This paper examines empirically the short-run and long-run effects of offshoring on employment growth and the channels through which offshoring affects employment growth at the level of the individual firm in Korea’s manufacturing industry. Firm-level panel data set for the period 2008~2015 was used, which is the “Survey of Business Activities” surveyed by the Statistics Korea. In this paper, offshoring is measured as the share of imported intermediate inputs relative to turnover. First, a dynamic model of labour demand was estimated to examine the impact of offshoring on a firm’s employment growth, using the fixed effect(FE) panel model and IV methods. Second, it was examined whether one or two types of offshoring is/are prevalent. The estimation results show that a firm’s offshoring has a positive and statistically significant impacts on its employment growth regardless of controlling for scale effects. Moreover, it is found that offshoring predominantly operates through a substitution of domestic suppliers for foreign suppliers, rather than through a reduction of its own production.