독일과 한국 대중소기업의 상호 영향력 비교에 관한 실증적 연구

A Comparative Study on the Effects of Exports on Stock Index Growth of Large-scale, Medium-scale and Small-scale Companies in South Korea and Germany

Purpose - This study Compared the effects of exports on the growth of stock indices of large-scale, medium-scale and small-scale companies in South Korea and Germany. Design/methodology/approach - The interdependence of exports on the growth of stock index growth relative to large-scale, medium-scale or small-scale businesses in South Korea and Germany was examined using 1176 data observations from May 20, 2010 to December 30, 2014. Impulse response function based on a VAR model as well as variance decomposition were employed after unit root, cointegration and Granger causality tests were conducted. Findings - This research showed several results. First, stock indices of large-scale, medium-scale and small-scale companies in South Korea and Germanies have unit roots. Second, first differential stock indices of large-scale, medium-scale and small-scale companies in South Korea and Germanies have no unit roots. Third, there is no cointegration among them. Fourth, the correlation large-sized and small-sized businesses in Germany is 0.983564.. But the correlation large-sized and small-sized businesses in South Korea is 0.358174. Research implications or Originality –We find that exports have a positive effect on the growth of Korean mid-sized and small businesses, similar to the same observation made with respect to mid-sized and small business stock indices in Germany.