기업의 혁신역량에 대한 글로벌화의 효과

The Effects of Globalization on Innovation Capabilities

Purpose– The purpose of this paper is to examine the effects of globalization on innovation capabilities at the firm-level and assess the relative importance of various channels of globalization for innovation activities of firms. Design/methodology/approach– This paper considers international trade(exports and imports) and FDI activities (inward FDI and outward FDI) as the four channels of globalization at the firm-level. Innovation capabilities are measured by their inputs(R&D and non-R&D investments) or by their output(patents and IPRs). This paper uses a large-scale firm-level panel dataset for the Korean manufacturing sector for the period from 2008 to 2015. To analyse the role of international trade and FDI on innovation capabilities, the various specifications of innovation input and output models are estimated by a fixed effect(FE) panel estimator. Findings–In terms of globalization variables, I find that the relationship between trade and innovation capabilities is positive and significant. I also find a robust positive relationship between outward FDI and innovation capabilities. However, an evidence I was able to find that foreign-owned firms are significantly less likely to adopt innovation outputs than domestic firms. The results are robust to a wide set of controls and models. Research implication or Originality– This paper provides evidence that trade and outward FDI are the important factors that enhance the innovation capabilities of manufacturing firms, but inward FDI activity is not important for innovation at the firm-level. The findings suggest policy implications as follows. First, policies to incentivize firm’ innovation should be designed in connection with measures to assist firms’ globalization efforts. Second, policies that promote inward FDI are not helpful to the improvement of innovation capability.