한국 제조기업의 규모 및 업력과 성장의 관계에 관한 실증적 연구

An Empirical Study on the Relationship between Firm Size, Age and Growth of Korean Manufacturing Companies

This study examines empirically the relationship between firm size, age, other firm characteristics and growth using the 2,760 samples of Korean listed manufacturing companies for the periods of 2000 to 2009. The main result can be summarized as follows. First, firm size is positively and age is negatively related to growth, so Gibrat`s hypothesis is rejected, but Jovanomic hypothesis is accepted. Second, when other firm characteristics such as cash flow, capital expenditure, and R&D investment are included in the regression model, the explanatory power of firm size and age are slightly weakened. Third, capital expenditure and cash flow show important positive relationship with firm growth as expected. Fourth, contrary to expectations, R&D investment and largest shareholder`s ownership do not have signigicant relationship with firm growth in multiple regression model. These empirical results provide some implications such as policies of supporting venture firms establishment, easing the financial constraints, and enlivening capital expenditure and R&D investment are very critical for Korean firms` strong growth.