식품 제조기업의 생산성 격차와 성장의 문제

Issues on Productivity Gap and Growth in Korean Food Manufacturing Firms

This study empirically analyzes the issues surrounding the productivity gap and growth of Korean food manufacturing firms. To this end, total factor productivity is estimated at the individual firm level using panel data on the financial statements of 903 sample firms spanning from 2001 to 2021. The empirical results indicate that the productivity gap among Korean food manufacturing firms has narrowed, but the gap between the top 25% and the bottom 25% remains more than twice as large. This gap persists for a considerable period of time, with between 22% and 81% of firms in each productivity quantile exhibiting no change in their productivity quantile even after 10 years. The results of the system generalized method of moments estimation indicate that, in addition to firm-specific factors such as size, age, financial status, and credit capacity, industry factors such as industry concentration and type also have an impact on the productivity of firms. The contribution of frontier firms to aggregate productivity ranges from 51% to 73%, with a relatively high contribution to the aggregate productivity growth rate. Raising aggregate productivity requires fostering frontier firms that drive innovation and creating an industrial ecosystem that facilitates the diffusion of innovation to low-growth firms.