Foreign Ownership and Firm Innovation: Evidence from Korea

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This study examines whether foreign equity investment promotes domestic firms’ innovation activities. Using panel data on the Korean firms during the 1999–2013 period, we find that foreign ownership has a positive effect on firms’ innovation activities. Furthermore, we also show that, as compared to non-chaebol firms, chaebol firms’ innovation activity becomes much greater with the increase of foreign ownership. Finally, we investigate industry-level spillover effects of innovation. Specifically, we find that foreign ownership promotes innovation activities via forward linkage, the effect of which is also more pronounced in chaebol firms.
Publisher
ROUTLEDGE JOURNALS
Issue Date
2019-09
Language
English
Article Type
Article; Early Access
Citation

GLOBAL ECONOMIC REVIEW, v.48, no.3, pp.284 - 302

ISSN
1226-508X
DOI
10.1080/1226508X.2019.1632729
URI
http://hdl.handle.net/10203/263839
Appears in Collection
MT-Journal Papers(저널논문)
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