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Ownership Structure of Firms and Their Export Performance: Evidence from Korea

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Author Info

  • Sangho KIM

    (Department of International Trade, Honam University, Gwangju 506-714, KOREA)

  • Donghyun PARK

    (Economics and Research Department, Asian Development Bank, 6 ADB Avenue, Mandaluyong City, Metro Manila, PHILIPPINES 1550)

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    Abstract

    The central objective of our paper is to empirically examine the relationship between the ownership structure of firms and their export performance using data from Korea. Due to growing globalization, export performance has become a highly influential determinant of firm performance. While a large and growing empirical literature investigates the relationship between the ownership structure and overall performance of firms, there are almost no studies which delve into the issue of whether the concentration of ownership has a positive or negative effect on export performance. The primary contribution of our study is to help remedy this serious gap in the empirical literature on ownership and performance. Our empirical results indicate that firms with more concentrated ownership are more likely to be exporters and export more.

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    Bibliographic Info

    Paper provided by Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre in its series Economic Growth centre Working Paper Series with number 1101.

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    Length: 34 pages
    Date of creation: Jan 2011
    Date of revision:
    Handle: RePEc:nan:wpaper:1101

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    Related research

    Keywords: Exports; ownership structure; logit analysis; Tobit regression; Korea;

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    1. Brian Aitken & Gordon H. Hanson & Ann E. Harrison, 1994. "Spillovers, Foreign Investment, and Export Behavior," NBER Working Papers 4967, National Bureau of Economic Research, Inc.
    2. Seev Hirsch & Ilan Bijaoui, 1985. "R&D intensity and export performance: A micro view," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 121(2), pages 238-251, June.
    3. Himmelberg, C.P. & Hubbard, R.G. & Palia, D., 1997. "Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance," Papers 97-21, Columbia - Graduate School of Business.
    4. Aw, B. -Y. & Hwang, A. R., 1995. "Productivity and the export market: A firm-level analysis," Journal of Development Economics, Elsevier, vol. 47(2), pages 313-332, August.
    5. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    6. MATIJA ROJEC & JOŽE P. DAMIJAN & BORIS MAJCEN, 2004. "Export Propensity of Estonian and Slovenian Manufacturing Firms : Does Foreign Ownership Matter?," Eastern European Economics, M.E. Sharpe, Inc., vol. 42(4), pages 33-54, July.
    7. Griliches, Zvi & Hausman, Jerry A., 1986. "Errors in variables in panel data," Journal of Econometrics, Elsevier, vol. 31(1), pages 93-118, February.
    8. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
    9. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-77, December.
    10. Wignaraja, Ganeshan, 2008. "Foreign ownership, technological capabilities and clothing exports in Sri Lanka," Journal of Asian Economics, Elsevier, vol. 19(1), pages 29-39, February.
    11. Rajah Rasiah, 2007. "Export Orientation and Technological Intensities in Auto Parts Firms in East and Southeast Asia: Does Ownership Matter?," Asian Economic Papers, MIT Press, vol. 6(2), pages 55-76, May.
    12. Igor Filatotchev & Johannes Stephan & Bj�rn Jindra, 2008. "Ownership structure, strategic controls and export intensity of foreign-invested firms in transition economies," Journal of International Business Studies, Palgrave Macmillan, vol. 39(7), pages 1133-1148, October.
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