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Are better-governed firms more innovative? Evidence from Korea

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  • Choi, Paul Moon Sub
  • Chung, Chune Young
  • Vo, Xuan Vinh
  • Wang, Kainan

Abstract

This study examines the effect of corporate governance quality on firm innovation in Korea, where innovation is very active. We focus on the relationship between a firm’s corporate governance score (CGS) and its innovation performance in various empirical settings using manually collected patent data. We find that CGS positively influences firm’s innovation activity, which is driven by board’s quality and transparent disclosure. This relationship is more evident in chaebol-affiliated firms, suggesting that sound corporate governance is effective in promoting innovation activities when the misalignment between managers’ and other stakeholders’ interests is grave.

Suggested Citation

  • Choi, Paul Moon Sub & Chung, Chune Young & Vo, Xuan Vinh & Wang, Kainan, 2020. "Are better-governed firms more innovative? Evidence from Korea," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 263-279.
    • Handle: RePEc:eee:reveco:v:69:y:2020:i:c:p:263-279
    DOI: 10.1016/j.iref.2020.05.018
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    Keywords

    Corporate governance; Firm innovation; Patent; Chaebol; Emerging market;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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