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Foreign Ownership and Firm Innovation: Evidence from Korea

Author

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  • Denis Yongmin Joe
  • Frederick Dongchuhl Oh
  • Heechan Yoo

Abstract

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.

Suggested Citation

  • Denis Yongmin Joe & Frederick Dongchuhl Oh & Heechan Yoo, 2019. "Foreign Ownership and Firm Innovation: Evidence from Korea," Global Economic Review, Taylor & Francis Journals, vol. 48(3), pages 284-302, July.
  • Handle: RePEc:taf:glecrv:v:48:y:2019:i:3:p:284-302
    DOI: 10.1080/1226508X.2019.1632729
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    Cited by:

    1. Almodóvar, Paloma & Nguyen, Quyen T.K. & Verbeke, Alain, 2021. "An integrative approach to international inbound sources of firm-level innovation," Journal of World Business, Elsevier, vol. 56(3).
    2. Ioannis N. Kallianiotis & Iordanis Petsas, 2020. "The Effectiveness of the Single Mandate of the ECB and the Dual of the Fed," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(4), pages 1-11.

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