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The Status of Servitization and its Effects on Productivity in Korea

Author

Listed:
  • Hwang, Kyung-In

    (Korea Institute for Industrial Economics and Trade)

  • Jung, Jieun

    (Korea Institute for Industrial Economics and Trade)

Abstract

Despite its importance, government support for firms that adopt servitization in their businesses is severely lacking. This is because there is little known about the status of servitization; little is known about which firms are likely to implement servitization, how many firms have adopted servitization in their businesses, or the degree to which servitization increases business performances. A major problem is that a lack of empirical studies has impaired effective policy development for servitization firms. This paper aims to describe the current status of servitization in Korea and quantify whether servitization firms perform better than non-servitization firms and to what degree. The work also studies the impacts of servitization on firm productivity. This paper concludes with policy implications for servitization.

Suggested Citation

  • Hwang, Kyung-In & Jung, Jieun, 2023. "The Status of Servitization and its Effects on Productivity in Korea," Industrial Economic Review 23-1, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2023_001
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    More about this item

    Keywords

    servitization; Korea; productivity; productivity growth; tehnology; Industry 4.0; 4IR; manufacturing; innovation; manufacturing policy; innovation policy;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • 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
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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