World Economy Brief
APEC Study Series KIEP Opinions
발간물
World Economy Brief
목록으로
Effects of Outward FDI on Firm's Innovation Activities and Financial Performance: The Case of Korea
- 저자 Jongduk KIM, Kyonghyun KOO, Gusang KANG, Hyuk-Hwang KIM
- 발간번호24-21
- 발간일2024-07-11
This study investigates the role of Korean investors' outward foreign direct investment (OFDI) in the U.S. as a conduit for knowledge spillovers. Specifically, we focus on the impact of M&As and patent acquisitions on the innovation activities of acquiring firms, and the subsequent financial performance of both the acquirers and their domestic partners (vendors) within supply chains.
The findings are as follows:
First, the M&A investments in the U.S. firms have played a role in facilitating knowledge spillover from the U.S. to Korea, as shown by an increase in the cumulative number of backward patent citations after such deals.
First, the M&A investments in the U.S. firms have played a role in facilitating knowledge spillover from the U.S. to Korea, as shown by an increase in the cumulative number of backward patent citations after such deals.
Second, the patent quality of Korean acquirers significantly explains variations in their domestic financial performance. Notably, the relationship between U.S. patent citations and financial performance strengthens in magnitude and significance when considering citations from earlier periods, especially within high-tech industries.
Third, The U.S. patent quality of acquirers in high-tech is also positively correlated with the financial performance of their domestic first-tier suppliers. It appears that it takes an additional one to two years for U.S. patent quality improvement of Korean acquirers to translate into the financial performance of parent companies in Korea.
Finally, policy Implication. The fact that it takes some time for innovation gains to be realized by domestic firms and to spill over to other related domestic agents in supply chains highlights the need for support policies to focus on improving performance over the medium to long term rather than the short term.
첨부파일
-
다운로드
WEB_24-21_final.pdf
(1.2MB / 다운로드 686회)
공공저작물 자유이용허락 표시기준 (공공누리, KOGL) 제4유형
대외경제정책연구원의 본 공공저작물은 "공공누리 제4유형 : 출처표시 + 상업적 금지 + 변경금지” 조건에 따라 이용할 수 있습니다. 저작권정책 참조
콘텐츠 만족도 조사
이 페이지에서 제공하는 정보에 대하여 만족하십니까?