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4 results

  • 10 - Industrial Policy and Firms

  • Jaymin Lee, Yonsei University, Seoul
  • Book:
    The Tortuous Path of South Korean Economic Development
    Published online:
    07 December 2023
    Print publication:
    21 December 2023, pp 315-356

  • Summary

    After the 1997 crisis, South Korea implemented the same industrial policy as before, promoting R&D as a major means. Yet moving labor from traditional to modern service industries came to mainly comprise the structural transformation. Some chaebol firms became true global players, but chaebol system has become less relevant for structural transformation while their corporate governance remains poor. Foreign ownership has not helped to improve it because of its own problems. The government promoted venture business aggressively, which was not so successful initially; however, venture business has become ever more important over the years. The inducement of foreign direct investment followed a similar pattern, but South Korea’s direct investment overseas came to outweigh foreign direct investment. The labor productivity and financial soundness of small and medium-sized enterprises fell in relation to large enterprises while they came to account for a higher share of employment, deepening the labor market dualism.

  • 6 - Industrial Policy and Chaebol

  • Jaymin Lee, Yonsei University, Seoul
  • Book:
    The Tortuous Path of South Korean Economic Development
    Published online:
    07 December 2023
    Print publication:
    21 December 2023, pp 158-197

  • Summary

    South Korea implemented vertical as well as horizontal industrial policies in the 1960s and 1970s. Though they performed better than in other developing countries, the cost of the vertical policy outweighed its benefit. Industrial policies went side by side with the emergence of chaebol in a full-fledged form. Chaebol led the structural transformation of the economy, but they also led the production of non-performing loans, helping to deepen the 1979 crisis. In the 1980s, the government lifted vertical policy but strengthened horizontal policy while restructuring chaebol. In the 1990s, South Korea jumped into the newly-emerging information and communication technology industries with industrial policy. Meanwhile, the government began to promote small and medium-sized enterprises and introduced fair trade policies in the 1980s. By the mid-1990s, chaebol emerged as global players in higher-technology industries; however, they had many problems, the financial market problem being the most serious, ready to precipitate a crisis.

  • Do Foreign-owned Subsidiaries in China Follow a Distinctive Pattern of Technological Knowledge Sourcing?

  • John A. Cantwell, Feng Zhang
  • Journal:
    Management and Organization Review / Volume 9 / Issue 3 / November 2013
    Published online by Cambridge University Press:
    02 February 2015, pp. 489-512

  • This study investigates the China-located subsidiaries of foreign-owned multinational corporations (MNCs) for patterns of intra-firm and interorganizational technological knowledge accumulation. We analyze US patents attributed to those subsidiaries between 1996 and 2005 and argue that MNCs have recently tended toward open network structures, enabling subsidiaries in emerging markets to develop technological capabilities by searching for diversified inter-organizational knowledge sources beyond geographically local contexts to compensate for local limitations and deficiencies. Findings show that subsidiaries in China have gradually developed their technological capabilities through non-localized searches beyond their organizational, technological, and geographical boundaries. The study contributes to the literature on MNC organizational restructuring, subsidiary evolution, and subsidiary-level non-localized knowledge searches. The findings also have important implications for knowledge spillovers, MNC knowledge management, and government policies.

  • Technological Capability, Marketing Capability, and FirmPerformance in Turbulent Conditions

  • Zhongfeng Su, Jisheng Peng, Hao Shen, Ting Xiao, translated by 苏中锋, translated by 彭纪生, translated by 沈灝, translated by 肖婷
  • Journal:
    Management and Organization Review / Volume 9 / Issue 1 / March 2013
    Published online by Cambridge University Press:
    02 February 2015, pp. 115-137

  • The manner in which technological capability and marketing capability can besuccessfully leveraged is an important research issue. Based on theresource-management model, this study aims to answer two research questions:(1) whether technological capability and marketing capability arecomplementary or supplementary capabilities; and (2) how technologicalcapability and marketing capability can be used appropriately to respond toenvironmental turbulence. Based on a face-to-face interview survey of 212Chinese firms, we find that technological capability and marketingcapability have synergistic effects. We also find that technologicalturbulence enhances the performance effect of technological capability, butimpedes that of marketing capability; whereas market turbulence advances theperformance effect of marketing capability, but impedes that oftechnological capability. Thus, the appropriate way to leveragetechnological capability and marketing capability is to integrate them andto deploy technological capability to respond to technological turbulenceand marketing capability to respond to market turbulence.