본 연구는 기업의 보이지 않는 이질성을 통제하면서 고성과형 인적자원관 리제도가 기업성과에 미치는 효과를 종단면 분석으로 살펴본다. 분석 결과 첫째, 횡단면 분석에 기초한 OLS 추정 결과와 기업의 보이지 않는 이질성 을 고려한 고정효과 모형의 추정 결과는 상당히 다른 것으로 나타났다. OLS 에서는 많은 선행연구와 같이 대부분의 고성과 인적자원관리제도가 기업의 생산성에 긍정적인 영향을 주는 것으로 나타났지만 고정효과 모형에서는 1 인당 생산성을 높이는 제도로 참여․의사소통제도만이 효과가 있는 것으로 나타났다. 따라서 횡단면 추정 결과는 고성과 인적자원관리제도의 효과를 과 대평가한다고 볼 수 있다. 둘째, 고성과형 인적자원관리제도의 묶음(bundle) 을 포함한 기업성과 모형을 추정한 결과, 일부 제도(동기제도×참여․의사소 통제도) 사이에서는 긍정적인 시너지 효과가 발견되나 전반적으로는 거의 효과가 없거나 일부 부정적인 효과도 나타났다. 따라서 현재로선 우리나라 기업들이 채택하고 있는 고성과형 인적자원관리제도의 시너지 효과는 거의 없는 것으로 판단되며 이에 대한 제도의 재정비와 개선책이 마련되어야 할 필요성이 있다.

We examine the effects of high-performance work practices(HPWP) on firm performances controlling for unobserved firms's heterogeneities. Also, the paths through which HPWPs affect firm performances are analyzed in a comprehensive way. To this end, we use the Human Capital Corporate Panel produced by KRIVET. We obtain several interesting results. First, we find substantial discrepancies between OLS estimates and estimates based on fixed effects models regarding the HPWP effects and note that the latter is generally smaller than the former. Second, according to the estimates based on fixed effects models, the participation and communication system is found to have positive effects on the firm's productivity, but the effects of the other HPWP systems are found insignificant. Finally, a bundle of HPWP systems does not exert an additional positive effect on firm performances and in some cases it is even found to have a negative effect. These results suggest that HPWP systems in Korean firms have not produced synergy effects and therefore, restructuring of and improvements on HPWP systems are needed.

We examine the effects of high-performance work practices(HPWP) on firm performances controlling for unobserved firms's heterogeneities. Also, the paths through which HPWPs affect firm performances are analyzed in a comprehensive way. To this end, we use the Human Capital Corporate Panel produced by KRIVET. We obtain several interesting results. First, we find substantial discrepancies between OLS estimates and estimates based on fixed effects models regarding the HPWP effects and note that the latter is generally smaller than the former. Second, according to the estimates based on fixed effects models, the participation and communication system is found to have positive effects on the firm's productivity, but the effects of the other HPWP systems are found insignificant. Finally, a bundle of HPWP systems does not exert an additional positive effect on firm performances and in some cases it is even found to have a negative effect. These results suggest that HPWP systems in Korean firms have not produced synergy effects and therefore, restructuring of and improvements on HPWP systems are needed.

high-performance work practice, longitudinal analysis