earticle

영어

This paper analyzes the changes of productivity and its determinants based on value-added indicators from financial statements. For this purpose, we use 30,145 samples of Korean manufacturing firms for the periods of 1996-2004. The major findings can be summarized as follows. First, the annual growth rate of value-added per firm appears to be 3.5 percent, and especially high for the samples of large, Chaebol, and listed firms. Second, while current income to total capital is higher in later period compared with former period, value-added to total capital and value-added to sales are lower in later period. Third, the productivity measured by value-added to total capital is different by industries. Fourth, in regression analysis, the explanatory variables such as equity to total capital, capital expenditure, growth opportunity, and liquidity have positive and significant effects on value-added productivity ratios, but asset size has shown a negative effects. The age of firms has positive effects on value-added to total capital and value-added to sales, but negative effects on current income to total capital. So, most of the hypotheses with productivity seem to be supported by the data. This study contributes to the researches of productivity by analyzing the changes of value-added productivity and its determinants with large Korean manufacturing firms sample. The future direction of this study will be to review whether the value-added productivity indicators from financial statements are closely related with other well known productivity and competitive indicators, which are either quantitative or qualitative in nature.