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Internal labor markets and corporate innovation: Evidence from Korean chaebols

Author

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  • Lee, Kyounghun
  • Oh, Frederick Dongchuhl
  • Shin, Donglim
  • Yoon, Heejin
Abstract
This study investigates the effect of internal labor markets (ILMs) on corporate innovation, focusing on Korean chaebols. Prior to examining the effect of ILMs, we confirm their efficiency, finding that chaebol firms with lower (higher) growth opportunity exhibit higher (lower) subsequent labor outflows. Further, ILM efficiency is more pronounced for firms within a more diversified chaebol, those whose controlling shareholder has lower equity stakes, and during a financial crisis period. We then investigate the effect of ILMs on innovation. We find that ILM efficiency leads affiliated firms to show greater innovative performance. Moreover, this positive influence is more pronounced for firms that receive internal capital. Overall, our study suggests the importance of ILMs in promoting corporate innovation among group firms. (JEL G30, J40, L22, O33).

Suggested Citation

  • Lee, Kyounghun & Oh, Frederick Dongchuhl & Shin, Donglim & Yoon, Heejin, 2023. "Internal labor markets and corporate innovation: Evidence from Korean chaebols," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 146-162.
    • Handle: RePEc:eee:reveco:v:85:y:2023:i:c:p:146-162
    DOI: 10.1016/j.iref.2023.01.019
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    More about this item

    Keywords

    Internal labor market; Corporate innovation; Business group; Chaebol;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • J40 - Labor and Demographic Economics - - Particular Labor Markets - - - General
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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