분위회귀분석을 이용한 기업 투자와 고용간의 관계에 대한 실증연구

Abstract

An Empirical Study on the Relationship between Investment and Employment Growth using Quantile Regression

Lee-key Chung

Department of Business Administration, The Graduate School, Pukyong National University

Abstract

This empirical study analyzes the effects of corporate investment on employment growth of non-financial firms among external audit firms in Korea from 2008 to 2015. To find implications for industries including SMEs, the manufacturing industry is divided into high technology, middle and high technology, middle and low technology and low technology industry by technology level, and service industry is classified into knowledge based service and traditional service. Quantile regression analysis was performed considering characteristics of firm growth distribution. The analysis result shows that investment in intangible assets such as technology investment and human investment is more effective for employment growth than investment in tangible assets. In Korea, which has entered the low-growth period of the 21st century, it provides a policy implication that it is more effective for employment to support companies investing in intangible assets such as technology and human capital than investment in tangible assets such as facilities. In particular, the analysis shows that human investment in industries such as SMEs, low-tech manufacturing industries, and traditional service industries has a more significant effect on employment. This analysis results give a very meaningful implication to our economy, which is suffering from the lack of jobs in recent years. Many of the growth-related previous studies are static analysis using variable averages at a certain point in the cross-sectional data or during the analysis period, but this study conducted a dynamic analysis using firms and yearly panel data. In addition, the results of the analysis of the perfect story were derived by the method of the quantile regression analysis which considers variables, size, industry, and growth distribution characteristics. It is meaningful that this study provides various perspectives and broader understanding of growth process and empirically analyzed the effects of investment in fixed and intangible assets on the employment growth of companies using Korean firm data. This study assumes a linear relationship between employment growth rate which is the dependent variable, and technology investment, human investment, capital investment which are the independent variables. However, there is a limit to the existence of non-linear relationships between investment in tangible and intangible assets. In order to more accurately analyze the effects of investment on employment growth, further research is required, including non-linear relationships and mediating effects of cyclical relationships between investment, growth, and employment.

Keywords: Employment, intangible assets, Investment, Quantile regression