Innovation spillovers within business groups: Evidence from Korean chaebols

Kyounghun Lee, Frederick Dongchuhl Oh, Donglim Shin and Heejin Yoon

Emerging Markets Review, 2024, vol. 60, issue C

Abstract: This study examines innovation spillovers within business groups, focusing on Korean chaebols. We find that an affiliated firm's innovation is affected positively by both within- and outside-group innovation spillover pools. Specifically, the impact of the within-group pool is more pronounced than that of the outside-group pool. We further find that within-group spillovers are stronger for affiliates with closer internal business relationships and for those whose controlling shareholders have higher group- or firm-level equity stakes. Finally, we show that greater within-group innovation spillovers lead to higher group-level innovative performance. Overall, our study suggests a pivotal role of business groups in promoting corporate innovation via effective innovation spillovers. (JEL G15, G30, O32, O33).

Keywords: Innovation spillover; Corporate innovation; Business group; Chaebol (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:60:y:2024:i:c:s1566014124000463

DOI: 10.1016/j.ememar.2024.101151

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