The Status of Servitization and its Effects on Productivity in Korea

Kyung-In Hwang () and Jieun Jung ()
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Kyung-In Hwang: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr
Jieun Jung: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 23-1, Industrial Economic Review from Korea Institute for Industrial Economics and Trade

Abstract: Despite its importance, government support for firms that adopt servitization in their businesses is severely lacking. This is because there is little known about the status of servitization; little is known about which firms are likely to implement servitization, how many firms have adopted servitization in their businesses, or the degree to which servitization increases business performances. A major problem is that a lack of empirical studies has impaired effective policy development for servitization firms. This paper aims to describe the current status of servitization in Korea and quantify whether servitization firms perform better than non-servitization firms and to what degree. The work also studies the impacts of servitization on firm productivity. This paper concludes with policy implications for servitization.

Keywords: servitization; Korea; productivity; productivity growth; tehnology; Industry 4.0; 4IR; manufacturing; innovation; manufacturing policy; innovation policy (search for similar items in EconPapers)
JEL-codes: D22 D23 D24 L53 L60 L80 O14 O31 O32 O38 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2023-02-28
New Economics Papers: this item is included in nep-sbm
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