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Efficiency Effects of Mergers in the Korean Pharmaceutical Industry
Cheolhaeng Lee(이철행),Keuntae Cho(조근태) 한국경영과학회 2017 韓國經營科學會誌 Vol.42 No.3
The main objective of this paper is to empirically analyze the efficiency effects of mergers on Korean pharmaceutical firms and suggests managerial or policy implications for managers or policy makers. This study selects non-merging control firms close to the size of merging firms, as well as a set of merging firms, and measures the effects of mergers on efficiency three years before and after the merger using the non-parametric data envelopment analysis (DEA) method. To compare the differences of efficiency means among several groups, Wilcoxon rank sum test or Wilcoxon signed rank test is used. It showed that the long-term effects after the merger appeared partially. Furthermore, it was observed that there was no difference statistically in the efficiency between merging and non-merging firms. Also, there was no difference statistically in the efficiency between the pre- and post-merger periods. In conclusion, there was not any observed synergy effect through group (or affiliated) mergers between affiliates or related mergers for Korean pharmaceutical firms.
DEA를 이용한 보건의료기술 R&D 사업의 효율성 분석과 전략적 포트폴리오 모형
이철행(Cheolhaeng Lee),조근태(Keuntae Cho) 대한산업공학회 2014 대한산업공학회지 Vol.40 No.2
This paper measures and compares the efficiency of national health technology R&D programs focused on translational research program increasing importance using data envelopment analysis (DEA). Three input variables and three output variables are selected for DEA. Inputs are funds, researchers, and project period and outputs are SCI (E) papers, applied and granted patents, and impact factor. This study uses a three-stage approach. In the first stage, output-based DEA model is applied to evaluate the efficiency of decision making unit (DMU). In the second stage, based on efficiency scores of target diseases high-efficiency group and low-efficiency group are classified. And then strategic portfolio matrix of translational research program is composed of four dimensions combining research types. Mann-Whitney U test is then run to compare average efficiency scores among four groups. In the final stage, Tobit regression model is used to estimate factors likely to influence the efficiency. The results are expected to provide policy implications for effectively establishing investment strategy and managing performance of R&D program.
국내 의료기기 제조기업의 기업특성과 R&D 및 생산성 간의 관계
이철행(Cheolhaeng Lee),조근태(Keuntae Cho) 대한산업공학회 2018 대한산업공학회지 Vol.44 No.6
This study analyses the relationship among firm characteristics, Research and Development (R&D), and productivity and identifies which firms are more productive. The data used in this paper consists of a balanced sample of 31 Korean medical device manufacturing firms over a 4-year period from 2013 to 2016. The Malmquist productivity index (MPI) is used to estimate the productivity change and then, groups are classified according to the level of firm size, firm age, and R&D intensity of firms for intergroup comparison. It was observed that there was a significant difference in the efficiency change in between the groups by firm size. Also, there was a significant difference in the technical change in between the groups by R&D intensity. The results are expected to provide policy implications for effectively establishing strategies to improve productivity for managers as well as policy makers.