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( Kyoji Fukao ),( Toshihiro Okubo ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2011 Journal of Economic Integration Vol.26 No.4
This paper analyzes the impact of firm networks on Japan`s national border effect. We estimate gravity equations using data on Japan`s international and interregional trade in four machinery industries (electrical, general, precision and transportation machinery). The machinery sector is the most important manufacturing sector for exports and outward foreign direct investment (FDI) in Japan. By taking into account international as well as interregional firm networks, we find that ownership relations usually enhance exports from parent firms to establishment. Consequently we can explain 15% (7%, 1% and 0.5%) of the decline in Japan`s border effect from 1980 to 1995 in precision (transportation, general electrical) machinery sector by the increase of international networks.
International Competitiveness : A Comparison of the Manufacturing Sectors in Korea and Japan
Kyoji Fukao,Kenta Ikeuchi,YoungGak Kim,Hyeog Ug Kwon,Tatsuji Makino 서울대학교 경제연구소 2016 Seoul journal of economics Vol.29 No.1
Using firm-level data covering most firms in the manufacturing sectors of Korea and Japan, we compiled a new dataset of TFP and factor costs by firm size and industry. Employing this dataset, we quantitatively examine changes in the two countries’ relative competitiveness. Following Dekle, and Fukao’s (2011) approach based on production cost functions, we decompose intertemporal changes in the relative competitiveness of Korean firms vis-à-vis Japanese firms into four factors: (1) differences in TFP growth (catching up of Korean firms); (2) changes in relative factor prices; (3) changes in relative intermediate input prices; and (4) changes in real exchange rates. Using our new dataset, we also compare changes in the two countries’ competitiveness by different firm-size groups. We find that during the period of 1994-2010, the real wage rate of Korean workers doubled in most industries. Nevertheless, the competitiveness of Korean firms relative to their Japanese counterparts did not deteriorate. The main factors canceling out the impact of real wage increases were Korea’s higher TFP growth in many industries such as motor vehicles and the sharp decline in Korean intermediate input prices in some industries such as electrical and electronic machinery. We also find that in many industries the competitiveness of Korean small and medium-sized firms vis-à-vis their Japanese counterparts increased by more than that of large firms. Two important developments can be observed which likely contributed to the improved competitiveness of small and medium-sized firms in Korea vis-à-vis their rivals in Japan. First, in Korea, small and medium-sized firms registered higher TFP growth rates than large firms during 1994- 2010. And second, wage gaps across firm-size groups narrowed in Japan, while they widened in Korea.
Deferred Compensation: Evidence from Employer-Employee Matched Data from Japan
Kyoji Fukao,Ryo Kambayashi,Daiji Kawaguchi,Hyeog Ug Kwon,Young Gak Kim,Izumi Yokoyama 한국계량경제학회 2007 한국계량경제학회 학술대회 논문집 Vol.2007 No.2
Wage increases, along with job tenure, are one of the most robust empirical regularities found in labor economics. Several theories explain these empirical regularities, and such theories offer sharp empirical predictions for the relation between productivity-tenure and wage-tenure profiles. The human capital model, with cost and benefit sharing between workers and employers, predicts a steeper productivity-tenure profile than wage-tenure profile. The matching quality model predicts that the two profiles will overlap. Theories that involve the information asymmetry between employers and employees predict a steeper wage-tenure profile than productivity-tenure profile to induce workers’ effort and enhance efficiency. This paper first estimate the establishment-level production function using the total wage bill as a measure of labor input using employer-employee matched data from Japan. After conditioning on the total wage bill, those establishments with more of aged workers produce less. Then we estimate the productivity-tenure profile and the wage-tenure profile by estimating the plant-level production function and the wage equation. These estimations offer a comprehensive test for the relative applicability of the two theories on the wage-tenure profile. Estimation results indicate a steeper wage-tenure profile than productivity-tenure profile and point to the relative importance of the deferred wage payment contract.
Kyoji Ikeda,Sunao Takeshita 대한골대사학회 2014 대한골대사학회지 Vol.21 No.3
Bone remodeling is the fundamental means by which the quality as well as quantity ofthe skeleton is maintained throughout adult life. When bone remodeling goes awry, ametabolic bone disease such as osteoporosis ensues. Among multiple phases of thecomplex remodeling process, we focus in this review on factors and mechanisms thatare involved in the coupling of bone formation to preceding resorption.
An International Comparison of the TFP Levels of Japanese, South Korean, and Chinese Listed Firms
Kyoji Fukao,Tomohiko Inui,Shigesaburo Kabe,Deqiang Liu 서울대학교 경제연구소 2008 Seoul journal of economics Vol.21 No.1
To compare the TFP level of firms in Japan, China, and South Korea, we first estimated the TFP of firms in each country using the method of Good, Nadiri, and Sickles (1997). Then we estimated the relative TFP by industry in the benchmark year using Japanese industries as benchmarks and combined the estimated TFP of firms. When estimating relative TFP by industry for South Korea and China, we applied the industry-level price estimates of the three countries from the ICPA project and converted industry outputs and inputs into the same currency unit (Japanese Yen). The estimation results obtained indicate that the productivity of Japanese firms is still higher than that of their Chinese and South Korean counterparts but that the productivity of South Korean firms is rapidly increasing, with the emergence of some firms that are now overtaking their Japanese rivals in terms of productivity, particularly in the electric machinery sector.