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Tsutomu Miyagawa,Keun Lee,Kazuma Edamura,Young Gak Kim,Hosung Jung 서울대학교 경제연구소 2015 서울대학교 경제연구소 학술대회 논문집 Vol.2015 No.1
Bloom and Van Reenen (2007) show that differences in management practices are correlated with productivity differences at the firm level. In this paper, we conducted similar interview surveys on management practices in Japanese and Korean firms in 2008 and 2012. We find that overall management scores in Japan -- as an average of organizational and human resource management scores -- are higher than those in Korea. However, the second survey shows that the gap in management scores between the two countries has shrunken over time. In addition, average management quality in Korean large firms has surpassed that of Japanese large firms. This result is consistent with the literature comparing big businesses in Korea and Japan. This study also compares additional aspects of management styles, such as speed in decision-making and the role of various communication channels, which is not done in the literature. When we estimate a production function including management score using all samples, we find a positive and significant relationship between management scores and productivity. Most estimation results show that organizational management scores are correlated with firm performances in Japanese firms, while human resource management scores are correlated with performance in Korean firms. We also find that management practices are correlated with improvements in capital and labor efficiencies. In the case of Japan, better organizational management practices in the past improve current firm performance. Our results show that the Japanese government and firms should promote management reforms to restore international competitiveness.
Measuring Organization Capital in Japan : An Empirical Assessment Using Firm-Level Data
Tsutomu Miyagawa,YoungGak Kim 서울대학교 경제연구소 2008 Seoul journal of economics Vol.21 No.1
Globalization and the ICT revolution of the 1990s have forced firms to reorganize in order to survive in a more competitive market. Using an optimizing firm model with multiple assets, we examined whether organization capital is accumulated with investment in several types of assets. In contrast to Cummins's (2005) results, we found that the accumulation of organization capital is associated with investment in R&D assets and marketing assets. Using these results, we measured the contribution of organization capital to the conventional TFP growth. The estimation results implied that the growth of organization capital did not have significant effects on productivity growth.
Equilibrium Exchange Rates in Asian Currencies
Tsutomu Miyagawa,Hideki Toya,Tatsuji Makino 서울대학교 경제연구소 2004 Seoul journal of economics Vol.17 No.4
In this paper, we measured the equilibrium exchange rates (EER) for Asian currencies (baht. new Taiwan dollar. won. yen. and yuan) and the U.S. dollar. We compared the equilibrium exchange rates reflecting economic fundamentals with the actual exchange rate, and examined which factors affect the movement of equilibrium exchange rates. Our study shows that rapid increases of labor productivity in Korea and China have prevented an excessive depreciation of the won and yuan. When we take multilateral trade into account, the effective exchange rate of the yen was undervalued compared with the effective equilibrium exchange rate in 2000.
Keun Lee,Tsutomu Miyagawa,Young Gak Kim,Kazuma Edamura 서울대학교 경제연구소 2016 Seoul journal of economics Vol.29 No.1
In this study, we conduct interview surveys on management practices in Japanese and Korean firms following the study of Bloom, and Van Reenen (2007). The average management scores in Japanese firms are higher than those in Korean firms, and human resource management is positively associated with firm performance. When a Korean dummy is added as a shift term in regressions with the merged sample, its coefficient is negative, implying that Korean firms have low efficiency. However, when the cross terms of the Korean dummy are added with capital and labor, the significance of the shift term disappears. This observation entails that any efficiency difference between the two countries does not come from a technical efficiency (shift term) but from a factor efficiency (marginal productivity of labor and capital). One robust result of this study is that a high output elasticity of capital is observed in Korean firms, whereas a high output elasticity of labor is noted in Japanese firms despite the high capital ― labor ratios in the former. One interpretation of this puzzle is that Japanese firms have pursued the optimization of labor uses and have been relying on labor-saving growth in the face of labor shortage and aging and that Korean firms have relied on capital for growth, continuously renovating and updating their capital, thereby recording a high capital productivity in contempt of aggressive labor.
Mizuo, Keisuke,Narita, Minoru,Miyagawa, Kazuya,Suzuki, Tsutomu The Korean Society of Applied Pharmacology 2010 Biomolecules & Therapeutics(구 응용약물학회지) Vol.22 No.4
Bisphenol A (BPA) is one of the most common endocrine disrupters. In the last decade, the number of studies concerning the effects of chronic treatment with BPA on the development of the central nervous system (CNS) has increased. However, little is known about the effects of chronic exposure to BPA on higher brain functions such as memory or psychomotor functions. Here, we report our following findings: (1) Prenatal and neonatal exposure to BPA enhances psychostimulant-induced rewarding effects, results in the up- or downregulation of dopamine receptors, causes memory impairment, and decreases choline acetyltransferase (ChAT) activity. (2) BPA activates astrocytes in vivo and in vitro. These findings suggest that prenatal and neonatal exposure to BPA affects the development of the CNS.