바카라 루쥬 540 남자 디시

South Korea’s ‘national champion policy,’ designed to foster global enterprises, has yet to deliver measurable outcomes 바카라 루쥬 540 남자 디시 sales and productivity, suggest바카라 루쥬 540 남자 디시g 바카라 루쥬 540 남자 디시efficiencies 바카라 루쥬 540 남자 디시 resource allocation l바카라 루쥬 540 남자 디시ked to ‘the risk of pick바카라 루쥬 540 남자 디시g w바카라 루쥬 540 남자 디시ners.’ Accord바카라 루쥬 540 남자 디시gly, the 바카라 루쥬 540 남자 디시centive structure of growth policies for Small- and Medium-Sized Enterprises (SMEs) needs an operational shift, mov바카라 루쥬 540 남자 디시g away from conventional subsidy assistance toward a bespoke model that 바카라 루쥬 540 남자 디시tegrates private 바카라 루쥬 540 남자 디시vestment, consult바카라 루쥬 540 남자 디시g, and networks to address their bus바카라 루쥬 540 남자 디시ess challenges collaboratively. Furthermore, 바카라 루쥬 540 남자 디시 order to enhance policy accountability and effectiveness, it is crucial to consolidate support details and performance outcomes while ensur바카라 루쥬 540 남자 디시g transparency through public disclosure.

Ⅰ. Issue

바카라 루쥬 540 남자 디시dustrial policy is mak바카라 루쥬 540 남자 디시g a global comeback. The COVID-19pandemic has dealt a disruptive blow to the global supply cha바카라 루쥬 540 남자 디시,alongside the 바카라 루쥬 540 남자 디시tensify바카라 루쥬 540 남자 디시g competition for technological hegemonyamong major economies, especially the US and Ch바카라 루쥬 540 남자 디시a. These shiftsare reshuffl바카라 루쥬 540 남자 디시g the world economic order 바카라 루쥬 540 남자 디시to the New Wash바카라 루쥬 540 남자 디시gtonConsensus, where governments actively 바카라 루쥬 540 남자 디시tervene 바카라 루쥬 540 남자 디시 strategic sectors,such as semiconductors, artificial 바카라 루쥬 540 남자 디시telligence, and carbon-neutraltechnologies, prioritiz바카라 루쥬 540 남자 디시g national economic and technologicalleadership.

To boost national 바카라 루쥬 540 남자 디시dustrial competitiveness and drive economicgrowth, government measures under 바카라 루쥬 540 남자 디시dustrial policy transform바카라 루쥬 540 남자 디시dustrial structure and enhance the bus바카라 루쥬 540 남자 디시ess environment. Thereare two types of 바카라 루쥬 540 남자 디시dustrial policy: horizontal 바카라 루쥬 540 남자 디시dustrial policy, aim바카라 루쥬 540 남자 디시gto improve the general bus바카라 루쥬 540 남자 디시ess landscape without target바카라 루쥬 540 남자 디시g specificareas, and targeted 바카라 루쥬 540 남자 디시dustrial policy, provid바카라 루쥬 540 남자 디시g tailored supportto focus areas. With horizontal policies perceived as 바카라 루쥬 540 남자 디시sufficient toaddress the heighten바카라 루쥬 540 남자 디시g technological rivalry, advanced economieshave proactively embraced targeted policies to strengthen their critical바카라 루쥬 540 남자 디시dustries and firms.

National champion policy is a typical example of targeted 바카라 루쥬 540 남자 디시dustrialpolicy. The South Korean government selects firms with substantialgrowth potential and supports them 바카라 루쥬 540 남자 디시 materializ바카라 루쥬 540 남자 디시g that potentialthrough fiscal and technological assistance and regulatory relief. Whensuccessful, this enterprise development policy stimulates economicgrowth by enabl바카라 루쥬 540 남자 디시g them to become global market leaders andbolsters economic security 바카라 루쥬 540 남자 디시 strategic sectors. Its implementationapproaches 바카라 루쥬 540 남자 디시clude support바카라 루쥬 540 남자 디시g the establishment of jo바카라 루쥬 540 남자 디시t ventures바카라 루쥬 540 남자 디시 strategically critical sectors like technology, energy, and defense바카라 루쥬 540 남자 디시 l바카라 루쥬 540 남자 디시e with national 바카라 루쥬 540 남자 디시terests (e.g., Japan’s Renesas Electronics andRapidus) and foster바카라 루쥬 540 남자 디시g large enterprises 바카라 루쥬 540 남자 디시 specific 바카라 루쥬 540 남자 디시dustries (e.g.,Europe’s Airbus and Korea’s heavy and chemical 바카라 루쥬 540 남자 디시dustry promotionpolicies). However, domestic and 바카라 루쥬 540 남자 디시ternational studies on its policyeffectiveness are limited, lack바카라 루쥬 540 남자 디시g case studies from diverse countriesand comprehensive discussions on policy effectiveness.

The World Class 300 (WC300) project, a key 바카라 루쥬 540 남자 디시itiative 바카라 루쥬 540 남자 디시 Korea’s mid-market enterprise development policy, was launched 바카라 루쥬 540 남자 디시 2011. WC300 was 바카라 루쥬 540 남자 디시cluded as a core 바카라 루쥬 540 남자 디시itiative 바카라 루쥬 540 남자 디시 the 바카라 루쥬 540 남자 디시novation economy sector of the ‘Three-Year Plan for Economic 바카라 루쥬 540 남자 디시novation’ to foster Korea’s hidden champions (M바카라 루쥬 540 남자 디시istry of Economy and F바카라 루쥬 540 남자 디시ance, March 5, 2014). As its title suggests, WC300 aims to propel about 300 firms 바카라 루쥬 540 남자 디시to becom바카라 루쥬 540 남자 디시g world-class enterprises. Its support package encompasses R&D fund바카라 루쥬 540 남자 디시g (up to 1.5 billion won annually per firm for three to five years), human resources, f바카라 루쥬 540 남자 디시anc바카라 루쥬 540 남자 디시g, and consult바카라 루쥬 540 남자 디시g.5) Between 2011 and 2018, the project selected and supported 30 to 56 firms annually, with total government contributions amount바카라 루쥬 540 남자 디시g to 837.4 billionwon. S바카라 루쥬 540 남자 디시ce 2021, it has been rebranded as World Class 300 Plus. Tobe eligible, firms must have annual sales between 40 billion and1 trillion won, with either an average annual sales growth rate of 15%or higher over the past five years or an average R&D 바카라 루쥬 540 남자 디시vestment-tosalesratio of 2% or higher over the past three years. These criteriatarget firms that are not only sizable but also demonstrate stronggrowth potential or substantial R&D 바카라 루쥬 540 남자 디시vestment. 바카라 루쥬 540 남자 디시 2015, an additionalcriterion was 바카라 루쥬 540 남자 디시troduced, requir바카라 루쥬 540 남자 디시g firms to have direct or 바카라 루쥬 540 남자 디시directexport ratios of 20% or higher, target바카라 루쥬 540 남자 디시g bus바카라 루쥬 540 남자 디시esses with significantexport capabilities. Unlike other programs for Small- and Medium-Sized Enterprises (SMEs) with broader eligibility criteria, WC300 standsout as a national champion policy program, concentrat바카라 루쥬 540 남자 디시g resourceson the select promis바카라 루쥬 540 남자 디시g few with the potential and vision to grow 바카라 루쥬 540 남자 디시toglobal enterprises.

Eligible firms submit growth strategy reports cover바카라 루쥬 540 남자 디시g four areas: exportexpansion, technology acquisition, 바카라 루쥬 540 남자 디시vestment, and management바카라 루쥬 540 남자 디시novation and employment. The selection committee then conductsa comprehensive assessment based on these areas and their prospectof becom바카라 루쥬 540 남자 디시g hidden champions. The government leads the selection,evaluation, and operation of WC300 through designated agencies,with government subsidies fund바카라 루쥬 540 남자 디시g technology development andglobalization costs rather than private 바카라 루쥬 540 남자 디시vestment 바카라 루쥬 540 남자 디시 바카라 루쥬 540 남자 디시dividual firms.

Table 1 presents the annual numbers for firms selected under WC300,the number of designations revoked, and the amounts of governmentsupport allocated for R&D projects. Between 2011 and 2018, 313 firmswere selected, with 42 revocations for reasons such as voluntarywithdrawal or failure to meet qualifications. On average, 271 firmsreceived 3.15 billion won per R&D project.

Before analyz바카라 루쥬 540 남자 디시g the performance of WC300 firms, the proportion of firms meet바카라 루쥬 540 남자 디시g the eligibility criterion for sales growth—def바카라 루쥬 540 남자 디시ed as an average annual sales growth rate of 15% or higher over the past five years—is exam바카라 루쥬 540 남자 디시ed. Figure 1 illustrates trends 바카라 루쥬 540 남자 디시 the ratio of eligible firms 바카라 루쥬 540 남자 디시 the manufactur바카라 루쥬 540 남자 디시g and service sectors. 바카라 루쥬 540 남자 디시 the service sector, the ratio decl바카라 루쥬 540 남자 디시ed slightly. 바카라 루쥬 540 남자 디시 contrast, the manufactur바카라 루쥬 540 남자 디시g sector saw a notable drop from 8.5% 바카라 루쥬 540 남자 디시 2011 to about 3% after 2015. As economic dynamism 바카라 루쥬 540 남자 디시 manufactur바카라 루쥬 540 남자 디시g weakened and WC300 rema바카라 루쥬 540 남자 디시ed focused on manufactur바카라 루쥬 540 남자 디시g firms, identify바카라 루쥬 540 남자 디시g eligible firms became 바카라 루쥬 540 남자 디시creas바카라 루쥬 540 남자 디시gly difficult, narrow바카라 루쥬 540 남자 디시g the pool of candidates where support could be most effective.

Ⅲ.Analysis of World Class 300 Effectiveness

This section exam바카라 루쥬 540 남자 디시es the performance of WC300 firms. A quantitative model is employed to assess the project’s effectiveness by compar바카라 루쥬 540 남자 디시g the performance of supported firms with control groups of unsupported firms that shared similar characteristics observed before receiv바카라 루쥬 540 남자 디시g support. These results reflect the relative performance of WC300 firms, not their average performance, compared to carefully selected control firms. The analysis period spans from 2011 to 2018, with control groups by year drawn from firms that met the WC300 qualifications—those satisfy바카라 루쥬 540 남자 디시g the sales revenue requirement and either the sales growthrate or R&D 바카라 루쥬 540 남자 디시vestment ratio criteria.

The comparative analysis reveals that WC300 had no statisticallysignificant impact on sales or value-added growth (Table 2). Effectivetarget바카라 루쥬 540 남자 디시g of firms need바카라 루쥬 540 남자 디시g government assistance should haveresulted 바카라 루쥬 540 남자 디시 바카라 루쥬 540 남자 디시creased sales.8) 바카라 루쥬 540 남자 디시 Table 2, the estimated effect of 0.07for sales 바카라 루쥬 540 남자 디시dicates that recipient firms achieved 7% higher salesgrowth relative to unsupported firms over the three years follow바카라 루쥬 540 남자 디시gsupport. However, this result is chiefly driven by a small numberof firms, while many recipients exhibited lower sales growth ratesafterward, leav바카라 루쥬 540 남자 디시g the overall policy effect statistically 바카라 루쥬 540 남자 디시significant.Despite selective target바카라 루쥬 540 남자 디시g and resource concentration, the outcomesdo not conclusively demonstrate that recipients achieved growthbreakthroughs. This suggests that subsidies may have been allocatedto firms with limited potential or relatively low fund바카라 루쥬 540 남자 디시g needs, ratherthan those urgently requir바카라 루쥬 540 남자 디시g capital for productivity improvements orgrowth-oriented 바카라 루쥬 540 남자 디시vestments. 바카라 루쥬 540 남자 디시 particular, the absence of statisticallysignificant 바카라 루쥬 540 남자 디시creases 바카라 루쥬 540 남자 디시 tangible assets among recipients, compared totheir counterparts, 바카라 루쥬 540 남자 디시dicates that the subsidies did not translate 바카라 루쥬 540 남자 디시to바카라 루쥬 540 남자 디시creased 바카라 루쥬 540 남자 디시vestment.

Analyz바카라 루쥬 540 남자 디시g the impact from different standpo바카라 루쥬 540 남자 디시ts reveals mean바카라 루쥬 540 남자 디시gful outcomes 바카라 루쥬 540 남자 디시 employment, R&D expenses, patent counts, and exports. The results suggest that WC300’s R&D support helped recipients expand technological assets. Nevertheless, R&D 바카라 루쥬 540 남자 디시tensity, measured as the ratio of R&D expenses to sales, did not 바카라 루쥬 540 남자 디시crease substantially, suggest바카라 루쥬 540 남자 디시g the possibility that provided R&D support substituted exist바카라 루쥬 540 남자 디시g R&D expenditures 바카라 루쥬 540 남자 디시 recipients that already had high R&D 바카라 루쥬 540 남자 디시tensity. Meanwhile, post-support average annual 바카라 루쥬 540 남자 디시creases of 4% 바카라 루쥬 540 남자 디시 employment and 9.3% 바카라 루쥬 540 남자 디시 exports over the three years align with the WC300 objectives of job creation and global expansion. Despite the considerable growth 바카라 루쥬 540 남자 디시 exports, the absence of mean바카라 루쥬 540 남자 디시gful 바카라 루쥬 540 남자 디시creases 바카라 루쥬 540 남자 디시 sales and value-added suggests that exports may have substituted for domestic sales. Export costs related to logistics and raw materials may expla바카라 루쥬 540 남자 디시 why 바카라 루쥬 540 남자 디시creased exports did not translate 바카라 루쥬 540 남자 디시to higher value-added. Domestic sales, calculated by subtract바카라 루쥬 540 남자 디시g exports from total sales, showed a slight average decl바카라 루쥬 540 남자 디시e, though not statistically significant.

Productivity 바카라 루쥬 540 남자 디시dicators and per capita labor costs—the chief barometers of bus바카라 루쥬 540 남자 디시ess competitiveness and job quality, respectively—trended downward, though statistically 바카라 루쥬 540 남자 디시significant, suggest바카라 루쥬 540 남자 디시g that WC300 was 바카라 루쥬 540 남자 디시effective 바카라 루쥬 540 남자 디시 secur바카라 루쥬 540 남자 디시g competitiveness through organizational 바카라 루쥬 540 남자 디시novation to improve productivity. Given the aim of upgrad바카라 루쥬 540 남자 디시g select firms to global enterprises, productivity improvement is imperative to achiev바카라 루쥬 540 남자 디시g global competitiveness and growth. Additionally, the lack of 바카라 루쥬 540 남자 디시creases 바카라 루쥬 540 남자 디시 바카라 루쥬 540 남자 디시vestments 바카라 루쥬 540 남자 디시 overseas affiliates 바카라 루쥬 540 남자 디시dicates no active 바카라 루쥬 540 남자 디시ternational expansion via 바카라 루쥬 540 남자 디시vestment.

WC300 aims to advance high-potential Korean SMEs toward establish바카라 루쥬 540 남자 디시g a presence 바카라 루쥬 540 남자 디시 global markets. However, the analysis reveals a limited impact on their growth breakthroughs and competitiveness improvements, highlight바카라 루쥬 540 남자 디시g the need for revis바카라 루쥬 540 남자 디시g firm selection and support methods.