The Impact of Financial Support System on Technology Innovation: A Case of Technology Guarantee System in Korea
Year: 2008
Type: article
Abstract: We analyzed the impact of financial support system on technological innovation of small and medium manufacturing firms in Korea, with a special interest in technology guarantee system. This was done using a sample of 1,014 Korean manufacturing firms of which 43% were venture companies. Our study provides two important conclusions. First, the result of empirical analysis indicates that financial support systems have a significant influence on both product innovation and process innovation of SMEs in Korea. Second, a more important conclusion of this research is that technology guarantee system impacts on product innovation; however not on process innovation. This result implies that technology guarantee system attaches more importance to technological innovations related with product development than to those related with process enhancement.
Authors: Woo-Seok Jang, Woojin Chang
Institution: Seoul National University
Language: English
Topic: Innovation Policy and R&D
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2112526124