Evidence on the Optimal Level of Research & Development (R&D) Expenses for KOSPI-listed Firms in the Domestic Capital Market

• 발행기관: 한국무역연구원
• 저자명: Hanjoon Kim
• 간행물 정보: 『무역연구』제14권 제1호, 147~165쪽, 전체 19쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2018.02.21

영문 초록

The study examines the existence of the optimal level of corporate R&D expenditure, which may be in active debate among the interested parties including government regulators and corporate managers in the Korean capital market. Given that most large domestic corporations have tended to gradually increase R&D investments in recent years, the study tested separate hypotheses in relation to the optimal level of the corporate R&D outlay and financial determinants for firms listed on the KOSPI stock exchange in the post-global financial turmoil period. Concerning the results, the sample firms overall seem not to maintain an optimal level of R&D expense at the intra-industry level, even if statistically significant differences were detected at the inter-industry level. Moreover, three explanatory variables such as R&D expenses of the prior fiscal year, profitability and Tobin’s Q showed statistically pronounced effects to account for the level of R&D spending. Further research may be warranted to apply the consequences of the study to the R&D activities of firms that belong to other financial markets, such as those advanced or emerging.

목차

Ⅰ. Introduction

Ⅱ. Literature Review

Ⅲ. Data Collection and Hypothesis Postulation

Ⅳ. Analyses and Discussion

Ⅴ. Conclusions with Directions for Future Research

키워드

Industry Difference Korean Capital Market KOSPI-listed Firms Optimal Level of Research & Development Expenses