Financialization, Managerial Myopia and Short-termism of Innovation Strategy: The Case of the Korean Firms

• 발행기관: 한국사회경제학회
• 저자명: Hwan Joo Seo Yong Jun Baek
• 간행물 정보: 『한국사회경제학회 학술대회 자료집』2020년 가을 학술대회 발표집, 1~35쪽, 전체 35쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2020.11.27

영문 초록

This study empirically examines whether managerial myopia leads to short-termism of innovation strategy using Korean firm and USPTO data covering 1980-2017. The main finding is that pay-out indicators, as the proxy variables for financialization and managerial myopia, have a negative effect on innovation, quantitatively and qualitatively. Hence, managerial myopia and short-termism of innovation strategy are related. Further, estimation by the firm’s size reveal that the hypothesis of managerial myopia leading to short-termism of innovation strategy is valid only for conglomerates.

목차

1. Introduction

2. Literature review

3. Recent trends in financialization and innovation-related variables

4. Data and model specification

5. Conclusion and policy implications

References

키워드

Managerial Myopia Financialization Short-termism Innovation Strategy Radical Innovation Korean Firms