Earticle

초록

영어

This paper shows evidence that the innovative SMEs use more internal finance to fund R&D investment in the existence of the asymmetric information. The innovative SMEs also use more internal finance to fund asset-counted R&D investment than the cost-counted R&D investment, because the intangible assets created by asset-counted R&D investment may act as an innovative driver that has a greater multiplier effect on the firm value. Moreover, the innovative SMEs use more internal finance to smooth R&D investment in the existence of the external financial constraints. These findings suggest a new policy implication into how internal finance can be particularly valuable for the R&D smoothing of the innovative SMEs; that is, internal finance is an important aspect of innovation policy for the innovative SMEs.

목차

Abstract
 1. Introduction
 2. Literature Review and Hypothesis Development
  2.1. Literature Review
  2.2. Hypothesis Development
 3. Research Design
  3.1 Data
  3.2 Model and Variable
 4. Empirical Results
  4.1 Descriptive Statistics and Bivariate Results
  4.2 Multivariate Results
 5. Conclusions and Policy Implications
 References

키워드

저자

• Minshik Shin [ School of Business Administration, Kyungpook National University, ] Main Author
• Sooeun Kim [ School of Business Administration, Kyungpook National University, ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330