Earticle

초록

영어

We compartmentalize R&D into R (research) and D (development), and investigate their association with important corporate financing decisions. We show that R is more positively associated with cash holdings than D, and that only R is sensitive to cash flows. These results are consistent with higher uncertainty and information asymmetry of R imposing more severe financial constraints relative to D. Supporting the financial constraint explanation, higher cash flows sensitivity of R is prominent among financially constrained firms. Consistent with D bearing product market risk, D is associated with higher cash holdings when product market competition is severe, but we do not find the same result for R. Lastly, we find negative association between leverage and R but not D.

목차

Abstract
 1. Introduction
 2. Data and summary statistics
  2.1. Data and variables
  2.2. Summary statistics
 3. Cash holdings
  3.1. Cash holdings and R&D
  3.2. Cash holdings and R vs D
 4. Investment-cash flow sensitivity
  4.1. Investment-cash flow sensitivity of R&D
  4.2. Investment-cash flow sensitivity of R vs D
  4.3. Financial constraints and Investment-cash flow sensitivity of R
 5. Product market competition
  5.1. Product market competition and R&D
  5.2. Product market competition and R vs D
 6. Capital structure
  6.1. Capital structure and R&D
  6.2. Capital structure and R vs D
  6.3. Book leverage
 7. Conclusion
 REFERENCES

키워드

저자

• Jiyoon Lee [ Department of Finance, The George Washington University, Washington DC, USA ] Corresponding author
• Jiyoung Park [ Graduate School of Business, Yonsei University, Seoul, South Korea ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330