Earticle

초록

영어

Kothari et al.(2002) and Amir et al.(2007) contend that R&D investments are more risky than capital investments. However, Chambers et al.(2000) argue that risk of R&D firms is indistinguishable from that of capital investment firms. The factor models could be incomplete in identifying and measuring risk (Loughran & Ritter, 1995; Fama, 1998; Mitchell & Stafford, 2000). This paper investigates the relative risk without explicitly identifying the sources of risk, and thus we can avoid the bad-model problem of risk measuring. The empirical findings show that R&D firms are not fundamentally more risky and capital expenditure firms are not fundamentally less risky. The reason is that capital investment firms invest as much as their matching non-capital investment counterparts not only during the worst states but also during the best states of the world. The findings do not support Kothari et al.(2002) and Amir et al.(2007), but support Chambers et al.(2000).

목차

Ⅰ. Introduction
 Ⅱ. Literature Review
 Ⅲ. Sample selection
 Ⅳ. Performance Measures
 Ⅴ. Relative Risk of R&Ds and Capital Expenditures
 Ⅵ. Conclusions
 References
 Abstract

키워드

저자

• Kim, Yong-Hyeon [ Professor, Department of Business, Hanyang Cyber University ] First Author
• Kim, Nam-Gon [ Professor, Department of Business, Dongduk Women's University ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330