Earticle

초록

영어

The purpose of this study is to investigate the relationship between R & D investment and the firm‘s value in the Korean stock market and to investigate the moderating effect of R & D expenditure increase. The empirical analysis period covered in this study is 7 years from 2011 to 2017, and the total number of sampled firms is 6,811. The sample covered in this study is extracted from all listed companies on the Korea Securities Dealers Automated Quotation(KOSDAQ) except for the financial industry. Many of previous studies showed that there is a close relevance between R&D investment and the firm’s value, but they did not conduct them by combining the two of analyses of time-series and cross-section and time lag analysis. Thus panel data analysis and time lag analysis were used here while considering matters of time differences. Also, the moderating effects presented in this study are first presented in this field of study. The result of the empirical analysis can be summarized as the following. First, all variables excluding the sales growth rate and debt ratio make statistically meaningful factors explaining firm value. Second, R&D expenditure, net working capital ratio, company scale, and signs of regression coefficient to advertising expenses all go in line with the theory. The regression coefficient signs concerning ROA, equity ratio of a large shareholder show negative value. The purpose of this study is to investigate the relationship between R & D investment and the firm‘s value in the Korean stock market and to investigate the moderating effect of R & D expenditure increase. The empirical analysis period covered in this study is 7 years from 2011 to 2017, and the total number of sampled firms is 6,811. The sample covered in this study is extracted from all listed companies on the Korea Securities Dealers Automated Quotation(KOSDAQ) except for the financial industry. Many of previous studies showed that there is a close relevance between R&D investment and the firm’s value, but they did not conduct them by combining the two of analyses of time-series and cross-section and time lag analysis. Thus panel data analysis and time lag analysis were used here while considering matters of time differences. Also, the moderating effects presented in this study are first presented in this field of study. The result of the empirical analysis can be summarized as the following. First, all variables excluding the sales growth rate and debt ratio make statistically meaningful factors explaining firm value. Second, R&D expenditure, net working capital ratio, company scale, and signs of regression coefficient to advertising expenses all go in line with the theory. The regression coefficient signs concerning ROA, equity ratio of a large shareholder show negative value.

목차

Ⅰ. 서론
Ⅱ. 문헌연구
Ⅲ. 연구설계
Ⅳ. 실증적 분석 결과
Ⅴ. 요약 및 결론
참고문헌
Abstract

키워드

저자

• 주명수 [ Myung-Soo Ju | (주)인코리아금융법인 ] 주저자
• 이재춘 [ Jae-Choon Lee | 강동대학교 창업경영과 ] 교신저자

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