Journal of Technology Innovation (기술혁신연구)
- Volume 16 Issue 1
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- Pages.191-213
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- 2008
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- 1598-1347(pISSN)
The Effect of technology import and R&D investment on the value of the firm
기술도입과 연구개발비 투자가 기업가치에 미치는 영향에 관한 연구
- Published : 2008.06.30
Abstract
This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes that an adequate allocation of fim's capital between R&D investment and technology import is needed for firm's optimal technology strategy.