참고문헌
- J. A. Dimasi, R. W. Hansen, and H. G. Grabowski, "The price of innovation: new estimates of drug development costs," Journal of health economics, Vol.22, No.2, pp.151-185, 2003. https://doi.org/10.1016/S0167-6296(02)00126-1
- H. G. Grabowski and J. Vernon, "The distribution of sales revenues from pharmaceutical innovation," Pharmacoeconomics, Vol.18, No.1, pp.21-32, 2000. https://doi.org/10.2165/00019053-200018001-00005
- C. I. Jo, "What Determines the Pharmaceutical R&D Investments?," Journal of Social Science, Vol.38, No.3, pp.273-290, 2012. https://doi.org/10.15820/khjss.2012.38.3.012
- M. C. Jensen and W. H. Meckling, "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of financial economics, Vol.3, No.4, pp.305-360, 1976. https://doi.org/10.1016/0304-405X(76)90026-X
- A. D. Ghosh, D. Moon, and K. Tandon, "CEO ownership and discretionary investments," Journal of Business Finance & Accounting, Vol.34, No.5-6, pp.819-839, 2007. https://doi.org/10.1111/j.1468-5957.2007.02011.x
- C. S. Lee and W. H. Kim, "The Impacts of Ownership Structure on the Research and Development Investment," Korean Accounting Information Review, Vol.19, No.1, pp.67-81, 2003.
- Y. Kim and C. Cho, "Effects of Ownership Structure on Values of KOSDAQ Firms -In Times of R&D Investment Disclosure," Korean Corporation Management Review, Vol.14, No.2, pp.121-135, 2007.
- C. W. Hill and S. A. Snell, "External control, corporate strategy, and firm performance in research-intensive industries," Strategic Management Journal, Vol.9, No.6, pp.577-590, 1988. https://doi.org/10.1002/smj.4250090605
- R. E. Hoskisson et al., "Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies," Academy of Management Journal, Vol.45, No.4, pp.697-716, 2002. https://doi.org/10.2307/3069305
- J. H. Choi, "The Effect of Advertising and Research and Development Expenditures on the Firm Value: An Empitical Analysis by Tobin's Q," Korean Accounting Review, Vol.19, No.1, pp.103-124, 1994.
- R .Kochhar and P. David, "Institutional investors and firm innovation: A test of competing hypotheses," Strategic Management Journal, Vol.17, No.1, pp.73-84, 1996. https://doi.org/10.1002/(SICI)1097-0266(199601)17:1<73::AID-SMJ795>3.0.CO;2-N
- P. David, M. A. Hitt, and J. Gimeno, "The influence of activism by institutional investors on R&D," Academy of Management Journal, Vol.44, No.1, pp.144-157, 2001. https://doi.org/10.2307/3069342
- B. Baysinger and R. E. Hoskisson, "The composition of boards of directors and strategic control: Effects on corporate strategy," Academy of Management Review, Vol.15, No.1, pp.72-87, 1990. https://doi.org/10.5465/AMR.1990.4308231
- W. M. Cohen and D. A. Levinthal, "Absorptive capacity: a new perspective on learning and innovation," Administrative science quarterly, pp.128-152, 1990.
- J. H. Park and Y. Kim, "A split decision: Institutional investor types and research and development investment," Journal of Strategic Management, Vol.15, No.3, pp.19-42, 2012. https://doi.org/10.17786/jsm.2012.15.3.002
-
B. R. Golden and E. J. Zajac, "When will boards influence strategy? Inclination
$\times$ power= strategic change," Strategic Management Journal, Vol.22, No.12, pp.1087-1111, 2001. https://doi.org/10.1002/smj.202 - P. Wright et al., "The structure of ownership and corporate acquisition strategies," Strategic Management Journal, Vol.23, No.1, pp.41-53, 2002. https://doi.org/10.1002/smj.208
- J. E. Bethel and J. Liebeskind, "The effects of ownership structure on corporate restructuring," Strategic Management Journal, Vol.14, No.S1, pp.15-31, 1993. https://doi.org/10.1002/smj.4250140904
- T. R. Eisenmann, "The effects of CEO equity ownership and firm diversification on risk taking," Strategic Management Journal, Vol.23, No.6, pp.513-534, 2002. https://doi.org/10.1002/smj.236
- M. C. Jensen, "Agency costs of free cash flow, corporate finance, and takeovers," The American Economic Review, Vol.76, No.2, pp.323-329, 1986.
- H. K. Steensma and K. G. Corley, "Organizational context as a moderator of theories on firm boundaries for technology sourcing," Academy of Management Journal, Vol.44, No.2, pp.271-291, 2001. https://doi.org/10.2307/3069455
- R. V. Aguilera and G. Jackson, "The cross-national diversity of corporate governance: Dimensions and determinants," Academy of Management Review, Vol.28, No.3, pp.447-465, 2003. https://doi.org/10.5465/AMR.2003.10196772
- T. Mitton, "A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis," Journal of financial economics, Vol.64, No.2, pp.215-241, 2002. https://doi.org/10.1016/S0304-405X(02)00076-4
- R. Porta, F. Lopez-De-Silanes, and A. Shleifer, "Corporate ownership around the world," The journal of finance, Vol.54, No.2, pp.471-517, 1999. https://doi.org/10.1111/0022-1082.00115
- K. Ramaswamy, M. Li, and R. Veliyath, "Variations in ownership behavior and propensity to diversify: A study of the Indian corporate context," Strategic Management Journal, Vol.23, No.4, pp.345-358. https://doi.org/10.1002/smj.227
- S. Douma, R. George, and R. Kabir, "Foreign and domestic ownership, business groups, and firm performance: Evidence from a large emerging market," Strategic Management Journal, Vol.27, No.7, pp.637-657, 2006. https://doi.org/10.1002/smj.535
- J. A. Pearce and S. A. Zahra, "The relative power of CEOs and boards of directors: Associations with corporate performance," Strategic Management Journal, Vol.12, No.2, pp.135-153, 1991. https://doi.org/10.1002/smj.4250120205
- E. F. Fama and M. C. Jensen, "Separation of ownership and control. Journal of law and economics," Vol.26, No.2, pp.301-325, 1983. https://doi.org/10.1086/467037
- J. D. Westphal, "Board games: How CEOs adapt to increases in structural board independence from management," Administrative Science Quarterly, pp.511-537, 1998.