기술혁신연구 (Journal of Technology Innovation)

기술경영경제학회 (Korea Society for Innovation Managemetn & Economics)
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실질적 경쟁과 잠재적 경쟁이 기업의 R&D 투자에 미치는 영향: 목표대비 성과 수준의 조절 효과를 중심으로

The Influence of Actual and Potential Competition on Firms' R&D Investments: The Moderating Effects of Performance Relative to Aspiration Level

  • 구본진 (한국과학기술원(KAIST) 경영대학) ;
  • 배종태 (한국과학기술원(KAIST) 경영대학) ;
  • 김용식 (한국과학기술원(KAIST) 경영대학)
  • 투고 : 2016.04.11
  • 심사 : 2016.05.17
  • 발행 : 2016.05.31
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초록

점차 치열해지고 있는 경쟁환경은 기업들에게 생존을 위해 끊임없이 혁신적인 제품과 서비스를 창출하도록 요구하고 있다. 이러한 경쟁환경에 대응하기 위하여 기업들은 R&D 투자를 통하여 지속적인 혁신을 달성하고 있다. 이에 본 연구는 경쟁과 기업의 R&D 투자의 관계를 고찰하였다. 이를 위하여 경쟁을 실질적 경쟁과 잠재적 경쟁으로 이원화하여 각각이 기업의 R&D 투자에 미치는 영향을 관찰하였다. 또한 이 관계가 기업의 목표대비 성과 수준에 따라 어떻게 달라지는지 관찰하였다. 미국 Compustat 데이터로 실증분석을 수행한 결과, 실질적 경쟁은 기업의 R&D 투자를 감소시키는 경향이 있었던 반면 잠재적 경쟁은 R&D 투자를 증가시키는 경향이 있었다. 이에 대하여 목표대비 성과 수준의 조절효과는 기업의 성과가 목표보다 낮았을 때는 실질적 경쟁의 음(-)의 효과를 강화시키고, 잠재적 경쟁의 양(+)의 효과를 약화시켰고, 목표보다 높았을 때에도 실질적 경쟁의 음(-)의 효과를 강화 시키고, 잠재적 경쟁의 양(+)의 효과를 약화시켰으나 그 조절효과는 기업의 성과가 목표보다 낮았을 때보다 더욱 강하게 나타났다. 본 연구를 통하여 실질적 경쟁 및 잠재적 경쟁과 기업의 R&D 투자의사결정의 관계 그리고 목표대비 성과 수준의 역할을 이해하는데 도움이 될 수 있을 것으로 기대된다.

Growing competition is forcing firms to unceasingly achieve innovation for survival. In a response to increased competition, firms invest in R&D. In this vein, this study focuses on the relation between competition and R&D investments of firms. To this end, we decompose competition into actual and potential competition first and then empirically examine effects of each competition on firms' R&D investments. Further, this study also focuses on moderating roles of firms' performance relative to their aspiration level on these relations. By using Compustat data, we found that actual competition hinders firms' R&D investments, but potential competition enhances R&D investments. In addition, the effects of actual and potential competition were moderated by firms' performance relative to their aspiration level. Specifically, negative performance strengthens the negative effect of actual competition on R&D investments, but attenuates the positive effect of potential competition. Moreover, positive performance moderates the effects of each competition in the same direction, but its moderating effects are stronger than negative performance. As such, this research seeks to identify the relations between actual and potential competition and R&D investments of firms and the moderating role of performance relative to aspiration level.

키워드

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