Knowledge Management Research (지식경영연구)

The Knowledge Management Society of Korea (한국지식경영학회)
권호 표지
DOI QR코드

DOI QR Code

Market orientation and investment decision of firms

기업의 시장지향성과 투자의사결정

  • 표경민 (건양대학교 글로벌경영대학 세무학과)
  • Received : 2019.09.09
  • Accepted : 2019.11.03
  • Published : 2019.12.31
Download PDF
⟨ Previous Next ⟩

Abstract

This paper is aim to test how market orientation is related to the investment decision making. After controlling for firm-specific factors, this study finds a significantly positive relationship between market orientation and R&D expenditures, especially firms with high ratio of intangible assets and low ratio of abnormal inventory assets. Under conditions of low quality of earnings, the negative relation between market orientation and R&D expenditures is enhanced in electronic related industries. This indicates that the relation between market orientation and R&D expenditures may exhibit more reasonable patterns for investment decision of firms in technology driven business environment.

Keywords

References

  1. 강신형, 황정태, 박상문 2016. "외부지식탐색이 기업의 혁신 성과에 미치는 영향: 지식 보호와 환경불확실성의 조절효과를 중심으로," 지식경영연구 (17:3), pp. 117-136. https://doi.org/10.15813/kmr.2016.17.3.006
  2. 신건철, 이지원, 강인원 2011. "다국적기업 R&D 센터의 지식이전과 혁신성과에 관한 연구," 지식경영연구 (12:1), pp. 111-121.
  3. 송치웅, 오완근 2010. "제조기업의 연구개발활동과 소비자지향성이 기술혁신에 미치는 영향," 기술혁신학회지 (13:1), pp. 124-139.
  4. 조성표, 정재용 2001. "개발지출의 다기간 이익효과 분석," 경영학연구 (30:1), pp. 289-313.
  5. 정군오, 장원경, 김연용 2005. "연구개발비와 광고비가 기업가치에 미치는 영향," 대한경영학회지 (18:5), pp. 1851-1867.
  6. 최정호 1994. "광고비 및 연구개발비 지출이 기업가치에 미치는 영향 - 토빈 Q에 의한 실증적 분석," 회계학연구 (19:1), pp. 103-126.
  7. Acharya, V. V., and Johnson, T. C. 2007. "Insider Trading in Credit Derivatives," Journal of Financial Economics (84:1), pp. 110-141. https://doi.org/10.1016/j.jfineco.2006.05.003
  8. Arrighetti, A., Landini, F., and Lasagni, A. 2015. "Intangible asset dynamics and firm behavior," Industry and Innovation (22:5), pp. 402-422. https://doi.org/10.1080/13662716.2015.1064256
  9. Boujelben, S., and Fedhila, H. 2011. "The effects of intangible investments on future OCF," Journal of Intellectual Capital (12:4), pp. 480-494. https://doi.org/10.1108/14691931111181689
  10. Cohen, L., Malloy, C., and Pomorski, L. 2012. "Decoding Inside Information," The Journal of Finance (67:3), pp. 1009-1043. https://doi.org/10.1111/j.1540-6261.2012.01740.x
  11. Dickinson, V. 2011. "Cash Flow Patterns as a Proxy for Firm Life Cycle," THE ACCOUNTING REVIEW (86:6), p p. 1969-1994. https://doi.org/10.2308/accr-10130
  12. Farber, S. 1981. "Buyer market structure and R&D effort: A simultaneous equations model," Review of Economics and Statistics (63:3), pp. 336-345. https://doi.org/10.2307/1924350
  13. Francis, J., Lafond, R., Olsson, P., and Shipper, K. 2005. "The market pricing of accruals quality," Journal of Accounting and Economics (39:2), pp. 295-327. https://doi.org/10.1016/j.jacceco.2004.06.003
  14. Gu, F., and Li, J. Q. 2007. "The Credibility of Voluntary Disclosure and Insider Stock Transactions," Journal of Accounting Research (45:4), pp. 771-810. https://doi.org/10.1111/j.1475-679X.2007.00250.x
  15. Hunter, L., Webster, E., and Wyatt, A. 2012. "Accounting for Expenditure on Intangibles," A journal of accounting, finance and business studies (48:1), pp. 104-145.
  16. Jindal, N., and McAlister, L. 2015. "The Impacts of Advertising Assets and R&D Assets on Reducing Bankruptcy Risk," Marketing Science (34:4), pp. 555-572. https://doi.org/10.1287/mksc.2015.0913
  17. Kothari, S. P., Leone, A., and Wasley, C. 2005. "Performance matched discretionary accrual measures," Journal of Accounting and Economics (39:1), pp. 163-197. https://doi.org/10.1016/j.jacceco.2004.11.002
  18. Lunn, J. 1989. "R and D, Concentration and Advertising: A Simultaneous Equations Model," Managerial and Decision Economics (10:2), pp. 101-105. https://doi.org/10.1002/mde.4090100203
  19. Porter, M. E. 2000. "Location, competition, and economic development: Local clusters in a global economy," Economic development quarterly (14:1), pp. 15-34. https://doi.org/10.1177/089124240001400105
  20. Roychowdhury, S. 2006. "Earnings management through real activities manipulation," Journal of Accounting and Economics (42:3), pp. 335-370. https://doi.org/10.1016/j.jacceco.2006.01.002