DOI QR코드

DOI QR Code

글로벌 정치 경제적 불확실성에 따른 제조 기업의 R&D 전략 분석

Analysis of the Manufacturing Firms' R&D Strategy According to Global Political and Economic Uncertainty

  • 오건택 (한국과학기술원 기술경영학부) ;
  • 정의범 (한신대학교 경영학과)
  • 투고 : 2024.04.11
  • 심사 : 2024.04.19
  • 발행 : 2024.04.30

초록

본 연구는 글로벌 정치 경제적 불확실성 따라 제조 기업의 R&D 투자가 매출액에 미치는 영향을 분석하였다. 본 연구의 변수로는 기업의 R&D 투자, 기업의 성과 지표인 매출액, 글로벌 정치 경제적 불확실성을 반영한 Global Economic Policy Uncertainty (GEPU) 수치가 사용되었다. 패널데이터 분석에 있어서 Wharton Research Data Services의 Compustat Database에 있는 제조 기업을 바탕으로 2000년부터 2023년까지 24년간 총 96분기 데이터를 사용하였다. 선행 연구에서 상대적으로 부족했던 Global Economic Policy Uncertainty 수치를 조절변수로 사용하여 기업의 R&D 투자가 매출액에 미치는 영향에 연구하였으며, 시간 지연 효과(Time lag effect)에 대해 분석함으로써 새로운 연구의 방향을 제시하였고, 기업의 효과적인 R&D 투자 전략을 실행해야 함을 시사하였다.

This study analyzes the effects of manufacturing firms' R&D investment on sales according to global political economic uncertainty. The variables in this research include the firm's R&D investment, sales, which serves as an indicator of the firm's performance, and the Global Economic Policy Uncertainty (GEPU) index, which reflects situations of global political economic uncertainty. Panel data analysis is conducted by using a total of 96 quarters of data spanning 24 years from 2000 to 2023 based on manufacturing firms in the Wharton Research Data Services' Compustat Database. We study the impact of firm's R&D investment on sales by considering the Global Economic Policy Uncertainty index, which was relatively underestimated in previous research, as moderating variable, and present a new direction for research by analyzing the time lag effect. We suggest effective R&D investment strategy for firms.

키워드

과제정보

이 논문(작품)은 한신대학교 학술연구비 지원에 의하여 연구(창작)되었음.

참고문헌

  1. Aboody, D. and Lev, B. (2000). Information Asymmetry, R&D, and Insider Gains, The Journal of Finance, 55(6), 2747-2766.
  2. Ahmed, K. and Falk, H. (2006). The Value Relevance of Management's Research and Development Reporting Choice: Evidence from Australia, Journal of Accounting and Public Policy, 25(3), 231-264. https://doi.org/10.1016/j.jaccpubpol.2006.03.002
  3. Alam, A., Uddin, M., Yazdifar, H., Shafique, S. and Lartey, T. (2020). R&D Investment, Firm Performance and Moderating Role of System and Safeguard: Evidence from Emerging Markets, Journal of Business Research, 106, 94-105.
  4. Alkhafaji, A. and Nelson, R. A. (2013). Strategic Management: Formulation, Implementation, and Control in a Dynamic Environment, London, Routledge.
  5. Aro-Gordon, S. and Gupte, J. (2016). Review of Modern Inventory Management Techniques, Global Journal of Business & Management, 1(2), 1-22.
  6. Artz, K. W., Norman, P. M., Hatfield, D. E. and Cardinal, L. B. (2010). A Longitudinal Study of the Impact of R&D, Patents, and Product Innovation on Firm Performance, Journal of Product Innovation Management, 27(5), 725-740.
  7. Baker, S. R., Bloom, N. and Davis, S. J. (2016). Measuring Economic Policy Uncertainty, The Quarterly Journal of Economics, 131(4), 1593-1636. https://doi.org/10.1093/qje/qjw024
  8. Baltagi, B. H. (2008). Econometric Analysis of Panel Data, Chichester, Wiley.
  9. Booltink, L. W. and Saka-Helmhout, A. (2018). The Effects of R&D Intensity and Internationalization on the Performance of Non-high-tech SMEs, International Small Business Journal, 36(1), 81-103.
  10. Bor, Y. J., Chuang, Y. C., Lai, W. W. and Yang, C. M. (2010). A Dynamic General Equilibrium Model for Public R&D Investment in Taiwan, Economic Modelling, 27(1), 171-183.
  11. Brunner, K., Cukierman, A. and Meltzer, A. H. (1983). Money and Economic Activity, Inventories and Business Cycles, Journal of Monetary Economics, 11(3), 281-319. https://doi.org/10.1016/0304-3932(83)90021-1
  12. Callimaci, A. and Landry, S. (2004). Market Valuation of Research and Development Spending under Canadian GAAP, Canadian Accounting Perspectives, 3(1), 33-54. https://doi.org/10.1506/V5LY-4CNE-3J0Q-00HN
  13. Chan, L. K. C., Lakonishok, J. and Sougiannis, T. (2001). The Stock Market Valuation of Research and Development Expenditures, The Journal of Finance, 56(6), 2431-2456. https://doi.org/10.1111/0022-1082.00411
  14. Chishti, M. Z., Khalid, A. A. and Sana, M. (2023). Conflict vs Sustainability of Global Energy, Agricultural and Metal Markets: A Lesson from Ukraine-Russia War, Resources Policy, 84, 1-17. https://doi.org/10.1016/j.resourpol.2023.103775
  15. Cooper, R. G. (2011). Perspective: The Innovation Dilemma: How to Innovate When the Market is Mature, Journal of Product Innovation Management, 28(s1), 2-27. https://doi.org/10.1111/j.1540-5885.2011.00858.x
  16. Cui, J. and Maghyereh, A. (2023). Higher-order Moment Risk Connectedness and Optimal Investment Strategies between International Oil and Commodity Futures Markets: Insights from the COVID-19 Pandemic and Russia-Ukraine Conflict, International Review of Financial Analysis, 86, 1-39. https://doi.org/10.1016/j.irfa.2023.102520
  17. Dbouk, W., Moussawi-Haidar, L. and Jaber, M. Y. (2020). The Effect of Economic Uncertainty on Inventory and Working Capital for Manufacturing Firms, International Journal of Production Economics, 230, 1-13. https://doi.org/10.1016/j.ijpe.2020.107888
  18. Donelson, D. C. and Resutek, R. J. (2012). The Effect of R&D on Future Returns and Earnings Forecasts, Review of Accounting Studies, 17, 848-876.
  19. Eberhart, A. C., Maxwell, W. F. and Siddigue, A. R. (2004). An Examination of Long-term Abnormal Stock Returns and Operating Performance Following R&D Increases, The Journal of Finance, 59(2), 623-650.
  20. Feng, X., Luo, W. and Wang, Y. (2023). Economic Policy Uncertainty and Firm Performance: Evidence from China, Journal of the Asia Pacific Economy, 28(4), 1476-1493. https://doi.org/10.1080/13547860.2021.1962643
  21. Hall, B. H. and Lerner, J. (2010). The Financing of R&D and Innovation, In Handbook of the Economics of Innovation, North-Holland.
  22. Han, B. H. and Manry, D. (2004). The Value-relevance of R&D and Advertising Expenditures: Evidence from Korea, The International Journal of Accounting, 39(2), 155-173.
  23. Hoskisson, R. O. and Johnson, R. A. (1992). Research Notes and Communications Corporate Restructuring and Strategic Change: The Effect on Diversification Strategy and R&D Intensity, Strategic Management Journal, 13(8), 625-634.
  24. Hsu, F. J., Chen, M. Y., Chen, Y. C. and Wang, W. C. (2013). An Empirical Study on the Relationship between R&D and Financial Performance, Journal of Applied Finance & Banking, 3(5), 107-119.
  25. Jaffe, A. B., Newell, R. G. and Stavins, R. N. (2003). Technological Change and the Environment, In Handbook of Environmental Economics, Elsevier.
  26. James, B. E. and McGuire, J. B. (2016). Transactional-institutional Fit: Corporate Governance of R&D Investment in Different Institutional Contexts, Journal of Business Research, 69(9), 3478-3486.
  27. Jeong, E. B. and Oh, K. T. (2023). A Study on the Current Status of Supply Chain Risks after COVID-19: Focusing on Network Analysis, Journal of Korea Society of Industrial Information Systems, 28(4), 77-92.
  28. Jin, G., Xu, J., Liu, F., Haris, M. and Weqar, F. (2022). Does R&D Investment Moderate the Relationship between the COVID-19 Pandemic and Firm Prformance in China's High-tech Industries? Based on DuPont Components, Technology Analysis & Strategic Management, 34(12), 1464-1478.
  29. Karabag, S. F. and Imre, O. (2022). The Global, Regional, National, Sectoral, Economic, and Commercial Impact of the Russo-Ukrainian War and the Emerging Second Cold War, Journal of Applied Economics and Business Research, 12(2), 58-70.
  30. Khan, A. and Thomas, J. K. (2007). Inventories and the Business Cycle: An Equilibrium Analysis of Policies, American Economic Review, 97(4), 1165-1188. https://doi.org/10.1257/aer.97.4.1165
  31. Kim, D. H. and Kim, J. K. (2017). The Effects of R&D Capability and Market Orientation on Product Innovation Performance: The Moderating Role of Technological Innovation Orientation, Journal of Korea Society of Industrial Information Systems, 22(4), 79-95.
  32. Kim, H. J. and Choi, W. Y. (2022). The Relationship between R&D Capability & Performance: Focusing the Moderating Role of Manufacturing Capability & Employee's Understanding the Biz-model, Journal of Korea Society of Industrial Information Systems, 27(1), 79-92.
  33. Kim, J., Yang, I., Yang, T. and Koveos, P. (2021). The Impact of R&D Intensity, Financial Constraints, and Dividend Payout Policy on Firm Value, Finance Research Letters, 40, 1-5.
  34. Kor, Y. Y. (2006). Direct and Interaction Effects of Top Management Team and Board Compositions on R&D Investment Strategy, Strategic Management Journal, 27(11), 1081-1099.
  35. Kouvelis, P., Chambers, C. and Wang, H. (2006). Supply Chain Management Research and Production and Operations Management: Review, Trends, and Opportunities, Production and Operations Management, 15(3), 449-469. https://doi.org/10.1111/j.1937-5956.2006.tb00257.x
  36. Kovach, J. J., Hora, M., Manikas, A. and Patel, P. C. (2015). Firm Performance in Dynamic Environments: The Role of Operational Slack and Operational Scope, Journal of Operations Management, 37, 1-12. https://doi.org/10.1016/j.jom.2015.04.002
  37. Lang, G. (2009). Measuring the Returns of R&D-An Empirical Study of the German Manufacturing Sector over 45 Years, Research Policy, 38(9), 1438-1445.
  38. Leung, T. Y. and Sharma, P. (2021). R&D Investment, Firm Performance and Moderating Role of System and Safeguard: Evidence from Emerging Markets, Journal of Business Research, 106. 94-105.
  39. Lome, O., Heggeseth, A. G. and Moen, O. (2016). The Effect of R&D on Performance: Do R&D-intensive Firms Handle a Financial Crisis Better?, The Journal of High Technology Management Research, 27(1), 65-77.
  40. Miller, D. J. (2006). Technological Diversity, Related Diversification, and Firm Performance, Strategic Management Journal, 27(7), 601-619. https://doi.org/10.1002/smj.533
  41. Mowery, D. C. (1998). The Changing Structure of the US National Innovation System: Implications for International Conflict and Cooperation in R&D Policy, Research Policy, 27(6), 639-654.
  42. Nekhili, M., Boubaker, S. and Lakhal, F. (2012). Ownership Structure, Voluntary R&D Disclosure and Market Value of Firms: The French Case, International Journal of Business, 17(2), 126-140.
  43. Nguyen, Q. and Kim, H. T. (2023). An Exploration on Policy Uncertainty as a Driver of R&D Activity, Research in International Business and Finance, 64, 1-15.
  44. Niemira, M. P. and Klein, P. A. (1994). Forecasting Financial and Economic Cycles, New York, John Wiley & Sons.
  45. Noci, G. and Verganti, R. (1999). Managing 'Green' Product Innovation in Small Firms, R& D Management, 29(1), 3-15.
  46. Patel, P. C., Guedes, M. J., Soares, N. and da Conceicao Goncalves, V. (2018). Strength of the Association between R&D Volatility and Firm Growth: The Roles of Corporate Governance and Tangible Asset Volatility, Journal of Business Research, 88, 282-288.
  47. Pauwels, K., Silva-Risso, J., Srinivasan, S. and Hanssens, D. M. (2004). New products, Sales Promotions, and Firm Value: The Case of the Automobile Industry, Journal of Marketing, 68(4), 142-156. https://doi.org/10.1509/jmkg.68.4.142.42724
  48. Perkmann, M. and Walsh, K. (2007). University-industry Relationships and Open Innovation: Towards a Research Agenda, International Journal of Management Reviews, 9(4), 259-280. https://doi.org/10.1111/j.1468-2370.2007.00225.x
  49. Rodriguez, A. and Nieto, M. J. (2016). Does R&D Offshoring Lead to SME Growth? Different Governance Modes and the Mediating Role of Innovation, Strategic Management Journal, 37(8), 1734-1753.
  50. Stock, J. H. and Watson, M. W. (2002). Has the Business Cycle Changed and Why?. NBER Macroeconomics Annual, 17, 159-218. https://doi.org/10.1086/ma.17.3585284
  51. Tajaddini, R. and Gholipour, H. F. (2021). Economic Policy Uncertainty, R&D Expenditures and Innovation Outputs, Journal of Economic Studies, 48(2), 413-427.
  52. Triola, M. F., Goodman, W. M., Law, R. and Labute, G. (2014), Elementary Statistics, Boston, Pearson.
  53. Wang, C. H., Lu, Y. H., Huang, C. W. and Lee, J. Y. (2013). R&D, Productivity, and Market Value: An Empirical Study from High-technology Firms, Omega, 41(1), 143-155.
  54. Wang, Y. and Fan, W. (2014). R&D Reporting Methods and Firm Value: Evidence from China, Chinese Management Studies, 8(3), 375-396.