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http://dx.doi.org/10.5392/JKCA.2018.18.04.444

Conditional Quantile Regression Analyses on the Research & Development Expenses for KOSPI-listed Firms in the Post-era of the Global Financial Turmoil  

Kim, Hanjoon (호서대학교 사회과학대학 경영학부)
Publication Information
The Journal of the Korea Contents Association / v.18, no.4, 2018 , pp. 444-453 More about this Journal
Abstract
The study addresses the analysis on the financial determinants of corporate research and development (R&D) expenditure in finance. Overall level of R&D spending was estimated as one of the top-tier on a global basis and a majority of the expenditure was invested by large domestic firms in private sector. Consequently, financial factors that influence R&D intensity were empirically tested in the first hypothesis by using conditional quantile regression model for firms listed in KOSPI stock market in the post-era of the global financial turmoil. Firms in the groups of high- and low-R&D intensity were statistically compared to detect financial differences in the second hypothesis which was accompanied by the test of multi-logit model that included firms without R&D outlay. Concerning the results of the hypothesis tests, R&D spending of the prior fiscal year, firm size, business risk and advertising expense overall showed statistically significant impacts to determine the level. As an extended study of [1] that had examined financial factors of R&D intensity at the macro-level, the results of the present study are anticipated to contribute to maximizing shareholders' wealth in advance or emerging capital markets, when applied to find an optimal level of R&D expenditure.
Keywords
Global Financial Turmoil; Multi-logit Analysis; Conditional Quantile Regression; Research and Development Expenditure; KOSPI-listed Firms;
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Times Cited By KSCI : 1  (Citation Analysis)
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