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http://dx.doi.org/10.15813/kmr.2019.20.1.002

An Empirical Analysis on the Spillover Effects of R&D Investment in the ICT industry  

Jung, Woo-Jin (연세대학교 정보대학원 바른ICT연구소)
Kim, Hyunsuk (연세대학교 경제학과)
Cho, Shin (연세대학교 정보대학원)
Publication Information
Knowledge Management Research / v.20, no.1, 2019 , pp. 27-43 More about this Journal
Abstract
This paper examines spillover effects of R&D investment in the ICT industry to other industries by analyzing panel data composed of 6 manufacturing industries for the period of 1983~2011. Major findings are as follows; (1) The increase of R&D investment in ICT industry has a significantly positive relationship with the increase in the value-added of the remaining 5 industries with 3~10 year lags, depending on the source of R&D funds and R&D stage. (2) More specifically, public R&D shows the spillover effects during 3~7-year lag periods, whereas private R&D started to exert spillover effects from 9-year lag. The result implies that the public R&D appropriately targets projects with more spillover effects. (3) Basic research, applied research, and development showed the spillover effects for the period of 9~10, 7~10, and 10-year lag, respectively. (4) The R&D investment in 5 other industries such as machinery, chemicals, and materials does not have positive spillover effects to the remaining industries. Few studies have been done to analyze the R&D spillover effects to other industries, with certain limitations. This study contributes to the existing literature by analyzing the spillover effects of the different R&D funds and R&D stages, and by considering various time-lag effects.
Keywords
ICT; Spillover effect; Externality; R&D investment; Knowledge management;
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