• Journal of Technology Innovation
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• v.30 no.3
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• pp.1-34
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• 2022

This study examines the effect of CEO age on the value relevance of R&D which is the relationship between R&D expenditures and firm value. The value relevance of R&D expenditures is higher in companies with current older CEOs, while the relationship in companies with younger CEOs is lower than that of other companies. These results suggest that older CEOs tend to be conservative and make prudent R&D investment decisions. Because they make systematic investment decisions with rich experience, they are expected to have higher investment performance in the market. On the other hand, young CEOs choose risky investments in order to have their abilities highly evaluated in the labor market. The market places a high degree of risk on the R&D decision-making of young CEOs. Next, we analyze whether the age of the replaced CEOs affects the relationship between R&D expenditures and firm value. The result shows that the change of management increases the effect of R&D expenditure on firm value. However, in the case of being replaced by a younger CEO, this positive relationship becomes lower than that of other companies, showing results consistent with the case of the current younger CEO. The samples are analyzed by dividing them into conglomerates and non-conglomerates. In conglomerates, the age of the replaced CEOs does not affect the value relevance of R&D expenditures. Only non-conglomerates showed a negative (-) effect on the replaced younger CEOs. These results suggest that conglomerates maintain the stability of R&D management and performance so that the performance of R&D expenditures is not significantly affected by the age of the replaced CEOs. The reason is that mutual checks and support are coordinated within the group through decentralization of work and systematization of decision-making. This study shows evidence that the relationship between R&D expenditure and firm value according to the age of the replaced CEO is a phenomenon that only occurs in non-conglomerates. This phenomenon suggests that conglomerates are stably managing their R&D performance regardless of the change of CEOs or the characteristics of the CEOs.

• Science & Technology Policy
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• v.2 no.25 s.25
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• pp.21-24
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• 1992

• Journal of Energy Engineering
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• v.23 no.2
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• pp.102-113
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• 2014

This study analyzes whether the value-added structure of Korean bioenergy industry exhibits a virtuous cycle through the value chain(VC) within bioenergy firms, using a regression analysis based on a survey to Korean bioenergy companies. As a result, in Korean bioenergy companies, the R&D outputs positively influence an increase in production, and a decrease in production costs positively influences an increase in profit rates per sales. However, the government's supports for R&D is analyzed neither to lead an increase in corporates' R&D investments, nor to contribute to an increase in their R&D outputs. In addition, it turns out that an increase in production does not contribute to a decrease in production costs. Besides, it is analyzed that an increase in profit rates per sales does not contribute to an increase in production or an increase in the R&D investments. The virtuous cycle of the value chain in Korean bioenergy firms is, therefore, estimated to be weak. This study has a policy implication to need further efforts to create the virtuous cycle in the VC of Korean bioenergy industry.

• Journal of Technology Innovation
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• v.24 no.1
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• pp.143-167
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• 2016

The purpose of this study is to analyze changes of innovation activities and their performance in pre-IPO and post-IPO of KOSDAQ IPO listed companies in medical and pharmaceutical fields, which require high R&D investment, from 2000 to 2005 in Korea. The innovation efficiencies of the IPO companies were measured before and after three years based on the DEA model. The financial data and patent information of the listed company during total 6 years, which were 3 years before IPO and 3 years after IPO, were collected. The main results of this research are as follows. First, it took an average 12.86 years until IPO in the start-up of the IPO companies in the pharmaceutical sector, and innovation was on average more active than the IPO before. R&D investment was higher than the IPO before, and the number of the applied patent during 3 years after IPO was 16.67 which was increased from 8.43 during 3 years before IPO. In addition, the average scope of technology of the IPO companies was expanded from 11 to 22 technology fields during previous 3 year and after 3 year each, and financial growth after IPO was lower than the previous IPO. Second, the financial performance of R&D investment and the performance of patent activity were weakened in the efficiency after the IPO, and the integrated performance from the patenting activities and the R&D investment was decreased after the IPO. Finally, the efficiency of the financial performance of the patenting activity was lower than the efficiency of the financial performance of the patent and R&D investment and patent activities under the R&D investment. In particular, the inefficiency of the firms' patenting activities performance after the IPO was caused by the decreasing return to scale, according to the results of this study. This results implicate that the expansion of R&D investments through the IPO had not lead to the financial performance of the market, and that the overall inefficiency since the IPO is due to the inefficiencies at the stage for the outcome of innovation activity rather than the output obtained through the R&D investments that appear to lead the performance of the market.

• Journal of Labour Economics
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• v.34 no.1
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• pp.33-69
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• 2011

This study analyses a productivity effect by E&T and R&D activities via estimation of E&T stock, R&D stock, and patent stock in a corporate level. Particularly, the analysis reflects the effects of skilled training after estimating E&T stock from E&T flow. When a spillover effect of E&T is analyzed, a methodology using technical proximity concept becomes a new experiment. Also classifying long and short term effects from the usage of Dynamic Panel Data Analysis becomes a new trial, too. The results of study appear that the productivity effects from E&T investments are relatively lager than R&D investments. Through spillover effects and long-term effects E&T and R&D activities have a strong influence on the corporate's productivity.

• International Area Studies Review
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• v.21 no.1
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• pp.25-57
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• 2017

In this study, we analyzed the information asymmetry and the agency problem in major affiliated companies on the basis of the R&D investment. As a result of comparing how the R&D investment effects on major affiliated companies and the independent companies, even the achievement of R&D investment effects in a positive way to the firm value, the positive effect appears much lower on major affiliated companies comparing independent companies. In order to analyze the case, we investigated in a separate way according to the shareholding ratio and the affiliated market using the sample of the independent company and the group affiliated company. As a result of such analysis, the cause of this comes from the agency problem in major affiliated company, not the asymmetry information of affiliated company. After we analyzed the sample of the research depending on the affiliation market, we could observe there is a little impact of the asymmetry information in the outcome of the R&D investment of the major affiliated companies. In contrast, the companies which rated lower in the ratio of the shareholding appears much less in the positive effect of R&D investment compared to the companies which rated at a higher level. This phenomenon was also consistently observed when changing the research method or further subdividing the sample of companies belonging to the group based on the ownership share of major shareholders.

• Venture DIGEST
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• s.2
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• pp.6-7
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• 2002

• Science & Technology Policy
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• v.18 no.3
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• pp.79-89
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• 2008

• The Journal of Bigdata
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• v.6 no.1
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• pp.13-22
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• 2021

The purpose of this study is to develop and demonstrate a framework for evaluating the maturity of big data for effective data strategy establishment and efficient investment of companies. By supplementing the shortcomings of the evaluation developed so far, a framework was developed to evaluate the maturity of a company's big data in an integrated process. As a result, four evaluation areas of 'Vision and Strategy', 'Management', 'Analysis' and 'Utilization', assessment items for each area, detailed content, and criteria for each stage were derived. This was verified through a survey of entrepreneurs, and the maturity level of big data of domestic companies was confirmed. As a future research direction, it is proposed to develop detailed assessment factors according to the characteristics of each industry, to develop a data utilization framework according to the assessment results, and to improve validity and reliability through adjustment of verification targets.

• Journal of Energy Engineering
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• v.23 no.1
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• pp.46-57
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• 2014

This study analyzes whether the value-added structure of Korean wind power industry exhibits a virtuous cycle through the value chain(VC) within wind power firms and the value system(VS) among the wind power industries, using a regression analysis based on a survey about Korean wind power companies. According to the VC, the government's R&D support is analyzed to have contributed to an increase in the R&D investments of the wind power companies. An increase in corporates' R&D investments has led to an increase in corporates' R&D outputs, and in turn, induced a remarkable increase in the amounts of production. But an increase in production has not led to a decrease in the costs of production, not resulting in an increase in profit rates per sales amount. In addition, while an increase in profit rates is analyzed to have contributed to an increase in production, this did not induce further investments in corporate's R&D. The virtuous cycle of the value chain in Korean wind power firms is, therefore, analyzed to be weak. Next, the VS is analyzed by dividing the whole chain into the system group including rotor blades, gear boxes, and power generators, and the structure group, such as towers. Two groups are analyzed to have mutually positive effects in the processes of the government's support for corporates' R&D, corporates' investment in R&D, R&D outputs, and profit rates per sales amount. Such mutual positive effects are, however, not found in the processes of the amounts of production and the costs of production. These results demonstrates that the value system of Korean wind power industry is not completed. This study has a policy implication to need further efforts to create the virtuous cycle in the VC and VS of Korean wind power industry.