• 서비스연구
• /
• 제8권3호
• /
• pp.25-35
• /
• 2018

기업의 사회적 책임 (CSR)을 위한 관행은 비즈니스 세계에서 경쟁우위의 원천이 되었습니다. 이에 따라 호텔 산업에서 이러한 관행의 계속적으로 증가하고 있지만, 이러한 관행과 기업의 재무적 성과 간의 관계에 관한 실증적 연구는 아직 많이 부족한 실정입니다. 따라서 이 연구의 목적은 미국 호텔 산업에서 기업의 사회적 책임의 다양한 차원의 영향이 미국 호텔산업의 재무적 성과에 미치는 영향을 확인하는데 있습니다. 이를 검증하기 위해서 본 연구는 KLD 통계 및 1991-2015년 SIC 코드를 사용하여 얻은 COMPUSTAT 데이터를 이용합니다. STATA를 이용한 OLS 회귀분석방법은 호텔의 사회적 책임이 호텔의 재무적 성과에 유의한 영향을 미친다는 것을 보여줍니다. 본 연구의 연구결과는 호텔산업의 사회적 책임에 관한 마케팅활동에 활용할 수 있는 유용한 정보를 제공하는데 의의가 있습니다.

• 한국산업정보학회논문지
• /
• 제29권2호
• /
• pp.191-204
• /
• 2024

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.

• 기술혁신연구
• /
• 제24권2호
• /
• pp.177-205
• /
• 2016

점차 치열해지고 있는 경쟁환경은 기업들에게 생존을 위해 끊임없이 혁신적인 제품과 서비스를 창출하도록 요구하고 있다. 이러한 경쟁환경에 대응하기 위하여 기업들은 R&D 투자를 통하여 지속적인 혁신을 달성하고 있다. 이에 본 연구는 경쟁과 기업의 R&D 투자의 관계를 고찰하였다. 이를 위하여 경쟁을 실질적 경쟁과 잠재적 경쟁으로 이원화하여 각각이 기업의 R&D 투자에 미치는 영향을 관찰하였다. 또한 이 관계가 기업의 목표대비 성과 수준에 따라 어떻게 달라지는지 관찰하였다. 미국 Compustat 데이터로 실증분석을 수행한 결과, 실질적 경쟁은 기업의 R&D 투자를 감소시키는 경향이 있었던 반면 잠재적 경쟁은 R&D 투자를 증가시키는 경향이 있었다. 이에 대하여 목표대비 성과 수준의 조절효과는 기업의 성과가 목표보다 낮았을 때는 실질적 경쟁의 음(-)의 효과를 강화시키고, 잠재적 경쟁의 양(+)의 효과를 약화시켰고, 목표보다 높았을 때에도 실질적 경쟁의 음(-)의 효과를 강화 시키고, 잠재적 경쟁의 양(+)의 효과를 약화시켰으나 그 조절효과는 기업의 성과가 목표보다 낮았을 때보다 더욱 강하게 나타났다. 본 연구를 통하여 실질적 경쟁 및 잠재적 경쟁과 기업의 R&D 투자의사결정의 관계 그리고 목표대비 성과 수준의 역할을 이해하는데 도움이 될 수 있을 것으로 기대된다.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.1241-1248
• /
• 2021

This study employs data from CRSP/Compustat files for the period from 2003 to 2017 and applies a panel data analysis. The results of this study show a positive relationship between trade credit and the firm's market value, however, the results show a negative relationship if we test the impact of financial credit on the firm's market value. The results have direct policy implications for investors, the firm's management, and financial strategy. An implication of our study is that using trade credit as a source of financing may give a positive signal of the firm's creditworthiness and increase the firm's market value. Also, the results of our study indicate that the benefits of using trade credit may outperform the cost of using it as a source of finance. Prior studies examine the impact of financial leverage on the firm's value, however, this study contributes to the existing studies that examine the factors that affect the firm's market value by examining the impact of using trade credit finance on the firm's market value. The main limitation of this study is that the results are based on listed firms, using data from unlisted firms is not available.

• 아태비즈니스연구
• /
• 제14권4호
• /
• pp.175-189
• /
• 2023

Purpose - The purpose of this study was to examine the relationship between CEO name uncommonness and R&D intensity while focusing on CEO ownership and CEO tenure as moderators of the relationship. Design/methodology/approach - This study collected data from various American databases such as national data on given names from Social Security Administration, COMPUSTAT, and Execucomp. The sample of this study includes 2,494 (firm-year) observations from U.S. firms between 2005-2011. This study conducts Feasible Generalized Least Square (FGLS) regression analysis to test the hypotheses. Findings - First, we found CEO name uncommonness was positively related to R&D intensity. In other words, CEOs with unusual names prefer being distinctive by increasing R&D investments. Second, we examine the moderating roles of CEO characteristics (i.e., CEO ownership and tenure). The results show that CEO tenure strengthens the positive relationship between CEO name uncommonness and R&D intensity. Research implications or Originality - First, this study extends the CEO characteristics and R&D literature by investigating how CEO name uncommonness affects R&D intensity. In addition, our study also supports the intitutionalization of CEO power arguments by showing that CEOs with unusual names are more likely to pursue distinctive strategies when they have longer tenure. For practical implications, our results allow the investors to better predict corporate future R&D expenses. It suggests that ceteris paribus, CEOs with unusual names, vis-a-vis CEOs with common names, are more likely to increase R&D expenses.

• Asia Marketing Journal
• /
• 제15권3호
• /
• pp.79-95
• /
• 2013

New product innovation is a process of embodying new knowledge in a product and technology licensing is getting popular as a means to innovations and introduction of new product to the market in today's competitive global market environment. Incumbents often rely on technology licensing to access new product opportunities created by other firms. Prior research has examined various aspects of technology licensing agreements such as specific contract terms of licensing agreements, e.g., distribution of control rights, exclusivity of licensing agreements, cross-licensing, and the scope of licensing agreements. This study aims to provide answers to an important, but under-researched question: why do some incumbents initiate more licensing agreement for exploratory learning while others do it for exploitative learning along the innovation process? We attempt to extend our knowledge of licensing agreements from an organizational learning perspective. Technology licensing as a specific form of interfirm linkages can be initiated with different learning objectives along the process of new product innovation. The exploratory stages of the innovation process such as discovery or research stages involve extensive searches to create new knowledge or capabilities, whereas the exploitative stages of the innovation process such as application or test stages near the commercialization are more focused on developing specific applications or improving their efficiency or reliability. Thus, different stages of the innovation process generate different types of learning and the resulting technological resources. We examine when incumbents as licensees initiate more licensing agreements for exploratory learning objectives and when more for exploitative learning objectives, focusing on two factors that may influence a firm's formation of exploratory and exploitative licensing agreements: 1) its past radical and incremental innovation experience and 2) its internal investments in R&D and marketing. We develop and test our hypotheses regarding the relationship between a firm's radical and incremental new product experience, R&D investment intensity and marketing investment intensity, and the likelihood of engaging in exploratory and exploitive licensing agreements. Using data collected from various secondary sources (Recap database, Compustat database, and FDA website), we analyzed technology licensing agreements initiated in the biotechnology and pharmaceutical industries from 1988 to 2011. The results of this study show that incumbents initiate exploratory rather than exploitative licensing agreements when they have more radical innovation experience and when they invest in R&D activities more intensively; in contrast, they initiate exploitative rather than exploratory licensing agreements when they have more incremental innovation experience and when they invest in marketing activities more intensively. The findings of this study contribute to the licensing and interfirm cooperation studies. First, this study lays a foundation to understand the organizational learning aspect of technology licensing agreements. Second, this study sheds lights on how a firm's internal investments in R&D and marketing are linked to its tendency to initiate licensing agreements along the innovation process. Finally, the findings of this study provide important insight to managers regarding which technologies to gain via licensing agreements. This study suggests that firms need to consider their internal investments in R&D and marketing as well as their past innovation experiences when they initiate licensing agreements along the process of new product innovation.