• Journal of Information Technology Services
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• v.15 no.3
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• pp.1-14
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• 2016

According to the growing importance of science and technology policy, investment in research and development (R&D) has been increased. In this context, a patent as one of outcome of firm's systematic R&D investment is the way to hold a dominant position in companies' technology competitiveness and also to protect technology right. This study attempts to find the effects of input resources and intellectual property production activity on company value. It conducted empirical analysis based on 238 KOSDAQ-listed and medium-sized firms. Using the previous research, this study configurated research variables about activity of patent production, company value, and input of resources. Through these variables, it aims to know the effect of input of resources and activity of patent production on company value. First, the result of regression analysis shows that R&D cost has the positive effect on a patent production and sales promotion cost positively affects on the registration of the trademark. Second, the output of regression analysis indicates that a patent has the positive effect on company value but a trademark has not. With regard to the input of resources, R&D cost has the influence on company value but sales promotion cost has not. This study attempts to find the effectiveness of company's intellectual property registration on its value and suggests a way that the systematic R&D investment contributes the growth of company value.

• Clean Technology
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• v.17 no.2
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• pp.181-188
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• 2011

In this study, the complementary or crowding-out effects of public R&D subsidy on private R&D investment in the cleaner production were analysed between the effects and the major determinants (company size, R&D investment intensity, ratio of government investment, R&D manpower intensity). Among 207 firms' projects, the number of the complementary effect was 95 (45.9%) while that of crowding-out effect was 38 (18.4%). Resulting from logistic regression, the higher the R&D investment of sponsored companies is, the more complementary effect they show, responding to public R&D subsidy, and increase own R&D investment. The other determinants, however, showed no significant effects on firms' R&D investment. To heighten the effect of public cleaner production R&D, it is need to increase the priority of R&D investment intensity among the determinants. And to increase the performance of governmental R&D investment, further studies for the individual public R&D programs are necessary.

• Journal of Technology Innovation
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• v.31 no.2
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• pp.59-82
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• 2023

The purpose of this research is to conduct the empirical analysis of the short- and long-term causal relationship between public R&D investment, corporate R&D investment, and university R&D investment on economic growth in Korea. To this end, based on the time series data from 1976 to 2020, a causality test was conducted through the unit root test, cointegration test, and vector error correction model (VECM). As a result, it was found that there is a long-run equilibrium relationship between economic growth in Korea, public R&D investment, corporate R&D investment, and university R&D investment, in which a causal relationship exists in the long run. Also, while public R&D investment has a short-term effect on economic growth, corporate and university R&D investment does not have a short-term effect on economic growth. In addition, the results shows that there is a bidirectional causal relationship between economic growth and public R&D investment, corporate R&D investment and public R&D investment, and university R&D investment and public R&D investment in the short term. Through this research, it was empirically found that a highly mutual relationship exists between public R&D investment, corporate R&D investment, university R&D investment and economic growth. In order to increase the ripple effect of R&D investment on economic growth in the future, R&D investment between universities and corporations should be mutually promoted, and R&D investment by corporations should have a positive effect on public R&D investment so that public R&D investment can contribute to future economic growth.

• Journal of Korea Technology Innovation Society
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• v.17 no.4
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• pp.651-672
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• 2014

Under the diagnosis of low employment rate and low growth, the government regards the creation of new jobs through the creative and innovative R&D as an important national plans. This study attempts to measure the employment creation effect of R&D investment of industrial technology by using input-output analysis used in domestic and international broadly. The employment effect can be divided into employment inducement effect and direct employment effect. As a result of the analysis, The employment creation effect of R&D investment of government industrial technology is measured to be 8-12 peoples per 1 billion KRW investment. This results mean that government R&D investment is a effective policy for employment creation. And it is necessary to establish R&D policies that reflect the technical characteristics of the employment creation effect. In short term, it is important that the government invest the superior technology of total employment and direct employment as essential means of employment creation by selection and concentration strategy. In mid-long term, the government should focus on technology spread as technology transfer and opening innovation strategy for employment creation to support superior technology of employment inducement. The results of this study can be used in analysis on the employment creation effect related to industrial technology R&D.

• Proceedings of the Technology Innovation Conference
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• 2004.02a
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• pp.202-221
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• 2004

Technology is the most important determination factor on firm`s competitiveness. It helps firms to secure sustainable competitive advantages. Therefore Korean electronics part firms have increased their R&D investment since the 1990s. But their R&D management capabilities seem to be low level. Empirical study was undertook to verify factors that effect on R&D performance with enhancing R&D management capabilities. To accomplish the purpose, data collected valid samples in Seoul and Kyunggi Province. Using SPSSWIN 10.0package, regression analysis was used to verify hypotheses. This study verify that important factors of 4th R&D generation effect on improving R&D performance. Therefore Korean electronics firms must learn advanced firms in developed countries. Based on learning and accumulating R&D management capabilities, Korean electronics part firms should establish their firm-specific R&D management model.

• Journal of Technology Innovation
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• v.21 no.1
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• pp.1-26
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• 2013

The objectives of this paper are to analyze the effect of government R&D expenditure on employment in the Korean manufacturing sector in which employment is rapidly declining. According to the results of our empirical analysis, government R&D expenditure decreases the level of employment in Korean manufacturing sector in short term period, but it has positive effect on employment by compensation effect in the middle and long term period. Second, the effect of private R&D expenditure on job creation is three times larger than that of government R&D expenditure. Third, costs of labor and capital has negative effect on employment. This study is believed to help understanding the relation between R&D expenditure and employment, and providing policy implications of how to plan and manage government R&D expenditure as a tool of job creation.

• Knowledge Management Research
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• v.20 no.3
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• pp.49-71
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• 2019

This study explores the role of knowledge sharing between their social capital and performance in R&D setting. R&D environment is composed of experts from various domains with different backgrounds, such as technologies and experiences. Thus, increasing team social capital and enhancing knowledge sharing are critical for R&D performance. Social capital and Knowledge sharing are classified into two : Social capital and Knowledge sharing within/outside team. A empirical study was conducted at a research institute of large company that leads the advanced research and development of the domestic chemical industry. Data was collected 292 copies out of 500 copies (Response rate 58.4%). The result indicated that both social capital within and outside team had a positive effect on R&D Performance. Social capital within team had a significant impact on knowledge sharing within the team only, and social capital outside team had a significant effect on knowledge sharing outside the team only. Only knowledge sharing outside the team had a positive effect on R&D Performance and the mediating role of knowledge sharing was acquired for social capital outside team and R&D Performance only. From these key findings, this study suggests that, within the team, social capital alone can achieve results, but outside the team, it is necessary that not only social capital but also knowledge sharing are needed in order to achieve results.

• Journal of Technology Innovation
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• v.24 no.3
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• pp.81-105
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• 2016

The purpose of this study is to estimate the cost-saving effect of R&D investment in the ICT industry. As is well known, the R&D investment induces both the product innovation and the process innovation, in turn leads the effect of creating profit and cutting cost. However, it appears that studies concerned with the cost-saving effect of R&D investment have been unproductive, while most existing studies concentrate on the topic involved with the creating profit of R&D investment. Therefore, we extend the effect of R&D investment to a framework of the cost-saving focusing on the ICT industry. To empirically analyze the effect, we built a simultaneous three-equation model comprising a translog cost function and two cost share equations, and employed the SUR analysis. As a result, we found out that the cost-saving effect on the total cost is statistically significant. In addition, we examined relationships between the R&D investment and each cost of production elements. The results show that on the one hand, the R&D investment and the intermediate good cost have the substitution relationship. On the other hand, the complementary relationship is observed between the R&D investment and each labor or capital cost.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2000.11a
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• pp.346-356
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• 2000

This paper aims to analyse the relationship between R＆D investment and economic growth in Korea. The analysis result shows 38 percent of average economic growth rate(7.1%) of Korea between 1976 and 1998 was achieved by the growth of Total Factor Productivity (TFP), and the R&D investment during the period contributed in achieving the economic growth rate by as much as 9.86 percent. In the process of the estimate, the rate of return of the R&D investment from both government and private was calculated as 47 percent. The relationship between private R&D investment, government R&D investment and the GDP was also investigated, and it was estimated that the private sector invested 2.0 percent of the GDP in R&D during the period, and was found that 1 won of government R&D investment induced 0.202 won of private sector's R&D investment. However, the time-lag effect, which is naturally believed to exist between the R&D investment and the economic growth, could not be analysed in a mathematical form, because of the lack of the data to establish this relationship. However, this paper believe that the time-lag effect in this relationship was included implicitly by using the data of 23 years.

• Journal of Technology Innovation
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• v.20 no.1
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• pp.45-73
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• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.