• Asia Pacific Journal of Business Review
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• v.7 no.1
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• pp.1-21
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• 2022

This research aimed to clarify the impacts casted by inwards FDI on New venture creation, industrialization, and the economic growth of Russia. For all of these variables, data was taken about Russia from the site of The World Bank, and the selected duration was from 1995 to 2019. The total duration of the data taken was from 24 years. The time duration was well enough for applying the A.R.D.L. approach to the time series data of the study. This research used the unit root test to know the presence of the unit root for each variable, the lag order selection was made for the data, the bounds cointegration test was also applied, and ARDL Model was used to know about the different effects. With the help of the results derived, it was observed that the impact of private sector investment on new venture creation is significant. In contrast, foreign direct investment and research and development (R&D) effects on new venture creation are insignificant. It was also observed from the results that the impact of R&D on industrialization in Russia is significant, while the effects of FDI and the impact of private sector investment on industrialization in Russia is insignificant. We have fund that the effect of FDI and the impact of private sector investment on the economic growth of Russia is significant. In contrast, the impact of R&D is insignificant to the economic growth of Russia. The study is of great significance as it has raised the importance of R&D for industrialization, FDI, and PSI for economic growth and new venture creation for developing countries.

• Journal of Technology Innovation
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• v.10 no.1
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• pp.65-82
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• 2002

This paper inquires into the causal relationship between R&D investment and GDP (Gross Domestic Product) in Korea. We apply the method of unit-root test, co-integration test, and Hsiao version of the Granger causality test to find the evidence of bi-directional causality between R&D and GDP. However, it is interesting to observe no significant directional effect between government funded R&D and GDP while private sector funded R&D turns out to affect GDP significantly. Utilizing the previous study results on bi-directional relationship between government and private sector funded R&D, we draw the following conclusion: In order to increase GDP, government funded R&D needs to induce private sector to fund more R&D in an effective manner. In this way, government is expected to indirectly participate in the development for better economy in Korea.

• Journal of Technology Innovation
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• v.17 no.1
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• pp.1-48
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• 2009

Recently we have found some symptoms that R&D fiscal incentives might not work well what it has intended through the analysis of current statistics of firm's R&D data. Firstly, we found that the growth rate of R&D investment in private sector during the recent decade has been slowdown. The average of growth rate (real value) of R&D investment is 7.1% from 1998 to 2005, while it was 13.9% from 1980 to 1997. Secondly, the relative share of R&D investment of SME has been decreased to 21%('05) from 29%('01), even though the tax credit for SME has been more beneficial than large size firm, Thirdly, The R&D expenditure of large size firms (besides 3 leading firms) has not been increased since late of 1990s. We need to find some evidence whether fiscal incentives are effective in increasing firm's R&D investment. To analyse econometric model we use firm level unbalanced panel data for 4 years (from 2002 to 2005) derived from MOST database compiled from the annual survey, "Report on the Survey of Research and Development in Science and Technology". Also we use fixed effect model (Hausman test results accept fixed effect model with 1% of significant level) and estimate the model for all firms, large firms and SME respectively. We have following results from the analysis of econometric model. For large firm: i ) R&D investment responds elastically (1.20) to sales volume. ii) government R&D subsidy induces R&D investment (0.03) not so effectively. iii) Tax price elasticity is almost unity (-0.99). iv) For large firm tax incentive is more effective than R&D subsidy For SME: i ) Sales volume increase R&D investment of SME (0.043) not so effectively. ii ) government R&D subsidy is crowding out R&D investment of SME not seriously (-0.0079) iii) Tax price elasticity is very inelastic (-0.054) To compare with other studies, Koga(2003) has a similar result of tax price elasticity for Japanese firm (-1.0036), Hall((l992) has a unit tax price elasticity, Bloom et al. (2002) has $-0.354{\sim}-0.124$ in the short run. From the results of our analysis we recommend that government R&D subsidy has to focus on such an areas like basic research and public sector (defense, energy, health etc.) not overlapped private R&D sector. For SME government has to focus on establishing R&D infrastructure. To promote tax incentive policy, we need to strengthen the tax incentive scheme for large size firm's R&D investment. We recommend tax credit for large size film be extended to total volume of R&D investment.

• Korea Journal of Hospital Management
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• v.22 no.3
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• pp.74-87
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• 2017

Purposes: The purpose is to establish the direction of healthcare R&D through private nonprofit organization. Methodology: The data is divided into two groups: 12 physicians and pharmacists, and 16 persons including professors related to university donation, non-profit foundation executives. Each group was subjected to two Delphi surveys. To analyze the validity of the opinion, the content validity ratio and the consensus of experts were verified. Findings: Funding should be invested in 'development research' and 'application research'. The factors that hinder the donation culture are 'donation prevention system such as tax imposition system and rebate double penalty system', 'insufficient motivation of fund raising person', and 'lack of fund specializing specialist'. The fund raising strategy should be centered on a small number of large donors or a balance between large and small donors. The fund raising target should be effective to raise funds for corporate and individual donors. It is necessary to clarify the purpose of the social problem to be solved by the campaign strategy for promoting donation, to announce the validity of the trust and transparency of the institution, and to emphasize the social investment by the private sector. Practical Implications: It is necessary to present directions through private nonprofit organizations for the future development of healthcare R&D. The legal and institutional deficiencies of the domestic nonprofit organization fundraising infrastructure should be improved. In order to create a social investment climate, it is necessary to improve the awareness of donations and develop various donation programs for the private sector.

• Journal of Korea Technology Innovation Society
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• v.12 no.4
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• pp.788-818
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• 2009

Renewable energy refers to solar energy, biomass energy, hydrogen energy, wind power, fuel cell, coal liquefaction and vaporization, marine energy, waste energy, and liquidity fuel made out of byproduct of geothermal heat, hydrogen and coal; it excludes energy based on coal, oil, nuclear energy and natural gas. Developed countries have recognized the importance of these energies and thus have set the mid to long term plans to develop and commercialize the technology and supported them with drastic political and financial measures. Considering the growing recognition to the field, it is necessary to analysis up-to-now achievement of the government's related projects, in the standards of type of renewable energy, management of sectional goals, and its commercialization. Korean government is chiefly following suit the USA and British policies of developing and distributing renewable energy. However, unlike Japan which is in the lead role in solar rays industry, it still lacks in state-directed support, participation of enterprises and social recognition. The research regarding renewable energy has mainly examinedthe state of supply of each technology and suitability of specific region for applying the technology. The evaluation shows that the research has been focused on supply and demand of renewable as well as general energy and solution for the enhancement of supply capacity in certain area. However, in-depth study for commercialization and the increase of capacity in industry followed by development of the technology is still inadequate. 'Cost-benefit model for each energy source' is used in analysis of technology development of renewable energy and quantitative and macro economical effects of its commercialization in order to foresee following expand in related industries and increase in added value. First, Investment on the renewable energy technology development is in direct proportion both to the product and growth, but product shows slightly higher index under the same amount of R&D investment than growth. It indicates that advance in technology greatly influences the final product, the energy growth. Moreover, while R&D investment on renewable energy product as well as the government funds included in the investment have proportionate influence on the renewable energy growth, private investment in the total amount invested has reciprocal influence. This statistic shows that research and development is mainly driven by government funds rather than private investment. Finally, while R&D investment on renewable energy growth affects proportionately, government funds and private investment shows no direct relations, which indicates that the effects of research and development on renewable energy do not affect government funds or private investment. All of the results signify that although it is important to have government policy in technology development and commercialization, private investment and active participation of enterprises are the key to the success in the industry.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.6
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• pp.139-150
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• 2017

In Korea, small and medium-sized enterprises (SMEs) play an pivotal role in the national economy, accounting for 99.9% of all enterprises, 87.9% of total employment, and 48.3% of production. In spite of their crucial role in the national development, most of SMEs suffer from a lack of R&D related resources. Public R&D organizations such as government-funded research institutes can provide SMEs with valuable supplementary technological knowledge and help them build technological capacity. In this regard, this study estimated the effect of internal R&D investment and private-public R&D cooperation on technological innovation of ICT SMEs based on 2016 ETRI Survey. Building on previous literatures, the study established and tested a research model using binary logistic regression analysis. First, internal R&D investment and preferences for open innovation demonstrated the strengthening of R&D collaboration. Second, internal R&D investment and R&D cooperation showed a positive effect on both product and process innovation. Therefore, internal R&D capability and taking advantage of R&D collaboration are needed to achieve technological innovation for SMEs in ICT sector. This study also discuss implications for encouraging private-public R&D cooperation.

• Journal of Korea Society of Digital Industry and Information Management
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• v.15 no.1
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• pp.9-20
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• 2019

Korea's R&D investment has significantly increased in recent years. However, the efficiency of R&D investment is still in question. In order to examine the ways to improve the efficiency of R&D investment, this paper presents dynamic analysis on both quantitative and qualitative efficiency of R&D projects. A Data Envelopment Analysis(DEA)/Window method is used to analyze static and dynamic efficiencies of Industrial Material R&D projects in Korea from 2012 to 2016. As a result, statistically significant differences between quantitative and qualitative efficiency have been found. It has been observed that characteristics of Decision Making Units(DMUs) have an impact on both static and dynamic efficiencies. In particular, textile and ceramic projects showed relatively stable qualitative efficiency for a short-term perspective, while steel and chemical projects showed such stability for a long-term perspective. Among the types of project principals, universities showed relatively stable efficiency, compared with private sectors and research institutes. The results of this paper can be used as a guideline to manage the performance and stability of R&D projects' efficiency.

• Journal of Korea Technology Innovation Society
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• v.15 no.2
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• pp.277-298
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• 2012

Once a production focused on primary industry, Food, agriculture, forestry and fisheries industry is now trying to shed away and plans to totally transform the paradigm of agricultural R&D with a leaping goal towards being a new growth engine. Promoting the bioindustry through utilizing agricultural bioresources was selected as the primary task and also made all efforts to support by all government department and ministry. In this study, we are raised problems and planned the improvements by the empirical analysis of national R&D policy, investment strategy, the recent progress of R&D program, and the performance of R&D investment to achieve early commercialization in fields of agricultural bioresources utilizing. We also propose the R&D role sharing and cooperations of public/private sector to commercialize the agricultural bioresources from the comprehensive empirical analysis results. It will eventually strengthen the national R&D investment strategy and efficiency and then will contribute towards a successful early commercialization performance in bioindustry through utilizing agricultural bioresources.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.39-50
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• 2022

Based on the signaling theory, this study examined whether startups are more likely to attract venture investment when receiving government R&D subsidies. First, we reviewed previous studies of the investment decision-making process of venture capitalists and understood the conditions that influence investment decisions. Based on previous studies on the signal effect of government subsidies, particularly government R&D grants, on inducing private fund investment, this study revealed a mechanism to induce venture investment by startups. In addition, in order to verify whether government R&D subsidies have the effect of inducing venture investment, an empirical analysis was conducted based on data from startups under seven years and certified as a venture companies in 2021. This paper used PSM(Propensity Score Matching) method and DID(Difference In Difference) analysis for an empirical study to analyze the average treatment effect on the treated group(beneficiary startups of government R&D grants). As a result of empirical analysis, companies that receive more government R&D subsidies after starting a business are more likely to attract venture investment. From two to three years after conducting the first government R&D project, startups that received government R&D grants attracted more venture investment than those that did not. The results of this paper demonstrate that government R&D projects can also affect the venture investment ecosystem, giving policy implications to government R&D projects targeting startups. It is also expected to suggest strategic implications to startups that need new funding.