• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.22 no.2
• /
• pp.248-258
• /
• 2021

The study analyzed the financial determinants of corporate R&D intensity that require more attention from academics and practitioners in the Korean capital market. Domestic small and medium enterprises (SMEs) may face with developing substitutes by making more R&D investments in scale and scope, given the unprecedented economic conditions such as the limitation of importing core components and materials from other nation(s). KOSDAQ-listed SMEs were selected as sample data, whose R&D expenditures may be less than those of large firms during the post-global financial turmoil period (2010~2018). Static panel data model was applied, along with Tobit and stepwise regression models, for examining the validity of results. Logit, probit, and complementary log-log regressions were also employed for a relative analysis. R&D expenditures in the prior year, the interaction effect between the previous R&D intensity and high-tech sector, firm size, and growth rate were significant to determine R&D intensity. Moreover, a majority of explanatory variables were found to change between the years 2011 and 2018, while time-lagged effects between the R&D intensity and growth rate exist. Results of the study are expected to be used for future research to detect optimal levels of R&D expenditures for the value maximization of SMEs.

• Proceedings of the Korean Aquaculture Society Conference
• /
• 2003.10a
• /
• pp.132-133
• /
• 2003

The marine dinoflagellate genus Alexandrium comprise PSP producing A. acatenella, A. angustitabuzatum, A. catenella, A. fundyense, A. minutum, A. ostenfezdii, A. tamiyavanichii and A. tamarense. In monitoring toxic Alexandrium, rapid and exact species identification is one of the significant prerequisite work, however we have suffered confusion of species definition in Alexandrium. To surmount this problem, we chose DNA probing, which has long been used as an alternative for conventional identification methods, primarily relying on morphological approaches using microscope in microbial field. Oligonucleotide DNA probes targeting rRNA or rDNA have been commonly used in diverse studies to detect and enumerate cells concerned as a culture-indetendent powerful tool. Despite of the massive literature on the HAB species containing Alexandrium, application of DNA probing for species identification and detection has been limited to a few documents. DNA probes of toxic A. tamarense, A. catenella and A. tamiyavanichii, and non-toxic A. affine, A. fraterculus, A. insuetum and A. pseudogonyaulax were designed from LSU rDNA D1-D2, and applied to whole cell-FISH. Each DNA probes reacted only the targeted Alexandrium cells with very high species-specificity within Alexandrium. The probes could detect each targeted cells obtained from the natural sea water samples without cross-reactivity. Labeling intensity varied in the growth stage, this showed that the contents of probe-targeted cellular rRNA decreased with reduced growth rate. Double probe TAMID2S1 achieved approximately two times higher fluorescent intensity than that with single probe TAMID2. This double probe did not cross-react with any kinds of microorganisms in the natural sea waters. Therefore we can say that in whole-cell FISH procedure this double DNA probe successfully labeled targeted A. tamiyavanichii without cross-reaction with congeners and diverse natural bio-communities.

• Particle and aerosol research
• /
• v.13 no.1
• /
• pp.25-31
• /
• 2017

This paper offer the characteristics for the detection and classification of biological and non-biological aerosol particles in the air by using laser-induced-fluorescence (LIF) based Bio-aerosol Detection System (BDS). The BDS is mainly consist of an optical chamber, in-outlet nozzle system, 405 nm diode laser, an avalanche photo detector (APD) for scattering signal and photomultiplier tubes (PMT) for fluorescence signals in two different wavelength range ; F1, 510-600 nm and F2, 435-470 nm. The detection characteristics, especially ratio of fluorescence signal intensity were examined using well-known components : polystylene latex (PSL), fluorescence PSL, $2{\mu}m$ of SiO2 micro sphere, dried yeast, NADH, ovalbumin, fungicide powder and standard dust. The results indicated that the 405 nm diode laser-based LIF instrument can be a useful bio-aerosol detection system for unexpected biological threaten alter in real-time to apply for dual-use technology in military and civilian fields.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.8
• /
• pp.69-76
• /
• 2020

The study examines lagged economic effects of research and development (R&D) investment on the market value of manufacturing firms listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China. This study applies panel data analysis methods to address the following issues: 1) There might be an adjustment lag in the impact of R&D investment on corporate market value, and 2) Unobserved firm effects must be taken into account. The balanced panel data includes a total of 1,462 observations with 34 cross-sections of manufacturing firms listed on Chinese stock markets and with 27 time-specific quarterly periods from 2007 to 2017. The results indicate that the R&D investment of Chinese manufacturing firms tends to yield favorable market value of the firm with some adjustments to time. The results show that R&D investment exhibits a strong positive impact on their market value of manufacturing firms in Chinese stock markets. Moreover, R&D investment has a positive time-lag effect on the market value of the firm. Interestingly, the R&D investment of Chinese manufacturing firms generate a relatively constant positive effect on their market value, supporting the notion that the corresponding returns of R&D investment for such firms yield lagged but added market values.

• Atmosphere
• /
• v.22 no.2
• /
• pp.279-285
• /
• 2012

The weighing precipitation gauge with auto-empting capability was developed in the R&D project organized by the Research Agency for Climate Science (RACS) and supported by the Korea Meteorological Administration (KMA). This project was initiated in line with the KMA's plan executed since 2010 to introduce the weighing precipitation gauges partly into of their Automatic Weather Station (AWS) network in order to upgrade the quality of precipitation data. The innovative feature of this research is that the auto-empting in weighing precipitation gauge is realized by abrupt rotation of receiving container. The prototype was tested in compliance with the relevant standards of KMA. The results of performance test on rainfall measurement in laboratory verified that the accuracies for 20 mm and 100 mm reference rainfall amount were 0.1 mm and 0.4 mm, respectively in both conditions of auto-empting and no-empting. During the rotation of container for auto-empting, the data was extrapolated smoothly by applying the same precipitation intensity of the previous 10 sec. Consequently, it was found that the auto-empting precipitation gauge developed in this research is quite enough to be used for the operational purpose of accurate measurement with 0.1 mm resolution, regardless of the precipitation intensity.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.20 no.4
• /
• pp.232-241
• /
• 2019

This study examines one of the conventional and controversial issues in modern finance. Specifically, this study identifies financial determinants of corporate R&D intensity for firms belonging to Korean Chaebols. Empirical estimation procedures are applied to derive more robust results of each hypothesis test. Static panel data, Tobit regression and stepwise regression models are employed to obtain significant financial factors of R&D expenditures, while logit, probit and complementary log-log regression models are used to detect financial differences between Chaebol firms and their counterparts not classified as Chaebols. Study results found the level of R&D intensity in the prior fiscal year, market-value based leverage ratio and firm size empirically showed their significance to account for corporate R&D intensity in the first hypothesis test, whereas the majority of explanatory variables had important power on a relative basis. Assuming that the current circumstances in the domestic capital market may necessitate gradual changes of Korean Chaebols in terms of their socio-economic function, the results of this study are expected to contribute to identifying financial antecedents that can be beneficial to attain optimal level of corporate R&D expenditures for Chaebol firms on a virtuous cycle.

• Journal of Technology Innovation
• /
• v.13 no.3
• /
• pp.101-129
• /
• 2005

We decompose the patent increase over the period 1982 through 2000 using the data provided by KIPO(Korean Intellectual Property Office) and also compare our results to U.S. experiences. First, we show that the contribution of the increase in the R&D spending accounts for $71\%$ of patent increase between 1982 and 2000. Second, an overall increase in patent intensity measured by patent-R&D ratio between 1982 and 2000 is explained by $234\%$ of the changes in the patent yields in individual industries rather than by the reallocation of resources. Third, we find that there is structural change in patent intensity and patenting between 1994 and 1995. The patent yields in individual industries account for $86.4\%$ of patent increase between 1994 and 1995. Fourth, two high tech fields, electrical machinery and precision instrument, account for about $80\%$ of the patent increase.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.19 no.4
• /
• pp.446-453
• /
• 2018

The study examines corporate research & development (R&D) expenditure in modern finance. Firms may face one of the essential issues to maintain their optimal levels of R&D expenditures in order to increase corporate profit. Accordingly, financial determinants that may influence R&D spending are statistically tested for firms listed on the KOSPI stock market during the period from 2010 to 2015. Financial determinants which may discriminate between firms in high-growth and low-growth industries are examined on a relative basis. Explanatory variables including one-period lagged R&D expenses (Lag_RD), cross-product term between the Lag_RD and type of industry (as a dummy variable), and advertising expenses (ADVERTISE) significantly influenced corporate R&D intensity. Moreover, high-growth firms in domestic capital markets showed higher Lag_RD, profitability (PROF) and foreign equity ownership (FOS) than their counterparts in low-growth sectors, whereas low-growth firms had higher market-value based leverage (MLEVER) and ADVERTISE. Overall, these results are expected to influence decision-making of firms concerning the optimal level of R&D expenditure, which may in turn enhance shareholder wealth.

• Journal of Korea Technology Innovation Society
• /
• v.9 no.2
• /
• pp.350-372
• /
• 2006

The main purpose of this study is to investigate the technology related facts which determine the difference of the output of companies in the fields of IT and BT industries in Korean. The determining facts consist of the technology development strategy, the characteristic of R&D groups, and the ability of managing knowledge assets. Three kinds of regression model are made by using 3 determining facts from total model to IT and BT model to investigate the research purpose of this study. The technology development strategy consists of 2 sub facts, as technology innovation and product upgrade. The characteristic of R&D group consists of 2 sub facts, as the characteristic of task and the intensity of R&D group members. The ability of managing knowledge assets consist of 3 sub elements, as the ability of creating knowledge assets, the ability of holding in common knowledge assets, and the ability of developing the value of knowledge assets.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.20 no.6
• /
• pp.379-389
• /
• 2019

The study empirically investigates financial factors that may influence on corporate R&D intensity during the post-era of the global financial turmoil (from 2010 to 2015) to mitigate possible spillover effect associated with the crisis. Concerning the empirical research settings of the study, chaebol firms listed in the KOSPI stock market are used as sample data with adopting various econometric estimation methods to enhance validity of the results. In the first hypothesis test, it is found that there exist inter-industry financial differences in terms of the ratio of R&D expenditure across all the sample years, but the statistical differences may arise from only a few domestic industries beloning to the high-growth sector. Moreover, it is also interesting to identify that, for the high-tech sector, 3 explanatory variables such as R&D intensity in a prior year, firm size and change in cash holdings are proved to be financial factors to discriminate between chaebol firms and their counterparts of non-chaebol firms, whereas a proportion of tangible assets over total assets as well as the former two variables are shown to be significant factors on the R&D intensity for the low-tech sector.