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Abstract ▼ AI-Helper

Gyeonggi-Do launched the 'Achievement Royalty System(ARS)' in 2011 to promote the refund of excess profits from those firms to local system. The purpose of this study aims to analyze the effect of new royalty system in the public R&D program. From the analysis, commercially successful firms appear t...

Gyeonggi-Do launched the 'Achievement Royalty System(ARS)' in 2011 to promote the refund of excess profits from those firms to local system. The purpose of this study aims to analyze the effect of new royalty system in the public R&D program. From the analysis, commercially successful firms appear to have maintained the same level of innovation incentives even after introduction of ARS. It can be explained that they have given a priority in taking part in the next R&D projects as well as a benefit of systematic supports in technology commercialization and marketing. It is, therefore, fully expected that the policy makers can make ARS an additional funding source in the period of decreasing S&T budget, and have a better chance to gather evidences of successful policy practices to the firms. However, the institutional improvements are required to develop the ARS, which include the incentives of ARS payment and the lower total royalty expectation through the reduction of fix-payment ratio and the exemption of ARS.

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