$\require{mediawiki-texvc}$

연합인증

연합인증 가입 기관의 연구자들은 소속기관의 인증정보(ID와 암호)를 이용해 다른 대학, 연구기관, 서비스 공급자의 다양한 온라인 자원과 연구 데이터를 이용할 수 있습니다.

이는 여행자가 자국에서 발행 받은 여권으로 세계 각국을 자유롭게 여행할 수 있는 것과 같습니다.

연합인증으로 이용이 가능한 서비스는 NTIS, DataON, Edison, Kafe, Webinar 등이 있습니다.

한번의 인증절차만으로 연합인증 가입 서비스에 추가 로그인 없이 이용이 가능합니다.

다만, 연합인증을 위해서는 최초 1회만 인증 절차가 필요합니다. (회원이 아닐 경우 회원 가입이 필요합니다.)

연합인증 절차는 다음과 같습니다.

최초이용시에는
ScienceON에 로그인 → 연합인증 서비스 접속 → 로그인 (본인 확인 또는 회원가입) → 서비스 이용

그 이후에는
ScienceON 로그인 → 연합인증 서비스 접속 → 서비스 이용

연합인증을 활용하시면 KISTI가 제공하는 다양한 서비스를 편리하게 이용하실 수 있습니다.

R&D DYNAMICS AND FIRM GROWTH: THE IMPORTANCE OF R&D PERSISTENCY IN THE ECONOMIC CRISIS

International journal of innovation management, v.23 no.5, 2019년, pp.1950049 -   

PARK, HAYOUNG (Technology Management, Economics and Policy Program (TEMEP), Seoul National University, Seoul, Republic of Korea) ,  KANG, TAEWON (Technology Management, Economics and Policy Program (TEMEP), Seoul National University, Seoul, Republic of Korea) ,  LEE, JEONG-DONG (Technology Management, Economics and Policy Program (TEMEP), Seoul National University, Seoul, Republic of Korea)

Abstract AI-Helper 아이콘AI-Helper

There has been a lot of interest in R&D dynamics, including the persistency and volatility of R&D investment. However, there is a lack of empirical evidence supporting the impact of R&D dynamics on firm growth in the context of an economic crisis. This study examines the effects of R&D dynamics on f...

주제어

참고문헌 (64)

  1. Amore, M.D.. Companies learning to innovate in recessions. Research policy, vol.44, no.8, 1574-1583.

  2. Barge-Gil, A., Lopez, A.. R&D determinants: Accounting for the differences between research and development. Research policy, vol.43, no.9, 1634-1648.

  3. Bartz, Wiebke, Winkler, Adalbert. Flexible or fragile? The growth performance of small and young businesses during the global financial crisis — Evidence from Germany. Journal of business venturing, vol.31, no.2, 196-215.

  4. 10.1007/978-94-015-7819-6_12 

  5. Bloom, Nick. Uncertainty and the Dynamics of R&D. The american economic review, vol.97, no.2, 250-255.

  6. BLOOM, NICK, BOND, STEPHEN, VAN REENEN, JOHN. Uncertainty and Investment Dynamics. The Review of economic studies, vol.74, no.2, 391-415.

  7. Bottazzi, G., Cefis, E., Dosi, G.. Corporate growth and industrial structures: some evidence from the Italian manufacturing industry. Industrial and corporate change, vol.11, no.4, 705-724.

  8. Bottazzi, Giulio, Dosi, Giovanni, Lippi, Marco, Pammolli, Fabio, Riccaboni, Massimo. Innovation and corporate growth in the evolution of the drug industry. International journal of industrial organization, vol.19, no.7, 1161-1187.

  9. Brown, J.R., Petersen, B.C.. Cash holdings and R&D smoothing. Journal of corporate finance : contracting, governance, and organization, vol.17, no.3, 694-709.

  10. Del Canto, Jesús Galende, González, Isabel Suárez. A resource-based analysis of the factors determining a firm's R&D activities. Research policy, vol.28, no.8, 891-905.

  11. Chan, Howard W. H., Faff, Robert W., Gharghori, Philip, Ho, Yew Kee. The relation between R&D intensity and future market returns: does expensing versus capitalization matter?. Review of quantitative finance and accounting, vol.29, no.1, 25-51.

  12. Bong Choi, Suk, Williams, Christopher. Innovation and firm performance in Korea and China: a cross-context test of mainstream theories. Technology analysis & strategic management, vol.25, no.4, 423-444.

  13. Chung, Hyuk. R&D investment, cash holdings and the financial crisis: evidence from Korean corporate data. Applied economics, vol.49, no.55, 5638-5650.

  14. Cincera, Michele, Ravet, Julien, Veugelers, Reinhilde. The sensitivity of R&D investments to cash flows: comparing young and old EU and US leading innovators. Economics of innovation and new technology, vol.25, no.3, 304-320.

  15. Coad, Alex. Testing the principle of ‘growth of the fitter’: The relationship between profits and firm growth. Structural change and economic dynamics, vol.18, no.3, 370-386.

  16. 10.4337/9781848449107 

  17. Coad, A., Rao, R.. Innovation and firm growth in high-tech sectors: A quantile regression approach. Research policy, vol.37, no.4, 633-648.

  18. Coad, Alex, Rao, Rekha. Firm growth and R&D expenditure. Economics of innovation and new technology, vol.19, no.2, 127-145.

  19. Colombo, Massimo G., Piva, Evila, Quas, Anita, Rossi-Lamastra, Cristina. How high-tech entrepreneurial ventures cope with the global crisis: changes in product innovation and internationalization strategies. Industry and innovation, vol.23, no.7, 647-671.

  20. 10.1057/978-1-349-94848-2_473-1 

  21. Covin, Jeffrey G., Slevin, Dennis P.. Strategic management of small firms in hostile and benign environments. Strategic management journal, vol.10, no.1, 75-87.

  22. Cowling, Marc. The Growth – Profit Nexus. Small business economics, vol.22, no.1, 1-9.

  23. Cowling, Marc, Liu, Weixi, Ledger, Andrew, Zhang, Ning. What really happens to small and medium-sized enterprises in a global economic recession? UK evidence on sales and job dynamics. International small business journal, vol.33, no.5, 488-513.

  24. Dierickx, Ingemar, Cool, Karel. Asset Stock Accumulation and Sustainability of Competitive Advantage. Management science, vol.35, no.12, 1504-1511.

  25. McKinsey Quarterly Dobbs R 81 3 2007 

  26. Dugal, Sanjiv S., Morbey, Graham K.. Revisiting Corporate R&D Spending During a Recession. Research technology management, vol.38, no.4, 23-27.

  27. Eberhart, Allan C., Maxwell, William F., Siddique, Akhtar R.. An Examination of Long‐Term Abnormal Stock Returns and Operating Performance Following R&D Increases. The Journal of finance, vol.59, no.2, 623-650.

  28. 10.1080/08956308.2003.11671595 

  29. Frankish, J. S., Roberts, R. G., Coad, A., Spears, T. C., Storey, D. J.. Do entrepreneurs really learn? Or do they just tell us that they do?. Industrial and corporate change, vol.22, no.1, 73-106.

  30. Galende, Jesús, de la Fuente, Juan Manuel. Internal factors determining a firm’s innovative behaviour. Research policy, vol.32, no.5, 715-736.

  31. Geroski, Paul A., Machin, Stephen J., Walters, Christopher F.. Corporate Growth and Profitability. The Journal of industrial economics, vol.45, no.2, 171-189.

  32. Les inegalites economiques Gibrat R 1931 

  33. Harvard Business Review Gulati R 62 88 3 2010 

  34. Hall, Bronwyn H.. The Financing of Research and Development. Oxford review of economic policy, vol.18, no.1, 35-51.

  35. Hall, Bronwyn H., Lotti, Francesca, Mairesse, Jacques. Evidence on the impact of R&D and ICT investments on innovation and productivity in Italian firms. Economics of innovation and new technology, vol.22, no.3, 300-328.

  36. Higson, C., Holly, S., Kattuman, P.. The cross-sectional dynamics of the US business cycle: 1950–1999. Journal of economic dynamics & control, vol.26, no.9, 1539-1555.

  37. Himmelberg, Charles P., Petersen, Bruce C.. R & D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries. The review of economics and statistics, vol.76, no.1, 38-.

  38. Hud, M., Hussinger, K.. The impact of R&D subsidies during the crisis. Research policy, vol.44, no.10, 1844-1855.

  39. Kang, Taewon, Baek, Chulwoo, Lee, Jeong-Dong. The persistency and volatility of the firm R&D investment: Revisited from the perspective of technological capability. Research policy, vol.46, no.9, 1570-1579.

  40. Kolasa, M., Rubaszek, M., Taglioni, D.. Firms in the great global recession: The role of foreign ownership and financial dependence. Emerging markets review, vol.11, no.4, 341-357.

  41. Latham, Scott. Contrasting Strategic Response to Economic Recession in Start-Up versus Established Software Firms*. Journal of small business management, vol.47, no.2, 180-201.

  42. Lee, Chang-Yang. A simple theory and evidence on the determinants of firm R&D. Economics of innovation and new technology, vol.12, no.5, 385-395.

  43. Lee, S.. The relationship between growth and profit: evidence from firm-level panel data. Structural change and economic dynamics, vol.28, 1-11.

  44. Lilien, Gary L., Srinivasan, Raji. Marketing spending strategy in recessions. Australasian marketing journal : AMJ, vol.18, no.3, 181-182.

  45. Mathews, John A.. Strategy and the Crystal Cycle. California management review, vol.47, no.2, 6-32.

  46. Moscarini, Giuseppe, Postel-Vinay, Fabien. The Contribution of Large and Small Employers to Job Creation in Times of High and Low Unemployment. The american economic review, vol.102, no.6, 2509-2539.

  47. Mudambi, R., Swift, T.. Proactive R&D management and firm growth: A punctuated equilibrium model. Research policy, vol.40, no.3, 429-440.

  48. Mudambi, Ram, Swift, Tim. Knowing when to leap: Transitioning between exploitative and explorative R&D. Strategic management journal, vol.35, no.1, 126-145.

  49. An Evolutionary Theory of Economic Change Nelson RR 1982 

  50. Nishimura, Kiyohiko G., Nakajima, Takanobu, Kiyota, Kozo. Does the natural selection mechanism still work in severe recessions? : Examination of the Japanese economy in the 1990s. Journal of economic behavior & organization, vol.58, no.1, 53-78.

  51. 10.1787/sti_outlook-2012-en 

  52. Stall Points: Most Companies Stop Growing-Yours Doesn’t Have To Olson MS 2008 

  53. Pakes, Ariel, Nitzan, Shmuel. Optimum Contracts for Research Personnel, Research Employment, and the Establishment of "Rival" Enterprises. Journal of labor economics, vol.1, no.4, 345-365.

  54. Paunov, C.. The global crisis and firms' investments in innovation. Research policy, vol.41, no.1, 24-35.

  55. Rafferty, Anthony, Rees, James, Sensier, Marianne, Harding, Alan. Growth and Recession: Underemployment and the Labour Market in the North of England. Applied spatial analysis and policy, vol.6, no.2, 143-163.

  56. Riley, Rebecca, Rosazza-Bondibene, Chiara, Young, Garry. The Financial Crisis, Bank Lending and UK Productivity: Sectoral and Firm-Level Evidence. National Institute economic review, vol.228, no.1, R17-R34.

  57. Corporate Finance Ross S 2013 

  58. Segarra, Agustí, Teruel, Mercedes. High-growth firms and innovation: an empirical analysis for Spanish firms. Small business economics, vol.43, no.4, 805-821.

  59. SWIFT, TIM. R&D EXPENDITURE VOLATILITY AND FIRM PERFORMANCE: ORGANIZATIONAL AND ENVIRONMENTAL CONTEXTS. International journal of innovation and technology management, vol.10, no.4, 1350013-.

  60. Swift, Tim. The perilous leap between exploration and exploitation. Strategic management journal, vol.37, no.8, 1688-1698.

  61. Varum, C.A., Rocha, V.C.B.. Do foreign and domestic firms behave any different during economic slowdowns?. International business review, vol.20, no.1, 48-59.

  62. Varum, Celeste Amorim, Rocha, Vera Catarina. Employment and SMEs during crises. Small business economics, vol.40, no.1, 9-25.

  63. Wilson, J. O. S., Williams, J. M.. The size and growth of banks: evidence from four European countries. Applied economics, vol.32, no.9, 1101-1109.

  64. 10.1080/10438599.2014.895515 

관련 콘텐츠

저작권 관리 안내
섹션별 컨텐츠 바로가기

AI-Helper ※ AI-Helper는 오픈소스 모델을 사용합니다.

AI-Helper 아이콘
AI-Helper
안녕하세요, AI-Helper입니다. 좌측 "선택된 텍스트"에서 텍스트를 선택하여 요약, 번역, 용어설명을 실행하세요.
※ AI-Helper는 부적절한 답변을 할 수 있습니다.

선택된 텍스트

맨위로