초록

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Abstract ▼ AI-Helper

Recent global credit crisis makes us to look back on the recovery process from currency crisis in the late 1990’s. Firms vacillate between reduction strategy and differentiation strategy. Most companies chose reduction strategy such as the restructuring, personnel and investment cutbacks for secur...

Recent global credit crisis makes us to look back on the recovery process from currency crisis in the late 1990’s. Firms vacillate between reduction strategy and differentiation strategy. Most companies chose reduction strategy such as the restructuring, personnel and investment cutbacks for securing the cash flow, while some companies implemented differentiation strategy such as increasing the investment to prepare expansions and R&D to gain the competitive advantages. This study examines the difference of the firm’s performance according to R&D expenditures during recessions and boom. This paper measures business cycle in three levels of demand variables: LCI(Leading Composite Index) for the demand of national economy, BSI(Business Survey Index) for each industry and ICI(Inventory Cycle Index) for the individual firm. Evidence shows that the R&D expenditures in a recession realize more profits than in other periods. The results suggest that differentiation strategy by increasing R&D expenditures brings competitive advantages to the firms inexpansion period.

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