How does leverage affect R&D intensity and how does R&D intensity impact on firm value in South Korea?

被引：25
|
作者：
Min, Byung S. [1 ]
Smyth, Russell [2 ]
机构：
[1] Griffith Univ, Griffith Business Sch, Brisbane, Qld, Australia
[2] Monash Univ, Monash Business Sch, Dept Econ, Melbourne, Vic, Australia
来源：
APPLIED ECONOMICS | 2016年 / 48卷 / 58期
关键词：
Firm value; R&D; leverage; South Korea; L16; O30; O32; CORPORATE GOVERNANCE; MARKET VALUE; SPILLOVERS; INNOVATION; INVESTMENT; PATENTS; FINANCE;
D O I：
10.1080/00036846.2016.1181836
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine how leverage affects corporate research and development (R&D) intensity, as well as examine the impact of R&D on firm value in South Korea, a country in which corporate-funded R&D intensity is one of the highest in the world. Among our main results, we find that growth opportunities have a positive effect on R&D intensity, while leverage has a negative effect on R&D intensity. When leverage is at an extremely high level, the relationship between growth opportunities and R&D intensity turns from positive to negative. Using instrumental variables, we find that R&D generates an increase in firm value.
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页码：5667 / 5675
页数：9
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