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.

引用

页码：5667 / 5675

页数：9

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