earticle

영어

The purpose of this study is to examine empirically the effects of market structure and R&D activity on market performance in Korea. The dependent variable is Tobin`s Q ratio(firm`s market value). Independent variables include seven measures of commodity market concentration(monopo1istic and oligopolistic firm), advertising intensity, capital intensity, firm size, R&D intensity(R&D to sales), the number of Korea invention patents issued and market risk(β). Correlation analysis and multiple regression analysis are performed to test on the effects of market structure and R&D on market performance. The results show a tendency for the effects of market structure and R&D activity on market performance. The conclusion of this study is as follows: (1) The effect of market concentration on Tobin`s Q ratio is negative significant. (2) The effect of R&D intensity on Tobin`s Q ratio is positive significant, and the effect of patents on Tobin`s Q ratio is small(statistical1y insignificant) positive. (3) The effect of advertising intensity on Tobin s Q ratio is positive significant, and the effect of capital intensity, firm size and market risk on Tobin`s Q ratio is negative significant.