earticle

영어

The purpose of this study is to investigate the relationship between R & D investment and the firm‘s value in the Korean stock market and to investigate the moderating effect of R & D expenditure increase. The empirical analysis period covered in this study is 7 years from 2011 to 2017, and the total number of sampled firms is 6,811. The sample covered in this study is extracted from all listed companies on the Korea Securities Dealers Automated Quotation(KOSDAQ) except for the financial industry. Many of previous studies showed that there is a close relevance between R&D investment and the firm’s value, but they did not conduct them by combining the two of analyses of time-series and cross-section and time lag analysis. Thus panel data analysis and time lag analysis were used here while considering matters of time differences. Also, the moderating effects presented in this study are first presented in this field of study. The result of the empirical analysis can be summarized as the following. First, all variables excluding the sales growth rate and debt ratio make statistically meaningful factors explaining firm value. Second, R&D expenditure, net working capital ratio, company scale, and signs of regression coefficient to advertising expenses all go in line with the theory. The regression coefficient signs concerning ROA, equity ratio of a large shareholder show negative value. The purpose of this study is to investigate the relationship between R & D investment and the firm‘s value in the Korean stock market and to investigate the moderating effect of R & D expenditure increase. The empirical analysis period covered in this study is 7 years from 2011 to 2017, and the total number of sampled firms is 6,811. The sample covered in this study is extracted from all listed companies on the Korea Securities Dealers Automated Quotation(KOSDAQ) except for the financial industry. Many of previous studies showed that there is a close relevance between R&D investment and the firm’s value, but they did not conduct them by combining the two of analyses of time-series and cross-section and time lag analysis. Thus panel data analysis and time lag analysis were used here while considering matters of time differences. Also, the moderating effects presented in this study are first presented in this field of study. The result of the empirical analysis can be summarized as the following. First, all variables excluding the sales growth rate and debt ratio make statistically meaningful factors explaining firm value. Second, R&D expenditure, net working capital ratio, company scale, and signs of regression coefficient to advertising expenses all go in line with the theory. The regression coefficient signs concerning ROA, equity ratio of a large shareholder show negative value.