earticle

영어

Objectives: Using data on 86 Korean pharmaceutical firms over a 5-year period from 2013 to 2017, this study empirically analyzes the relationship between research and development (R&D) investment and firm-specific factors. Methods: Investment variables are R&D expenditure and intensity. Variables for firm-specific factors include firm size, firm age, firm location, technological innovation, and export orientation. Nonparametric statistical methods are used to test the difference in R&D investment and groups are then classified according to the level of firm-specific factors for inter- or between-group comparison. Results: First, R&D intensity was related to firm size, firm age, and technological innovation. Second, R&D expenditure was related to firm size and technological innovation and this relationship was statistically significant. Conclusions: The results are expected to provide policy implications for R&D investment decisions and strategic choices made by managers as well as policy makers.