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이사회 및 이사의 특성이 기업의 연구개발투자에 미치는 영향: 한국기업을 중심으로

The Effects of Boards’ and Directors’ Characteristics on R&D Intensity: In the Korean Context

임미희
기술경영경제학회 (The Korean Society For Technology Management & Economics)|2017.05|기술혁신연구 (JOURNAL OF TECHNOLOGY INNOVATION)|제25권 제2호|pp. 1-34|DOI http://dx.doi.org/10.14383/SIME.2017.25.2.1

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키워드

사외이사사내이사R&D intensity연구개발투자이사의 인구통계학 특성이사회의 힘Director demographic characteristicsInside directorsOutside directorsBoard power
주제분류기술정책

초록

본 연구는 기업의 이사회 구조 및 이사의 특성이 연구개발투자에 미치는 영향을 파악하는데 목적을 두고 있다. 95개 한국 상장기업을 대상으로 실증 분석한 결과, 이사의인구통계학적 특성이 기업의 연구개발투자에 유의미한 영향을 주는 것으로 나타나, 이사회내 이사의 평균연령이 낮고 과학⋅공학 전공자와 해외학위 소지자가 많은 경우 기업의 연구개발투자가 활발히 발생함을 알 수 있었다. 특히, 이러한 영향은 사외이사 보다는 사내이사에서 더욱 크게 발생하여 사내이사를 중심으로 이루어지는 한국의 이사회 운영을 짐작하게하였다. 또한, 이사회 힘의 강화는 전체 이사의 인구통계학적 특성이 연구개발투자에 미치는영향력을 전반적으로 강화해주기 보다는, 사내이사의 인구통계학적 특성이 미치는 영향을 약화시키는 것으로 나타났다.

Abstract

This paper seeks to explore the effects of the board structure and individual directors’ characteristics on R&D intensity. The results from analysing 95 Korean listed companies reveal that the directors’ demographic characteristics substantially affect the R&D expenditure of the company. When the directors are younger, major in science or engineering, and have an experience of studying abroad, they tend to be supportive of R&D, thereby increasing the R&D expenditure. Particularly, the effects of insider directors are greater than those of outside directors, implying that the Korean corporate boards are mainly operated by inside directors. Furthermore, when the relative power of boards is greater than the management, the effects of inside directors, rather than overall directors, on R&D intensity are weakened.

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