기업의 연구개발투자와 재무적 성과 간의 관계에서 정치적 연계의 조절효과
The Relationship Between R&D Investment and Financial Performance: The Moderating of Political Ties
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
본 연구는 연구개발투자와 기업성과 간의 관계에서 정치적 연계의 조절효과를 관찰한 연구이다. 그동안 기업의 연구개발투자와 기업성과 간의 관계에 관한 다양한 연구가 진행 되었음에도 불구하고, 혼재된 연구결과로 인해 연구개발투자의 효과성과 중요성에 대한 혼란은 가중되고 있다. 따라서, 본 연구는 연구개발투자와 기업성과 간의 관계를 보다 명확하게 관찰하기 위해 연구개발투자의 근본적 특성에 초점을 맞추었으며 나아가 비시장전략으로 구분되는 정치적 연계를 조절변수로 채택하여 연구를 진행하였다. 본 연구는 우리나라 의료산업에 속한 166개 기업을 대상으로 연구를 진행하였으며, 연구결과 의료산업에서 기업의 연구개발투자는 기업성과에 부(-)의 관계가 있음이 관찰되었다. 더불어 정치적 연계가 기업의 연구개발투자와 기업성과 간의 부(-)의 관계를 완화시키는 것을 발견하였다. 이 같은 연구결과는 자본력과 기술력이 충분히 갖추어지지 못한 우리나라 의료산업에서 연구개발투자와 함께 비시장전략의 중요성을 시사하고 있다.
Abstract
So far, several researchers have studied the relationship between research and development investment and firm performance; however, most have focused on linear relationships. Thus, previous studies remain fragmented and show mixed results. This study examined the moderating effect of political ties in the relationship between R&D investment and firm performance. We tested the hypotheses based on extensive 20-year data on enterprises, from 1998 through 2017, as the research period. The study is expected to contribute to explaining the mixed results of the research between research and development investment and firm performance.
참고문헌 (79)
- 민인식, "STATA 고급패널데이터분석" (2012), 지필미디어
- 민인식, "STATA 패널데이터분석" (2012), 지필미디어
- 박준호, "기업의 정치적 연계가 기업 성과에 미치는 영향 환경동태성의 조절효과 중심으로", 경영학연구, 48(2), pp.493~513 (2019), 한국경영학회
- 박준호, "전직 관료 영입이 기업성과에 미치는 영향:산업에 따른 효과성 분석", 경영교육연구, 36(1), pp.165~190 (2021), 한국경영교육학회[DOI]
- 성태경, "기업의 기술혁신 활동 결정요인: 자원기반 관점에서 본 탐색적 연구", 기술혁신연구, 10(2), pp.69~90 (2002), 기술경영경제학회
- 손현순, "일반의약품 허가제도의 국가간 비교 및 발전 방향", 한국임상약학회지, 15(2), pp.127~138 (2005), 한국임상약학회
- 신미화, "한·중·일 의료기기산업의 비교우위 및 무역패턴 분석", 무역학회지, 36(2), pp.25~56 (2011), 한국무역학회
- 윤병섭, "연구개발투자가 경영성과에 미치는 영향: 2010년 한국 R&D Scoreboard", 전문경영인연구, 14(2), pp.109~131 (2011), 한국전문경영인학회
- 윤현덕, "기술혁신형(Inno-Biz) 중소기업의 기술경영성과에 미치는 핵심요인에 관한 연구", 기술혁신연구, 19(1), pp.111~144 (2011), 기술경영경제학회
- 이경민, "우리나라 제약산업의 연구개발(R&D)투자가 기업성과에 미치는 영향", 전문경영인연구, 10(2), pp.81~100 (2007), 한국전문경영인학회
- 이우천, "의료기기산업 클러스터 육성방안 연구: 원주의료기기산업 발달과정 고찰을 중심으로", 보건경제와 정책연구, 13(2), pp.55~70 (2007), 한국보건경제정책학회
- 장금영, "연구개발투자의 성과에 영향을 미치는요인에 관한 연구 : 정부의 산업기술개발사업을 중심으로", 기술혁신연구, 18(1), pp.75~98 (2010), 기술경영경제학회
- 최종서, "연구개발투자의 경제적 시차효과에 대한 시계열분석", 회계학연구, 34(1), pp.67~105 (2009), 한국회계학회
- Adams, C. P., "Estimating the cost of new drug development : is it really $802 million?", Health affairs, 25(2), pp.420~428 (2006)
- Alam, A., "R&D investment, firm performance and moderating role of system and safeguard : Evidence from emerging markets", Journal of Business Research, 106, pp.94~105 (2020)
- Allison, P. D., "Fixed effects regression methods in SAS", Thirty-first Annual SAS, ~ (2006)
- Andrevski, G., "Does it pay to compete aggressively? Contingent roles of internal and external resources", Journal of Management, 45(2), pp.620~644 (2019)
- Baron, R. M., "The moderator-mediator variable distinction in social psychological research : Conceptual, strategic, and statistical considerations", Journal of personality and social psychology, 51(6), pp.1173~ (1986)
- Baumol, W. J, "The free-market innovation machine : Analyzing the growth miracle of capitalism" (2002), Princeton University Press
- Baysinger, B. D., "Domain maintenance as an objective of business political activity : An expanded typology", Academy of Management Review, 9(2), pp.248~258 (1984)
- Bertrand, M., "Politically connected CEOs and corporate outcomes: Evidence from France", ~ (2004)
- Bloch, C., "R&D investment and internal finance : The cash flow effect", Economics of Innovation and New Technology, 14(3), pp.213~223 (2005)
- Blumentritt, T. P, "Foreign subsidiaries' government affairs activities : The influence of managers and re-sources", Business & Society, 42, pp.202~233 (2003)
- Chauvin, K. W., "Advertising, R&D expenditures and the market value of the firm", Financial management, pp.128~140 (1993)
- Chen, W. R., "Situational and institutional determinants of firms'R&D search intensity", Strategic Management Journal, 28(4), pp.369~381 (2007)
- Chu, W., "Family ownership and firm performance : Influence of family management, family control, and firm size", Asia Pacific Journal of Management, 28(4), pp.833~851 (2011)
- Cohen, W. M., "Absorptive capacity: A new perspective on learning and innovation", Administrative science quarterly, 128~152 (1990)
- Coombs, J. E., "Measuring technological capability and performance", R&D Management, 36(4), pp.421~438 (2006)
- David, P., "The implications of debt heterogeneity for R&D investment and firm performance", Academy of Management Journal, 51(1), pp.165~181 (2008)
- Dickson, M., "Key factors in the rising cost of new drug discovery and development", Nature reviews Drug discovery, 3(5), pp.417~429 (2004)
- Dierickx, I., "Asset stock accumulation and sustainability of competitive advantage", Management science, 35(12), pp.1504~1511 (1989)
- DiMasi, J. A., "The price of innovation : new estimates of drug development costs", Journal of health economics, 22(2), pp.151~185 (2003)
- Ehie, I. C., "The effect of R&D investment on firm value : An examination of US manufacturing and service industries", International Journal of Production Economics, 128(1), pp.127~135 (2010)
- Ernst, H., "Patenting strategies in the German mechanical engineering industry and their relationship to company performance", Technovation, 15(4), pp.225~240 (1995)
- Faccio, M., "Political connections and corporate bailouts", The Journal of Finance, 61(6), pp.2597~2635 (2006)
- Feldman, M. P., "The economics of science and technology: an overview of initiatives to foster innovation, entrepreneurship, and economic growth" (2012), Springer Science & Business Media
- Frynas, J. G., "First mover advantages in international business and firm-specific political resources", Strategic Management Journal, 27(4), pp.321~345 (2006)
- Gambardella, A., "Does technological convergence imply convergence in markets? Evidence from the electronics industry", Research policy, 27(5), pp.445~463 (1998)
- Goldman, E., "Do politically connected boards affect firm value?", The Review of Financial Studies, 22(6), pp.2331~2360 (2009)
- Greene, W., "Fixed and random effects in stochastic frontier models", Journal of productivity analysis, 23(1), pp.7~32 (2005)
- Gujarati, D. N., "Essentials of econometrics(Vol. 2)", pp.1999, Irwin
- Hall, B. H., "The financing of research and development", Oxford review of economic policy, 18(1), pp.35~51 (2002)
- Hall, B. H., "The patent paradox revisited: an empirical study of patenting in the US semiconductor industry, 1979-1995", rand Journal of Economics, 8, pp.101~128 (2001)
- Hart, D, "Why do some firms give? Why do some give a lot? High-tech PACs, 1977-1996", The Journal of Politics, 63, pp.1230~1249 (2001)
- He, Y., "Performance implications of nonmarket strategy in China", Asia Pacific Journal of Management, 24(2), pp.151~169 (2007)
- Henisz, W. J., "The institutional environment for multinational investment", The Journal of Law, Economics, and Organization, 16(2), pp.334~364 (2000)
- Hillier, D., "The impact of country-level corporate governance on research and development", Journal of International Business Studies, 42(1), pp.76~98 (2011)
- Hillier, D., "The impact of country-level corporate governance on research and development", Journal of International Business Studies, 42(1), pp.76~98 (2011)
- Hillman, A. J., "Politicians on the board of directors : Do connections affect the bottom line?", Journal of management, 31(3), pp.464~481 (2005)
- Hillman, A. J., "Corporate political strategy formulation : A model of approach, participation, and strategy decisions", Academy of management review, 24(4), pp.825~842 (1999)
- Hillman, A. J., "Resource dependence theory : A review", Journal of management, 35(6), pp.1404~1427 (2009)
- Hillman, A. J., "Corporate political strategies and firm performance : indications of firm-specific benefits from personal service in the US government", Strategic Management Journal, 20(1), pp.67~81 (1999)
- i Vidal, J. B., "Revolving door lobbyists", The American Economic Review, 102(7), pp.3731~ (2012)
- Kay, N., "The R&D function: corporate strategy and structure", Technical change and economic theory, 4, pp.283~294 (1988)
- Keim, G. D., "Corporate political strategy and legislative decision making : A review and contingency approach", Academy of management review, 11(4), pp.828~843 (1986)
- Keupp, M. M., "Determinants and archetype users of open innovation", R&d Management, 39(4), pp.331~341 (2009)
- Khwaja AI, Mian A., "Do lenders favor politically connected firms? Rent provision in an emerging finan-cial market", Quarterly Journal of Economics, 120, pp.1371~1411 (2005)
- Kotabe, M., "Examining the complementary effect of political networking capability with absorptive capacity on the innovative performance of emerging-market firms", Journal of management, 43(4), pp.1131~1156 (2017)
- Leuz, C., "Political relationships, global financing, and corporate transparency : Evidence from Indonesia", Journal of financial economics, 81(2), pp.411~439 (2006)
- Li, H., "The role of managers' political networking and functional experience in new venture performance : Evidence from China's transition economy", Strategic management journal, 28(8), pp.791~804 (2007)
- Lin, B. W., "R&D intensity and commercialization orientation effects on financial performance", Journal of business research, 59(6), pp.679~685 (2006)
- Lu, J. W., "Intra-and inter-organizational imitative behavior : Institutional influences on Japanese firms' entry mode choice", Journal of international business studies, 33(1), pp.19~37 (2002)
- Marano, V., "Home country institutions and the internationalization-performance relationship : A meta-analytic review", Journal of Management, 42(5), pp.1075~1110 (2016)
- McCutchen Jr, W. W., "Effect of R&D expenditures and funding strategies on the market value of biotech firms", Journal of Engineering and Technology Management, 12(4), pp.287~299 (1996)
- O'brien, J. P., "The capital structure implications of pursuing a strategy of innovation", Strategic Management Journal, 24(5), pp.415~431 (2003)
- Oliver, C., "Strategic responses to institutional processes", Academy of management review, 16(1), pp.145~179 (1991)
- Pfeffer, J., "The external control of organizations : A resource dependence perspective" (1978), Harper & Row
- Porter, M. E., "On competition" (2008), Harvard Business Press
- Qian, Y., "Federalism as a commitment to reserving market incentives", Journal of Economic perspectives, 11(4), pp.83~92 (1997)
- Ridge, J. W., "Beyond lobbying expenditures : How lobbying breadth and political connectedness affect firm outcomes", Academy of Management Journal, 60(3), pp.1138~1163 (2017)
- Schilling, M. A., "Strategic management of technological innovation" (2019), McGraw-Hill Education
- Schumpeter, J. A., "Capitalism, Socialism and Democracy" (1942), Harper
- Selling, T. I., "The effects of business environment and strategy on a firm's rate of return on assets", Financial Analysts Journal, 45(1), pp.43~52 (1989)
- Singh, M., "An empirical examination of the trend and performance implications of business diversification", The Journal of Business and Economic Studies, 7(2), pp.25~ (2001)
- Tihanyi, L., "State ownership and political connections", Journal of Management, 45(6), pp.2293~2321 (2019)
- Wang, H., "What is the benefit of TMT's governmental experience to private-owned enterprises? Evidence from China", Asia Pacific Journal of Management, 28(3), pp.555~572 (2011)
- White, H., "A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity", Econometrica: journal of the Econometric Society, 8, pp.817~838 (1980)
- Xiao, G., "Legal shareholder protection and corporate R&D investment", Journal of Corporate Finance, 23, pp.240~266 (2013)
- Zheng, W., "Buffering and enabling : The impact of interlocking political ties on firm survival and sales growth", Strategic Management Journal, 36(11), pp.1615~1636 (2015)
