Financial Comparison of R&D Expenditures between the KOSDAQ-listed Small & Medium Enterprises (SMEs) in Seoul Metropolitan Area and Chungcheong Province

서지정보

· 발행기관 : 피터드러커 소사이어티
· 수록지 정보 : 창조와 혁신 / 16권 / 2호 / 85 ~ 115페이지
· 저자명 : 김한준

초록

This study addresses one of the interesting subjects, to which little attention has been paid so far in modern finance. In other words, as for the objective of the study, financial attributes and differences to determine corporate R&D intensity are empirically examined for two sample groups of KOSDAQ-listed SMEs headquartered in Chungcheong province and Seoul Metropolitan area (as control group). The former region seems to be in transition to dynamic changes in socio-economic and business aspects, where more firms seem to be engaged in high-tech industries. Regarding empirical research setting, three hypotheses are tested by applying econometric methodologies such as panel data model and multinomial logistic regression model during the period from 2011 to 2020 (for 10 years). Regarding the results obtaned from the study, financial variables such as size, a proportion of accounts payable and interaction effect between profitability and high-tech sector, were found to significantly affect R&D intensity for the SMEs in both provinces. Moreover, the SMEs in Seoul Metropolitan area had lower dividend payout and higher market-valued debt ratio than those of the LEs, while the SMEs in Chungcheong province possessed higher growth rate than that of the large enterprises (the LEs). As for financial implication, results derived from the study are expected to contribute to searching for an optimal R&D intensity, which in turn, increases firm value from the shareholders’ perspective.

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