Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2018.1432380
Growth, profits and R&D investment
Sanghoon Lee
orcid.org/0000-0002-9861-5534
; Department of Economics, Hannam University, Daedeokgu, Daejeon, Republic of Korea
Sažetak
This study uses firm-level panel data from Korea over the period 1990–
2012 to examine the relationship between growth, profitability and
R&D investment. The empirical results show that (i) the effect of profits
on growth is negative, which, however, is significant only after the
financial crisis; (ii) the effect of growth on profits is insignificant, but
a positive relationship is found before the crisis and for old firms; and
(iii) there is an inverse U-shaped relationship between R&D investment
and cash flow, and the effect of cash flow on R&D investment is positive
before the crisis and for non-group firms. The empirical results reflect
the institutional setting and historical context of Korea. Theoretical
and practical implications are discussed.
Ključne riječi
Profit; Growth; R&D; Korea; Panel data
Hrčak ID:
200694
URI
Datum izdavanja:
3.12.2018.
Posjeta: 1.293 *