Revisiting the R&D Cyclicality with Dynamic R&D mode
DC Field | Value | Language |
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dc.contributor.author | Chung, Hyuk | - |
dc.date.accessioned | 2023-11-15T02:42:20Z | - |
dc.date.available | 2023-11-15T02:42:20Z | - |
dc.date.issued | 2023-09 | - |
dc.identifier.issn | 1229-5981 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/cau/handle/2019.sw.cau/68591 | - |
dc.description.abstract | This study revisits the topic of R&D cyclicality by applying the dynamic R&D investment model to firm-level panel data, which is acquired from KIS-Value. Methodologically this study bridges previous empirical studies of R&D investment under financial constraints with studies of R&D cyclicality. Specifically, the former often apply dynamic panel methodology like GMM (generalized method of moments) to dynamic R&D model to investigate effects of financial constraints but have not put much emphasis on R&D response to business cycles. On the other hand, the latter have focused on direction of R&D cyclicality controlling financial condition, in order to examine the Schumpeterian prediction of countercyclical R&D investment; however, empirical methods of R&D cyclicality studies are surprisingly detached from the former. Using the widely used system GMM for the empirical analysis of R&D investment with financial constraints, this study finds procyclical response of R&D investment to sales growth with mitigating effects of credit constraints, which is measured by credit ratings. Furthermore, asymmetrically procyclical R&D is found, as the procyclicality and the effect of financial constraint are concentrated to contraction period, particularly the post-financial crisis era after 2010. In sum, this empirical analysis confirms the procyclicality of R&D investment in contrast to the Schumpeterian prediction of countercyclical R&D investment, even after controlling financial constraints. | - |
dc.format.extent | 33 | - |
dc.language | 영어 | - |
dc.language.iso | ENG | - |
dc.publisher | 정보통신정책학회 | - |
dc.title | Revisiting the R&D Cyclicality with Dynamic R&D mode | - |
dc.type | Article | - |
dc.identifier.doi | 10.37793/ITPR.30.3.1 | - |
dc.identifier.bibliographicCitation | 정보통신정책연구, v.30, no.3, pp 1 - 33 | - |
dc.identifier.kciid | ART003007748 | - |
dc.description.isOpenAccess | N | - |
dc.citation.endPage | 33 | - |
dc.citation.number | 3 | - |
dc.citation.startPage | 1 | - |
dc.citation.title | 정보통신정책연구 | - |
dc.citation.volume | 30 | - |
dc.publisher.location | 대한민국 | - |
dc.subject.keywordAuthor | R&D cyclicality | - |
dc.subject.keywordAuthor | financial constraints | - |
dc.subject.keywordAuthor | dynamic panel | - |
dc.subject.keywordAuthor | GMM | - |
dc.description.journalRegisteredClass | kci | - |
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