DIMINISHING RETURNS TO R&D INVESTMENT ON INNOVATION IN MANUFACTURING SMEs: DO THE TECHNOLOGICAL INTENSITY OF INDUSTRY MATTER?
- Authors
- Kim, Konshik
- Issue Date
- Oct-2018
- Publisher
- WORLD SCIENTIFIC PUBL CO PTE LTD
- Keywords
- Diminishing returns to R& D investment; manufacturing SMEs; the technological intensity of industry sectors; inverted U-shaped form; invention; innovation
- Citation
- INTERNATIONAL JOURNAL OF INNOVATION MANAGEMENT, v.22, no.7
- Journal Title
- INTERNATIONAL JOURNAL OF INNOVATION MANAGEMENT
- Volume
- 22
- Number
- 7
- URI
- https://scholarworks.bwise.kr/hongik/handle/2020.sw.hongik/12997
- DOI
- 10.1142/S1363919618500561
- ISSN
- 1363-9196
- Abstract
- This paper examined the nonlinear R&D-innovation relationships of SMEs (small and medium-sized enterprises) and the differences in the strength and productivity of R&D investment between low-, medium-, and high-tech industry sectors. Using 2740 firm data in South Korea, this study found that R&D investment has an inverted U-shaped relationship with registered patents such that patents increase at a decreasing rate as R&D investment increases. The relationship between R&D investment and innovative sales resulting from R&D investment in manufacturing SMEs also exhibits an inverted U-shaped form. The R&D-innovation relationship of SMEs in high-tech sectors is more strengthened such that the optimal level of R&D investment in high-tech sectors is higher than those for SMEs in low-tech sectors. This study also demonstrated that the R&D-innovation relationship for high-tech sectors is more flattened so that the diminishing returns to R&D investment is weakened with the increase of technological intensity of industry sectors.
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