The role of R&D and corporate governance in Korea: IT firms versus non-IT firms

被引：6
|
作者：
Hwang, Joon Ho [1 ]
Kim, Min-Su [1 ]
Chun, Se-Hak [2 ]
机构：
[1] Korea Univ, Sch Business, Seoul 136701, South Korea
[2] Seoul Natl Univ Sci & Technol, Dept Business Adm, Seoul 139743, South Korea
来源：
INFORMATION TECHNOLOGY & MANAGEMENT | 2013年 / 14卷 / 01期
关键词：
Economic growth; R&D; Firm performance; Corporate governance; Foreign ownership; INFORMATION-TECHNOLOGY INVESTMENTS; ECONOMIC-PERFORMANCE; LEVEL EVIDENCE; AGENCY COSTS; PRODUCTIVITY; OWNERSHIP; RETURNS; IMPACT; VALUATION; DIRECTORS;
D O I：
10.1007/s10799-012-0142-9
中图分类号：
G25 [图书馆学、图书馆事业]; G35 [情报学、情报工作];
学科分类号：
1205 ; 120501 ;
摘要：
Recent economic development in Korea was mostly driven by companies in the IT sector. Also, it is widely argued that R&D investment has a positive impact on firm value, especially for IT firms. In this paper, we analyze how R&D investment has contributed to the growth of Korea's economy by examining the effect of R&D investment on firms' market value, measured as Tobin's Q, and investigate whether this effect is different between firms in the IT sector and firms in the non-IT sector. We also account for the effect of another major change experienced by Korean firms: changes in corporate governance structure. We find that for firms in the IT industry, higher R&D investment coupled with high foreign ownership results in higher firm valuation.
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页码：29 / 41
页数：13
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