논문 해외 국제전문학술지(SCI급) THE ROLE OF R&D INVESTMENT IN FIRM VALUATION FOR SMALL AND MEDIUM KOREAN COMPANIES
- 학술지 구분 국제전문학술지(SCI급)
- 게재년월 2014-07
- 저자명 권기정
- 학술지명 ASIAN SOCIAL SCIENCE
- 발행처명 Canadian Center of Science and Education
- 발행국가 해외
- 논문언어 외국어
- 전체저자수 1
홈페이지논문 초록 (Abstract)
As technology innovation gains attention as a key value-relevant factor, many researchers raise questions about the conventional assumption that the market value of equity is a linear function of technology innovation. This study takes the view that R&D , as a proxy for technology innovation, helps promote firm value in wa ys dependent on firms' characteristicsand market structure. To explor e this argument, this study collects data from small and medium companies listed onthe Korean stock markets covering from 2001 to 2011. The results show that R&D contributes to the promotion of the market value of equity, which, as a proxy for firm value, is in turn found to be nonlinearly associated with R&D according to a firm's characteristics and market structure. This paper indicates t he need to employ a nonlinear value relevance model in assessing the market value of equity as a function of the R&D investments o f small and medium Korean companies.