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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2012.1
- 수록면
- 89 - 110 (22page)
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The current study examines the effect of ownership concentration on R&D investment by investigating a large panel data set of Korean listed firms. Theoretically, concentrated ownership structure can be an alternative to mitigate the agency problem caused by the separation of ownership and control in a dispersed ownership structure. However, whether ownership concentration positively affects firm R&D decisions is not obvious due to the contrasting effects of large shareholders: risk averseness and long-term orientation. The present study uses several econometric techniques, fixed effects FGLS regression, dynamic GMM regression, and subsample regressions, and shows that the positive effect of ownership concentration on R&D is confirmed in Korea. A non-linear relation between ownership concentration and investment is not significant, and neither are the effects of foreign investors and institutional investors. The results of the subsample regressions indicate that the positive effect of ownership concentration is significant in small firms, R&D intensive firms, and non-chaebol firms.
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참고문헌 (27)
참고문헌 신청
Aboody, David / 2000 / Information Asymmetry, R&D, and Insider Gains / Journal of Finance 55 (6) : 2747 ~ 2766
Alchian, Armen A. / 1972 / Production, Information Costs, and Economic Organization / American Economic Review 62 (5) : 777 ~ 795
Allayannis, George / 2004 / The Impact of Negative Cash Flow and Influential Observations on Investment-Cash Flow Sensitivity Estimates / Journal of Banking and Finance 28 (5
Amihud, Yakov / 1981 / Risk Reduction as a Managerial Motive for Conglomerate Mergers / Bell Journal of Economics 12 (2) : 605 ~ 617
Arellano, Manuel / 1991 / Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations / Review of Economic Studies 58 (2) : 27
Alchian, Armen A. / 1972 / Production, Information Costs, and Economic Organization / American Economic Review 62 (5) : 777 ~ 795
Allayannis, George / 2004 / The Impact of Negative Cash Flow and Influential Observations on Investment-Cash Flow Sensitivity Estimates / Journal of Banking and Finance 28 (5
Amihud, Yakov / 1981 / Risk Reduction as a Managerial Motive for Conglomerate Mergers / Bell Journal of Economics 12 (2) : 605 ~ 617
Arellano, Manuel / 1991 / Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations / Review of Economic Studies 58 (2) : 27
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