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The Effects of M&A on R&D Investment
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인수·합병 이후 국내 기업의 연구개발투자 추이변화 분석

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Type
Academic journal
Author
Journal
한국경제통상학회 경제연구 경제연구 제26권 제3호 KCI Accredited Journals
Published
2008.1
Pages
47 - 64 (18page)

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The Effects of M&A on R&D Investment
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Abstract· Keywords

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It is well known that R&D activity is an important factor in the long-term growth of firm's productivity. After merging the other firm, the merging firm would have a great reserve power to increase R&D investment since it might have more market power. On the contrary, the firm would have an incentive to reduce redundant or unnecessary R&D investment. This paper examines the effects of acquisition and merger (M&A) on research and development (R&D) investment by using the Korean firm-level data set. The paper studies the effects by characteristics of merging firms and by types of M&A, by comparing the R&D investments of the merging firms with those of nonmerging firms. It is found that, on the whole, the M&A reduces the R&D investments of merging firms. The qualitative result that the merging firms decrease R&D investments does not change when we study the effects by characteristics of the firms. As a result, the study suggests that, it is necessary for the government to take steps for merging firms to increase the R&D investments.

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