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KMID : 1002520200140030207
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Korean Journal of Health Service Management
2020 Volume.14 No. 3 p.207 ~ p.215
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Relationship Between Research and Development Investment and Firm-specific Factors of Korean Pharmaceutical Firms: A Nonparametric Approach
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Lee Cheol-Haeng
Lee Sang-Won
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Abstract
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Objectives: Using data on 86 Korean pharmaceutical firms over a 5-year period from 2013 to 2017, this study empirically analyzes the relationship between research and development (R&D) investment and firm-specific factors.
Methods: Investment variables are R&D expenditure and intensity. Variables for firm-specific factors include firm size, firm age, firm location, technological innovation, and export orientation. Nonparametric statistical methods are used to test the difference in R&D investment and groups are then classified according to the level of firm-specific factors for inter- or between-group comparison.
Results: First, R&D intensity was related to firm size, firm age, and technological innovation. Second, R&D expenditure was related to firm size and technological innovation and this relationship was statistically significant.
Conclusions: The results are expected to provide policy implications for R&D investment decisions and strategic choices made by managers as well as policy makers.
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KEYWORD
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Pharmaceutica, R&D Investment, Firm-specific Factors, Nonparametric
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