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Financialization and the Slowdown in Korean Firms' R&D Investment
- Seo, Hwan Joo;
- Kim, Han Sung;
- Kim, Yoo Chan
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116초록
This study investigates the effects of financialization on research and development (R&D) investment by nonfinancial corporations (NFCs) in Korea from 1994 to 2009. The results indicate that increased dividend payments and stock buybacks impeded R&D investment by reducing internal funds and planning horizons. In addition, increased financial investment and profit opportunities crowded out R&D investment by influencing managers' incentives. Further, estimation results obtained by dividing the sample period into before and after the 1997-98 Asian financial crisis (AFC) indicate that the progress of financialization had a negative effect on R&D investment only after the AFC.
키워드
CAPITAL ACCUMULATION; FINANCIALISATION; SHAREHOLDER VALUE; CORPORATE GOVERNANCE; SHAREHOLDER VALUE; CORPORATE GOVERNANCE; FINANCIALISATION
- 제목
- Financialization and the Slowdown in Korean Firms' R&D Investment
- 저자
- Seo, Hwan Joo; Kim, Han Sung; Kim, Yoo Chan
- 발행일
- 2012-10
- 유형
- Article
- 권
- 11
- 호
- 3
- 페이지
- 35 ~ 49
- 언어
- ENG
- 출판사
- MIT PRESS
- 발행국가
- 미국
- 분량
- 15 페이지
- ISSN
- E 1536-0083
P 1535-3516