Analysis of R&D Time Lag in impacting Firm Value: GMM- PVAR Study

GMM Panel VAR를 이용하여 R&D가 기업 가치에 영향을 미치기까지의 시간 측정 연구

  • Yang, Insun (School of Business Administration, Hongik University)
  • Received : 2016.05.04
  • Accepted : 2016.07.07
  • Published : 2016.07.31


Most previous studies found a positive relationship between the value of a firm and its R&D investments. This research measures the impact of the timescale of the R&D investment of a firm on its value using panel vector autoregression. By measuring the time required for R&D to impact the value of a firm, this study demonstrates that the lead time is an essential factor in the analysis of the effect of R&D investment on a firm's value. Our study finds that the length of the lead time varies according to the firm's size, industry concentration, and book to market ratio. Firms with a higher industry concentration show a shorter lead time. Also, firms with a larger size and higher book to market ratio generally show a shorter lead time.


Supported by : 홍익대학교


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