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An Empirical Analysis on the Spillover Effects of R&D Investment in the ICT industry

ICT 산업의 R&D 투자가 타 산업에 미치는 파급효과 측정

  • 정우진 (연세대학교 정보대학원 바른ICT연구소) ;
  • 김현석 (연세대학교 경제학과) ;
  • 조신 (연세대학교 정보대학원)
  • Received : 2018.11.12
  • Accepted : 2019.01.25
  • Published : 2019.03.31

Abstract

This paper examines spillover effects of R&D investment in the ICT industry to other industries by analyzing panel data composed of 6 manufacturing industries for the period of 1983~2011. Major findings are as follows; (1) The increase of R&D investment in ICT industry has a significantly positive relationship with the increase in the value-added of the remaining 5 industries with 3~10 year lags, depending on the source of R&D funds and R&D stage. (2) More specifically, public R&D shows the spillover effects during 3~7-year lag periods, whereas private R&D started to exert spillover effects from 9-year lag. The result implies that the public R&D appropriately targets projects with more spillover effects. (3) Basic research, applied research, and development showed the spillover effects for the period of 9~10, 7~10, and 10-year lag, respectively. (4) The R&D investment in 5 other industries such as machinery, chemicals, and materials does not have positive spillover effects to the remaining industries. Few studies have been done to analyze the R&D spillover effects to other industries, with certain limitations. This study contributes to the existing literature by analyzing the spillover effects of the different R&D funds and R&D stages, and by considering various time-lag effects.

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