The Korean Journal of Health Service Management (보건의료산업학회지)

Korea Society of Health Service Management (보건의료산업학회)
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Analysis of the Determinants of Research and Development in the Pharmaceutical Industry Using Panel Study Focused Foreign and Institutional Investors

패널자료를 이용한 제약산업의 연구개발투자 결정요인분석: 외국인투자자와 기관투자가를 중심으로

  • Lee, Mun-Jae (School of Health Policy and Management, Korea University College of Health Science) ;
  • Choi, Man-Kyu (School of Health Policy and Management, Korea University College of Health Science)
  • 이문재 (고려대학교 보건과학대학 보건정책관리학부) ;
  • 최만규 (고려대학교 보건과학대학 보건정책관리학부)
  • Received : 2015.07.07
  • Accepted : 2015.08.07
  • Published : 2015.09.30
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Abstract

Objectives : The aim of this study was to analyze the influence of foreign and institutional investors in the pharmaceutical industry on R&D investments. Methods : The empirical analysis was done for the years 2009 to 2013 which examined the period after the influence of the financial crisis. Financial statements and comments in general and internal transactions were extracted from the TS-2000 of the Korea Listed Company Association. STATA 12.0 was used as the statistical package for the panel analysis. Results : The results show that the shareholding ratio of foreigner investors turned out to have a statistically significant influence on R&D investment. No statistical significance was found in the shareholding ratio of institutional investors. Conclusions : The findings of this study, which indicate that a higher shareholding ratio of foreigner investors leads to greater R&D investment, indicate that foreign investors directly or indirectly impose pressure on a manager to make R&D investments for the long-term.

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