• Journal of Technology Innovation
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• v.29 no.4
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• pp.95-124
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• 2021

Startups play an important role in economic growth and job creation in niche markets, thus governments regularly expand their research and development(R&D) budgets accordingly. As stratups are more dependent on governments to compensate for insufficient resources and capabilities than large and medium-sized companies, trust in government policies will be important. In this study, we analyzed the impact of startups' trust in government R&D policies on innovation performance. There were three major results. The first result is that government R&D investments in startups increase innovation performance in the manufacturing and high-technology industries but did not affect other industries. The second result is that trust in government R&D policies increased innovation in high-and medium-high technology and manufacturing industries. The third result is that trust in government R&D policies affects innovation before, during, and after evaluation of support process. We analyzed the importance of trust to the effectiveness of government R&D support to determine how to effectively provide it. The results show that governments need to differentiate the types of R&D support they provide according to the target firm's technology level and whether they are a manufacturing company and that appropriate R&D support mechanism should be developed for low-technology and non-manufacturing companies. Finally, governments should allocate resources and make fair and transparent decisions to help companies grow, not to better supervise them.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.3
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• pp.75-83
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• 2015

This article investigates the impact of SMEs' R&D expenditure, government R&D funding, the number of funded by Government R&D programs on the employment growth rate. This study also explores whether government R&D funding and the number of funded by Government R&D programs have interaction effects between SMEs' R&D expenditures and the employment growth rate. The results show that SMEs' R&D expenditure and government R&D funding have a positive effect on the employment growth rate. The rest of variables have no significant direct effects on the employment growth rate. The government R&D funding has a interaction effect between SMEs' R&D expenditures and the employment growth rate. Especially, the firm group of high-level innovation capabilities has a positive effect on the employment growth rate. The results explain that the government R&D funding influences SMEs' employment positively and the impact of the government R&D funding on employment is more effective in the firm group of high-level innovation capabilities. Therefore, Government provides differentiation strategy of R&D funding by innovation capabilities of SMEs and can maximize the employment.

• Journal of Digital Convergence
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• v.8 no.2
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• pp.29-42
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• 2010

To improve the performance of R&D investments, government has taken great efforts for advancing the structure and process in R&D systems. However, due to the drastic internal/external changes in the technological environment and the steady increase of investment scale, the necessity for a innovative approach which accomplishes returns to scale through the utilization of various external resources is emerging. In this regard, open innovation approach can minimize the possibility of government failures by strengthening the absorptive capacity of external resources and enhancing the cooperation and participation of diverse innovative participants within the R&D system. This paper evaluates the previous researches and government policies concerning the performances of government R&D investments, and presents the connectivity between open innovation and its possible contribution to the improvement of R&D investment performances.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.05a
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• pp.647-647
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• 2017

본 연구의 목적은 정부의 R&D 지원사업에 참여하는 유형별 중소기업들의 R&D참여 요인에 관한 연구이다. 각 정부부처별 R&D 지원사업이 지역전략산업별, 뿌리기술전문기업, 부품소재기업등 특수 산업분야별, 다양한 형태로 운영되고 있으며, 각 기업에 보조금, 지원금 및 마케팅, 기획, 교육등의 다양한 지원이 이루어지고 있고 각 기업들 또한 이에 참여하게 된다. 따라서 본 연구는 이와 같은 정부 R&D지원사업의 참여요인 즉, 다양한 유형의 중소기업이 정부 R&D과제 참여에 긍정적인 영향을 미치는 지에 대한 가설을 검증한다. 또한 기술적 성과인 R&D 참여강화와 기술역량 강화에 영향을 미치는지에 대한 가설을 검증한다. 이 분석결과를 통한 연구결과, 중소기업의 연구개발투자에 영향을 미치는 요인중 지역전략산업별, 뿌리기술전문기업, 부품소재기업등 특수 산업분야별등 기업유형에 따라 정(+)의 영향을 미치고 있다는 결과를 바탕으로 정부지원사업에 참여하는 유형별 중소기업들의 전략적 R&D참여를 위한 방향설정에 도움이 될 것이다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.39-50
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• 2022

Based on the signaling theory, this study examined whether startups are more likely to attract venture investment when receiving government R&D subsidies. First, we reviewed previous studies of the investment decision-making process of venture capitalists and understood the conditions that influence investment decisions. Based on previous studies on the signal effect of government subsidies, particularly government R&D grants, on inducing private fund investment, this study revealed a mechanism to induce venture investment by startups. In addition, in order to verify whether government R&D subsidies have the effect of inducing venture investment, an empirical analysis was conducted based on data from startups under seven years and certified as a venture companies in 2021. This paper used PSM(Propensity Score Matching) method and DID(Difference In Difference) analysis for an empirical study to analyze the average treatment effect on the treated group(beneficiary startups of government R&D grants). As a result of empirical analysis, companies that receive more government R&D subsidies after starting a business are more likely to attract venture investment. From two to three years after conducting the first government R&D project, startups that received government R&D grants attracted more venture investment than those that did not. The results of this paper demonstrate that government R&D projects can also affect the venture investment ecosystem, giving policy implications to government R&D projects targeting startups. It is also expected to suggest strategic implications to startups that need new funding.

• Journal of Korea Technology Innovation Society
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• v.18 no.1
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• pp.73-97
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• 2015

Various types of government R&D support are available for activating businesses by small and medium sized enterprises (SMEs). However, most existing studies on this topic are focused only on the financial aspect. Interest in non-financial R&D support from the government has recently grown due to the limited provision of government financial support. In this study, government R&D support for SMEs was categorized into financial and non-financial strategies. Performance in terms of technological innovation by type was also analyzed. Furthermore, as R&D performance could vary according to the characteristics of the firms, the study classified performance variables into technological development possibility, technology intensity and technology uniqueness. The relationship between the types of support and the characteristics of the performance was also examined. Based on the results, it was found that government R&D support positively influences the SMEs' technological performance. However, the level of financial support does not significantly influence the technological uniqueness. As such, it is expected that effects from the increase in quantity of government R&D support are limited.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.10 no.1
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• pp.200-208
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• 2009

Trend of R&D expenditure in Korea during the last 10 years, the R&D expenditure has been constantly increasing at an average rate of 10%. The government R&D ekpenditures or subsidies are increasing rapidly But the studies of evaluating impact of government R&D subsidies are few. This study attempts to empirically investigate the effects of government R&D subsidies on private firm's R&D investment in Korean industry by using Propensity score matching method which sign as to whether the relationship between government subsidies and private R&D investments is on stimulating or displacing private R&D expenditures. Empirically, a firm with government R&D subsidy are 733 million dollar more expenditure then don't receive any government R&D funding. Also Government R&D subsidies greatly increase (statistically significant) company financed R&D expenditures only for large firms but had no effect on the R&D expenditures of small & medium sized firms and venture firms.

• Clean Technology
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• v.17 no.2
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• pp.181-188
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• 2011

In this study, the complementary or crowding-out effects of public R&D subsidy on private R&D investment in the cleaner production were analysed between the effects and the major determinants (company size, R&D investment intensity, ratio of government investment, R&D manpower intensity). Among 207 firms' projects, the number of the complementary effect was 95 (45.9%) while that of crowding-out effect was 38 (18.4%). Resulting from logistic regression, the higher the R&D investment of sponsored companies is, the more complementary effect they show, responding to public R&D subsidy, and increase own R&D investment. The other determinants, however, showed no significant effects on firms' R&D investment. To heighten the effect of public cleaner production R&D, it is need to increase the priority of R&D investment intensity among the determinants. And to increase the performance of governmental R&D investment, further studies for the individual public R&D programs are necessary.

• Journal of Korea Technology Innovation Society
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• v.10 no.4
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• pp.706-726
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• 2007

This study attempts to empirically investigate the effects of government R&D subsidies on private firm's R&D investment in Korean industry. The R&D subsidy effect is defined as the average percentage change in firm's R&D expenditures between what was actually observed among firms that received a subsidy and what these firms would have spent had the subsidy not been received. To measure the effect we use Difference-in-Differences (DID) model which sign as to whether the relationship between government subsidies and private R&D investments is on stimulating or displacing private R&D expenditures. The differences between this study and previous studies are that we tries to measure the effect of Government R&D across various sited firm groups such as large, small & medium, and venture firms and we add one lag of the subsidy indicator in order to capture the effect of the subsidies on private R&D during 2 consecutive period. Empirically, a firm with government R&D subsidy increases its own R&D investment by 13.9%. Also on average, 1% of government R&D subsidy leads to 0.031% of private R&D increase. The main results of this study are as follows : First, Government R&D subsidies stimulate private firm's R&D expenditures. Second, Government R&D subsidies greatly increase (statistically significant) company financed R&D expenditures only for large firms but had no effect on the R&D expenditures of small & medium sized firms and venture firms.

• Journal of Digital Convergence
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• v.12 no.5
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• pp.171-180
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• 2014

This study is about effects of government R&D subsidies program participation factor for SMEs R&D performances. Currently, Government R&D subsidies program has been operating in various forms, and each company subsidies, facilities, equipment, personnel and training have been supported. Each of the companies is also involved with various factor of support to participate in the subsides program. Therefore, This study verifies the hypotheses that after government R&D subsidies program of project implementation, various participation factor of companies have an effect positive impact on business management skills of administrative performance. Also, This study verifies the hypothesis of an influence on the R&D investment and the technological capability of technical performance. Through such a analysis results will help to carry out guide for strategic R&D performance management of government R&D subsidies program participation companies.