• STI Policy Review
• /
• v.8 no.1
• /
• pp.1-22
• /
• 2017

There has been a pronounced increase in research and development (R&D) expenditure in Singapore over the last two decades, with government spending accounting for a sizeable share. This increase has been spurred by public policy emphasis on research and innovation as engines of economic growth. This paper analyses the impact of R&D on economic performance in Singapore from 1978 to 2012 through the use of time series analysis. The Cobb-Douglas based analysis shows a long-run equilibrium relationship between Total Factor Productivity (TFP) and R&D investments. We found that the short-run productivity of R&D in Singapore is comparable to smaller advanced economies in the Organisation for Economic Co-operation and Development (OECD). However, in terms of long-run R&D productivity, Singapore lags slightly behind the smaller OECD nations and far behind the G7 countries. This suggests leakage of value capture and low absorptive capacity in local firms. Possibility of productivity improvements induced by policy changes in the 1990s was considered, but no evidence of significant structural breaks was found. Lastly, Granger causality analysis reveals that public sector R&D augments private sector R&D capital, thus playing an important role in generating externalities and spillover effects. Policy implications and lessons for other middle-income countries are discussed.

• Journal of Korea Technology Innovation Society
• /
• v.21 no.1
• /
• pp.420-453
• /
• 2018

In the growth of the government's investment in national R&D project and the abuse of research expense, an effective control and management mechanism is strongly demanded. However, an excessive regulation might hinder the R&D performance, which also endangers the underlying objective of R&D policy. Especially, an excessive regulation on the R&D expenditure may damage the SMEs (Small and Medium sized Enterprises) where securing an adequate level of R&D funding is vital. This study investigates the R&D funding and R&D performance of SMEs participating in the national R&D project by using fixed effect panel model. As a result, this paper reveals the effectiveness of 'Government R&D subsidy'. However, that of 'private R&D fund' is not supported strongly. Also, this paper empirically demonstrates the efficiency of both 'Government R&D subsidy' and 'Private R&D fund' as the R&D costs are spent discretionarily (as the degree of 'Indirect Cost Ratio' increases). Especially, the effectiveness of 'Private R&D fund' can be moderated by 'Indirect Cost Ratio'. On the basis of the conclusions, this paper draws an implication that can increase R&D performance of SMEs through the interactions of manifold administrative values (i.e. effectiveness, efficiency and responsibility).

• Journal of Korea Technology Innovation Society
• /
• v.15 no.3
• /
• pp.649-674
• /
• 2012

The purpose of this study is to investigate the effects of public R&D subsidies on private R&D. We have analyzed rationales for the public R&D subsidy from different perspectives. On the basis of literature review, a two step research model is constructed: participation phase (when firms benefit from public subsidies) and decision phase (when firms make decision on additional R&D investments). Using propensity score matching(PSM) method, we compare the potential outcome of the treated group to a matched controlled group of non-subsidized firms. The data used in this paper was collected from various sources. The Korean Innovation Survey 2008(manufacturing sector) is a main source of data. Financial data such as revenue, asset and capital stock, and number of employees were supplemented from the Nice Information Service KIS Value database. The R&D survey, conducted by MEST(Ministry of Education, Science and Technology) each year, was also used for the R&D expenditures of the manufacturing firms. This study comes up with the following empirical results. First, a firm's innovation capability, financial constraints, and sector appear to influence the selection of firms who were benefited from government's financial supports for R&D. Second, empirical results show that public R&D funding complements private investment on average and appear to have perpetual effects on the following year. Finally, sectoral difference in the effect of public subsidies on firms' R&D investment was confirmed. In addition, SMEs show more positive effects than large firms.

• 한국신재생에너지학회:학술대회논문집
• /
• 2005.06a
• /
• pp.600-603
• /
• 2005

U.S. National Research Council proposed benefits framework for energy R&D project as economic benefits, environmental benefits, security benefits and knowledge benefits. Following this framework, U.S. National Renewable Energy Laboratory evaluated the projected benefits of Federal Energy Efficiency and Renewable Energy Programs in the indicators of energy-expenditure savings, energy system cost savings, $CO_2$ emissions reductions. oil savings, natural gas saving and avoided additions to central conventional power. As this result, geothermal energy have predominant position in the energy-expenditure savings, natural gas saving and avoided addi t ions to central conventional power to FY2050. The projected benefits, in monetary value, of the whole supply-potential of geothermal energy in Korea were evaluated as 480.2 billion Won, 43.1 billion Won and 135.8 billion Won for the private energy-cost savings, social environmental-cost savings, and import energy-cost saving, respectively.

• Journal of Service Research and Studies
• /
• v.13 no.1
• /
• pp.144-158
• /
• 2023

R&D (Research and Development) investment by companies and the government continues to increase, and the total R&D expenditure of public and private sectors in 2021 reached KRW 102 trillion, and the ratio of R&D investment to GDP was 4.96%. It ranks second in the world after Israel. This study analyzes the current status of the domestic R&D service industry and the research and development (R&D) innovation ecosystem based on the business activity survey data of the National Statistical Office in terms of improving R&D productivity of domestic R&D investment that has exceeded 100 trillion won, and analyzes the global R&D service industry and analyzes the global research service industry and R&D service Industry support government policy As a result of the analysis, in the domestic R&D ecosystem, the R&D outsourcing demand of service companies is rapidly increasing, compared to the stagnant R&D outsourcing demand of traditional manufacturing companies. In order to respond to these changing demands for technological innovation, this study suggests balanced support for R&D outsourcing for manufacturing and service companies, expansion of domestic R&D outsourcing, establishment of R&D outsourcing strategies specialized for the service industry, establishment of an open R&D ecosystem, and innovation in connection with materials/parts/equipment strategies.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.17 no.12
• /
• pp.162-169
• /
• 2016

Using 1795 observations from the 5 year-359 firm panel data collected during the period from 2009 to 2013 in Chinese stock exchanges, this study examines the impact of the controlling shareholders' ownership on R & D expenditure. This empirical study finds that when firms are state-owned, the controlling shareholders' ownership has a U shaped relation with the level of R & D expenses. A non-linear relation is also found when piece-wise regression models are applied. This empirical study also finds that when firms are private-owned, the controlling shareholders' ownership is negatively related to the level of R & D expenses, and no structural changes in the relation are found when piece-wise regression models are applied. These results support the hypothesis that the effects of the controlling shareholders' ownership on R & D expenses may differ depending on the ownership type of the controlling shareholders. This finding suggests that the differences in the controlling shareholders' incentives due to their ownership type should be considered when exploring the relation between the controlling shareholders' ownership and corporate strategic decisions.

• Journal of Technology Innovation
• /
• v.17 no.1
• /
• pp.1-48
• /
• 2009

Recently we have found some symptoms that R&D fiscal incentives might not work well what it has intended through the analysis of current statistics of firm's R&D data. Firstly, we found that the growth rate of R&D investment in private sector during the recent decade has been slowdown. The average of growth rate (real value) of R&D investment is 7.1% from 1998 to 2005, while it was 13.9% from 1980 to 1997. Secondly, the relative share of R&D investment of SME has been decreased to 21%('05) from 29%('01), even though the tax credit for SME has been more beneficial than large size firm, Thirdly, The R&D expenditure of large size firms (besides 3 leading firms) has not been increased since late of 1990s. We need to find some evidence whether fiscal incentives are effective in increasing firm's R&D investment. To analyse econometric model we use firm level unbalanced panel data for 4 years (from 2002 to 2005) derived from MOST database compiled from the annual survey, "Report on the Survey of Research and Development in Science and Technology". Also we use fixed effect model (Hausman test results accept fixed effect model with 1% of significant level) and estimate the model for all firms, large firms and SME respectively. We have following results from the analysis of econometric model. For large firm: i ) R&D investment responds elastically (1.20) to sales volume. ii) government R&D subsidy induces R&D investment (0.03) not so effectively. iii) Tax price elasticity is almost unity (-0.99). iv) For large firm tax incentive is more effective than R&D subsidy For SME: i ) Sales volume increase R&D investment of SME (0.043) not so effectively. ii ) government R&D subsidy is crowding out R&D investment of SME not seriously (-0.0079) iii) Tax price elasticity is very inelastic (-0.054) To compare with other studies, Koga(2003) has a similar result of tax price elasticity for Japanese firm (-1.0036), Hall((l992) has a unit tax price elasticity, Bloom et al. (2002) has $-0.354{\sim}-0.124$ in the short run. From the results of our analysis we recommend that government R&D subsidy has to focus on such an areas like basic research and public sector (defense, energy, health etc.) not overlapped private R&D sector. For SME government has to focus on establishing R&D infrastructure. To promote tax incentive policy, we need to strengthen the tax incentive scheme for large size firm's R&D investment. We recommend tax credit for large size film be extended to total volume of R&D investment.

• Proceedings of the Technology Innovation Conference
• /
• 1999.12a
• /
• pp.216-239
• /
• 1999

Korean government has planned a large scale multidepartment-participated national R&D program to advance and improve her science and technology and the quality of life In the level of advanced(especially G-7) countries in the forthcoming 21st century. It is called as "Highly Advanced National projects" or "G7 projects", which was initiated in 1991 with 18 sub-programs to date. It has planned to be continued until 2001 with its total fund of 4, 591 billion Won, comprised of 2, 033 billion Won from the public sector and 2, 558 billion Won from the private sector. Evaluation activities, the country has carried out to date, for national R&D programs including HAN projects are focused mainly on the assessment of scientific and technological results to decide that a specific program should be continued, terminated, or modified. Thus, it is necessary for national R&D programs to be evaluated socioeconomically for the purpose of assessing the nationwide economic and social impact from the program. Socioeconomic evaluation would be told how and where the program contributed to the society, and what the socioeconomic impacts are resulted from the program. It would be useful for the means of (ⅰ) fulfillment of public accountability to legitimate the program and to reveal the expenditure of pubic fund, and (ⅱ) managemental and strategical learning to give information necessary to improve the making. program and policy decision making, The objectives of the study are to develop the methodology of modeling the socioeconomic evaluation, and build up the practical socioeconomic evaluation model of the HAN projects including scientific and technological effects. Since the HAN projects consists of 18 subprograms, it is difficult In evaluate all the subprograms simultaneously. Despite, each program is being performed under the category of HAN projects, so the common socioeconomic issues are existing, The followings are main results of the study. First, the hierarchical structure of the socioeconomic evaluation are constructed; Evaluation Perspective, Evaluation Bounds, and Evaluation Aspect. Second, based on the goals of the HAN projects, the evaluation perspectives are established as (ⅰ) the strengthening of industrial competitiveness, (ⅱ) the enhancement of national scientific and technological capability, (ⅲ) the improvement of quality of life. Third, the evaluation bounds for each evaluation objective are defined to specify the affected area. Finally, the evaluation aspects for each evaluation bounds are formulated containing essential elements describing the evaluation bounds.

• Journal of Information Science Theory and Practice
• /
• v.3 no.3
• /
• pp.17-44
• /
• 2015

Due to the oil business, settlements in the Gulf Region developed into prosperous cities. But in the near future, oil is off. The plans of the Gulf Cooperation Council (GCC) states bank on diversified and knowledge-intensive economies. Are those development plans realistic? What is the state of the art of knowledge institutions in the GCC countries? Applying the theoretical frameworks of Knowledge City and Science Indicators research, we empirically and theoretically studied the emerging Gulf cities Kuwait City (Kuwait), Manama (Bahrain), Doha (Qatar), Abu Dhabi, Dubai, Sharjah (all UAE), and Muscat (Oman). Our methodological framework includes grounded theory, ethnographic field study, ServQual-like quantitative questionnaires and semi-standardized qualitative interviews conducted on-site with informed people, informetrics, and, finally, the use of official statistics. In particular, we describe and analyze the cities' knowledge infrastructures, their academics, and expenditure on R&D as input indicators; and publications as well as graduates as output indicators. A further crucial aspect of a knowledge society is the transition of graduates into knowledge-intensive public services and private companies.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.21 no.8
• /
• pp.170-177
• /
• 2020

The Korean government's R&D budget has risen steadily annually, reaching 24.2 trillion won in 2020, and the ratio of R&D expenditure to GDP ranked high among OECD countries. However, national science and technology innovation ranked low among OECD countries. This study focused on Korean government-funded research institutes in the field of science and technology by analyzing the effects of budget and workforce input on research performance in order to provide directions for management. Multiple regression analysis was conducted with budget and workforce input as independent variables, which influence major research outcomes (SCI paper, patent, royalty). In the research budget, only government contribution had a positive effect on SCI thesis performance, and the increase in the government project and private project funding had a negative effect on the number of patents and technology royalties. For the workforce, the positive effect of regular workers on all research achievements was 3-6 times more than that of non-regular workers. Through this study, policy implications such as establishment of institutional performance indicators according to research types were derived for the outcome driven management of government-funded research institutes in the field of science and technology.