• STI Policy Review
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• v.9 no.1
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• pp.1-29
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• 2018

With the constant growth of R&D investment, it has been increasingly necessary to evaluate the effectiveness of R&D performance and there is a high emphasis on ensuring the accountability and effectiveness of R&D programs. The evaluation of performance of a firm is especially necessary in times of economic downturn to justify R&D investment. However, there is a marked shortage of clear guidelines as to where and how particular metrics are used to measure the output and outcome of R&D activity in firms. Many firms have difficulties in selecting appropriate indicators for their R&D and financial performances. To fill this gap, this article discusses and presents the findings from the literature in such a way that they become useful for researchers or managers who are in charge of measuring the R&D and business performances arising from innovation activities. Finally, based on the findings about metrics of R&D performance, this article proposes the hypothetical framework to investigate the relationship between technology forecasting, strategic technology planning, and business performance. The framework of this article will assist policy makers, universities, research institutes/national laboratories, and companies to enhance their decision making process in technology development.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2002.05b
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• pp.181-198
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• 2002

This article describes a methodology for evaluating huge aerospace R&D investments using the real options pricing method. Option pricing has been proposed as a useful approach for modeling investment in R&D. Two important features of R&D investments are that an R&D project takes time to complete and that the outcome of R&D investments is highly uncertain. This makes the analysis of R&D investments difficult. Traditional tools for project evaluation, like IRR or the NPV, are inadequate for coping with the high uncertainty. Hence, In this article I propose a log-transformed binomal lattice method, and it will show that option pricing might be an adequate framework for evaluating such types of aerospace investments.

• Journal of Korea Technology Innovation Society
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• v.10 no.1
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• pp.1-21
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• 2007

Among numerous policy influencers' and researchers' advices and policy suggestions, there is little opposition to the proposition that technology is essential to the economic development. The role of technology has never been more emphasized than today in Korea as in any other countries. The effects of the government's innovation policy on corporate R&D activities and more broadly the economic welfare of a whole nation are widely recognized with intuitional and empirical evidence. That is, various R&D incentives reduce the marginal cost of a firm's R&D efforts, inducing as much increase of its R&D investment to result in a better chance to acquire target technology. This paper examines the impact of R&D incentives on the technological outcomes by analyzing individual firms' investment behaviors subject to the government's R&D incentive policies. An econometric model of technological outcomes is estimated on a project level with cross-sectional data. "Probit model" is employed for estimations. Special attention was given to the effectiveness of R&D programs by estimating policy impact by types of investment. The data were collected from 928 different R&D projects completed between 1987 and 1993. With the single equation approach, we were able to find that the structure of investment is a far more significant factor in technological outcomes than the total amount of investment. The analysis also shows that the two types of firms' matching investment, in-kind and cash, do not bear a complementary, but a substitutive relations to each other. It also reconfirms the proposition that R&D incentives increase firm's financial investment. Despite many supportive studies emphasizing the cooperation between innovation performers, it is also found that the larger the number of institutions involved in a project, the less likely it leads to a technological success, And meeting the proposed deadlines without postponing is estimated to be a good barometer to predict the outcome of an R&D project. Also the probabilities of success for major variables are represented for policy implications, after calculating marginal effects.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.12
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• pp.491-497
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• 2018

This study analyzes the relationship between R&D input and performance using panel data from the defense industry. A research model is established based on the R&D logic model, and the study sample consists of a strongly balanced panel data (n=351) empirically analyzed using panel linear regression. Results identified that defense improvement expenditure has a positive influence on the R&D input, and R&D input positively affected patents using a 5-year time lag. In addition, R&D input positively impacts economic performance, including sales and profit. Hence, the major finding includes R&D inputs have statistically significant effects on economic outcome and the R&D logic model featuring a time-lag.

• Journal of Korea Technology Innovation Society
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• v.4 no.3
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• pp.275-290
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• 2001

The frameworks for evaluation of national R&D programs reflect their various political and administrative cultures(Gibbons & Georghiou, 1987), and the structure of national R&D system. In this research the core research questions are : what is god evaluation\ulcorner What is being evaluated, by whom, by which criteria, for whom and what purpose\ulcorner In order to examine these general aims and answer these questions, in detail several objectives can be proposed on the process of this research. In this research, the national R&D programs will be considered in terms of the interface between evaluation and the wider policy-making process. The programs for case study are the Alvey program(UK), the Advanced Technology Program (US) and the Framework program(EU) . One of the characteristics of these programs is the well established evaluation systems they have. From the comparative analysis, we can withdraw some useful implication for Korean evaluation practice for national R&D programs. Evaluation system is social process and the way in which it is organized is critical to its outcome.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2003.05a
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• pp.121-128
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• 2003

The paper analysed R&D budget expenditure behaviors of those projects supported under the Industrial IT R&B Program in 2001 and found out relationship between evaluation scores of each project and its expenditure behavior. The study shows significant differences in expenditure behavior between project groups with higher scores and with lower ones. Based on the findings, the paper raises a few suggestions on program management techniques to increase outcome of the program.

• Journal of Korea Technology Innovation Society
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• v.13 no.4
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• pp.758-771
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• 2010

Korea is characterized by a high R&D expenditure rate to the GDP. The performance of R&D in Korea, however, hardly seems to be satisfied. The purpose of this study is to investigate the influence of strategic resources and community engineering on R&D performance in bio-tech industry in Korea. The results of the study show strategic resources and community engineering are determinants of technological outcome. The strategic resources have a Significant positive effect on economic impact whereas community engineering has no Significant effect. In addition, the study results reveal that there is no moderating effect of strategic resources on the relation between community engineering and R&D performance. The major limitations of the study are on the measure of the variables.

• Journal of Korea Technology Innovation Society
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• v.19 no.3
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• pp.572-603
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• 2016

This study examines how scientists understand standardization and standardization policy in the Korean national R&D context and analyze future policy direction of standardization policy. Interview with 15 scientists at universities and government-funded research institutes who have participated national R&D (particularly in the field of technology convergence) were conducted. The results show that considerations of standardization at the process of technology convergence is somewhat different from them at the process of general R&D. Also, considerations of standardization at the process of technology convergence is needed at the later time within the R&D time schedule because of low visibility and forecasting on the technology convergence outcome. It finds that "standardization by private sector" is the future policy direction in Korea. The government needs to be remained as "helper" for private sector to lead standardization in a globalized market

• Journal of Korea Technology Innovation Society
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• v.19 no.3
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• pp.658-685
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• 2016

In technology economic theory, technology innovation through R&D is regarded as a core element of economic growth. This research analyzes how R&D input factor (R&D as a percentage of GDP, total number of researchers, the proportion of science and engineering degree) affects GDP, economic outcome variable, through mediating variable (S&T papers, patent registration). The most effective variable among R&D activity variables is following order: the number of S&T papers (0.967), the total number of researchers (0.373), the proportion of R&D expenditure (0.191), the number of patent registration (0.049), the proportion of science and engineering degree (0.007). It is that the proportion R&D expenditure and the total number of researchers shows greater indirect impact through S&T papers and patent than the direct impact on GDP. This implies the importance of high-quality human resources training and the necessity of maintaining the scale of R&D fund or the importance on GDP. Moreover, S&T papers turns out to have the greatest effect on GDP and implies new outcome and value by sharing and expanding new knowledge and technology created by R&D

• Journal of Technology Innovation
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• v.12 no.1
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• pp.161-188
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• 2004

The objective of this research is to evaluate the Creative Research Initiative Program (CRI), a national R＆D program funded by the Ministry of Science ＆ Technology in Korea. The evaluation of CRI covers the following research questions; 1) Have it set a unique position and characteristic distinguished from other government-funded R＆D programs\ulcorner 2) Are the achievements of the program relevant to its goal\ulcorner 3) What is its performances and how much is it achieved its goal\ulcorner The results are the followings; 1) CRI is perceived as a pure basic research, distinguished from other national basic research programs, such as the Coal Oriented Basic Research Program and the SRC and ERC. 2) CRI is a well-adapted R＆D program in confront of the environmental changes and R＆D needs, as well as follows the planned R＆D areas. 3) CRI have performed well in the raising-up world-class research leaders and the nation-wide diffusion of creative R＆D culture, while it got few performances in the overcoming the limitation of the existing technologies and the independent development of original key technologies for future industries. However, the duration of the program, 5 year, is too short to expect concrete outcome, such as creating original technologies. Many of the outcomes of CRI gets a lot of attention from top class scientists in the world, it is expected to generate various R＆D performances in the future.