• Journal of Technology Innovation
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• v.22 no.2
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• pp.157-183
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• 2014

This paper examines how the concentration of ownership in firms influences the R&D investment decision and whether the type of a firm's management (i.e, the owner-manager or professional manger) differentiates the relationship between the ownership concentration and R&D investments by using data of Korean pharmaceutical companies between 2004 and 2008. The results show that the share of the largest shareholder and R&D investment have an inverted U-shaped relationship, and whether a CEO is an owner or a professional manager affects the curvature of the inverted U-shaped relationship. Specifically, when a firm's CEO is a professional manager and the share of his stock is small, increase in the CEO's share increases the R&D investment in the larger amount than when a firm's CEO is an owner. This is because the increase in ownership reduces agency cost; However, when the share of his stock is large, the increase in CEO's share decreases R&D investment in the larger amount than when a firm's CEO is an owner. This is because a professional manager gets concerned over excessive risk exposure more than an owner-manager does.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.1
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• pp.281-288
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• 2019

This study examines the relationship between R&D intensity and disclosure. R&D activities are essential in bringing innovation to companies. However, R&D activities are naturally uncertain and increase information asymmetry. Thus, firms with high R&D activities are more likely to have the incentive to communicate the potential of R&D investment to the market through voluntary disclosure and, concurrently, resolve information asymmetry. Meanwhile, incentives to less voluntary disclosure exist because of the proprietary cost and the risk of competitiveness loss. Furthermore, the uncertainties inherent in R&D activities caused the possible decrease in the information accuracy. For the two opposing views, this study investigates the relationship between R&D intensity and disclosure frequency using the Regulation Fair Disclosure data in Korea. Moreover, the relationship between R&D intensity and usefulness of the information disclosed is also examined. Using firm sample listed in the 2011-2016 Korea Stock Market, results show that firms with high R&D intensity make disclosures more frequent. Subsequently, the analysis using forecast sample shows that management forecast error is higher in firms with high R&D intensity. This research contributes to the existing literature by presenting evidence that R&D intensity is a significant factor affecting manager's disclosure behavior and information usefulness.

• Journal of Technology Innovation
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• v.15 no.2
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• pp.1-24
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• 2007

In this study, we estimated a CES production function for the Korean economy. We have found in the empirical results that the elasticity of the factor substitution is less than one and that the Korean economy exhibits labor-saving technological progress. In addition, we obtained the regression coefficient of R&D investment on technological change, i.e., the elasticity of R&D investment with respect to the technological change was 0.26% point. It implies that if R&D stock increases by 1%, labor efficiency increases 0.26% point through technological progress which is Hicksian non-neutral. It confirms that innovation-based growth strategy by increasing R&D investment would be effective on the one hand. Some policy consideration on the other might be needed for an increase in employment which is offset by technological progress.

• Korean System Dynamics Review
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• v.10 no.2
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• pp.81-102
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• 2009

Based on various employment and technology data in the cultural sector from the mid-1990s to the mid-2000s in Seoul, Korea, this research examines whether technology- and human resource-oriented programs exert significant impact on creative manpower, R&D technology level and tolerance. After briefly introducing Seoul's trends in the culture industry, it tries to explain major reinforcing and balancing loops. The stock-flow diagram of the culture industry in Seoul is applied to estimate relative effectiveness of technology- and human resource-oriented cultural programs cultural programs. Judging from a series of simulated experiments, technology-oriented cultural programs are essential to increase creative manpower and R&D technology level in the short term. For the first half of research period, this research finds that human resource-oriented cultural programs put forth minimal impact, if they even exist at all. The trends, however, are reversed in the long term: Both size of creative manpower and R&D technology level absolutely depend on human resource-oriented cultural programs in the second half.

• Proceedings of the Technology Innovation Conference
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• 2006.02a
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• pp.170-186
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• 2006

The guarantee funds for government policy fund, venture capital investment fund, technology guarantee debt are the core parts of the external financing system in the constant technology innovation company. However, the enterpriser's requirement to keep the technology innovation with minimized management intervention and policy maker's hope to advance technology development with clear operation of funds is enough to request for research of the project investment plan to the R&D project. This paper will analyze whether technology innovation company that creates cash flow prefers to the project investment as a financing program or not, and if prefers, what characters of company affect on this preference. The more the company that pursuit the additional R&D activity separated to on-going items becomes over the fixed size, the more prefers the project investment as future external fund-raising. Together with that, this paper suggests that we can apply the plan like special purpose vehicle, SWORD(Stock Warrant Off-Balance sheet R&D) and R&D Limited Partnership as R&D project investment policy, and improve the system itself.

• Proceedings of the KIEE Conference
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• 1994.07a
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• pp.249-251
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• 1994

This paper introduces an implementation of high performance voltage source inverter system based on 16bit micro-processor and DSP for the application to modem rolling stock traction system. In contrast with other industry oriented inverter system, this system requires precise control action complying with various load condition and high overload capability. An asynchronous PWM generation and 3' pulse mode technology are adopted in order to improve compliant starting torque characteristics at starting phase and soft backward-forward starting motion.

• Journal of Technology Innovation
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• v.7 no.1
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• pp.176-186
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• 1999

This paper starts out by reviewing the literature that in different ways utilizes patent data as an output of Research ＆ Development (R&D) investment. The main focus, however, is an analysis of time-lag between industrial R&D input and its output. To achieve this research's purpose, the basic data associated with the industrial R&D input (expenditure, researchers) and output (applied patent and utilities) for the past 15 years, from 1980 to 1994, in the areas of electrical-electronic, mechanical and chemical industries have been collected. And the raw input data were altered into real flow data (but stock data) using Laspeyres approach and analyzed using multiple regression analysis, especially stepwise regression analysis. The result of this study can be summarized as follows: a) The time-lag; between industrial R&D input and its output is within 1 to 3 years. b) The time-lag: of patents was longer than that of utility models. c) The time-lag: in electrical-electronic, chemical industry was longer than that of the mechanical industry.

• Applied Chemistry for Engineering
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• v.34 no.1
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• pp.69-74
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• 2023

As a chemical de-icing method, propylene glycol de-icing fluid is applicable for melting ice caused by snow and ice adhering to the lower part of high-speed rail rolling stock and bogie parts in winter. By spraying propylene-glycol de-icing fluid on high-speed rail rolling stock and bogie parts in advance to minimize snow adhesion, ice-melting efficiency can be further improved. In the case of high-speed rail rolling stock, even if propylene-glycol de-icing fluid is sprayed, the anti-icing performance is poor because the fluid is almost lost on the surface of the vehicle when operating at high speed. In this study, in order to prevent freezing caused by snow and ice adhering to the lower part of high-speed rail rolling stock and bogie parts, we have investigated the properties of propylene-glycol de/anti-icing fluid containing water-repellent agents that prevent surface freezing. We tried to find the optimal component for de/anti-icing fluid for high-speed rail rolling stock by evaluating the ice melting performance, contact angle, and anti-icing performance according to the types of water-repellent agent. As a result of the evaluation, it was confirmed that an de/anti-icing fluid containing an ethoxysilane-type water repellent agent was most suitable.

• Journal of Korea Technology Innovation Society
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• v.10 no.3
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• pp.383-405
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• 2007

In this paper we estimate knowledge production function for 15 South Korean industry sectors using panel data. To accommodate the influence of inter-sectoral interactions on the creation of knowledge, we estimate parameters for related knowledge production functions using the Dynamic Seemingly Unrelated Regression(DSUR) model proposed by Mark et al. (2005). We find the elasticity of knowledge production with respect to the size of research staff to be 0.25 and that with respect to the existing stock of knowledge to be 0.35. The fact that the elasticity of new knowledge creation with regard to the existing knowledge stock is below 1 in South Korea corroborates the view that the rate of long-term growth of her economy is chiefly determined by the elasticity related to production functions of goods and services and the rate of population growth, and that her government policy, to ensure a continued growth for the Korean economy, must shift the focus of R&D policies from the current direct intervention-centered model to one consisting of indirect measures, namely supporting knowledge management and diffusion and the creation of a knowledge sharing system. In terms of R&D policy implications it could be consider that the national knowledge production system should strengthen the cumulative process of knowledge accumulation and population for research and development. Our country R&D policy, also, need to adopt a global approach to increase knowledge stock at the highest levels of a country.

• Asian Journal of Innovation and Policy
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• v.4 no.2
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• pp.200-216
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• 2015

This paper empirically investigates the role of R&D intensity on market concentration of firms using four key market valuation variables, namely (1) market share, (2) labor intensity, (3) firm age and, (4) firm's market value. The empirical tests use database at firm level for the Indian IT sector from 1999 to 2013 from the CMIE Prowess database. The results of the regression analyses partially support our hypothesis that R&D intensity positively influences firm's market value measure by the H-index. The test results are consistent with the hypotheses that R&D spending is more valuable for firms with larger market shares, higher labor intensity, and firms that are diversified.