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Title Page

Abstract

Contents

Chapter 1. Introduction 12

1.1. Research background 12

1.2. Research objective 15

1.3. Structure of the study 17

Chapter 2. Theoretical background 18

2.1. Review of R&D investment 18

2.1.1. R&D and innovation outcome 18

2.1.2. Economic characteristics of R&D investment 19

2.1.3. Research topics in R&D investment 21

2.2. Literature reviews 25

2.2.1. Relevant issues with empirical analysis 25

2.2.2. Thresholds of R&D investment 29

2.2.3. External financing of R&D investment 31

Chapter 3. The measurement of the threshold of R&D investment 35

3.1. Introduction 35

3.2. Literature reviews 37

3.2.1. Critical mass of R&D investment 37

3.2.2. Saturation level of R&D invesment 38

3.3. Method and data 40

3.3.1. Method 40

3.3.2. Data 45

3.3.3. Variables 47

3.4. Results 53

3.5. Discussion 60

Chapter 4. The effect of capital structure on R&D investment 63

4.1. Introduction 63

4.2. Literature reviews 66

4.2.1. Relationship between R&D investment and debt 66

4.2.2. Relationship between R&D investment and loan maturity 70

4.3. Method and data 75

4.3.1. Method 75

4.3.2. Data 75

4.3.3. Variables 77

4.4. Results 82

4.5. Discussion 88

Chapter 5. Conclusion 89

5.1. Summary 89

5.1.1. Critical mass and saturation level of R&D investment 89

5.1.2. Relationship between R&D investment and capital structure 90

5.2. Policy implications 91

5.3. Contributions and limitations 94

Bibliography 95

Abstract(Korean) 121

List of Tables

Table 1. Relation between R&D investment and performance 22

Table 2. Number of SMEs by SIC2 46

Table 3. Definition of variables 49

Table 4. Descriptive statistics for patent 50

Table 5. Descriptive statistics for profit ratio 50

Table 6. Bivariate correlation coefficients for patent in high-tech firms 51

Table 7. Bivariate correlation coefficients for patent in low-tech firms 51

Table 8. Bivariate correlation coefficients for profit ratio in high-tech firms 52

Table 9. Bivariate correlation coefficients for profit ratio in low-tech firms 52

Table 10. White test (P-value) 53

Table 11. Empirical results for patent in high-tech firms 54

Table 12. Empirical results for patent in low-tech firms 55

Table 13. Empirical results for profit ratio in high-tech firms 56

Table 14. Empirical results for profit in low-tech firms 57

Table 15. Ratio below threshold for patent 61

Table 16. Ratio of external fund for SMEs in Korea 68

Table 17. Importance of different sources of finance in the earlier-development stages 69

Table 18. Summary of hypotheses 74

Table 19. Growth of GDP and bank loans in Korea 77

Table 20. Definition of variables 78

Table 21. Descriptive statistics 80

Table 22. Trend of R&D intensity and loan ratio 80

Table 23. Growth rate of R&D expenditure and net sales 81

Table 24. GLS random effects regression analysis of full samples 83

Table 25. GLS random effects regression analysis of high-tech and low-tech firms 86

Table 26. GLS random effects regression analysis of long-term and short-term loan ratio... 87

Table 27. Group definition 91

Table 28. Mean values by group in 2005 92

List of Figures

Figure 1. Conceptual outline of this study 16

Figure 2. Research topics of R&D investment 21

Figure 3. Trend of R&D expenditure 24

Figure 4. Firm continuum and sources of finance 28

Figure 5. Relationship between MCF and MRR 30

Figure 6. The concept of critical mass and saturation level 36

Figure 7. Critical mass for patent 59

Figure 8. Saturation level for profit ratio 60

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참고문헌 목록에 대한 테이블로 번호, 참고문헌, 국회도서관 소장유무로 구성되어 있습니다.
번호 참고문헌 국회도서관 소장유무
1 (2008). Two for the price of one? Additionality effects of R&D subsidies a comparison between Flanders and Germany. Research Policy, 37, 806-822. 미소장
2 Small Firm Survival and Technological Activity 네이버 미소장
3 (2000). Deregulation, technology imports and in-house R&D efforts: An analysis of the Indian experience. Research Policy, 29, 1081-1093. 미소장
4 (2005). Volatility and growth: Credit constraints and productivity-enhancing investment. NBER Working Paper No. 11349. 미소장
5 (2008). Credit constraints and the cyclicality of R&D investment: Evidence from France. Banque de France Working Paper No. 198. 미소장
6 Debt Maturity Structure and Firm Investment 네이버 미소장
7 The Market for "Lemons": Quality Uncertainty and the Market Mechanism 네이버 미소장
8 Related diversification and R&D intensity dynamics 네이버 미소장
9 R&D strategies and entrepreneurial spawning 네이버 미소장
10 (2007). The impact of R&D spillovers on UK manufacturing TFP: A dynamic panel approach. Research Policy, 36, 964-979. 미소장
11 Going Soft: How the Rise of Software Based Innovation Led to the Decline of Japan's IT Industry and the Resurgence of Silicon Valley 네이버 미소장
12 Long-run versus short-run decisions: R&D and market structure in Spanish firms 네이버 미소장
13 (2011). Business partners, financing, and the commercialization of inventions. NBER Working Paper No. 17181. 미소장
14 (2010). Globalization of R&D by US-based multinational enterprises. Research Policy, 39, 1335-1347. 미소장
15 First- and second-order additionality and learning outcomes in collaborative R&D programs 네이버 미소장
16 Faculty support for the objectives of university–industry relations versus degree of R&D cooperation: The importance of regional absorptive capacity 네이버 미소장
17 (2004). Spillovers from publicly financed business R&D: Some empirical evidence from Germany. Research Policy, 33, 1635-1655. 미소장
18 R&D Intensity and Corporate Financial Policy: Some International Evidence 네이버 미소장
19 Asset Specificity, Firm Heterogeneity and Capital Structure 네이버 미소장
20 (2001). Public financing of cooperative R&D projects in Spain: The Concerted Projects under the National R&D Plan. Research Policy, 30, 625-641. 미소장
21 The Maturity Structure of Corporate Debt 네이버 미소장
22 (2005). FDI, transfer pricing and the measurement of R&D intensity. Research Policy, 34, 673-681. 미소장
23 ‘Location versus home country advantages’ in R&D activities: some further results on multinationals’ locational strategies 네이버 미소장
24 (2001). Firms' motivations for cooperative R&D: An empirical analysis of Spanish firms. Research Policy, 30, 1289-1307. 미소장
25 Marketing/R&D integration in the pharmaceutical industry 네이버 미소장
26 R&D cooperation and innovation activities of firms—evidence for the German manufacturing industry 네이버 미소장
27 (2004). Cooperative R&D and firm performance. Research Policy, 33, 1477-1492. 미소장
28 (1984). The R&D and investment decision and its relationship to the firm's market value: Some preliminary esults. In Z. Griliches (Ed.), R & D, Patents, and Productivity. Chicago: University of Chicago Press. 미소장
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30 (2010). Are patents with multiple inventors from different countries a good indicator of international R&D collaboration? The case of ABB. Research Policy, 39, 1321-1334. 미소장
31 The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle 네이버 미소장
32 (2009). Effects of foreign acquisitions on R&D activity: Evidence from firm-level data for France. Research Policy, 38, 1021-1031. 미소장
33 The determinants of success of R&D projects: evidence from American–Israeli research alliances 네이버 미소장
34 (2004). Who participates in R&D subsidy programs? The case of Spanish manufacturing firms. Research Policy, 33, 1459-1476. 미소장
35 Financing R&D in mature companies: An empirical analysis 네이버 미소장
36 (2002). Technology, agglomeration, and regional competition for investment. NBER Working Paper No. 8862. 미소장
37 (2007). Uncertainty and the Dynamics of R&D. NBER Working Paper No. 12841. 미소장
38 Measuring the economic benefits from R&D: improvements in the MMI model of the United Kingdom National Measurement System 네이버 미소장
39 On the Existence of an Optimal Capital Structure: Theory and Evidence 네이버 미소장
40 (2001). Fundamentals of corporate finance, Third edtion. Boston: The McGraw-Hill Companies. 미소장
41 (2007). Industrial R&D as a national policy: Horizontal technology policies and industry-state co-evolution in the growth of the Israeli software industry. Research Policy, 36, 1465-1482. 미소장
42 The limits of capital: Transcending the public financer–private producer split in industrial R&D 네이버 미소장
43 The impact of firm participation in R&D programmes on R&D partnerships 네이버 미소장
44 (2007). Innovation and R&D spillover effects in Spanish regions: A spatial approach. Research Policy, 36, 1357-1371. 미소장
45 Innovation networks: From technological development to business model reconfiguration 네이버 미소장
46 (2003). Financial constraints on innovation a European cross country study. In M. Waterson (Ed.), Competition, Monopoly, and Corporate Governance: Essays in Honour of Keith Cowling. Northampton: Edward Elgar Publishing. 미소장
47 The effects of R&D tax credits on patenting and innovations 네이버 미소장
48 CAPITAL MARKET IMPERFECTIONS, HIGH‐TECH INVESTMENT, AND NEW EQUITY FINANCING[We thank J] 네이버 미소장
49 NO DEEP POCKETS: SOME STYLIZED EMPIRICAL RESULTS ON FIRMS’ FINANCIAL CONSTRAINTS 네이버 미소장
50 (2005). The impact of M&A on the R&D process: An empirical analysis of the role of technologicaland market-relatedness. Research Policy, 34, 195-220. 미소장
51 (1999). The stock market valuation of research and development expenditures. NBER Working Paper No. 7223. 미소장
52 (2004). Understanding company R&D strategies in agro-biotechnology: Trajectories and blind spots. Research Policy, 33, 1041-1057. 미소장
53 Taiwanese IT firms’ offshore R&D in China and the connection with the global innovation network 네이버 미소장
54 Relationship between debt, R&D and physical investment, evidence from US firm-level data 네이버 미소장
55 Impact analysis for national R&D funding in science and technology using quantification method II 네이버 미소장
56 Incongruities as a source of organizational renewal in corporate management of R&D 네이버 미소장
57 (2009). Behavioural additionality of R&D subsidies: A learning perspective. Research Policy, 38, 1517-1533. 미소장
58 International R&D spillovers 네이버 미소장
59 R&D spillovers, patents and the incentives to innovate in Japan and the United States 네이버 미소장
60 (2004). An emerging knowledge-based economy in China?: Indicators from OECD databases. OECD Science, Technology and Industry Working Papers 2004/04. 미소장
61 (2005). On the road again: Researcher mobility inside the R&D network. Research Policy, 34, 1350-1365. 미소장
62 Regional economic integration and R&D investment 네이버 미소장
63 R&D investment and financing constraints of small and medium-sized firms 네이버 미소장
64 (2009). Capital control, debt financing and innovative activity. Journal of Economic Behavior & Organization, 71(2), 372-383. 미소장
65 The Implications of Debt Heterogeneity for R&D Investment and Firm Performance 네이버 미소장
66 (2000). Heart of darkness: Modeling public–private funding interactions inside the R&D black box. Research Policy, 29, 1165-1183. 미소장
67 Is public R&D a complement or substitute for private R&D? A review of the econometric evidence 네이버 미소장
68 (2012). Environmental innovation and R&D cooperation: Empirical evidence from Spanish manufacturing firms. Research Policy, 41, 614-623. 미소장
69 A resource-based analysis of the factors determining a firm's R&D activities 네이버 미소장
70 R&D and the growth of firms: empirical analysis of a panel of Italian firms 네이버 미소장
71 (2004). Implementing R&D policies: An analysis of Spain's pharmaceutical research program. Research Policy, 33, 1493-1507. 미소장
72 Financial Intermediation and Delegated Monitoring 네이버 미소장
73 Debt Maturity Structure and Liquidity Risk 네이버 미소장
74 (2006). The relationships between science, technologies and their industrial exploitation: An illustration through the myths and realities of the so-called 'European Paradox'. Research Policy, 35, 1450-1464. 미소장
75 (2011). The R&D-growth paradox arises in fast-growing sectors. Research Policy, 40, 664-672. 미소장
76 Cross-national comparisons of product development in manufacturing 네이버 미소장
77 (1985). What's different about banks? Journal of Monetary Economics, 15, 29-39. 미소장
78 (2006). The ex ante assessment of knowledge spillovers: Government R&D policy, economic incentives and private firm behavior. Research Policy, 35, 1509-1521. 미소장
79 Attitudes toward Risk and the Risk-Return Paradox: Prospect Theory Explanations 네이버 미소장
80 Asymmetric Information and Risky Debt Maturity Choice 네이버 미소장
81 Factors affecting university–industry R&D projects: The importance of searching, screening and signalling 네이버 미소장
82 R&D and foreign sales in Swedish multinationals: a simultaneous relationship? 네이버 미소장
83 (2005). R&D in the national income and product accounts: A first look at its effect on GDP. In C. Corrado, J. Haltiwanger & D. Sichel (Eds.), Measuring capital in the new economy: University of Chicago Press. 미소장
84 Sectoral patterns of small firm innovation, networking and proximity 네이버 미소장
85 Innovation, regional knowledge spillovers and R&D cooperation 네이버 미소장
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87 (2010). CEO overconfidence and innovation. NBER Working Paper No. 16041. 미소장
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89 When Does Funding Research by Smaller Firms Bear Fruit?: Evidence from the SBIR Program 네이버 미소장
90 Short-term Debt in Spanish SMEs 네이버 미소장
91 (2010). Is there a relation ship between public expenditures in energy R&D and carbon emissions per GDP? An empirical investigation. Energy policy, 38, 5600-5613. 미소장
92 CEO Ownership and Discretionary Investments 네이버 미소장
93 (2006). How to allocate R&D (and other) subsidies: An experimentally tested policy recommendation. Research Policy, 35, 1261- 1272. 미소장
94 The Provision of Finance to Innovation: A Survey Conducted among Italian Technology-based Small Firms 네이버 미소장
95 (2008). Do public subsidies stimulate private R&D spending? Research Policy, 37, 371-389. 미소장
96 R & D Capital, Rate of Return on R & D Investment and Spillover of R & D in Japanese Manufacturing Industries 네이버 미소장
97 Industrial Research and Development, Intangible Capital Stocks, and Firm Profit Rates 네이버 미소장
98 (2010). What governs firm-level R&D: Internal or external factors? Technovation, 30, 471-481. 미소장
99 Patent Statistics as Economic Indicators: A Survey 네이버 미소장
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102 (2002). Inter-firm R&D partnerships: An overview of major trends and patterns since 1960. Research Policy, 31, 477-492. 미소장
103 Investment and Research and Development at the Firm Level: Does the Source of Financing Matter? 네이버 미소장
104 (2002). The financing of research and development. NBER Working Paper No. 8773. 미소장
105 Exploring the Patent Explosion 네이버 미소장
106 (2007). Measuring the returns to R&D: The depreciation problem. NBER Working Paper No. 13473. 미소장
107 (2009). The financing of R&D and innovation. NBER Working Paper No. 15325. 미소장
108 (2008). Innovation and productivity in SMEs: Empirical evidence for Italy. NBER Working Paper No. 14594. 미소장
109 Evaluating the impact of technology development funds in emerging economies: evidence from Latin America 네이버 미소장
110 (2009). Measuring the returns to R&D. NBER Working Paper No. 15622. 미소장
111 (2004). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy. NBER Working Paper No. 10408. 미소장
112 (2010). The dynamics of R&D network in the IT industry. Research Policy, 39, 386-399. 미소장
113 Econometrica Referees 1994-1995 네이버 미소장
114 Is a higher rate of R&D tax credit a panacea for low levels of R&D in disadvantaged regions? 네이버 미소장
115 Does Innovation Stimulate Employment? A Firm-Level Analysis Using Comparable Micro-Data from Four European Countries 네이버 미소장
116 PLANNING YOUR FIRM'S R&D INVESTMENT 네이버 미소장
117 (2006). Application of real options analysis for pharmaceutical R&D project valuation—Empirical results from a survey. Research Policy, 35, 343-354. 미소장
118 (2008). R&D intensity, value appropriation and integration patterns within organizational boundaries. Research Policy, 37, 1022-1034. 미소장
119 Market Structure and Innovation: A Dynamic Analysis of the Global Automobile Industry 네이버 미소장
120 Effect of R&D programmes on the formation of university–industry–government networks: comparative analysis of Japanese R&D programmes 네이버 미소장
121 The maturation of global corporate R&D: Evidence from the activity of U.S. foreign subsidiaries 네이버 미소장
122 Freerider behaviour and the public finance of R&D activities in enterprises: the case of the Spanish low interest credits for R&D 네이버 미소장
123 (2004). Controlling contractual exchange risks in R&D interfirm cooperation: An empirical study. Research Policy, 33, 1103-1122. 미소장
124 (2011). Creating advantage in peripheral regions the role of publicly funded R&D centres. Research Policy, 40, 832-841. 미소장
125 (2012). Multinationality, foreignness and institutional distance in the relation between R&D and productivity. Research Policy, 41, 592- 601. 미소장
126 R & D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries 네이버 미소장
127 Effects of Acquisitions on R&D Inputs and Outputs 네이버 미소장
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129 The Determinants of R & D Expenditures 네이버 미소장
130 Exploration for the relationship between innovation, IT and performance 네이버 미소장
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134 (2008). Liberalisation and R&D in network industries: The case of the electricity industry. Research Policy, 37, 995-1008. 미소장
135 Theory of the firm: Managerial behavior, agency costs and ownership structure 네이버 미소장
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137 RISKY DEBT MATURITY CHOICE IN A SEQUENTIAL GAME EQUILIBRIUM 네이버 미소장
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140 Effective incomplete contracts and milestones in market-distant R&D collaboration 네이버 미소장
141 EXPLAINING FIRM CAPITAL STRUCTURE: THE ROLE OF AGENCY THEORY VS. TRANSACTION COST ECONOMICS 네이버 미소장
142 (1999). R&D dynamics of creating patents in the Japanese industry. Research Policy, 28, 587-600. 미소장
143 (2005). Liberalization, outward orientation and in-house R&D activity of multinational and local firms: A quantitative exploration for Indian manufacturing. Research Policy, 34, 441-460. 미소장
144 Global R&D activities of Japanese MNCs in the US: A triangulation approach 네이버 미소장
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148 (2009b). Do firms in clusters invest in R&D more intensively? Theory and evidence from multi-country data. Research Policy, 38, 1159-1171. 미소장
149 (2005). Schumpeter's legacy: A new perspective on the relationship between firm size and R&D. Research Policy, 34, 914-931. 미소장
150 (2011). Engineering technology and policy. Seoul: Jiho. 미소장
151 (2004). Rethinking the public sector: idiosyncrasies of biotechnology commercialization as motors of national R&D reform in Germany and Japan. Research Policy, 33, 921-938. 미소장
152 Informational Asymmetries, Financial Structure, and Financial Intermediation 네이버 미소장
153 (2008). Private Equity and Long-Run Investment: The Case of Innovation. NBER Working Paper No. 14623. 미소장
154 R&D cooperation and failures in innovation projects: Empirical evidence from French CIS data 네이버 미소장
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156 (2010). Spillovers in space: Does geography matter? NBER Working Paper No. 16188. 미소장
157 (2009). Dynamics of R&D networked relationships and mergers and acquisitions in the smart card field. Research Policy, 38, 1453-1467. 미소장
158 (2007). R&D spillovers from subsidized firms that fail: Tracing knowledge by following employees across firms. Research Policy, 36, 1443-1464. 미소장
159 The importance of equity finance for R&D activity 네이버 미소장
160 The Importance of R&D for Innovation: A Reassessment Using French Survey Data 네이버 미소장
161 Technological Regimes and Sources of Entrepreneurship 네이버 미소장
162 (2002). The origins and dynamics of Taiwan's R&D consortia. Research Policy, 31, 633-651. 미소장
163 New issues in corporate finance 네이버 미소장
164 (2007). Shareholder returns and the exploration– exploitation dilemma: R&D announcements by biotechnology firms. Research Policy, 36, 548-565. 미소장
165 (2012). Do R&D subsidies affect SMEs’access to external financing? Research Policy, 41, 580-591. 미소장
166 The present and future roles of banks in small business finance 네이버 미소장
167 (2004). R&D investments with competitive interactions. NBER Working Paper No. 10258. 미소장
168 Co-operative R&D: why and with whom?: An integrated framework of analysis 네이버 미소장
169 The Cost of Capital, Corporation Finance and the Theory of Investment 네이버 미소장
170 (2005). Does being R&D intensive still discourage outsourcing? Evidence from Dutch manufacturing. Research Policy, 34, 571-582. 미소장
171 (2010). Does Europe perform too little corporate R&D? A comparison of EU and non-EU corporate R&D performance. Research Policy, 39, 523-536. 미소장
172 Determining factors in the success of R&D cooperative agreements between firms and research organizations 네이버 미소장
173 Proactive R&D management and firm growth: A punctuated equilibrium model 네이버 미소장
174 (2010). The effects of owner identity and external governance systems on R&D investments: A study of Western European firms. Research Policy, 39, 1093-1104. 미소장
175 (2002). Privatization processes and the redefinition of corporate R&D boundaries. Research Policy, 31, 31-53. 미소장
176 Determinants of corporate borrowing 네이버 미소장
177 Innovation systems and ‘inertia’ in R&D location: Norwegian firms and the role of systemic lock-in 네이버 미소장
178 Location, collocation and R&D alliances in the European ICT industry 네이버 미소장
179 NEFI. (2005). Financing innovation and research investments for SMEs: Challenges and promotional approaches: Network of European Financial Institutions. 미소장
180 R&D co-operation and innovation a microeconometric study on French firms 네이버 미소장
181 Is there a linear relationship between R&D intensity and growth? Empirical evidence of non-high-tech vs. high-tech SMEs 네이버 미소장
182 The capital structure implications of pursuing a strategy of innovation 네이버 미소장
183 R&D, knowledge spillovers and company productivity performance 네이버 미소장
184 The relationship between product technology and innovation performance in high technology small firms 네이버 미소장
185 Debt, R&D investment and technological progress: A panel study of Japanese manufacturing firms' behavior during the 1990s 네이버 미소장
186 (2007). Determinants of successful R&D cooperation in Japanese small businesses: The impact of organizational and contractual characteristics. Research Policy, 36, 1529-1544. 미소장
187 (2011). Determinants of R&D cooperation in Japanese start-ups. Research Policy, 40, 728-738. 미소장
188 Financial Distress and Corporate Performance 네이버 미소장
189 The Determinants of Entry: A Study of the Canadian Manufacturing Industries 네이버 미소장
190 (2009). R&D in SMEs:A paradox? Small Business Economics, 33, 3-11. 미소장
191 On the Cyclicality of R&D 네이버 미소장
192 R&D support programs in developing countries: The Turkish experience 네이버 미소장
193 Patent statistics as indicators of innovative activities: Possibilities and problems 네이버 미소장
194 (2003). Real R&D Options. Oxford: Blackwell Publishers. 미소장
195 Where Does Energy R&D Come From? Examining Crowding Out from Environmentally-Friendly R&D 네이버 미소장
196 The Bayh-Dole Act and University Research and Development 네이버 미소장
197 Innovation Success of Non-R & amp;D-Performers: Substituting Technology by Management in SMEs 네이버 미소장
198 (2003). Diffusion of Innovations, 5th Ed. New York: Free Press. 미소장
199 Inter-firm R&D partnering in pharmaceutical biotechnology since 1975: Trends, patterns, and networks 네이버 미소장
200 Increasing Returns and Long-Run Growth 네이버 미소장
201 An ex ante evaluation framework for the regional benefits of publicly supported R&D projects 네이버 미소장
202 Productivity growth and the structure of the business cycle 네이버 미소장
203 Cooperative R&D in Japan and Korea: a comparison of industrial policy 네이버 미소장
204 (2010). Public selection and financing of R&D cooperative projects: Credit versus subsidy funding. Research Policy, 39, 549-563. 미소장
205 The Debt Maturity Structure of Small Firms 네이버 미소장
206 (2003). Patents and R&D as real options. NBER Working Paper No. 10114. 미소장
207 (2008). What determines overseas R&D activities? The case of Japanese multinational firms. Research Policy, 37, 530-544. 미소장
208 Environmental dynamism, capital structure and performance: a theoretical integration and an empirical test 네이버 미소장
209 Distributed R&D, cross-regional knowledge integration and quality of innovative output 네이버 미소장
210 The impact of corporate debt on long term investment and firm performance 네이버 미소장
211 R&D Investment as a Signal in Corporate Takeovers 네이버 미소장
212 (2011). What determines knowledge sourcing from host locations of overseas R&D operations?: A study of global R&D activities of Japanese multinationals. Research Policy, 40, 380-390. 미소장
213 (1999). Do innovative activities matter to small firms in non-R&Dintensive industries? An application to export performance. Research Policy, 28, 819-832. 미소장
214 (2008). R&D, higher education and regional growth: Uneven linkages among European regions. Research Policy, 37, 1096-1107. 미소장
215 Credit Rationing in Markets with Imperfect Information 네이버 미소장
216 (2007). Commercialization of patents and external financing during the R&D phase. Research Policy, 36, 1052-1069. 미소장
217 Financial Architecture and Economic Performance: International Evidence 네이버 미소장
218 Adverse selection and financing of innovation: is there a need for R&D subsidies? 네이버 미소장
219 Human capital, R&D, trade, and long-run productivity. Testing the technological absorption hypothesis for the Portuguese economy, 1960–2001 네이버 미소장
220 Critical mass and international marketing strategy 네이버 미소장
221 (1998). The determinants of capital structure choice. The Journal of Finance, 43, 1-19. 미소장
222 (2007). Effects of R&D and networking on the export decision of Japanese firms. Research Policy, 2007, 758-767. 미소장
223 Does R&D performance decline with firm size?—A re-examination in terms of elasticity 네이버 미소장
224 (2009). Innovative R&D and optimal investment under uncertainty in high-tech industries: An implication for emerging economies. Research Policy, 38, 1388-1395. 미소장
225 Do subsidiaries of foreign MNEs invest more in R&D than domestic firms? 네이버 미소장
226 R&D internationalization, R&D collaboration and public knowledge institutions in small economies: Evidence from Finland and the Netherlands 네이버 미소장
227 (2009). A real options perspective on R&D portfolio diversification. Research Policy, 38, 1150-1158. 미소장
228 The impact of patent protection, economy openness and national culture on R&D investment: a cross-country empirical investigation 네이버 미소장
229 Specificity and Opacity as Resource-Based Determinants of Capital Structure: Evidence for Spanish Manufacturing Firms 네이버 미소장
230 (2002). Market versus technology drive in R&D internationalization: Four different patterns of managing research and development. Research Policy, 2002, 569-588. 미소장
231 (2007). R&D efficiency and economic performance: A cross-country analysis using the stochastic frontier approach. Journal of Policy Modeling, 29, 345-360. 미소장
232 (2010). Determinants of R&D investment: The Extreme-Bounds-Analysis approach applied to 26 OECD countries. Research Policy, 39, 103-116. 미소장
233 Relative efficiency of R&D activities: A cross-country study accounting for environmental factors in the DEA approach 네이버 미소장
234 (2010). R&D investment and financing choices: A comprehensive perspective. Research Policy, 39, 1148-1159. 미소장
235 (2001). Exploring collaborative R&D network: Some new evidence in Japan. Research Policy, 30, 1309-1319. 미소장
236 Experience, experimentation, and the accumulation of knowledge: the evolution of R&D in the semiconductor industry 네이버 미소장
237 Corporate Finance and Corporate Governance 네이버 미소장
238 (2008). The effectiveness of subsidies revisited: Accounting for wage and employment effects in business R&D. Research Policy, 37, 1403-1412. 미소장
239 Mason: morphological simplification 네이버 미소장
240 Firm Growth, Size, Age and Behavior in Japanese Manufacturing 네이버 미소장
241 R&D intensity, firm performance and the identification of the threshold: fresh evidence from the panel threshold regression model 네이버 미소장
242 (2007). Technological knowledge base, R&D organization structure and alliance formation: Evidence from the biopharmaceutical industry. Research Policy, 36, 512-528. 미소장
243 Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis 네이버 미소장