Financialization and the Slowdown in Korean Firms' R&D Investment

被引：155

作者：

Seo, Hwan Joo ^{[1
]}

Kim, Han Sung ^{[2
]}

Kim, Yoo Chan ^{[1
]}

机构：

[1] Hanyang Univ, Div Business Adm, Ansan 426791, South Korea

[2] Ajou Univ, Coll Social Sci, Suwon 443749, South Korea

来源：

ASIAN ECONOMIC PAPERS | 2012年 / 11卷 / 03期

关键词：

SHAREHOLDER VALUE; CORPORATE GOVERNANCE; FINANCIALISATION;

D O I：

10.1162/ASEP_a_00160

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigates the effects of financialization on research and development (R&D) investment by nonfinancial corporations (NFCs) in Korea from 1994 to 2009. The results indicate that increased dividend payments and stock buybacks impeded R&D investment by reducing internal funds and planning horizons. In addition, increased financial investment and profit opportunities crowded out R&D investment by influencing managers' incentives. Further, estimation results obtained by dividing the sample period into before and after the 1997-98 Asian financial crisis (AFC) indicate that the progress of financialization had a negative effect on R&D investment only after the AFC.

引用

页码：35 / 49

页数：15

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