연구개발투자와 불확실성 = R&D Investments and Uncertainty

다국어 초록 (Multilingual Abstract)

This paper sheds some light on the effects of uncertainty on the R&D investment-cash flow sensitivity. In addition, this paper examines the effects of R&D intensity on the volatilities of operating performance and stock returns. Unlike many previous studies on R&D, the sample period of this study begins in 1999 in order to reflect the structural change caused by the Korean financial crisis in 1997 and the major amendment of Korean accounting standards on R&D in 1998. Using Korean listed manufacturing firms` seven-year balanced panel data in the period of 1999 to 2005, we obtain the following empirical results: (1)There are significant liquidity constraints on R&D investments. (2)The R&D investment-cash flow sensitivity is higher for firms with greater uncertainty. (3)For high-tech firms, R&D intensity is negatively associated with the volatilities of sales, earnings, cash flows, and stock returns. Our findings suggest that firms decrease liquidity constraints on R&D investments by reducing uncertainty and that high-tech firms are able to decrease the volatilities of their operating performance and stock returns by increasing R&D intensity.