Journal
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
Volume 137, Issue -, Pages 190-198Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.techfore.2018.07.042
Keywords
Economic recession; R&D investment; Innovative firm; Survival
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Funding
- National Research Foundation of Korea Grant - Korean Government [NRF-2014S1A5B8061859]
- graduate school of Korea University of Technology and Education
- National Research Foundation of Korea [2014S1A5B8061859] Funding Source: Korea Institute of Science & Technology Information (KISTI), National Science & Technology Information Service (NTIS)
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Using data from 588 Korean small and medium-sized enterprises (SMEs) for 2008-2014, this study investigates whether R&D investment can affect the probability of a firm's survival during a recession period. We find that the effect of R&D investment is not identical in all firms. R&D investment is shown to be a poor choice for general firms to survive; however, it is an effective strategy for firms that are innovative and capable of producing intellectual properties during recessionary periods. We also find firm size and industry growth can lower the probability of exit.
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