기업수명주기별 연구개발투자와 배당정책

초록

[Purpose] The purpose of this study is to analyze the effect of corporate R&D expenditure on dividend payout ratios based on data from 2011 to 2022, focusing on non－financial firms listed on the KOSPI and KOSDAQ markets with December fiscal year－ends. Furthermore, this study empirically examines whether the impact of R&D expenditure on dividend payout ratios varies across firm life cycle stages. [Methodology] The study utilizes stock dividend payout ratio and cash dividend payout ratio to represent dividend policies and applies Ordinary Least Squares (OLS) regression to examine the effect of firm R&D investment on these payout ratios. Firm life cycle stages are measured based on the method proposed by Dickinson (2011), which utilizes cash flow patterns from operating, investing, and financing activities. Based on this classification, firms are categorized into five stages：Introduction, Growth, Maturity, Shake－out, and Decline. [Findings] First, analysis of all companies shows that as R&D expenditure increase, the stock dividend payout ratio also increase. Second, the impact of R&D expenditure on stock dividend payout ratios shows contrasting effects during the growth and renewal phases in the firm’s life cycle. During the growth phase, companies tend to decrease stock dividends as they need to concentrate resources on securing competitive advantages and maintaining governance stability. In contrast, during the renewal phase, when R&D investment efficiency decreases, companies tend to increase stock dividends to enhance shareholder value. Third, these association is more evident in samples with larger R&D expenditures. [Implications] This study emphasizes the strategic linkage between corportate R&D investment policies and dividend policies, highlighting the importance of establishing dividend policies. Moreover, The research and development investment policy and dividened policy according to the corporate life cycle are strategic decisions that take into account various factors such as corporate funds and investment opportunities. Therefore, it is necessary to establish a long－term growth strategy to maximize corprotate value.

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