A Study on the Sustainability of Government R&D Subsidies

초록

This paper investigates the sustainability of government research and development(R&D) subsidies. The main results are as follows. First, firms that receive government R&D subsidies increase sustainability. This means that firms that receive government R&D subsidies based on taxes go beyond si mply pursuing private profit and practice sustainable management through Environmental, Social and Governance and corporate social responsibility, and have a positive impact on society. Second, in the case of firms that received government R&D subsidies, the higher the sales growth rate or firm value, the more positively related to corporate sustainability compared to firms that did not receive government R&D subsidies. This means that when a firm that receives government R&D subsidies increases its performance and growth potential, its financial and economic competitiveness is satisfied, sustainability increases, and it has a positive ripple effect on society and the environment. Third, as a result of analysis by type of R&D, among firms that received government R&D subsidies, only firms in the experi mental development increase sustainability. This means that in the case of firms in the experi mental development, some of the R&D has already been achieved, or the improved results have materialized, resolving some of the uncertainty, increasing sustainability, and playing a positive role in society. While existing studies have focused on the impact of government R&D subsidies on corporate R&D invest ment, this study provides a contribution in that it confirms the positive effect of government R&D subsidies on sustainability through Environmental, Social and Governance and corporate social responsibility. © 2024, Korean Accounting Association. All rights reserved.

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