기업 등기임원의 평균 경력이 연구개발 투자에 미치는 영향

초록

This study analyzes the relationship between average career of registered executives and R&D expenditure for firms listed on the Korea Exchange(KRX). As a result of empirical analysis, the lower the average career of registered executives, the higher the R&D expenditure. To prove the robustness of research model, we employ several sophisticated models and find that our resutls are rubust throughout different models. We apply additional analyses, in that we divide the sample into two groups: the age of CEO under 50 vs. over 50, and under 60 vs. over 60. The results show that R&D expenditures increase in firms whose average career of registered executives is under 50 and over 60. Additionally we test whether chaebol and non-chaebol firms exhibit different behaviors in R&D expenditure and the results support for non-chaebol firms. In conclusion, the lower the experience of executives of firms, the higher their R&D expenditures because of their future career concerns. The results imply that firms in R&D heavy industry should not shy away from hiring relatively yound executives.

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