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코스닥 제약기업의 연구개발투자와 소유구조 간의 관계The Relationship between R&D investment and Ownership Structure in KOSDAQ Pharmaceutical Firms
- Other Titles
- The Relationship between R&D investment and Ownership Structure in KOSDAQ Pharmaceutical Firms
- Issue Date
- 2015
- Publisher
- 한국콘텐츠학회
- Keywords
- Pharmaceutical Firms; R& D Investment; Ownership Structure; Panel Study; KOSDAQ; 제약기업; 연구개발투자; 소유구조; 패널연구; 코스닥
- Citation
- 한국콘텐츠학회 논문지, v.15, no.6, pp.445 - 454
- Indexed
- KCI
- Journal Title
- 한국콘텐츠학회 논문지
- Volume
- 15
- Number
- 6
- Start Page
- 445
- End Page
- 454
- ISSN
- 1598-4877
- Abstract
- The purpose of this study is to analyze the influence of the financial structure of pharmaceutical companies on R&D investment. 358 pharmaceutical firms listed in the KOSDAQ market from 2000 to 2012. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association (KLCA), and data related to stock price was extracted from KISVALUE-Ⅲ of NICE Information Service Co., Ltd. STATA 12.0 was used as the statistical package for panel analysis. The summary of the findings and the interpretation of the significance of this are as follows: First, the shareholding ratio of major shareholders and foreigners had a positive influence on R&D investment. Second, the ratio of outside directors had a negative influence on R&D investment. Third, the shareholding ratio of institutional investors did not have a significant influence on R&D investment.
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