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공공누리This item is licensed Korea Open Government License

Title
Government R&D Subsidy and Additionality of Biotechnology Firms: The Case of the South Korean Biotechnology Industry
Author(s)
신광수박군호최민경이철
Publisher
MDPI
Publication Year
2019-03-15
Abstract
Government R&D subsidies are more important in latecomer countries of biotechnology industry, where venture capital has not been developed, and ratio of start-ups is high.
Previous studies were limited to the promotion of input and output, such as private R&D investment and performance, through government R&D subsidies.
However, these studies cannot reflect the change of a firm’s behavior (or strategy) by a government R&D subsidy.
Therefore, this study extensively investigated the effects of government R&D subsidies in multifaceted aspects of input, output, and behavioral additionality.
By adopting the propensity score matching (PSM) method, we found firms benefiting from government R&D subsidies had marked higher R&D investment
in terms of input additionality and produced more technological innovation within a short period in terms of output additionality, although financial performance was not determined.
Moreover, government R&D subsidies have accelerated strategic alliances and suppressed external financing in terms of behavioral additionality.
Keyword
Additionality; Government R&D Subsidies; Biotechnology Industry; Propensity Score Matching
Journal Title
Sustainability;
Citation Volume
11
ISSN
2071-1050
DOI
10.3390/su11061583
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Appears in Collections:
7. KISTI 연구성과 > 학술지 발표논문
URI
https://repository.kisti.re.kr/handle/10580/16042
Fulltext
 https://scienceon.kisti.re.kr/srch/selectPORSrchArticle.do?cn=NART96265151
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