기업의 지속적 성장을 위한 연구개발지출의 성과와 기업전략의 관계에 대한 기술-가치 매트릭스를 통한 종단적 분석

Prior research provides evidence that R&D expenditures contribute to the performance of firms. However, the performance of R&D expenditures is affected by the strategies employed by the firms. This study reviews the relationship between R&D expenditures and company performance in major R&D intensive industries over a 20-year period from 1989-2008. This paper investigates the relationship between R&D performance and company strategy among companies involved in the electric and electronics industry. Samples consist of 25 firms,whose R&D performances and strategies are examined every five years. Three variables are used for classifying strategy types: marketing differentiation strategy, product differentiation strategy, and cost leadership strategy. We developed a technology and value matrix (hereafter referred to as a TnV Matrix) to analyze the relationship between R&D expenditures and the firm's performance. The TnV Matrix is used in categorizing four types of firm: investment-profit type, profit-seeking type,status quo type, and poor outcome type. We reviewed the trends in company strategies over a 20-year period and identified differences in strategies between successful R&D firms and other firms in each five year period. The results suggest that successful R&D firms implement dominant strategy and differentiation strategy in both product and marketing for the whole period. We found that several firms moved from the “successful category” (investment-profit type) to other categories because their strategies were very simple and inconsistent. The evidence suggests that firms should develop differentiation strategy in both product and marketing for sustainable growth. Our findings suggest that the TnV Matrix is an effective tool for identifying successful R&D firms and analyzing the relationship between their success and the strategies they employ.