연구개발(R&D) 투자를 통한 경쟁력 창출: 경로의존성 및 자원특성의 역할

This study investigates the contribution of R&D investment to the creation of firm competitiveness, from the perspectives of dynamic capability and resource-based view theories. Given that technology-based innovation is one of the most important sources of competitive advantages, investing in R&D activities is an important strategic choice. However, it is not easy to forecast the outcomes of such investments due to the risks and uncertainness stemming from the amount of R&D investment itself as well as the time required to get the return from the investment. Not surprisingly, the current literature reports both the positive and the negative results on the relationship between R&D investment and the creation of firm competitiveness. From the perspective of dynamic capability theory, this study examines whether the contribution of R&D investment to the creation of firm competitiveness depends on the path dependence a focal firm has developed, measured by the results of the R&D investment in the past. This study also relies on the arguments of the resource-based view and investigates whether the relationship between R&D investment and the creation of firm competitiveness is moderated by resource characteristics. The empirical tests, based on the sample of 475 Korean firms in the ICT industries, reveal that whether R&D investment leads to the creation of firm competitiveness is affected by a focal firm’s path dependence. As suggested by dynamic capability theory, R&D investment by a firm with a positive path dependence has a positive (+) effect on the creation of firm competitiveness. In contrast, R&D investment has a negative (-) effect on the competitiveness of a firm with a negative path dependence. This study also finds that the relationship between R&D investment and the creation of firm competitiveness is moderated by the resource characteristics. As indicated by the VRIO framework from the resource-based view, organizational resources unlike financial resources has a consistently significant moderating effect on the relationship. That is, the organizational resource increases, the positive (negative) effect of R&D investment on the creation of firm competitiveness becomes stronger (weaker). Financial resources are important to run an organization, but more attention should be paid to organizational resources as a means through which competitive advantages can be created and sustained. Taken together, this study emphasizes that we need to regard the perspectives of dynamic capability and resource-based view as not mutually exclusive but complementary arguments, in order to better understand the contribution of R&D investment to the creation of firm competitiveness.