R&D 집중도, 광고 집중도, 기업성과의 관계

Extant prior literature has discussed the critical roles played by R&D(Research & Development) and Advertising investment in accomplishing competitive advantages for firms. However, it has been still questionable whether R&D intensity, measured as a ratio of R&D expenditure to revenue, and Advertising intensity really contribute to improving firm performance. Furthermore, relatively little is known for the inquiry, if the effect of R&D/Advertising intensity on firm performance is significantly positive, regardless of the types of industry and the time periods. Considering the time lagged effect that it takes a certain amount of time for firms to make visible profits through R&D/Advertising investment, this research seeks to examine the differences the impact of R&D/Advertising intensity on firm performance, measured as Tobin q, depending on different types of industry. In order to accomplish the research objectives, the financial data of firms listed on the stock market in Korea (Korea Exchange), in the period from 2013 to 2016 were collected and analyzed via the method of multiple regression and Hayes' Process Macro for SPSS. As a result of the statistical analyses, R&D intensity was found to be positively significantly related to firm performance (Tobin q), in the period of 2013-2014 and 2015-2016, except for the period of 2014-2015. In addition, the empirical results reported that advertising intensity has a positive significant effect on firm performance, in the period of 2013-2014, 2014-2015, as well as 2015-2016. Further, the research results also showed that the effect of each intensity on firm performance depends on the types of industry (manufacturing, service, finance, and IT). The implications of these findings were discussed, and suggestions for future research to overcome limitations in this study were presented.