연구개발지출과 미래 경영성과간의 관련성에 미치는 유형자산의 보완효과

Prior studies on the relationship between R&D expenditures and firm performance have so far assumed that R&D expenditures effects are independent of tangible asset. However, it is argued that research and development expenditures alone make it difficult to secure competitive advantage. Therefore, this study analyzed the complementary effects of tangible assets on the relationship between R&D expenditures and firm performance. The difference analysis shows that the high R&D expenditures－high tangible assets group has a significantly greater effect on future adjusted operating profit and future adjusted operating cash flow than the low R&D expenditures－low tangible assets group. In regression analysis including the control variables, the interaction term between R&D expenditures and tangible assets has a positive effect on future adjusted operating profit and adjusted operating cash flow. Thus, it can be seen that tangible assets play a complementary role in increasing future benefits of R&D expenditures. Additional analysis on the listed companies listed on KSE and KOSDAQ is also qualitatively similar to the analysis on all industries. These results indicate that firms with more complementary assets, such as tangible assets, are more likely to succeed in R&D investment. Therefore, this study suggests that companies that are doing innovation activities should recognize the importance of supplementary assets such as tangible assets when making investment decisions.