인적자본과 사회적자본이 기업의 연구개발투자에 미치는 영향: 최고경영진과 사외이사를 중심으로

Purpose The purpose of this study was to examine the effect of human capital and social capital of the top management team and outside directors on R&D investment of the firm. Design/Methodology/Approach We tested hypotheses based on panel data covering 13 years from 1999 to 2011 with a sample of 450 Korean Stock Exchange (KSE) listed firms. Findings Results revealed that human capital of the top management team has a positive (+) effect on the R&D investment of the firm, whereas human capital of outside directors has a negative (-) effect on R&D investment. In addition, social capital of the top management team does not affect the R&D investment of the firm, and social capital of outside directors has a positive (+) effect on the R&D investment. Research Implications This study empirically identified the effects of human capital and social capital of the top management team and outside directors on the R&D investment of firm. Also we provide empirical evidence of the importance of human capital of the top management team and social capital of outside directors on R&D investment.