선도기업과 후발기업의 연구개발 투자가 미래수익성과 미래이익변동성에 미치는 영향

This study shows thorough examination on the correlation between R&D expenditure and firm profitability and earnings volatility over the low technology industry. The impact of R&D investment can vary depending on the purpose of the investment. Therefore, in this study, the purpose of R&D investment was divided into innovative R&D and imitation R&D to analyze the discriminating effects. Based on the data listed on the Korea Exchange Securities Market (KOSPI) from 1995 to 2018 and spending R&D expenses. Due to the time lag of R&D investments, future profitability was measured using total asset returns from t＋1 to t＋3. In addition, in order to verify the differential effect on the relationship between earnings volatility and R&D investment, the formula used in the study of Kothari et al.(2002) was modified and measured. As a result of the analysis, in the low-tech industry, investment in R&D of companies showed a more positive effect on future profitability when research and development of imitation of followers than R&D of innovation of leaders. It is thought that the low-tech industry has a positive effect on the profitability of the company through efficient imitation of already developed products or technologies rather than innovative technology development. In addition, it has been found that the R&D investment of innovation of leading companies is greater than that of the imitation R&D investment of followers. This is interpreted as an uncertainty as it is the first attempted R&D in the case of innovation. Based on the above results, it is possible to know the difference between future profitability and uncertainty depending on the purpose of R&D investment.