제약·바이오 기업의 테마감리는 연구개발비 지출을 축소시키는가?

Purpose] This study aims to analyze the changes in R&D expenditure of pharmaceutical and biotech companies following the thematic audit on R&D expenses conducted by the Financial Supervisory Service in 2018. Through this, the study seeks to evaluate the usefulness of the thematic audit on R&D expenses in pharmaceutical and biotech companies. [Methodology] This study empirically analyzes the impact of R&D expenses on firm value before and after the thematic audit in the pharmaceutical and biotech industries. Specifically, it examines the changes in the value relevance of capitalized R&D expenses and investigates the overall changes in R&D expenditure to gauge the effectiveness of the thematic audit. [Findings] The empirical results of this study are as follows: After the thematic audit in the pharmaceutical and biotech industries, the negative impact of capitalized R&D expenses on firm value decreased, and the total R&D expenditure in the industry increased. This suggests that the thematic audit enhanced market transparency and led managers to increase R&D spending actively. [Implications] This study empirically demonstrates that the thematic audit positively influenced the investment in R&D in the pharmaceutical and biotech industries. It provides significant policy implications and differentiates itself from previous studies by comprehensively analyzing the impact of the thematic audit on managerial strategic behavior and industry investment.