dc.citation.endPage |
1226 |
- |
dc.citation.number |
2 |
- |
dc.citation.startPage |
1215 |
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dc.citation.title |
Journal of The Korean Data Analysis Society |
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dc.citation.volume |
16 |
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dc.contributor.author |
Choi, Su Jung |
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dc.date.accessioned |
2023-12-22T02:38:02Z |
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dc.date.available |
2023-12-22T02:38:02Z |
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dc.date.created |
2015-02-03 |
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dc.date.issued |
2014-06 |
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dc.description.abstract |
This paper examines the effect of investing R&Ds on the firm’s financial performance under financial distress. A trade-off exists between the firm’s short-term financial difficulty and long-term growth. The financial performance is simultaneously influenced by the benefits from R&D investments and the liquidity constraints for financing R&D investments. We collect a sample of 606,534 quarterly observations where total assets and sales are positive between 1981 and 2005 from the quarterly COMPUSTAT database. To define whether or not a firm is experiencing financial distress, we use the Ohlson’s model (1980) which implements a logistic regression to measure the financial distress of public firms. The empirical results show that the financial distress risk of the high-tech industry is relatively less aggravated by maintaining high cumulative R&D investments. The low-tech firms may rather improve their financial performance by decreasing their R&D expenditures under the high financial distress risk state. |
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dc.identifier.bibliographicCitation |
Journal of The Korean Data Analysis Society, v.16, no.2, pp.1215 - 1226 |
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dc.identifier.issn |
1229-2354 |
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dc.identifier.uri |
https://scholarworks.unist.ac.kr/handle/201301/10422 |
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dc.language |
영어 |
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dc.publisher |
한국자료분석학회 |
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dc.title |
The Effect of Investing R&Ds on the Firm's Financial Performance Under Financial Distress: High-Tech vs. Low-Tech Firms |
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dc.type |
Article |
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dc.description.isOpenAccess |
FALSE |
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dc.identifier.kciid |
ART001884319 |
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dc.description.journalRegisteredClass |
kci |
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