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논문 기본 정보

자료유형
학술대회자료
저자정보
Jeongdae Yim (Kyungpook National University) Seokchin Kim (Kyungpook National University)
저널정보
한국경영학회 한국경영학회 융합학술대회 한국경영학회 2018년 제20회 경영관련학회 통합학술대회
발행연도
2018.8
수록면
1,449 - 1,475 (27page)

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This paper explores the effects of product market competition on firm innovation using the sample of 16,584 firmyear observations in 1,898 non-financial firms listed in the Korean stock markets during 2000-2015. To capture firm innovation, we consider the number of firm’s patent applications and the patent production function. Specially, to address the left-censored problem of our dependent variable, the logarithm of one plus the number of patent applications, we employ a panel Tobit regression. Empirical results are as follows. First, the marginal effects of two indicators of product market competition, Herfindahl-Hirschman index (HHI) and Lerner index are significantly positive. These results indicate that more intensified competition in product market is associated with more activating innovation of Korean listed firms. Second, based on competitive strategies, we divide into two subsamples and examine effects on firm innovation. The marginal effects of competition for Cournot firms are relatively greater than Bertrand firms. These results support theoretical predictions which Cournot firms have greater incentives to innovate than Bertrand firms. Finally, we confirm that our two findings also hold through an instrumentalvariable analysis and panel Poisson regression.

목차

Abstract
1. Introduction
2. Literature Review and Hypothesis
3. Empirical Model and Data
4. Empirical Results
5. Conclusions
References

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