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An Empirical Analysis on Effects of Financial Constraints on Innovation Investment

  • Journal of Asia-Pacific Studies
  • Abbr : JAPS
  • 2022, 29(2), pp.109-133
  • DOI : 10.18107/japs.2022.29.2.005
  • Publisher : Institute of Global Affairs
  • Research Area : Social Science > Social Science in general
  • Received : May 17, 2022
  • Accepted : June 3, 2022
  • Published : June 30, 2022

CIN BEOM CHEOL 1

1경기대학교

Accredited

ABSTRACT

This paper empirically examines effects of financial constraints on innovation investment, based on 2018 Korea’s Innovation Survey data implemented by STEPI. Empirical results show that the null hypothesis that the financial constraints is exogeneous are rejected for all cases. This suggests that ignoring the potential endogeneity of financial constraints can lead to biased results. In estimation by 2SRI method, all financial constraints except for one case turn out to be statistically significant negative effects on R&D investment decision. These results imply that financial constraints are regarded as not the barriers to be overcome but those to be deterred barriers which are a real impediment to innovation activities.

Citation status

* References for papers published after 2022 are currently being built.