Are large business groups conducive to industry innovation? The moderating role of technological appropriability

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This paper examines the impact of the share of business groups in an industry on the industry's R&D intensity. First, we derive a simple theoretical model of industry R&D intensity in the presence of big business groups. Our model predicts that the effect of business-group share on industry R&D intensity differs across industries depending on the technological appropriability: A positive relationship for industries with low R&D appropriability, while a negative relationship for industries with high R&D appropriability. Based on these predictions, we develop and test our hypothesis using unique data on Korean manufacturing industries. Our results confirm the moderating role of technological appropriability, implying that the inverted-U shape between business-group share and industry R&D intensity frequently observed at the aggregate-sample level reflects the combination of those two opposite relationships.
Publisher
SPRINGER
Issue Date
2017-06
Language
English
Article Type
Article
Keywords

RESEARCH-AND-DEVELOPMENT; MARKET-STRUCTURE; GROUP AFFILIATION; DEVELOPMENT INVESTMENTS; EMERGING ECONOMIES; CORPORATE GROUPS; 2 FACES; PERFORMANCE; FIRMS; OPPORTUNITY

Citation

ASIA PACIFIC JOURNAL OF MANAGEMENT, v.34, no.2, pp.313 - 337

ISSN
0217-4561
DOI
10.1007/s10490-016-9481-0
URI
http://hdl.handle.net/10203/224050
Appears in Collection
MT-Journal Papers(저널논문)
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