전략적 일탈이 연구개발비 행태에 미치는 영향

Abstract

[Purpose]This study empirically examines the cost behavior of R&D expenditures according to the level of strategic deviance of companies.
 [Methodology]In this study, we set up a research model based on Anderson et al.(2003) and conduct an empirical analysis on Korean listed companies from 2001 to 2022.
 [Findings]As a result of empirical analysis, we find anti－stickiness cost behavior in R&D expenditures from strategic deviance companies. This means that the higher the level of strategic deviance, the greater the tendency to excessively reduce R&D expenditures if the current sales is weaker compared to the previous year. In other words, it is interpreted that managers of strategic deviance companies have an incentive to significantly reduce R&D expenditures, which are mostly accounted for at current expenses, in order to increase the level of cash holdings.
 [Implications]This study will contribute to verifying that the cost behavior of R&D expenditures can change depending on the level of strategic deviance for Korean listed companies. In particular, it suggests that corporate strategies can have a significant impact on the decision－making of managers related to R&D expenditures, and that strategic deviance can increase uncertainty and risk of corporate performance.