Abstract
In this paper we study the changing pattern of Korean Research and Development (R&D) after the IMF crisis. We contend that the focus has changed from government and chaebol-initiated R&D to small business and university-initiated R&D. This transition resulted from various reasons: (1) financial difficulty caused upon big chaebols by the IMF crisis, (2) the government's emphasis on nurturing high-technology venture businesses, (3) the government's initiative to start Brain Korea 21 (BK21) projects. We evaluate this transition from the real options view of R&D.
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