Dynamic Construction of Intangible Capital and Its Performance Implications: Evidence from Technology-Based SMEs

• 발행기관: 한국인사조직학회
• 저자명: 김상준 이주일
• 간행물 정보: 『한국인사조직학회 발표논문집』한국인사조직학회 2017년도 춘계학술연구발표회 발표논문집, 1~38쪽, 전체 38쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2017.04.22

영문 초록

In this study, we illuminate the performance implications of capital allocation investments for constructing intangible capital. In particular, given that intangible capital is drawn from R&D and advertising investments, we claim that the configuration (or reconfiguration) of the investments for intangible capital can affect firm performance. The idea is examined in the setting of technology-based SMEs (Small- and Medium-sized Enterprises). With 1,127 SMEs in high-tech industries from S&P’s Compustat database, we identify four different behavioral patterns for the construction of intangible capital, and examine that these patterns can affect firm performance. The estimation results reveal that focus alternation toward technology is positively related to firm performance, which is captured by Tobin’s q. Based on the results, theoretical and practical implications are discussed.

목차

INTRODUCTION

THEORY AND HYPOTHESES

METHODS

RESULTS

DISCUSSION

CONLCUSION

키워드

Dynamic construction Intangible capital Organizational search Resource allocation Focus change