지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
오류제보하기
Besides spending on research and development (R&D), performance in terms of new drug application (NDA) and patent approval has been a key surrogate marker of R&D efforts of pharmaceutical firms. The results show that Korean firms are more responsive to patent approval, whereas non-Korean firms are more responsive to NDA approval. Although many recently approved patents of Korean firms are related to innovative discovery of novel drug candidates, the commercial value of NDA approvals accomplished by non-Korean firms is remarkably high. The annual quantitative accomplishment of NDA approval is small, considering the long development process. However, its commercial value is big and the drug receives worldwide acceptance. This is the reason why investors react positively to NDA approval news of non-Korean firms. The findings in this study imply that it would be advantageous for both Korean and non-Korean firms to persist with their R&D efforts, in accordance with their respective strategy. This would help in maintaining and upgrading their firm value as well as in developing new drivers of potential growth for corporate sustainability management, besides managing the financial capacity through firm-specific execution.
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참고문헌 (23)
참고문헌 신청
Bae, Sung C / 2003 / The effect of R&D investments on market value of firms: Evidence from the us, germany, and japan / Multinational Business Review 11 : 51 ~ 76
Chan, Louis KC / 2001 / The stock market valuation of research and development expenditures / The Journal of Finance 56 : 2431 ~ 2456
Chaney, Paul K / 1991 / The impact of new product introductions on the market value of firms / Journal of Business : 573 ~ 610
Chauvin, Keith W / 1993 / Advertising, R&D expenditures and the market value of the firm / Financial management : 128 ~ 140
Cockburn, Iain M / 1988 / Industry effects and appropriability measures in the stock markets valuation of R&D and patents / The American Economic Review 78 : 419 ~ 423
Chan, Louis KC / 2001 / The stock market valuation of research and development expenditures / The Journal of Finance 56 : 2431 ~ 2456
Chaney, Paul K / 1991 / The impact of new product introductions on the market value of firms / Journal of Business : 573 ~ 610
Chauvin, Keith W / 1993 / Advertising, R&D expenditures and the market value of the firm / Financial management : 128 ~ 140
Cockburn, Iain M / 1988 / Industry effects and appropriability measures in the stock markets valuation of R&D and patents / The American Economic Review 78 : 419 ~ 423
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