연구개발 활동과 해외직접투자가 기업의 수출에 미치는 영향

The Effects of R&D Activities and OFDI on Korean Firm Export

We investigate the effects of Korean corporate research and development (R&D) activities and their outward foreign direct investment (OFDI) on exports using 42,538 company-year data for the period covering 2008 to 2014 provided by the Microdata Service System of the Korean Bureau of Statistics. From multi-variate fixed effects panel regression, we conclude that there exists a positive effect of R&D investment level of Korean firms on exports. Moreover, there is a positive effect of R&D accomplishments (i.e., the number of patents and utility model rights), on their exports. No significant relationship was found between exports and open R&D activities (i.e., intellectual property E-business system, R&D outsourcing and strategic R&D partnership). However, OFDI of Korean firms have positive effects on exports. Furthermore, there is a positive effect between R&D investment and OFDI on firm exports. Results suggest that foreign direct investment closely affects a company’s exports. Also, in this time of great uncertainty, this implies that proactive R&D activities and exclusive technologies considerably raise one’s own competitiveness. The significance of this study lies in showing how outward direct investment globally could boost exports.