--- type: paper slug: junwoo-yu-2020-voluntary-rd-disclosure title: >- Effects of voluntary R&D disclosure on business performance: Empirical evidence from Korean manufacturing firms authors: - '[[junwoo-yu]]' - '[[jungmin-lee]]' - '[[yeonbaekim]]' year: 2020 venue: '[[asian-journal-of-technology-innovation]]' volume: '28' issue: '4' pages: 608-622 doi: 10.1080/19761597.2020.1844026 categories: - '[[innovation-economics]]' - '[[finance-economics]]' methods: - '[[3sls]]' - '[[simultaneous-equations]]' - '[[signalling-theory]]' themes: - '[[voluntary-rd-disclosure]]' - '[[press-release]]' - '[[annual-report]]' - '[[market-share]]' - '[[korean-manufacturing-firms]]' - '[[kospi-firms]]' aliases: [] last_updated: '2026-05-20T01:41:32+09:00' --- # Effects of voluntary R&D disclosure on business performance: Empirical evidence from Korean manufacturing firms *[[junwoo-yu]], [[jungmin-lee]], [[yeonbaekim]] (2020)* · [[asian-journal-of-technology-innovation]] 28(4):608–622 · [DOI ↗](https://doi.org/10.1080/19761597.2020.1844026) > 한국 KOSPI 142 manufacturing firm 의 *voluntary R&D disclosure* (press release + annual report) 의 *market share + cash inflow from financing* 효과를 [[3sls]] simultaneous 추정. **Annual report 의 *dual positive*: market share +0.011 (p<0.05), cash inflow +0.020 (p<0.10)**. **Press release 의 *negative on market share* (−0.006, p<0.01), cash inflow 효과 없음**. *Annual report 의 *professional credibility* vs press release 의 *informal noise* 의 differential effect. - **RQ**: *Voluntary R&D disclosure* (press release vs annual report) 의 (i) *market share* (consumer signalling), (ii) *cash inflow from financing* (investor signalling) 효과 차이는? - **방법론**: [[3sls]] 4-equation simultaneous (press × market share / press × cash / annual × market share / annual × cash) — *reverse causality + endogeneity* 처리 - **데이터**: 142 KOSPI manufacturing firms cross-section. PRESS = press release 빈도, RDDISC = annual report R&D disclosure score, MKTSHR = market share, CASHFW = cash inflow from financing - **주요 발견**: (i) **Press release → market share: NEGATIVE −0.006 (p<0.01)** — 기존 문헌 (Chan et al. 1990, Dedman et al. 2008) 의 *positive press release effect* 의 reverse. (ii) **Press release → cash inflow**: 비유의. (iii) **Annual report → market share: POSITIVE +0.011 (p<0.05)** — *consumer 가 annual report 의 *credibility signal* 인식*. (iv) **Annual report → cash inflow: POSITIVE +0.020 (p<0.10)** — *investor 의 information asymmetry 완화* (Nekhili et al. 2012). (v) Control: 직원 수 (firm size) 가 market share 의 가장 큰 driver (+0.00001, p<0.01). - **시사점**: (a) **Press release 의 *unintended consequences***: *너무 빈번한 press release* 가 *consumer 의 corporate confidence 약화* → market share 감소. *Press release 의 *strategic restraint* 권고. (b) **Annual report 의 *dual channel signal***: *consumer + investor* 모두 information 활용 — *Korean accounting standard 의 R&D disclosure 강화* 의 정량 정당화. (c) **CSR-like *strategic disclosure***: voluntary 인 R&D 정보 공개 가 *market share + 자금 조달 cost 감소* 양면 효과. (d) Korean 정책 함의: *R&D 세액공제 + 의무 R&D 공시* 의 combined design. ![본 paper 의 *3SLS 4-equation framework* — Press Release (PRESS) 와 Annual Report (RDDISC) 의 dual disclosure channel 이 Market Share (consumer-side) 와 Cash Inflow (investor-side) 에 미치는 *4-cell signalling effect*](/papers/202205_YuJ_Effects_of_voluntary_RD_disclosure_on_business_performance_empirical_evidence_from_Korean_manufacturing_firms/fig1.cropped.png) ## 요약 본 paper 는 [[yeonbaekim]] author page 의 *제3기 (2018-2025) 의 *firm-level disclosure + 시그널링* 라인* (author page 분류). [[jungmin-lee-2018-ipp-complementary-mechanisms]] (R&D Management 2018) 의 *firm-level IP 전략* 분석 의 *signalling 차원 확장*. 기존 *voluntary disclosure* 문헌 (Healy-Palepu 2001, Hassan-Romilly-Giorgioni-Power 2009, Nekhili et al. 2012, Carter 2006 등) 은 *single-channel* 분석에 머물러, *press release vs annual report 의 differential effect* 미식별. 본 paper 의 conceptual move 는 — *2 disclosure channel × 2 outcome (consumer vs investor)* 의 *4-cell signalling framework*. 방법론은 [[3sls]] simultaneous estimation — *4 cell 의 independent 방정식 + cross-equation endogeneity correction*. Press release vs annual report 의 *separate channel*, market share vs cash inflow 의 *separate outcome*. 발견의 정책 함의는 *disclosure 의 *channel-specific design*. (a) **Press release 의 *consumer-channel 부정*: 잦은 press release 가 *over-promise, under-deliver* perception 의 risk → consumer trust 감소. *Strategic press release 빈도 의 조정 필요*. (b) **Annual report 의 *dual-channel positive***: *professional credibility* 가 consumer + investor 모두 효과적. (c) **KOSPI 시장 정책 함의**: *R&D 의무 공시 강화* 가 *기업 가치 제고 + 자금 조달 cost 감소* 의 양면 효과. (d) **Korean 시장의 *information asymmetry***: 미국 시장의 *sophisticated investor* vs Korean 시장의 *retail investor dominance* — Korean 시장 의 *disclosure 의 marginal value 더 큼*. 한계: (i) Cross-section 단면, (ii) KOSPI 만 — KOSDAQ + 비상장 미포함, (iii) Press release 의 *quality vs quantity* 미구분, (iv) Endogeneity (high-perf firm 의 더 많은 disclosure 가능성). ## 핵심 결과 **Press release effect (Table 6, 3SLS)** | Outcome | PRESS coefficient | 유의 | |---|---:|---| | Market share | **−0.006** | p<0.01 (negative) | | Cash inflow / Sales | +0.005 | n.s. | **Annual report effect (Table 7)** | Outcome | RDDISC coefficient | 유의 | |---|---:|---| | Market share | **+0.011** | p<0.05 (positive) | | Cash inflow / Sales | **+0.020** | p<0.10 (positive) | > **정량 결론.** (i) Press release 의 *consumer-side negative* — 기존 문헌의 reverse. (ii) Annual report 의 *dual positive (consumer + investor)*. (iii) 직원 수 의 *firm size effect* 가 market share 의 가장 robust driver. ## 방법론 노트 [[3sls]] 의 *simultaneous endogeneity correction*. Endogenous variables: PRESS, RDDISC, MKTSHR, CASHFW. Instrument variables (exogenous): firm characteristics + additional excluded variables (e.g., SELLING). 4 separate models (PRESS × MKTSHR / PRESS × CASHFW / RDDISC × MKTSHR / RDDISC × CASHFW) 의 simultaneous estimation. ## 연구 계보 본 paper 는 (a) Healy-Palepu (2001), Verrecchia (2001) 의 *voluntary disclosure economics* literature, (b) Chan-Martin-Kensinger (1990), Woolridge-Snow (1990), Carter (2006), Dedman et al. (2008), Weiss-Bhojraj-Wong (2013) 의 *press release + corporate value* literature, (c) Hassan-Romilly-Giorgioni-Power (2009), Nekhili et al. (2012, 2015) 의 *R&D disclosure + firm value* literature 의 통합. [[yeonbaekim]] author page 의 *제3기 (2018-2025) 의 firm-level disclosure + IP/혁신 라인* (author page 분류). [[jungmin-lee-2018-ipp-complementary-mechanisms]] 의 동일 공저자 (Jung Min Lee) — *IP 전략 + R&D 시그널링* 연구 라인. ## See also - [[3sls]] - [[simultaneous-equations]] - [[signalling-theory]] - [[voluntary-rd-disclosure]] - [[press-release]] - [[annual-report]] - [[junwoo-yu]] - [[jungmin-lee]] - [[yeonbaekim]] - [[jungmin-lee-2018-ipp-complementary-mechanisms]] - [[asian-journal-of-technology-innovation]]