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Does R&D investment increase SME survival during a recession?

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  • Jung, Hyejin
  • Hwang, JungTae
  • Kim, Byung-Keun

Abstract

Using data from 588 Korean small and medium-sized enterprises (SMEs) for 2008–2014, this study investigates whether R&D investment can affect the probability of a firm's survival during a recession period. We find that the effect of R&D investment is not identical in all firms. R&D investment is shown to be a poor choice for general firms to survive; however, it is an effective strategy for firms that are innovative and capable of producing intellectual properties during recessionary periods. We also find firm size and industry growth can lower the probability of exit.

Suggested Citation

  • Jung, Hyejin & Hwang, JungTae & Kim, Byung-Keun, 2018. "Does R&D investment increase SME survival during a recession?," Technological Forecasting and Social Change, Elsevier, vol. 137(C), pages 190-198.
    • Handle: RePEc:eee:tefoso:v:137:y:2018:i:c:p:190-198
    DOI: 10.1016/j.techfore.2018.07.042
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