Determinants of Firm's R&D Intensity:
기업 연구개발 투자활동의 결정요인: 'Shifting Focus of Attention Model'을 바탕으로

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경영대학 경영학과
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서울대학교 대학원
R&D IntensityPerformance-Aspiration GapCEO PowerStock Price VolatilityOrganizational AttentionStability of Authority
학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2014. 2. 이경묵.

Determinants of Firm’s R&D Intensity:
Based on ‘Shifting Focus of Attention Model’

Il-hyung Cho
Department of Business Administration
The Graduate School
Seoul National University

This study investigates firm’s search behavior (R&D activity) by utilizing March and Shapira’s ‘shifting focus of attention model’. In accordance with ‘shifting focus of attention model’, this research suggests that organization’s search behavior is induced by its performance feedback and that the nature of this relationship is determined by whichever reference point is the focus of organizational attention. By examining the R&D expenditures of Korea’s IT device manufacturing companies from 2002 to 2012, this study shows that a degree of gap between organization’s achieved performance and its aspiration level affect which reference point (among aspiration, survival, and slack) organizational attention is focused on and that firm’s decision on R&D investment varies with this attention. In addition, performance-aspiration gap and a degree of stability of organizational authority have interactive effects on search behavior. Firm’s R&D intensity strengthens when CEO’s power in TMT (a factor that positively affects stability of authority) increases, whereas the influence of stock price volatility (a factor that negatively affects stability of authority) on firm’s decision on R&D activity is not significant. The findings suggest that stability of organizational authority could function as strong factor that determines firm’s search and risk taking behavior.

Keywords: R&D intensity, performance-aspiration gap, CEO power, stock price volatility, organizational attention, stability of authority
Student Number: 2012-20526
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Theses (Master's Degree_경영학과)
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