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This paper investigates how the relationship between uncertainty and R&D investment varies based on firm size. It analyzes data on South Korean firms to test the hypothesis that the effect of uncertainty on R&D spending depends on whether a firm is small or large. The results find a concave relationship between the effect of uncertainty on R&D investment and firm size, which is explained by changing dominance of the "call option effect" and "put option effect" as size increases. This relationship can help p

Author

Widuri Putri

Language

EN