No. of PhD. Ratio of Masters degree researcher/ R&D researcher employee No. of FTE of Ratio of FTE(Full time researcher/ R&D employee) researcher employee Amount of Level of Openness export/amount of internationalization sales Capital ln(Total capital) Size No. of employee ln(No. of employee) Control KIS Financial Stockholders' variables Capital adequacy ratio soundness equity/total asset The sum of market Level of market CR4 share of 4 largest competition firms in KSIC 2 digit Year dummy Year dummy year
Ratio of Masters degree researcher No. of PhD. researcher/ R&D employee Ratio of FTE(Full time employee) researcher No. of FTE of researcher/ R&D employee Control variables Level of internationalization Openness Amount of export/amount of sales KIS Size Capital ln(Total capital) No. of employee ln(No. of employee) Financial soundness Capital adequacy ratio Stockholders' equity/total asset Level of market competition CR4 The sum of market share of 4 largest firms in KSIC 2 digit Year dummy Year dummy year
Internalization%20of%20R%26D%20Outsourcing_An%20empirical%20Study%2813-00017%29_Revision.docx