This study aims to address one of the contemporary financial issues which may need to draw more attention in terms of theoretical and practical aspects. Currently, domestic corporations inclusive of the KOSDAQ-listed firms seem to be more involved in making active R&D investments against the unprecedented shortage of core components usually outsourced from other nations. Therefore, it may be of essential to identify financial determinants of corporate R&D intensity as a primary purpose of the study, which may effectively contribute to attaining the optimal level of corporate R&D outlays. Three hypotheses are tested in the study by employing KOSDAQ-listed firms between the year 2010 and 2018. Various methodologies for estimation based on the absolute and relative models are also applied to derive relatively robust results for each hypothesis. Regarding the findings of ths study, only three proposed variables such as Lag_DV, INTERRD and GROWTH reveal their significant effects on the R&D intensity across the models. The Professional science and Technology service industry and the Art, Sports and Leisure industry are also positively significant on the intensity. Meanwhile, eight variables show discriminating power between the year 2011 and 2015, whereas only two variables (FOS and VOLAT) are statistically different during the second subsample period. Results of the study may suggest that spillover effects associated with the global economic crisis in 2008 seem to gradually dissipate over the sample period. They are also anticipated to shed new light on identifying new financial catalysts to attain to an optimal level of R&D intensity, given the trade-off relationship between benefits and risks of corporate R&D expenditures in the theory of modern finance. 

Keywords: Financial Determinants, KOSDAQ-listed Firm, Industry Influence, Research & Development Intensity, Static Panel Data Model
JEL Classifications: G11, G30, G32​