Korean Energy Economic Review ISSN:1599-7057(Print) 에너지경제연구

The importance of renewable energy is all the more growing sharply as the necessity for climate change mitigation and energy security enhancement has been increasing. Korean Government also has been increasing the R&D support for renewable energy consistently and there has been considerable achievements in research paper publications and patent applications. Despite these kinds of efforts, however, as there has been questions whether the achievements of R&D in renewable energy is led to the creation of economic value. Therefore, the paper aims at analyzing the connection between the R&D support and the economic performance. Propensity Score Matching method which solves the issue of selectivity bias has been used for analysis. The result shows that the R&D support in Solar PV sector has a statistically significant effect on the growth and innovation of corporations while but not significant in non-PV sector.