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This study analyzes various factors affecting a firm's investments, focusing on both a firm's ownership structure and CEO's incentives. While previous empirical works focus on various financial data in order to test the Schumpeterian Hypotheses, this paper is using various ownership structure data as well as financial data. Empirical results show that the greater a firm's CEO has the company's own stock, the less he spends in R&D investments. The main empirical results of this study is in line with past empirical studies on various markets outside of Korea.