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A theoretically ambiguous relationship exists between internal and outsourced research and development (R&amp;D). Along these lines, previous empirical studies report mixed results regarding the nexus between these two broad forms of R&amp;D activity. Using a firm-level unbalanced panel dataset from South Korea for the period 2006–2018, this study investigates the relationship between internal and outsourced R&amp;D while considering the sunk cost of internal R&amp;D activity and the technology level of firms. We find that the relationship between internal and outsourced R&amp;D depends on the level of industry technology and the size of firms. A complementarity exists between internal and external R&amp;D for larger firms in high-technology industries, while a substitutive relationship is discovered for small and medium-sized firms in medium- and low-technology industries. The results suggest that the complementary or substitutive nature of the relationship between internal and external R&amp;D depends on the industry’s technology level and firm size.

Internal and outsourced research and development: are they complements or substitutes?