Is R&D Always Beneficial?

被引：11

作者：

Chang, Hsu-Ling ^{[1
]}

Su, Chi-Wei ^{[2
]}

机构：

[1] Ling Tung Univ, Dept Accounting & Informat, Taichung, Taiwan

[2] Tamkang Univ, Dept Int Trade, 151 Ying Chun Rd, Taipei 25137, Taiwan

来源：

REVIEW OF PACIFIC BASIN FINANCIAL MARKETS AND POLICIES | 2010年 / 13卷 / 01期

关键词：

R&D growth; Gibrat's Law; panel unit root test; panel threshold regression model;

D O I：

10.1142/S0219091510001809

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study sets out with the aim of determining whether there is such a thing as an optimal level of research and development (R&D) intensity within which a firm can effectively maximize its sales growth ratio. We adopt an advanced panel threshold regression model to examine the relationship between R&D intensity and the growth rate in sales based upon data on firms within the electronics industry in Taiwan. The results demonstrate that R&D intensity has a positive impact on sales growth when the level of such R&D intensity is below the threshold value, and a negative impact when the level of R&D intensity is above the threshold value.

引用

页码：157 / 174

页数：18

共 37 条

[1] PURCHASING POWER PARITY IN THE LONG-RUN [J].

ABUAF, N ;

JORION, P .

JOURNAL OF FINANCE, 1990, 45 (01) :157-174

[2]

[Anonymous], 1996, ADV COMPUTERS, DOI DOI 10.1016/S0065-2458(08)60644-0

[3]

Bae S., 2003, MULTINATL BUS REV, V11, P51

[4] EFFECTS OF BOARD AND OWNERSHIP STRUCTURE ON CORPORATE RESEARCH-AND-DEVELOPMENT STRATEGY [J].

BAYSINGER, BD ;

KOSNIK, RD ;

TURK, TA .

ACADEMY OF MANAGEMENT JOURNAL, 1991, 34 (01) :205-214

[5] RESEARCH AND DEVELOPMENT ACTIVITY AND PROFITABILITY - DISTRIBUTED LAG ANALYSIS [J].

BRANCH, B .

JOURNAL OF POLITICAL ECONOMY, 1974, 82 (05) :999-1011

[6] Momentum strategies [J].

Chan, LKC ;

Jegadeesh, N ;

Lakonishok, J .

JOURNAL OF FINANCE, 1996, 51 (05) :1681-1713

[7] ADVERTISING, RESEARCH-AND-DEVELOPMENT EXPENDITURES AND THE MARKET VALUE OF THE FIRM [J].

CHAUVIN, KW ;

HIRSCHEY, M .

FINANCIAL MANAGEMENT, 1993, 22 (04) :128-140

[8] Ownership structure, investment, and the corporate value: an empirical analysis [J].

Cho, MH .

JOURNAL OF FINANCIAL ECONOMICS, 1998, 47 (01) :103-121

[9]

Comnor WS, 1969, J POLITICAL EC, V77, P392

[10]

Comnor WS, 1965, REV ECON STAT, V47, P182

← 1 2 3 4 →