The effects of R&D and competition on firm value: International evidence
The effects of R&D and competition on firm value: International evidence
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DOI：
10.1016/j.iref.2017.07.003
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发表时间：
2017-09-01
影响因子：
4.5
通讯作者：
Onur, Ilke
中科院分区：
文献类型：
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作者：
Gupta, Kartick;Banerjee, Rajabrata;Onur, Ilke
我们使用2004-2013年75个国家的综合数据库，研究了研发（R&D）强度和竞争对企业价值创造的共同影响。我们介绍了具体国家的制度特征，制度质量，R&D基础设施和培训，并测试这些变化是否会改变R&D强度对企业价值的影响。此外，我们分别计算了高收入和低收入国家的R&D强度对企业价值的边际效应，基于不同程度的竞争。我们的研究结果表明，在发展中国家的R&D强度对企业的市场估值的积极影响主要存在于竞争力较低的行业的公司。然而，在发达国家，研发强度对托宾Q的积极影响在所有竞争水平上都是明显的。在控制了潜在的内生性因素并采用替代性国家级属性后，结果在经验上是稳健的。我们的研究结果有很强的政策含义的基础上的差异，在发展中国家和发达国家的企业进行的R&D相关的投资。
Using a new comprehensive database of 75 countries spanning 2004-2013, we examine the joint effects of research and development (R&D) intensity and competition on the value-creation of a firm. We introduce country-specific institutional characteristics related to institutional quality, R&D infrastructure and training and test whether these variations change the effect of R&D intensity on firm value. Moreover, we calculate the marginal effect of R&D intensity on firm value for high and low-income countries separately, based on different degrees of competition. Our findings suggest that in developing countries the positive effect of R&D intensity on the market valuation of a firm exists primarily for firms in less competitive industries. In developed countries, however, the positive effect of R&D intensity on Tobin's Q is evident for all competition levels. The results are empirically robust after controlling for potential endogeneity and employing alternative country-level attributes. Our findings have strong policy implications based on differences in R&D related investments made by firms in developing and developed countries.