R&D investment, firm performance and moderating role of system and safeguard: Evidence from emerging markets

被引:98
作者
Alam, Ashraful [1 ]
Uddin, Moshfique [2 ]
Yazdifar, Hassan [1 ]
Shafique, Sujana [3 ]
Lartey, Theophilus [4 ]
机构
[1] Univ Salford, Salford Business Sch, Manchester M5 4WT, Lancs, England
[2] Univ Leeds, Leeds Univ Business Sch, Leeds LS2 9JT, W Yorkshire, England
[3] Leeds Beckett Univ, Leeds Business Sch, Leeds LS1 3HE, W Yorkshire, England
[4] De Montfort Univ, Leicester Castle Business Sch, Leicester LE1 9BH, Leics, England
关键词
R&D investment; System; Safeguard; Emerging markets; INSTITUTION-BASED VIEW; CORPORATE GOVERNANCE; DEVELOPMENT EXPENDITURES; OPERATING PERFORMANCE; DEVELOPMENT INTENSITY; FUTURE PERFORMANCE; CASH FLOW; DETERMINANTS; INNOVATION; OWNERSHIP;
D O I
10.1016/j.jbusres.2019.09.018
中图分类号
F [经济];
学科分类号
02 ;
摘要
The relationship between R&D and firm performance is highly dependent on the external environment. Therefore, this paper examined the effects of country level investor protection (safeguards) and governance mechanisms (systems) on the relationship between R&D and firm performance. Using GMM estimation and elasticity testing of panel data for 423 firms from 12 emerging countries, we find that a country's safeguards tend to moderate the relationship between R&D and firm performance more than the system of a country. The results indicate that safeguarding is relatively more important for the relationship between R&D and firm performance than other country level governance mechanisms, as the former can easily attract outside capital when it is strong. These results have significant implications for innovation policy. In particular, managers may wish to strengthen investor protection to promote high R&D investment in order to increase firm performance.
引用
收藏
页码:94 / 105
页数:12
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