scholarly journals Firm Characteristics, Uncertainty and Research and Development (R&D) Investment: The Role of Size and Innovation Capacity

2018 ◽  
Vol 10 (5) ◽  
pp. 1668 ◽  
Author(s):  
Sungmoon Jung ◽  
Gihyun Kwak
Keyword(s):  
Research And Development ◽  
Firm Characteristics ◽  
Innovation Capacity ◽  
D Investment

The role of intangibles disclosure in Italian IPOs

2019 ◽  
Vol 31 (5) ◽  
pp. 688-720
Author(s):  
Cristiana Cardi ◽  
Camilla Mazzoli
Keyword(s):  
Strategic Alliances ◽  
Information Disclosure ◽  
Stock Exchange ◽  
Secondary Market ◽  
Ipo Underpricing ◽  
Content Type ◽  
The Usa ◽  
Innovation Capacity ◽  
D Investment

Purpose This paper aims to study how primary and secondary market investors react to intangibles information disclosed in Italian IPOs. Previous literature on intangibles information disclosure as a determinant of IPO underpricing has reported inconsistent results; moreover, an area that has remained unexplored is to what extent different categories of market investors react to such information disclosure. Design/methodology/approach Based on a sample of firms listed on the Italian Stock Exchange, the authors use factor analysis to uncover the most relevant intangible assets disclosed in IPO prospectuses; this information is then included in a series of regressions which read into the reaction of primary and secondary market investors by means of price variations. Findings Primary market investors are found to be more sensitive to information regarding the company’s attitude towards its human capital and to that describing its innovation capacity in terms of IT and R&D investment. Secondary market investors are more sensitive to strategic alliances, research and development and future plans. Research limitations/implications The findings can be generalized, but the empirical evidence would be more relevant if tested in different geographical contexts (i.e. Europe and/or the USA). Practical implications The empirical results could help firms be more selective in their disclosure, thus possibly soothing management’s concerns regarding an overly extensive, and therefore risky, dissemination of non-financial information and avoiding them to incur unnecessary costs. Social implications Being aware of how the stock market reacts to the information disclosed is crucial in determining new regulations and accounting standards. Originality/value The authors introduce an unbiased categorization of intangibles variables that supplants the multiple classifications proposed in the literature, and the authors set apart the reaction of primary and secondary market IPO investors to the intangible information disclosure.

scholarly journals Analysis on the Relationship between Financing Constraints and Research and Development from the Perspective of the Location of Top Management Network

2022 ◽  
Vol 2022 ◽  
pp. 1-11
Author(s):  
Jinzhong Li
Keyword(s):  
Research And Development ◽  
Financing Constraints ◽  
Top Management ◽  
Discriminant Model ◽  
Financing Channels ◽  
The Government ◽  
Multivariate Discriminant ◽  
The Relationship ◽  
D Investment

Taking listed Chinese companies during 2009–2019 as objects, this paper constructs a multivariate discriminant model to measure the degrees of multiple financing constraints and establishes empirical models to analyze the non-linear relationship between the financing constraints and research and development (R&D) investment. Further, the author investigated how the top management network (TMN) location acts on the relationship between financing constraints and R&D investment. The research provides a robust evidence to an inverted U-shaped relationship between the degrees of financing constraints and corporate R&D investment: appropriate financing constraints promote corporate R&D investment; once passing a turning point, excess financing constraints would suppress corporate R&D investment. Besides, it was learned that TMN location positively moderates the financing constraints and R&D investment. In addition, TMN location plays a more obvious regulating role in non-state-owned enterprises (non-SOEs) than in SOEs. The research clarifies the relationship between financing constraints and R&D investment, as well as the moderating role of TMN location. Empirical evidence was provided to help the government reduce credit discrimination and enterprises to widen financing channels and improve innovation capability.

Evaluation of Fiscal Policy Effect of China’s Photovoltaic Industry

2018 ◽  
pp. 111-116 ◽  
Author(s):  
Gang AN ◽  
Hang WANG
Keyword(s):  
Fiscal Policy ◽  
Research And Development ◽  
Operating Performance ◽  
Fiscal Policies ◽  
Micro Data ◽  
Policy Effect ◽  
Policy Suggestions ◽  
Asset Size ◽  
The Empirical Analysis

To explore the role of fiscal policies in promoting the development of photovoltaic industry, the effects of financial subsidies on the development of China’s photovoltaic industry were analyzed by using the micro data of listed companies. The empirical analysis results in this study indicate that the fiscal policies represented by financial subsidies play a remarkable positive impetus function and financial subsidies are positively correlated with the operating performance of Photovoltaic enterprises. With larger the asset size and higher the Research and Development (R&D) investments, the operating performance of Photovoltaic enterprises is the better. Based on the above results, this study puts forward some policy suggestions on optimizing fiscal policy tools and further promoting the development of photovoltaic industry.

The importance of human resources to the innovative capacity of portuguese firms

2014 ◽  
Author(s):  
Armando Silva
Keyword(s):  
Human Resources ◽  
Innovation Process ◽  
Community Innovation Survey ◽  
Innovative Process ◽  
Qualified Personnel ◽  
Main Effect ◽  
Innovation Capacity ◽  
Innovative Capacity ◽  
Training Of Personnel

In this study I test the importance of several Human Resource variables to the innovation capacity of portuguese firms but also the effects that the innovation process generates on Human Resources. A branch of the innovation literature states that the ability of firms to innovate relies on an innovative capacity, which, in turn, depends on several factors, both internal and external to enterprises. One of those factors is the effort of firms to train their personnel specifically in order to enable them to innovate. The present test is applied to 4818 Portuguese enterprises for the period 2002-2004 through the use of the fourth Community Innovation Survey data. In order to evaluate the contribution of Human Resources to innovation I have estimated several knowledge Production Functions, mainly using probits and tobits. In that framework it is assumed that innovation depends on some inputs (as the training of personnel) and on information-flows from the existing knowledge stock (as clients). I have found significant the role of personnel training for the innovative process of Portuguese firms. Moreover, I also found that the lack of qualified personnel hinged critically more innovative performance of firms and, in addition, it is noticed that the improvement of productivuty (cost reduction) was the main effect of innovation in Portuguese firms.

Role of Research and Development in Sustaining Indian Agriculture: A Brief Review

2020 ◽  
pp. 396-401
Keyword(s):  
Research And Development ◽  
Production Process ◽  
Annual Increase ◽  
Agriculture Sector ◽  
The Past ◽  
Indian Agriculture ◽  
Self Sufficiency ◽  
Development Institutions ◽  
Agriculture Development

Technology united with research and development has evolved as a grave differentiator of the agriculture sector in India including production, processing, and agriculture packing and marketing of given crops. Near about 50 percent of the Indian workforce was engaged in the agriculture sector but its share in GDP was only 14 percent, much lower in comparison to former. Though, certain agriculture items showed a steady annual increase in terms of kilograms per hectare. Agriculture transformed significantly over the past few decades but when it comes to investment in research and development there is a lot more which needs to be done. The paper analyzes the role of various research and development institutions in boosting the growth of the agriculture sector that helps in attaining sustainable agriculture development and self-sufficiency in the production process since independence. It also focusesed on the various issues faced by these development institutions. The findings unveiled that since independence a lot more was done to boost the research and development in the agriculture sector at both the center and state levels but a proper implementation of these policies along with transparency could bring more desirable outcomes than were gained at present.

scholarly journals A Study on the Impact of R&D Intensity on Business Performance: Evidence from South Korea

2021 ◽  
Vol 7 (2) ◽  
pp. 135
Author(s):  
Hun Park ◽  
Jun-Hwan Park ◽  
Sujin Lee ◽  
Hyuk Hahn
Keyword(s):  
South Korea ◽  
Research And Development ◽  
Business Performance ◽  
Decision Makers ◽  
The Other ◽  
Research Groups ◽  
Innovative Firms ◽  
The Impact ◽  
Knowledge Services

The role of R&D (research and development) intensity on the effect of knowledge services on the business performance of firms has been discussed by using PLS-SEM and PLS-MGA methods. Research groups were divided into two groups, innovative and non-innovative. Respondents were classified into innovative firms if their R&D intensity was over 3% and vice versa. PLS-SEM and PLS-MGA results were compared for two groups and valuable insights were extracted. For innovative firms, knowledge services seemed to be verified and processed by the decision makers and utilized to achieve their business performance. On the other hand, a large number of non-innovative firms seemed to have a stronger tendency to utilize knowledge services directly for their business without sufficient verification by the decision makers.

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