A Study on the Effect of Research and Development Expenditures on Firm Value and Corporate Performance

• 영문명: A Study on the Effect of Research and Development Expenditures on Firm Value and Corporate Performance
• 발행기관: 한국자료분석학회
• 저자명: Yu Ting Liao Gin Hyeuk Park Jang Woo Lee
• 간행물 정보: 『Journal of The Korean Data Analysis Society (JKDAS)』Vol.26 No.4, 975~992쪽, 전체 18쪽
• 주제분류: 자연과학 > 통계학
• 파일형태: PDF
• 발행일자: 2024.08.30

국문 초록

In the modern economy, research and development (R&D) investment is crucial for a company's innovation and long-term growth. This study examines the impact of R&D expenditures on firm performance, specifically Tobin’s Q and stock returns, using data from major global markets: the U.S. (NYSE, NASDAQ), the U.K. (London), Canada (Toronto), and South Korea (KOSPI) from 2015 to 2021. Using time series and cross-sectional tests, along with two-stage least squares (2SLS) regression for verification, the results show that R&D investments positively affect corporate performance (Tobin’s Q) in the NYSE, NASDAQ, and KOSPI markets, but have negative or no effects in London and Toronto. Panel regression results suggest R&D expenditures generally negatively impact stock returns, while 2SLS regression indicates positive effects in NYSE, NASDAQ, and KOSPI, with insignificant impacts in London and Toronto. Overall, R&D expenditures positively influence corporate performance, though outcomes vary by exchanges. These findings highlight the importance of understanding regional differences in R&D investment strategies, offering valuable insights for companies and investors.

목차

1. Introduction

2. Literature Review and Hypothesis Development

3. Methodology

4. Empirical Results

5. Conclusion

References

키워드

Research and Development Tobin’s Q stock returns Regional Difference