Market-oriented institutional change and R&D investments: Do business groups enhance advantage?

Emerging market firms (EMFs) are increasingly relying on innovation to find their competitive advantage, but our understanding of how institutional change affects firm innovation has been limited. We analyzed Korean manufacturing firms from 1994 to 2006 to test the proposition that market-oriented institutional change in an emerging economy alleviates firms’ financing constraints and monitoring problems and improves the effectiveness of their innovation activities. Institutional evolution in the economy was found to affect Korean business groups and independent firms differently. Institutional change reduced the financing constraints on independent firms more than for business group affiliates in R&D investment. Independent firms, however, appeared less capable than group affiliates of translating the benefits of improved institutional environments into efficient R&D investment. This asymmetry may lead to a wider gap in the efficiency of R&D investment between business group affiliates and independent firms.     

Sustainability accounting for companies: Catchphrase or decision support for business leaders?

“Sustainability accounting” and related terms are being used with greater frequency at academic conferences and in corporate practice. This raises the question of the relationship between accounting and sustainability and the role of accounting for sustainability, as well as what could be understood by sustainability accounting. The paper reviews the literature on sustainability accounting from an information management perspective and distinguishes different interpretations of sustainability accounting.     

Why don't all young firms invest in R&D?

This article aims to analyze the different impacts that some factors may exert on the probability that a small young firm invests intensively in R&D. Recently, an increasing amount of the literature makes reference to the vital role played by a small number of young firms in generating jobs and increasing efficiency levels. However, not all new firms invest in R&D. Departing from the definition of Young Innovative Companies (YICs, firms younger than 6 years old, fewer than 250 employees and with more than 15 % of their revenues invested in R&D activities), and with an extensive sample of the Spanish Community Innovation Survey between 2004 and 2010, we try to determine: (1) those factors that cause firms to become YICs (innovative young small firms) or Young Non-Innovative Companies (YNICs, moderately innovative young small firms), and (2) what is the difference in the impact of those factors between YICs and YNICs. Our results show that factors such as initial innovation capacity and cooperation in R&D projects enhance the probability of becoming a YIC. Nevertheless, factors such as export potential and market uncertainty may influence the decision to invest moderately and become a YNIC.     

R&D: Who does the R,who does the D?

This paper examines the determinants of the allocation of national R&D resources between research and development activities. We derive conditions under which a firm being outdistanced by a foreign rival in a two-stage international patent race would drop out, and relate those conditions to home-market size and to the race's cost and risk characteristics. Because of this “discouragement effect”, firms located in smaller markets appear as if they were, on average, less successful in transforming research expertise into commercial product development. We also show that in a two-sector model (R and D), the proportion of R&D resources going into product development as opposed to research increases with country size. Moreover, starting from a symmetric game and increasing the size of one country induces the opposite effect on other countries (a shift of R&D resources from development to research) through strategic interaction among research teams.     

Does easy start-up formation hamper incumbents’ R&D investment?

This paper investigates the implications that complementary assets needed for the formation of start-ups have on the innovative efforts of incumbent firms. In particular, we highlight a strategic incentive effect by which the innovative efforts of incumbents are decreasing in the availability of the complementary assets needed for the creation of a start-up. Furthermore, we argue that the R&D investments of incumbents are positively related to the presence of policy support to innovation, and to the firm’s endowment of human capital. The empirical relevance of our theoretical hypotheses is investigated—and supported—by using firm level data.     

黑龙江省R&D投入强度灰预测

本文以1999年～2005年黑龙江省R&D投入强度作为原始数据,采用灰预测理论建立数列灰预测GM(1,1)模型,对黑龙江省2006年和2007年的R&D投入强度进行预测并得出了预测结果,黑龙江省2006年的R&D投入强度为0.9963,2007年为1.1121,经检验模型预测精度高达95.38%,拟合度很好。     

湖南工程机械企业的R&D合作

随着经济全球化的加深和国际经济竞争环境的日益激烈,企业间的研发合作已成为一种潮流.面对国际大型跨国工程机械企业在华投资的加大,湖南工程机械企业必须树立协作竞争的新观念,加强研发合作以应对挑战.本文分析了湖南工程机械企业加强研发合作的必要性,其优势所在,最后给出了几点政策建议和措施.     

Is it U.S. GAAP or IFRS? Understanding how R&D costs affect ratio analysis

While financial reporting standards under U.S. GAAP and IFRS are fundamentally similar, differences do exist that may affect our analysis of company financial statements. This is particularly true when comparing a U.S. company following U.S. GAAP to a firm that uses IFRS. To illustrate, we compare research and development (R&D) accounting methods under both sets of standards and illustrate how they affect the analysis of financial results of firms in a specific industry—automotive manufacturers. Our results provide insight into settings in which differences in R&D accounting may have the greatest impact on financial analysis.     

Do Mature Firms Gain Higher Economic Value from R&D Investment?

Despite the significance of economic value indicators in the measurement of firm value, not much attention has been dedicated to how research and development (R&D) influences firms’ economic value. This study examines the relationship between R&D investments and firms’ economic value and considers the moderating role of age in the relationship using a dataset from manufacturing and information and technology firms in China. The results show that R&D investments impact firms’ economic value positively. This suggests that firms that invest in R&D are rewarded with a monopoly, which increases their market shares, thereby increasing economic value. Again, we find that older firms increase their economic value more than younger ones when they both invest in R&D. Thus, younger firms in China suffer from the liability of newness when they invest in R&D. It is recommended that these younger firms should strive to shorten the time to reap the returns from R&D investments.

     

Is small business better than big business for marketing managers?

This survey of marketing managers compares small business firms with large ones in relation to explicit and implicit ethics institutionalization, quality of work life (QWL), job satisfaction, esprit de corps, and organizational commitment. The results reveal that large firms tend to have a higher degree of explicit ethics institutionalization than smaller firms but not in relation to implicit ethics institutionalization. The results also reveal that marketing managers in small firms report higher levels of job satisfaction, esprit de corps, and organizational commitment compared to marketing managers in large firms. The study findings also show that marketing managers in small firms report higher levels of overall QWL, particularly higher-order QWL than managers in large firms.     

When do firms benefit from university–industry R&D collaborations? The implications of firm R&D focus on scientific research and technological recombination

Firms' access to academic discoveries through R&D collaborations has been shown to enhance their patent performance. However, increasing both internal and external R&D activities can lead to high knowledge redundancy and coordination costs. This paper examines what kind of R&D focus inside the firm will improve or reduce the benefits of R&D collaborations with universities. Our results show that technological recombination focus strengthens the relationship between university collaborations and patent performance, whereas scientific research focus weakens the relationship. These results also differ between young and old firms, implying that firms may shift their R&D focus according to their collaborative objectives.     

政府补助、R&D投入与创业板公司绩效

在如今市场化竞争环境下,国家对科技创新愈发的重视,党的十九大提出了加强国家创新体系建设,以鼓励企业创新。而研发则是企业获取科技创新成果的途径、动力和源泉。文章以创业板2015—2018年上市公司为样本,运用实证方法,研究不同产权性质下,政府补助和R&D投入对企业绩效的影响。得出结论:政府补助与企业绩效的关系会受到产权性质的影响,只有非国企样本中体现出对绩效的正向促进作用;不论企业性质如何,当期研发投入和前期研发投入对绩效影响均体现为积极作用;政府补助对研发投入与企业绩效关系无显著调节作用。     

Science and Technology Take-off in China?: Sources of Rising R&D Intensity

China's ratio of research and development (R&D) spending to its gross domestic product (GDP) more than doubled from 0.6 per cent in 1996 to 1.4 per cent in 2005. This study documents the pattern of science and technology (S & T) take-off, characterized by an abrupt increase in the R&D to GDP ratio. This abrupt increase, observed in many of the now Organization for Economic Cooperation and Development (OECD) countries, typically drives R&D intensity from below 1 per cent to the range of 2–3 per cent. The question addressed in this work is whether China has begun a similar S & T take-off. The study reviews several conditions identified in the endogenous growth literature that drives R&D intensification and notes their emergence in China during the past decade. It also speculates why China's R&D intensification appears to be starting at such a low level of income per capita.     

Start-up incentives: Entrepreneurship policy or active labour market programme?

As several European governments develop new start-up programmes during recessions, the appropriateness of these policies recently has become a hot policy issue. This study suggests that the contribution of these incentives is dubious, if aimed to combat economic and jobs crises as part of the entrepreneurship policy, and can be shaped by various country-specific factors, such as the economic situation and the stringency of labour laws. To provide support for these claims, this paper investigates the underlying determinants of an individual's decision to switch from unemployment to self-employment in Europe and stresses the need to devote special attention to the role of three essential dimensions: (i) the existing heterogeneity within self-employment, by considering self-employed individuals who hire employees (employers) and self-employed individuals without personnel (own-account workers) as separated groups; (ii) the effects of different measures of social capital and network contacts, as forms of micro level institutional factors; and (iii) the explanatory power of cross-country differences in the state of the economy, expenditure on start-up incentives, and the stringency of labour laws, as forms of macro level institutional factors. This study has useful theory and policy implications for entrepreneurship development.     

机构投资者对高新技术企业R&D影响的研究进展

高新技术企业的R&D投入是企业提高自身竞争力的重要手段,然而企业的发展离不开投资方协助。目前,国内对于机构投资者对高新技术企业R&D的主题研究大多从公司治理的角度出发,视角分散。本文以对国内外各类机构投资者与企业R&D活动投入关系主题的研究文献为对象,梳理了各个类型机构投资者持股对R&D的影响。本文可以为研究机构投资者在研究高新技术企业发展提供一定的启示。