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EnglishThe purpose of this paper is to provide additional research on the market valuation of R&D in Europe, and also to shed light on some firm and country characteristics which sensibly modulate the effect of R&D on firms value. The analysis is performed using a panel regression approach with fixed effects, including time and country effects, for years 2001-2007. Empirical results show that the effect of R&D expenditures is positive and significant across countries, with the exception of Italian firms, confirming previous evidence on this topic. R&D is most highly valued for firms that operate in hi-tech sectors, whereas it remains negative for low-tech ones. Size generally presents negative returns to scale for these firms, indicating that small firms which operate in hi-tech industrial sectors are able to invest more efficiently in R&D. Firms that operate in low-tech industries can achieve consistent returns to scale due to their alternative investment in innovation. Well-developed loan and equity markets and a high level of shareholder protection have a positive effect on the market valuation of R&D. The empirical results we achieve offer an interesting point of view about the effect of R&D on firms performance across European financial markets.
| Titolo: | The impact of R&D on the value of European firms | |
| Autore/i: | DUQI, ANDI; TORLUCCIO, GIUSEPPE | |
| Autore/i Unibo: | ||
| Anno: | 2013 | |
| Rivista: | ||
| Digital Object Identifier (DOI): | http://dx.doi.org/10.1504/IJAAPE.2013.050585 | |
| Abstract: | The purpose of this paper is to provide additional research on the market valuation of R&D in Europe, and also to shed light on some firm and country characteristics which sensibly modulate the effect of R&D on firms value. The analysis is performed using a panel regression approach with fixed effects, including time and country effects, for years 2001-2007. Empirical results show that the effect of R&D expenditures is positive and significant across countries, with the exception of Italian firms, confirming previous evidence on this topic. R&D is most highly valued for firms that operate in hi-tech sectors, whereas it remains negative for low-tech ones. Size generally presents negative returns to scale for these firms, indicating that small firms which operate in hi-tech industrial sectors are able to invest more efficiently in R&D. Firms that operate in low-tech industries can achieve consistent returns to scale due to their alternative investment in innovation. Well-developed loan and equity markets and a high level of shareholder protection have a positive effect on the market valuation of R&D. The empirical results we achieve offer an interesting point of view about the effect of R&D on firms performance across European financial markets. | |
| Data prodotto definitivo in UGOV: | 2013-07-01 15:57:38 | |
| Data stato definitivo: | 2019-12-20T10:03:19Z | |
| Appare nelle tipologie: | 1.01 Articolo in rivista |
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