A comprehensive test on the impact of positive performance feedback on corporate R&D investment

被引：4
|
作者：
Wang, Kewen [1 ]
Qiao, Yuanbo [2 ]
机构：
[1] Qingdao Univ, Sch Tourism & Geog Sci, Qingdao, Peoples R China
[2] Shandong Univ, Inst Studies Cty Dev, 72 Binhai Rd, Qingdao 266200, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 58卷
基金：
中国国家自然科学基金;
关键词：
R&D investment; Positive performance feedback; S shape; Model misspecification; Slack search; DETERMINANTS;
D O I：
10.1016/j.frl.2023.104523
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Divergent empirical evidence on the impact of positive performance feedback on corporate research and development (R&D) investment obtained by prior studies may be due to the possible model misspecification. In this study, theoretically, we construct an S-shaped impact of positive performance feedback on corporate R&D investment from the lenses of learning by doing and slack search mechanisms of the behavioral theory of the firm, and empirically, find strong evidence for the S shape by including the quadratic and cubic terms in the model based on the data from Chinese listed firms from 2010 to 2020.
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收藏
页数：9
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