The R& D Investment-Uncertainty Relationship: Do Strategic Rivalry and Firm Size Matter?

被引：43
|
作者：
Czarnitzki, Dirk [1 ,3 ,4 ]
Toole, Andrew A. [2 ,4 ]
机构：
[1] Katholieke Univ Leuven, Dept Managerial Econ Strategy & Innovat, Leuven, Belgium
[2] USDA, Econ Res Serv, Washington, DC 20250 USA
[3] Ctr R&D Monitoring ECOOM, Leuven, Belgium
[4] Ctr European Econ Res ZEW, Mannheim, Germany
来源：
MANAGERIAL AND DECISION ECONOMICS | 2013年 / 34卷 / 01期
关键词：
D O I：
10.1002/mde.2570
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper uses a real options perspective to augment a standard research and development ( R&D) investment model and implement a firm-level empirical analysis to assess the practical significance of market uncertainty and its interactions with strategic rivalry and firm size. We use a measure of firm-relevant market uncertainty along with panel data and find that firms invest less in current R&D as uncertainty about market returns increases. The effect of firmspecific uncertainty on R&D investment is smaller in markets where strategic rivalry is likely to be more intense. Furthermore, holding access to financing constant, the effect of uncertainty on R&D investment is attenuated for large firms. Copyright (C) 2012 John Wiley & Sons, Ltd.
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页码：15 / 28
页数：14
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