scholarly journals A Study on the Impact of R&D Investment on Firm’s Performance : Technological Regimes Perspective in Shanghai and Shenzhen Market Listed Companies

2020 ◽  
Vol 34 (1) ◽  
pp. 65-88
Author(s):  
Zhou, Xing-Rong ◽  
Zhang, Jing-Jing ◽  
Dong Young Lee
Keyword(s):  
Listed Companies ◽  
Technological Regimes ◽  
The Impact ◽  
D Investment

The chief financial officer (CFO) profile and R&D investment intensity: evidence from listed European companies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Gianluca Ginesti ◽  
Rosanna Spanò ◽  
Luca Ferri ◽  
Adele Caldarelli
Keyword(s):  
Listed Companies ◽  
Master Of Business Administration ◽  
Chief Financial Officer ◽  
Corporate Investments ◽  
Firm Level ◽  
Content Type ◽  
Doctor Of Philosophy ◽  
The Impact ◽  
D Investment ◽  
Practical Implications

PurposeThis study aims to investigate whether the characteristics of the chief financial officer (CFO) have an impact on the intensity of the corporate research and development (R&D) investment.Design/methodology/approachBased on hand-collected data for the CFOs of a sample of the largest European listed companies for the period 2013–2016, this study uses regression analyses to test empirically the association of CFO education, CFO gender and CFO age with R&D investment intensity.FindingsThe presence of female CFOs, CFOs with a Master of Business Administration (MBA) or Doctor of Philosophy (PhD) degree and older CFOs is positively associated with the intensity of R&D investment.Research limitations/implicationsThis study relies on some observable characteristics of CFOs and focuses on large listed companies.Practical implicationsThe results of this study may help investors, stakeholders and practitioners to understand better which type of CFO characteristics are more likely to result in higher firm-level R&D investment intensity.Originality/valueThis study offers the first insights into the impact of CFOs, as the most prominent C-suite executives, on the level of corporate investments in R&D activity.

scholarly journals Assessing The Impact Path of Air Quality On Enterprise R&D Investment: Empirical Evidences From Dual Perspectives of Investor Sentiment And Government Concern

2021 ◽  
Author(s):  
Jialiang Yang ◽  
Dan He
Keyword(s):  
Air Quality ◽  
Investment Decision ◽  
Investor Sentiment ◽  
Listed Companies ◽  
Inhibitory Effect ◽  
Promoting Effect ◽  
Investment Decision Making ◽  
The Government ◽  
The Impact ◽  
D Investment

Abstract Based on the data of Shanghai and Shenzhen A-share listed companies from 2015 to 2019, this paper studies the influence paths of air quality on R&D investment of listed companies from the perspectives of investor sentiment and government concern. It is found that, on the whole, air quality has a significant inhibitory effect on R&D investment. Air quality has a significant promoting effect on investor sentiment, which serves as a path to further restrain the R&D investment of listed companies. Air pollution is an effective concern for the government, and serves as a veil between air quality and R&D investment. Furthermore, this paper analyzes the heterogeneity of enterprises from the aspects of regional technology complexity, property right nature, whether it is a polluting enterprise or not, and whether it is a key regulated enterprise or not, and comes to relevant conclusions. This paper expands the research on air quality and enterprise R&D investment decision-making, which helps to clarify and improve the transmission mechanism and implementation effect of environmental protection policies.

scholarly journals R & D Attention and Profit Performance—An Empirical Study on Listed Companies in China’s Electric Power and Electrical Industries

2021 ◽  
Vol 13 (15) ◽  
pp. 8387
Author(s):  
Shiyin Jing ◽  
Yanbin Li ◽  
Yulong Sun
Keyword(s):  
Electric Power ◽  
Spillover Effect ◽  
Electric Power Industry ◽  
Listed Companies ◽  
Promotion Effect ◽  
Emerging Industries ◽  
Structure Adjustment ◽  
Profit Performance ◽  
The Impact ◽  
D Investment

The electric power and electric industries are basic and strategic emerging industries in China’s national economy. Based on the data of listed companies in China’s electric power and electric industries from 2015 to 2019, this paper empirically studies the impact of research and development (R & D) attention on corporate profitability. The results show that attention to R & D by listed companies in electric power and electric industries will significantly improve enterprise’s profit performance, and this kind of effect has yearly heterogeneity. From 2015 to 2017, R & D attention gradually improved the profit performance of enterprises, but the profit spillover effect of R & D investment in recent years needs to be further strengthened. Further study found that R & D attention has a significant effect on corporate profitability in the private enterprise group, the R & D attention of state-owned enterprises and R & D structure adjustment should be paid more attention; R & D investment can significantly improve the profitability of the electrical industry, but the promotion effect was relatively slow in recent years, and R & D investment has a significant effect on the profitability of listed companies in the electric power industry. Although the promotion effect is not obvious, it shows a steady improvement trend. After variable and model replacement, the empirical regression conclusion of this paper is still robust. The results of this paper help to deepen the understanding of the stage characteristics of the impact of R & D attention on profit performance, and it is of great significance to optimize the efficiency of R & D investment and pay attention to the adjustment of R & D structure in the electric power and electrical industries.

scholarly journals Financialization, Government Subsidies, and Manufacturing R&D Investment: Evidence from Listed Companies in China

2021 ◽  
Vol 13 (22) ◽  
pp. 12633
Author(s):  
Peng Hou ◽  
Mengting Zhou ◽  
Jiaqi Xu ◽  
Yue Liu
Keyword(s):  
Manufacturing Industry ◽  
Statistical Significance ◽  
Listed Companies ◽  
The Sustainable Development ◽  
Government Subsidies ◽  
Manufacturing Enterprises ◽  
Negative Effect ◽  
The Impact ◽  
The Relationship ◽  
D Investment

Increasing research and development (R&D) investment is the key to the sustainable development of the manufacturing industry. With the development of financialization, manufacturing enterprises allocate greater funds to the financial field, which may significantly affect their level of R&D investment. However, few studies have explored the relationship between the two. Using the data of manufacturing listed companies in China from 2007 to 2018, this paper investigates the impact of financialization on manufacturing R&D investment and further analyzes the moderating effect of government subsidies on the relationship between the two, mainly using Heckman’s two-step approach. The results show that, on the whole, financialization has a significant restraining effect on China’s manufacturing R&D investment, and that government subsidies exacerbate this negative effect. However, there are some differences in the statistical significance and in the level of influence of financialization on R&D investment, which are based on enterprise type, industry, region, and financing constraints. Additionally, the moderating effects of government subsidies under heterogeneous samples differ in sign, statistical significance, and impact magnitude. This paper not only conducts a comprehensive study on the impact of financialization on manufacturing R&D investment but also introduces government subsidies as the moderating variable into the analysis, which is conducive to a better understanding of the relationship between corporate financialization and manufacturing R&D investment in China.

Comprehensive Income: which potential effects on firms' performance evaluation and users' decision process?

2016 ◽  
pp. 55-94
Author(s):  
Pier Luigi Marchini ◽  
Carlotta D'Este
Keyword(s):  
Performance Evaluation ◽  
Decision Process ◽  
Financial Analysts ◽  
Listed Companies ◽  
Financial Statement ◽  
Comprehensive Income ◽  
Other Comprehensive Income ◽  
Gains And Losses ◽  
The Impact

The reporting of comprehensive income is becoming increasingly important. After the introduction of Other Comprehensive Income (OCI) reporting, as required by the 2007 IAS 1-revised, the IASB is currently seeking inputs from investors on the usefulness of unrealized gains and losses and on the role of comprehensive income. This circumstance is of particular relevance in code law countries, as local pre-IFRS accounting models influence financial statement preparers and users. This study aims at investigating the role played by unrealized gains and losses reporting on users' decision process, by examining the impact of OCI on the Italian listed companies RoE ratio and by surveying a sample of financial analysts, also content analysing their formal reports. The results show that the reporting of comprehensive income does not affect the financial statement users' decision process, although it statistically affects Italian listed entities' performance.

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