FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2518932609> ?p ?o ?g. }

• W2518932609 abstract "This thesis deals with the firm-, macro-and institutional-level determinants of research and development (R&D) investment, assessing the impact of R&D spending on firm performance and the financing of R&D investment in emerging markets. The recent financial crisis has had adverse effects worldwide. This study finds that the financial crisis had a significant negative impact on firms’ R&D investment in emerging markets. It also finds that the R&D investments of both local firms and multinational enterprises (MNEs) were affected, and that the latter was affected 1.63 times more than the former.However, when the firms were split between innovative and non-innovative, it was observed that innovative firms continued to invest in R&D during the recession, while non-innovative firms cut down their R&D investment. In addition, it is found that, during a financial crisis, the firm-level determinants of R&D are firm age, firm size, export orientation, debt ratio and foreign ownership. This implies that the assumptions of the resource based view (RBV) hold true, even during a financial crisis. The results suggest that affected and less-/unaffected countries’ R&D determinants behave differently during a financial crisis. They also show that the probability of a decrease in R&D investment in affected countries is 60 percent higher than in less-/unaffected countries. Similarly to firm-level factors, macroeconomic factors also influence R&D expenditure. GDP growth, exports, trade openness, patents and financial crisis are the main macroeconomic determinants of a country’s R&D expenditure. Moreover, analysis suggests that macroeconomic determinants of R&D investment behave differently in advanced and emerging countries, owing to their different nature and purpose, and the countries’ levels of economic development.In addition to firm and macroeconomic factors, the institutional environment plays an important role in R&D investment in emerging countries. The results show that government effectiveness and rule of law have significant positive impacts, while corruption and political instability have significant negative impacts on R&D investment in emerging countries. However, opponents of country-level factors have claimed that these factors influence the innovative activities and firm performance of emerging countries indirectly. This study finds that investor protection (safeguards) tends to have a greater moderating effect on the relationship between R&D and firm performance than country-level governance (systems). The results indicate that safeguards promote firm-level innovation in emerging markets, while systems are substituted by firm-level corporate governance in emerging countries. Moreover, in the case of risky and uncertain investments such as R&D, investors seek protection from possible losses. It is also observed that R&D financing behaves differently according to different levels of multi-nationality and financial systems. Local firms do not use external funding, while MNEs use both internal and external funding for R&D investments due to the availability of organisational slack. A country’s financial systems may restrict firms from choosing particular sources of finance. Firms within bank-based systems tend to rely on external funding and firms within market-based systems depend more on internal funding for R&D investment. The results indicate that market-based firms follow pecking order theory.Secondary data for the analysis were collected from various sources, including DataStream, annual financial reports, LexisNexis, the World Bank’s Development Indicators, Worldwide Governance Indicators and Protecting Minority Shareholder data, and the International Country Risk Guide database. Both static and dynamic panel data techniques, including generalised methods of moment (GMM) estimation, were used for the analysis. Dynamic GMM panel estimation was used to control for endogeneity and unobserved heterogeneity, and to provide efficient and consistent estimation even in the presence of heteroscedasticity. The study also adopted an instrumental variable (IV) approach with OLS and Granger causality tests for the analysis. This study will be helpful to various stakeholders, including investors and managers, lenders and policy makers in emerging markets." @default.
• W2518932609 created "2016-09-23" @default.
• W2518932609 creator A5012405556 @default.
• W2518932609 date "2015-12-22" @default.
• W2518932609 modified "2023-09-24" @default.
• W2518932609 title "R&D investment and capital markets : evidence from emerging markets" @default.
• W2518932609 cites W108335921 @default.
• W2518932609 cites W108595110 @default.
• W2518932609 cites W115021420 @default.
• W2518932609 cites W1485606771 @default.
• W2518932609 cites W1495507237 @default.
• W2518932609 cites W1502394657 @default.
• W2518932609 cites W1506367056 @default.
• W2518932609 cites W1511395520 @default.
• W2518932609 cites W1515142069 @default.
• W2518932609 cites W1515927986 @default.
• W2518932609 cites W1517138715 @default.
• W2518932609 cites W1518417459 @default.
• W2518932609 cites W1531341052 @default.
• W2518932609 cites W1543801066 @default.
• W2518932609 cites W1543820605 @default.
• W2518932609 cites W1546523058 @default.
• W2518932609 cites W1554901971 @default.
• W2518932609 cites W1554940969 @default.
• W2518932609 cites W1569288781 @default.
• W2518932609 cites W1587011964 @default.
• W2518932609 cites W1603394708 @default.
• W2518932609 cites W1626620768 @default.
• W2518932609 cites W1646748226 @default.
• W2518932609 cites W1768714312 @default.
• W2518932609 cites W1848725895 @default.
• W2518932609 cites W1881759493 @default.
• W2518932609 cites W1896560819 @default.
• W2518932609 cites W1906785307 @default.
• W2518932609 cites W1916919601 @default.
• W2518932609 cites W1917122625 @default.
• W2518932609 cites W1923243065 @default.
• W2518932609 cites W1939653077 @default.
• W2518932609 cites W1950075918 @default.
• W2518932609 cites W1965920809 @default.
• W2518932609 cites W1966603115 @default.
• W2518932609 cites W1969216344 @default.
• W2518932609 cites W1969661579 @default.
• W2518932609 cites W1971149383 @default.
• W2518932609 cites W1973571921 @default.
• W2518932609 cites W1975095643 @default.
• W2518932609 cites W1975607520 @default.
• W2518932609 cites W1976557684 @default.
• W2518932609 cites W1976627113 @default.
• W2518932609 cites W1980432202 @default.
• W2518932609 cites W1981666444 @default.
• W2518932609 cites W1983693965 @default.
• W2518932609 cites W1986134952 @default.
• W2518932609 cites W1988467856 @default.
• W2518932609 cites W1993322130 @default.
• W2518932609 cites W1994771258 @default.
• W2518932609 cites W1995959147 @default.
• W2518932609 cites W1999366050 @default.
• W2518932609 cites W2000759727 @default.
• W2518932609 cites W2002816474 @default.
• W2518932609 cites W2004159764 @default.
• W2518932609 cites W2004762468 @default.
• W2518932609 cites W2004820580 @default.
• W2518932609 cites W2006332974 @default.
• W2518932609 cites W2009034155 @default.
• W2518932609 cites W2011082753 @default.
• W2518932609 cites W2011720884 @default.
• W2518932609 cites W2012973878 @default.
• W2518932609 cites W2014273764 @default.
• W2518932609 cites W2014623806 @default.
• W2518932609 cites W2015120553 @default.
• W2518932609 cites W2016659579 @default.
• W2518932609 cites W2018020547 @default.
• W2518932609 cites W2019729911 @default.
• W2518932609 cites W2019874651 @default.
• W2518932609 cites W2023046725 @default.
• W2518932609 cites W2023334014 @default.
• W2518932609 cites W2024781622 @default.
• W2518932609 cites W2024983754 @default.
• W2518932609 cites W2025078052 @default.
• W2518932609 cites W2026448149 @default.
• W2518932609 cites W2026786378 @default.
• W2518932609 cites W2027554539 @default.
• W2518932609 cites W2030641102 @default.
• W2518932609 cites W2030653007 @default.
• W2518932609 cites W2030688053 @default.
• W2518932609 cites W2035140189 @default.
• W2518932609 cites W2038726842 @default.
• W2518932609 cites W2038800118 @default.
• W2518932609 cites W2038845748 @default.
• W2518932609 cites W2041907479 @default.
• W2518932609 cites W2042213348 @default.
• W2518932609 cites W2042983973 @default.
• W2518932609 cites W2043189549 @default.
• W2518932609 cites W2043868079 @default.
• W2518932609 cites W2044603577 @default.
• W2518932609 cites W2046116978 @default.
• W2518932609 cites W2047582865 @default.
• W2518932609 cites W2049740908 @default.
• W2518932609 cites W2051504884 @default.

• next