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The Moderating Role of Institutional Quality, Leverage and Size in the Relationship between R&D Investments and Firm Value
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2019 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 HE creditsStudent thesis
Abstract [en]

This study examines the relationship between R&D intensity (R&D/sales) and firm value. Additionally, both the moderating effect of endogenous firm characteristics (i.e. firm size, leverage and the interaction between size and leverage) and institutional quality are considered. By employing a sample of 1,833 firms throughout 49 countries, this study finds evidence supporting a positive association between R&D and firm value in its cross-national sample. Moreover, the results support the positive moderating effect of leverage on the relationship between R&D and firm value, in favour of the disciplining role of debt. Furthermore, a negative moderating effect of firm size is found, suggesting that smaller firms possess a superior ability to appropriate value from their R&D investments. Lastly, the size-leverage interaction reveals that small firms with high leverage reap the greatest firm value from their R&D investments.

Place, publisher, year, edition, pages
2019. , p. 75
Keywords [en]
Firm value, R&D intensity, institutional quality, size, leverage, corporate innovation
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-377180OAI: oai:DiVA.org:uu-377180DiVA, id: diva2:1289114
Educational program
Master Programme in Business and Management
Supervisors
Available from: 2019-02-15 Created: 2019-02-15 Last updated: 2019-02-15Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf