Industry influence on firms' R&D and innovation

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE
Asad A. Rind, Wajih Abbassi, Marco Bigelli, Wael Rouatbi
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引用次数: 0

Abstract

This paper examines the effect of peers on a firm's research and development (R&D) policy. We show that firms do not make R&D decisions in isolation, and that industry dynamics play an important role in defining a firm's R&D intensity. Using a large sample of 54,393 firm-year observations from 1991 to 2015 in the United States, we find that firms' R&D decisions are mainly driven by their industry peers' R&D policies. Moreover, we find that R&D mimicking is significant only in the presence of strong product market competition, whereas we do not find any evidence of information-based herding in R&D investments. Our additional analysis shows that our main conclusions remain valid even in the presence of financial constraints, and regardless of the firms' market positions. Finally, we provide evidence that R&D mimicking increases firms' future values, future patent outputs, and estimated patent dollar values. Our findings are robust to endogeneity concerns, and to using alternative sample compositions, R&D intensity proxies, and different industry classifications.

行业对企业研发和创新的影响
本文考察了同行对企业研发政策的影响。我们表明,企业不进行R&;独立的研发决策,以及行业动态在定义公司的研发方面发挥着重要作用;D强度。利用美国1991年至2015年54393个企业年的大样本观察,我们发现企业的R&;研发决策主要由行业同行的研发驱动;D政策。此外,我们发现R&;D模仿只有在产品市场竞争激烈的情况下才有意义,而我们没有发现任何证据表明R&;D投资。我们的额外分析表明,即使在存在财务约束的情况下,无论公司的市场地位如何,我们的主要结论仍然有效。最后,我们提供证据证明R&;D模仿增加了公司的未来价值、未来专利产出和估计的专利美元价值。我们的发现对内生性问题和使用替代样本组成的R&;D强度指标和不同的行业分类。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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