The effects of R&D performance on the profitability of highly innovative companies

IF 2 Q3 MANAGEMENT

Strategic Management Pub Date : 2023-01-01 DOI:10.5937/straman2200034r

Tamara Rađenović, B. Krstić, Ivana Ivanic (ex Janjic), Milica Jovanović-Vujatović

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引用次数: 1

Abstract

Background: In modern business conditions, intangible assets have a dominant impact on the business performance of the company. R&D activities, the level of R&D investments and the efficiency of R&D investments affect company profitability. There are various performance indicators of R&D activities that have an impact on profitability. Purpose: Bearing in mind that R&D is the precondition of growth and development of the company, as well as the efficiency of R&D investments, is the key determinant of economic corporate responsibility, the purpose of this paper is to investigate the effects of various performance indicators of R&D activities on companies' profitability. The aim of this paper is to investigate the effects of R&D investments, R&D intensity and return on R&D capital on the profitability of highly innovative companies. Study design/methodology/approach: Correlation, regression and cluster analyses were performed to provide an empirical investigation of the impact of key R&D performance indicators on the return on assets (ROA) of highly innovative companies, which are on the list of the top R&D spenders in the world. The data for the analysis comprises 24 R&D-intensive companies for the period 2013-2021. Findings/conclusions: The regression analysis results conducted on the determined clusters show that all three analyzed indicators of R&D activities have a positive and statistically significant impact on ROA in highly R&D-intensive companies. It is confirmed that the effects of various indicators of R&D activities are bigger in companies with higher RDII. Limitations/future research: The sample encompasses the 24 companies listed among the top 50 R&D spenders worldwide, which is considered insufficient for extensive analysis. The other limitation is related to the short research period. As the R&D activities produce yields after several years, the possible direction for future research is to investigate the impact of accumulated R&D investment over several years on ROA.

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高创新企业研发绩效对盈利能力的影响

背景:在现代商业条件下，无形资产对公司经营绩效的影响占主导地位。研发活动、研发投入水平和研发投入效率影响着企业的盈利能力。研发活动的各种绩效指标对盈利能力有影响。研究目的:考虑到研发是企业成长和发展的前提，而研发投资的效率是企业经济责任的关键决定因素，本文的目的是研究研发活动的各种绩效指标对企业盈利能力的影响。本文旨在探讨研发投入、研发强度和研发资本回报率对创新型企业盈利能力的影响。研究设计/方法/方法:采用相关分析、回归分析和聚类分析等方法，对全球研发投入最高的创新型企业的关键研发绩效指标对资产回报率(ROA)的影响进行实证研究。分析数据包括2013-2021年期间24家研发密集型公司。研究结果/结论:对确定的集群进行回归分析的结果表明，研发活动的三个分析指标对高研发密集型企业的总资产回报率都有显著的正向影响。研究证实，研发活动的各项指标对RDII越高的公司的影响越大。局限性/未来研究:样本包括全球研发支出前50名中的24家公司，这被认为不足以进行广泛的分析。另一个限制与研究时间短有关。由于研发活动在几年后才产生收益，因此未来研究的可能方向是研究几年累积的研发投资对ROA的影响。

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

Strategic Management MANAGEMENT-

自引率

8.30%

发文量

审稿时长

12 weeks