{"title":"研发投资与中小企业绩效：资本结构决策的作用","authors":"Sarmad Ali, Hussain Muhammad, Stefania Migliori","doi":"10.1108/emjb-11-2023-0311","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This paper examines the moderating role of capital structure decisions in the relationship between research and development (R&D) investment and small and medium enterprises (SMEs) performance.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>Based on panel data of 1,357 European SMEs from 2014 to 2020, this study employs a generalized method of moments (GMM) regression to examine the R&D-performance link through the moderating role of capital structure.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The results show that R&D investment and equity financing positively and significantly influence SMEs performance. Debt financing, however, is negatively and significantly associated with SME performance. In addition, we show that capital structure choice significantly moderates the relationship between R&D investment and SME performance. Specifically, debt financing attenuates the positive impact of R&D investment on SMEs performance, whereas equity financing accentuates this relationship.</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>This study helps policymakers formulate appropriate policies to overcome the challenges of underinvestment in R&D projects to enhance SMEs performance.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>Our findings provide new evidence on R&D-performance literature by refining the deeper understanding of the role of capital structure, which has previously been examined in partial and fragmented ways.</p><!--/ Abstract__block -->","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":3.8000,"publicationDate":"2024-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"R&D investment and SMEs performance: the role of capital structure decisions\",\"authors\":\"Sarmad Ali, Hussain Muhammad, Stefania Migliori\",\"doi\":\"10.1108/emjb-11-2023-0311\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This paper examines the moderating role of capital structure decisions in the relationship between research and development (R&D) investment and small and medium enterprises (SMEs) performance.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>Based on panel data of 1,357 European SMEs from 2014 to 2020, this study employs a generalized method of moments (GMM) regression to examine the R&D-performance link through the moderating role of capital structure.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>The results show that R&D investment and equity financing positively and significantly influence SMEs performance. Debt financing, however, is negatively and significantly associated with SME performance. In addition, we show that capital structure choice significantly moderates the relationship between R&D investment and SME performance. Specifically, debt financing attenuates the positive impact of R&D investment on SMEs performance, whereas equity financing accentuates this relationship.</p><!--/ Abstract__block -->\\n<h3>Practical implications</h3>\\n<p>This study helps policymakers formulate appropriate policies to overcome the challenges of underinvestment in R&D projects to enhance SMEs performance.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>Our findings provide new evidence on R&D-performance literature by refining the deeper understanding of the role of capital structure, which has previously been examined in partial and fragmented ways.</p><!--/ Abstract__block -->\",\"PeriodicalId\":46475,\"journal\":{\"name\":\"EuroMed Journal of Business\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.8000,\"publicationDate\":\"2024-07-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"EuroMed Journal of Business\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/emjb-11-2023-0311\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"EuroMed Journal of Business","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/emjb-11-2023-0311","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}
R&D investment and SMEs performance: the role of capital structure decisions
Purpose
This paper examines the moderating role of capital structure decisions in the relationship between research and development (R&D) investment and small and medium enterprises (SMEs) performance.
Design/methodology/approach
Based on panel data of 1,357 European SMEs from 2014 to 2020, this study employs a generalized method of moments (GMM) regression to examine the R&D-performance link through the moderating role of capital structure.
Findings
The results show that R&D investment and equity financing positively and significantly influence SMEs performance. Debt financing, however, is negatively and significantly associated with SME performance. In addition, we show that capital structure choice significantly moderates the relationship between R&D investment and SME performance. Specifically, debt financing attenuates the positive impact of R&D investment on SMEs performance, whereas equity financing accentuates this relationship.
Practical implications
This study helps policymakers formulate appropriate policies to overcome the challenges of underinvestment in R&D projects to enhance SMEs performance.
Originality/value
Our findings provide new evidence on R&D-performance literature by refining the deeper understanding of the role of capital structure, which has previously been examined in partial and fragmented ways.
期刊介绍：
The EuroMed Journal of Business (EMJB) is the premier publication facilitating dialogue among researchers from Europe and the Mediterranean. It plays a vital role in generating and disseminating knowledge about various business environments and trends in this region. By offering an up-to-date overview of emerging business practices in specific countries, EMJB serves as a valuable resource for its readers.
As the official journal of the EuroMed Academy of Business, EMJB is committed to reflecting the economic growth seen in the European-Mediterranean region. It aims to be a focused and targeted business journal, highlighting environmental opportunities, threats, and marketplace developments in the area. Through its efforts, EMJB promotes collaboration and open dialogue among diverse research cultures and practices.
EMJB serves as a platform for debating and disseminating research findings, new research areas and techniques, conceptual developments, and practical applications across various business segments. It seeks to provide a forum for discussing new ideas in business, including theory, practice, and the issues that arise within the field.
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