研发投资对葡萄牙公司业绩的影响

IF 2 Q2 BUSINESS, FINANCE

Risks Pub Date : 2024-08-07 DOI:10.3390/risks12080126

Ana Santos, Ana Bandeira, Patrícia Ramos

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引用次数: 0

摘要

本研究调查了研究与开发（R&D）投资对葡萄牙公司业绩的影响，特别是填补了研究与开发如何影响公司价值和业绩方面的空白。我们采用广义矩法（GMM）估算动态面板数据模型，以考虑潜在的内生性问题。通过这种方法，我们可以分析研发投资对 2012 年至 2019 年期间有大量研发投资的葡萄牙公司的运营资产回报率（ROA）的影响。分析结果表明，虽然研发投资本身对运营资产收益率的短期影响在统计上并不显著，但滞后财务业绩、杠杆率、资产周转率和应付账款周转率都与因变量存在显著的统计关系。

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The Impact of Research and Development Investment on the Performance of Portuguese Companies

This study investigates the impact of Research and Development (R&D) investment on the performance of Portuguese companies, specifically addressing the gap in understanding how R&D influences a company’s value and performance. We employ a dynamic panel data model estimated using the Generalized Method of Moments (GMM) to account for potential endogeneity issues. This approach allows us to analyze the influence of R&D investment on the Return on Operating Assets (ROA) for Portuguese companies with significant R&D investments between 2012 and 2019. The analysis reveals that while R&D investment itself may not have a statistically significant short-term impact on ROA, lagged financial performance, leverage, asset turnover ratio, and accounts payable turnover all demonstrate a statistically significant relationship with the dependent variable.

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