生存还是死亡:研究与发展视角下的破产风险分析

IF 1.3 Q3 ECONOMICS

International Trade Journal Pub Date : 2022-08-17 DOI:10.1080/08853908.2022.2111381

Augustine Tarkom, Nacasius U. Ujah

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引用次数: 1

摘要

摘要可以说，研发仍然是信号的主要驱动因素之一，其在降低破产风险方面的本质至关重要。我们回顾了文献和辩论，发现自1982年以来，研发投资平均每年以0.033%的速度增长，而BR每年以9.02%的速度下降。从经验上看，我们发现了一致的证据表明研发投资降低了BR。此外，破产可能性更高的公司从研发增量投资中获得了更高的边际收益。其他研究结果表明，资本结构和其他信号策略对研发如何影响BR很重要。

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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Do or Die: Analysis of Bankruptcy Risk from a Research and Development Perspective

ABSTRACT Arguably, R&D remains one of the main drivers for signaling, and its essence in reducing bankruptcy risk (BR) is critical. We revisit the literature and debate and find that since 1982, R&D investment has, on average, been increasing at an annual rate of 0.033%, while BR has been decreasing at an annual rate of 9.02%. Empirically, we find consistent evidence that R&D investment reduces BR. Also, firms with a higher likelihood of bankruptcy have a higher marginal benefit from incremental investment in R&D. Additional results suggest that capital structure and other signaling strategies matter in how R&D affects BR.

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来源期刊

International Trade Journal Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： The International Trade Journal is a refereed interdisciplinary journal published for the enhancement of research in international trade. Its editorial objective is to provide a forum for the scholarly exchange of research findings in,and significant empirical, conceptual, or theoretical contributions to the field. The International Trade Journal welcomes contributions from researchers in academia as well as practitioners of international trade broadly defined.