研发与广告对企业市场价值的影响:来自印度企业的证据

IF 3 Q2 BUSINESS

Vision-The Journal of Business Perspective Pub Date : 2023-08-03 DOI:10.1177/09722629231180419

Jai Kamal, S. Singh

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引用次数: 0

摘要

一系列关于创新的文献表明，可自由支配的费用，如研发(R&D)和广告费用，对企业价值的影响是混合的。为了提供来自发展中国家背景，特别是印度背景的最新证据，本文探讨了可自由支配费用与公司价值之间的关系。我们利用印度经济实力监测中心的数据库，对41个行业的680家印度企业进行了15年5171个企业年的研究，发现研发支出和广告支出对企业的市场价值都有正向影响。研究结果表明，相对于大型企业和成熟企业，小型企业和年轻企业的研发对企业价值的影响更大。我们还发现，非制造业企业的研发投资回报更高。JEL代码:G10, L2, O31, O32

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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Effect of R&D and Advertisement on the Market Value of Firm: Evidences from Indian Firms

A strand of literature on Innovation suggests that discretionary expenses, such as research and development (R&D), and advertisement expenses have mixed effects on the value of the firm. To provide recent evidence from a developing country context, specifically the Indian context, this article explores the relationship between discretionary expenses and the value of a firm. With the help of the Centre for Monitoring Indian Economy prowess database for 680 Indian firms belonging to 41 industries over a 15-year period covering 5,171 firm years, we find that both R&D and Advertisement Expenditure have a positive effect on the market value of a firm. Our results suggest that the effect of R&D on the value of firms is more in smaller and younger firms when compared to large and mature firms, respectively. We also find that the return to R&D investment is more in non-manufacturing firms. JEL Codes: G10, L2, O31, O32

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来源期刊

Vision-The Journal of Business Perspective Multiple-

CiteScore

4.60

自引率

0.00%

发文量

121

期刊介绍： Vision-The Journal of Business Perspective is a quarterly peer-reviewed journal of the Management Development Institute, Gurgaon, India published by SAGE Publications. This journal contains papers in all functional areas of management, including economic and business environment. The journal is premised on creating influence on the academic as well as corporate thinkers. Vision-The Journal of Business Perspective is published in March, June, September and December every year. Its targeted readers are researchers, academics involved in research, and corporates with excellent professional backgrounds from India and other parts of the globe. Its contents have been often used as supportive course materials by the academics and corporate professionals. The journal has been providing opportunity for discussion and exchange of ideas across the widest spectrum of scholarly opinions to promote theoretical, empirical and comparative research on problems confronting the business world. Most of the contributors to this journal range from the outstanding and the well published to the upcoming young academics and corporate functionaries. The journal publishes theoretical as well as applied research works.