NDLI: Technological Innovation and Product Market Conditions: R&D Rivalry, Market Competition, and Customer Satisfaction

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Technological Innovation and Product Market Conditions: R&D Rivalry, Market Competition, and Customer Satisfaction

Content Provider	Scilit
Author	Choi, Kyeong-Seop
Copyright Year	2018
Description	With regard to research and development (R&D), corporate finance tends to be too broad, whereas marketing tends to be too specific. Using the marketing–finance interface, new R&D expenditure variables are constructed to reflect industry rivalry by incorporating industry-year median and standard deviation. Market competition and customer satisfaction are also included in the regression. Dynamic generalized-method-of-moments regressions based on US data provide subversive results. Sales and cash flow, which are reported in prior literature to be associated with R&D investment, were insignificant. Leverage, known as detrimental to investment in intangible assets, such as R&D, contributed to rivalrous and strategic R&D investments. Of course, high market-to-book ratios encourage such R&D investments. However, in high-tech industries, market competition absorbs all other influences on R&D, though the impact of market competition on R&D is negative. We also expect that while high customer satisfaction in the product markets could broadly serve as a suppressor to R&D, it can also serve as a driver for young and high-tech firms.
Related Links	http://www.degruyter.com/downloadpdf/j/erj.ahead-of-print/erj-2017-0167/erj-2017-0167.xml
ISSN	21946175
e-ISSN	21575665
DOI	10.1515/erj-2017-0167
Journal	Entrepreneurship Research Journal
Issue Number	2
Volume Number	9
Language	English
Publisher	Walter de Gruyter GmbH
Publisher Date	2018-06-13
Access Restriction	Open
Subject Keyword	Entrepreneurship Research Journal Applied Ethics Technological Innovation R&d Expenditure Product Market Customer Satisfaction Marketing–finance Interface Journal: Entrepreneurship Research Journal, Issue- 2
Content Type	Text
Resource Type	Article
Subject	Business and International Management Strategy and Management Management of Technology and Innovation

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