Effects of profitability and liquidity on R&D intensity: Japanese and US companies compared

• 成果类型: Article
• 署名作者: Hundley, G; Jacobson, CK; Park, SH
• 署名单位: University System of Ohio; University of Cincinnati; University of Texas System; University of Texas Dallas
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/257073
• 发表日期: 1996
• 页码: 1659-1674
• 关键词: time-series; INVESTMENT; OWNERSHIP; investors; BUSINESS

摘要

This study investigates the proposition that Japanese companies have a greater propensity than U.S. companies to sustain commitment to R&D in the face of fluctuating profits and liquidity. The analysis showed that profitability declines led to increased R&D intensity in Japan. These effects were not confined to members of Japanese financial keiretsu, or industrial groups. The R&D intensity of U.S. companies fluctuated directly with two-year lagged profitability and liquidity variables, but these relationships might have been confined to more research-intensive companies.