CORPORATE RESEARCH-AND-DEVELOPMENT INVESTMENTS - INTERNATIONAL COMPARISONS

• 成果类型: Article
• 署名作者: BHAGAT, S; WELCH, I
• 署名单位: University of Colorado System; University of Colorado Boulder; University of California System; University of California Los Angeles
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/0165-4101(94)00391-H
• 发表日期: 1995
• 关键词: UNITED-STATES; stock-market; BEHAVIOR; INFORMATION; JAPAN; imperfect

摘要

This paper explores the determinants of corporate R&D for U.S., Canadian, British, European, and Japanese firms. We find last year's debt ratio is significantly negatively correlated with current R&D expenditures for U.S. firms, and positively for Japanese firms. Second, we document a significant positive relation between two-year lagged stock return and current R&D expenditures for U.S., European, Japanese, and large-size British firms. Finally, we find a significant positive relation between last year's tax payments and current R&D expenditures for Japanese firms, and a significant negative relation for medium-size and small-size U.S. firms.