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作者：CARDINAL, LB; OPLER, TC
作者单位：University System of Ohio; Ohio State University; University of Texas System; University of Texas Dallas
摘要：Diversified corporations have been widely criticized as being inefficient innovators with an orientation to maximizing short-term profits. This study investigates this criticism by testing whether the number of new products introduced per R&D dollar is lower among more diversified firms. We find no statistically discernible effect of diversification on innovative efficiency in a sample of 706 research-intensive firms in the 1981-1988 period. This suggests that diversified organizations are rat...
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作者：BANKER, RD; POTTER, G; SCHROEDER, RG
作者单位：Cornell University
摘要：Empirical validity of the claim that overhead costs are driven not by production volume but by transactions resulting from production complexity is examined using data from 32 manufacturing plants from the electronics, machinery, and automobile components industries. Transactions are measured using number of engineering change orders, number of purchasing and production planning personnel, shop-floor area per part, and number of quality control and improvement personnel. Results indicate a str...
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作者：BHAGAT, S; WELCH, I
作者单位：University of Colorado System; University of Colorado Boulder; University of California System; University of California Los Angeles
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...
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作者：BEATTY, A; BERGER, PG; MAGLIOLO, J
作者单位：Southern Methodist University
摘要：We study the decision to fund R&D through a separate financing organization (an 'RDFO') that takes the form of either a limited partnership or a corporation. The RDFO offers tax and financial reporting benefits. As a form of external funding, it also creates moral hazard and adverse selection problems (information costs). Using convertible debt as a comparative form of external funding, we find that debt-related (but not equity-related) financial reporting benefits affect the decision to form ...
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作者：KOTHARI, SP; ZIMMERMAN, JL
摘要：Return models (returns regressed on scaled earnings variables) are commonly preferred to price models (stock price regressed on earnings per share). We provide a framework for choosing between these models. An economically intuitive rationale suggests that price models are better specified in that the estimated slope coefficients from price models, but not return models, are unbiased. Our empirical results confirm that price models' earnings response coefficients are less biased. However, retu...
