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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：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 ...
