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| Impacts of Performance Feedback on Firms' Research and Development Investments——Based on the Perspective of the Corporate Life Cycle |
| Qiu Rongguo |
| School of History and Public Administration,Yancheng Teachers University,Yancheng 224007,China |
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Abstract This paper uses a sample consisting of A-share listed firms from 2007 to 2019 to empirically test impacts of performance feedback on the Research and Development(R&D)investments based on the perspective of the corporate life cycle.The empirical test results show that the deviation between the actual performance and the expected performance significantly enhances corporate's R&D investment when the actual performance does not reach the expected performance.At the same time,from the perspective of enterprise life cycle,this negative expected performance feedback has the most significant negative impact on the R&D investment intensity of enterprises in the growth period,followed by the impact on R&D investment of mature enterprises,and the weakest impact on R&D investment of enterprises in recession.Further inspection found that the negative expected performance feedback had a different impact on the dual innovation investment of enterprises,among which the negative expected performance feedback had a positive impact on the exploratory innovation investment and a negative impact on the development innovation investment.This paper reveals the impact of expected performance feedback on enterprise R&D investment from the perspective of enterprise life cycle,which not only further enriches the relevant research in the field of enterprise innovation management,but also has certain guiding significance for guiding the innovation practice activities of enterprises.
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Received: 14 January 2022
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2023, Vol. 4 
