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| Nonlinear Link between R&D Investment and Performance of Listed Companies |
| Chen Jianli 1, 2, Meng Lingjie 1, Wang Qin1, 3 |
1.School of Economics & Management, Nanjing University of Science and Technology, Nanjing 210094, China;
2.College of Sciences, Nanjing Tech University, Nanjing 211800, China;
3.School of Economics, Nanjing University of Posts and Telecommunications, Nanjing 210023, China |
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Abstract By using the data of listed companies in computer, communication and other electronic equipment manufacturing industry between 2009—2013, the paper analyzed the relationship between the R&D intensity and the firm performance based on the panel threshold model.The results illustrate that R&D intensity has a significant negative effect on firm performance in the current period;R&D investment has a lag effect, and there are two threshold effects.When R&D intensity is lower than the first threshold value 0.93%, its influence on firm performance is significantly positive;when it is between 0.93% and 4.77%, its influence is still significantly positive, but the coefficient decreases;there will be a negative impact on firm performance when R&D intensity exceeds the second threshold of 4.77%.At the same time, there is a significant positive correlation between firm size and firm performance;the rate of assets and liabilities has significant negative effect to firm performance, and the effect of marketing intensity on firm performance is not significant
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Received: 02 September 2014
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