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R&D investments: The effects of different financial environments on firm profitability

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  • Karjalainen, Pasi
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    Abstract

    This study investigates the effects of a country's financial system on current R&D investments and the future profitability of the firm. My paper explores the association between R&D investments and the firms' future profitability in different financial environments. Empirical results from 10 countries reveal that as the proportion of a country's bank-based financing relative to market-based financing increases, the relationship between the R&D investments and the level of future firm profitability increases. Moreover, I find that the effects of R&D investments on the uncertainty of future firm profitability are similar in both market-based and bank-based financial environments.

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    File URL: http://www.sciencedirect.com/science/article/B6VGV-4N7SBPF-1/1/aa09060541f0149fb028c9225ced35b8
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Multinational Financial Management.

    Volume (Year): 18 (2008)
    Issue (Month): 2 (April)
    Pages: 79-93

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    Handle: RePEc:eee:mulfin:v:18:y:2008:i:2:p:79-93

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    Web page: http://www.elsevier.com/locate/mulfin

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