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Influence of industry R&D intensity on corporate product diversification: interaction effect of free cash flow

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  • Jose I. Galan
  • Maria J. Sanchez

Abstract

This study analyzes the effect of industry R&D intensity on the degree of product diversification and examines the interaction effect of free cash flow on the previous relationship at the current time in large US firms. Using the S&P 500 sample, we found support for the hypothesis that industry R&D intensity has a positive impact on the degree of product diversification. On the contrary, this study has found partial support for the hypothesis that free cash flow positively affects the previous relationship. Copyright 2006, Oxford University Press.

Suggested Citation

  • Jose I. Galan & Maria J. Sanchez, 2006. "Influence of industry R&D intensity on corporate product diversification: interaction effect of free cash flow," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 15(3), pages 531-547, June.
    • Handle: RePEc:oup:indcch:v:15:y:2006:i:3:p:531-547
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    Cited by:

    1. Alexander Eickelpasch, 2014. "R&D Behavior of German Manufacturing Companies during the 2008/09 Recession," Discussion Papers of DIW Berlin 1357, DIW Berlin, German Institute for Economic Research.
    2. Luis R. Gomez‐Mejia & Marianna Makri & Martin Larraza Kintana, 2010. "Diversification Decisions in Family‐Controlled Firms," Journal of Management Studies, Wiley Blackwell, vol. 47(2), pages 223-252, March.

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