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Do Large Firms Benefit More From R&D Investment?

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  • Oyakhilome Ibhagui

Abstract

We examine the importance of firm size in the relationship between research & development (R&D) and firm performance. Our empirical analysis, based on data drawn from Nasdaq-listed companies for the period 2002 to 2017, shows that R&D can have effects of varying magnitudes on firm performance, depending on firm size. When R&D weakens firm performance, the negative effects are more pronounced for small-sized firms, but when the impact of R&D is positive, leading to an improvement in firm performance from increased R&D, largesized firms tend to reap most of the benefits. Accordingly, we show that firm size matters in understanding the scale of the impact of R&D on firm performance.

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Handle: RePEc:sng:ejae01:118
DOI: 10.5937/EJAE16-21770
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File URL: https://journal.singidunum.ac.rs/files/2019-16-2/do-large-firms-benefit-more-from-rd-investment.pdf
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