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Product market competition, R&D investment, and stock returns

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  1. Huang, Hua & Tao, Yunqing & Wang, Xueping & Feng, Chen & Ye, Yongwei, 2023. "Do board reforms in parent firms boost subsidiaries’ innovation?," Economic Modelling, Elsevier, vol. 125(C).
  2. Yin, Libo & Xin, Yu, 2024. "China's cognitive bias premium: An exploration of innovation information," International Review of Economics & Finance, Elsevier, vol. 96(PA).
  3. Abdoh, Hussein & Liu, Yu, 2021. "Does R&D intensity matter in the executive risk incentives and firm risk relationship?," Economic Modelling, Elsevier, vol. 96(C), pages 13-24.
  4. Ng, Joe Cho Yiu & Leung, Charles Ka Yui & Chan, Suikang, 2022. "Corporate Real Estate Holding and Stock Returns: International Evidence from Listed Companies," MPRA Paper 111691, University Library of Munich, Germany.
  5. Zaheer Anwer & Shamsher Mohamad & Wajahat Azmi & Akram Shavkatovich Hasanov, 2022. "Product market fluidity and religious constraints: evidence from the US market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 1761-1817, April.
  6. Kamuriwo, Dzidziso Samuel & Muradoglu, Gulnur & Sivaprasad, Sheeja & Malki, Issam, 2024. "Stock returns, industry concentration and firm expenditure decisions," Journal of Economics and Business, Elsevier, vol. 131(C).
  7. Amini, Shahram & Kumar, Raman & Shome, Dilip, 2024. "Product market competition and corporate investment: An empirical analysis," International Review of Economics & Finance, Elsevier, vol. 94(C).
  8. Sadaf Ali & Ajid ur Rehman & Muhammad Jawad & Munazza Naz, 2024. "Product market competition and investment efficiency nexus with mediating effect of firm risk-taking in Pakistan," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 21(3), pages 488-499, September.
  9. Liu, Hao & Gao, Ya-Chun, 2019. "The impact of corporate lifecycle on Fama–French three-factor model," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 513(C), pages 390-398.
  10. Gyimah, Daniel & Siganos, Antonios & Veld, Chris, 2021. "Effects of financial constraints and product market competition on share repurchases," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
  11. Sari, Dyah Wulan & Restikasari, Wenny & Ajija, Shochrul Rohmatul & Tarbiyah Islamia, Haura Azzara & Muchtar, Darmawati, 2021. "The Impacts of Foreign Direct Investment and Export Expansion on the Performance of the High-Tech Manufacturing Industry," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 55(2), pages 91-105.
  12. Deng, Kaihua & Liu, Qizhen, 2025. "Reevaluating the impact of FDI on industrial pollution: New evidence from microdata," Economic Modelling, Elsevier, vol. 143(C).
  13. Yuhui Dang & Jian Sun & Yang Zhao, 2024. "Retail shareholder activism and corporate innovation: evidence from investor interaction platforms in China," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(2), pages 1827-1858, April.
  14. Tseng, Kevin, 2022. "Learning from the Joneses: Technology spillover, innovation externality, and stock returns," Journal of Accounting and Economics, Elsevier, vol. 73(2).
  15. Xu, Jing & Li, Haizheng, 2023. "Managerial human capital and corporate R&D investment," Journal of Economic Behavior & Organization, Elsevier, vol. 213(C), pages 151-171.
  16. Kim, Incheol & Lee, Suin & Sharma, Bina, 2023. "Competition law reform and firm performance: Evidence from developing countries," Emerging Markets Review, Elsevier, vol. 56(C).
  17. Hussein Abdoh & Yu Liu, 2021. "Executive risk incentives, product market competition, and R&D," The Financial Review, Eastern Finance Association, vol. 56(1), pages 133-156, February.
  18. Guan, Yuexin & Pan, Wei-Fong & Tang, Siyu, 2024. "Female political leaders and R&D investment," Research in International Business and Finance, Elsevier, vol. 70(PB).
  19. Zhu, Yanli & Yin, Li & Lu, Xueyan, 2024. "Peer effects with multifaceted network dependence structures in R&D investment decisions: Evidence from Chinese listed firms," Research in International Business and Finance, Elsevier, vol. 70(PA).
  20. Katarzyna Platt, 2020. "Corporate Bonds And Product Market Competition," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(3), pages 615-647, August.
  21. Jia, Shaoqing & Yang, Liuyong & Zhou, Fangzhao, 2022. "Geopolitical risk and corporate innovation: Evidence from China," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
  22. Almaghrabi, Khadija S., 2023. "Local product market competition and investment home bias," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
  23. Xiaolu Xu & Leo L. Yang & Joseph H. Zhang, 2022. "How do auditors respond to client firms’ technological peer pressure? Evidence from going‐concern opinions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(9-10), pages 1553-1580, October.
  24. Chang Yu, 2024. "Short selling and firm investment efficiency," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 38(2), pages 191-237, June.
  25. Joe Cho Yiu Ng & Charles Ka Yui Leung & Suikang Chen, 2024. "Corporate Real Estate Holding and Stock Returns: Testing Alternative Theories with International Listed Firms," The Journal of Real Estate Finance and Economics, Springer, vol. 68(1), pages 74-102, January.
  26. Somé, Hyacinthe Y. & Valéry, Pascale, 2024. "Heterogeneity in the competition-cost of equity relation," International Review of Economics & Finance, Elsevier, vol. 95(C).
  27. Tung Lam Dang & Robert Faff & Hoang Luong & Lily Nguyen, 2019. "Individualistic cultures and crash risk," European Financial Management, European Financial Management Association, vol. 25(3), pages 622-654, June.
  28. Kong, Dongmin & Kong, Gaowen & Liu, Shasha & Zhu, Ling, 2022. "Does competition cause government decentralization? The case of state-owned enterprises," Journal of Comparative Economics, Elsevier, vol. 50(4), pages 1103-1122.
  29. Taussig, Roi D., 2021. "Competition risk and expected stock returns," Finance Research Letters, Elsevier, vol. 41(C).
  30. Suyun Chen & Yu Ji, 2022. "Do Corporate Social Responsibility Categories Distinctly Influence Innovation? A Resource-Based Theory Perspective," Sustainability, MDPI, vol. 14(6), pages 1-25, March.
  31. Chaeho Chase Lee & Erdal Atukeren & Hohyun Kim, 2024. "Knowledge Capital and Stock Returns during Crises in the Manufacturing Sector: Moderating Role of Market Share, Tobin’s Q, and Cash Holdings," Risks, MDPI, vol. 12(6), pages 1-23, June.
  32. Wan, Qunchao & Chen, Jin & Yao, Zhu & Yuan, Ling, 2022. "Preferential tax policy and R&D personnel flow for technological innovation efficiency of China's high-tech industry in an emerging economy," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
  33. Shih-Wei Hung, 2025. "Corporate social responsibility and knowledge capital: does corporate social responsibility promote accumulating knowledge capital?," Review of Quantitative Finance and Accounting, Springer, vol. 64(3), pages 1431-1452, April.
  34. Ryu, Doowon, 2022. "Product market competition and business groups in Korea," Finance Research Letters, Elsevier, vol. 47(PA).
  35. Oh, Jong-Min, 2017. "Absorptive capacity, technology spillovers, and the cross-section of stock returns," Journal of Banking & Finance, Elsevier, vol. 85(C), pages 146-164.
  36. Gao, Yuanqi & Zhang, Lingxiao & Li, Chuan & Luo, Qi, 2025. "Does R&D make stocks lottery-like?," International Review of Financial Analysis, Elsevier, vol. 97(C).
  37. Dyah Wulan Sari, 2019. "The Potential Horizontal and Vertical Spillovers from Foreign Direct Investment on Indonesian Manufacturing Industries," Economic Papers, The Economic Society of Australia, vol. 38(4), pages 299-310, December.
  38. Bustamante, Maria Cecilia & Zucchi, Francesca, 2023. "Innovation, industry equilibrium, and discount rates," Working Paper Series 2835, European Central Bank.
  39. Chi, Jianxin Daniel & Su, Xunhua & Tang, Yun & Xu, Bin, 2020. "Is language an economic institution? Evidence from R&D investment," Journal of Corporate Finance, Elsevier, vol. 62(C).
  40. Roland Standert, 2020. "R&D Spending and Stock Returns: Evidence from Germany," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 10(2), pages 68-75.
  41. Danmo Lin, 2023. "Accelerability vs. Scalability: R&D Investment Under Financial Constraints and Competition," Management Science, INFORMS, vol. 69(7), pages 4078-4107, July.
  42. Chen, Xian & Li, Yang & Xiao, Jihong & Wen, Fenghua, 2020. "Oil shocks, competition, and corporate investment: Evidence from China," Energy Economics, Elsevier, vol. 89(C).
  43. Ryu, Doowon, 2020. "The US–Korea free trade agreement as a shock to product market competition: Evidence from the Korean stock market," Finance Research Letters, Elsevier, vol. 35(C).
  44. Wan, Wei & Zhou, Fanqi & Liu, Lingjie & Fang, Libing & Chen, Xudong, 2021. "Ownership structure and R&D: The role of regional governance environment," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 45-58.
  45. Do, Trung K., 2024. "Asset redeployability and green innovation," Journal of Financial Stability, Elsevier, vol. 72(C).
  46. Adhikari, Binay K. & Agrawal, Anup & Malm, James, 2019. "Do women managers keep firms out of trouble? Evidence from corporate litigation and policies," Journal of Accounting and Economics, Elsevier, vol. 67(1), pages 202-225.
  47. Kim, Karam & Ryu, Doojin & Yang, Heejin, 2021. "Information uncertainty, investor sentiment, and analyst reports," International Review of Financial Analysis, Elsevier, vol. 77(C).
  48. Liu, Yuying, 2024. "Climate risk perception, female directors and greenwashing," Finance Research Letters, Elsevier, vol. 70(C).
  49. Xu, Yang & Huang, Wei & Zhang, Cherry Yi, 2024. "Navigating international competition with ESG: Insights from the US-China trade war," Research in International Business and Finance, Elsevier, vol. 70(PB).
  50. Wei-Fong Pan, 2019. "Geopolitical Risk and R&D investment," Economics Discussion Papers em-dp2019-11, Department of Economics, University of Reading.
  51. Abdoh, Hussein, 2023. "Rivals risk-taking incentives and firm corporate policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 90(C), pages 106-123.
  52. Sun, Pengfei & Yuan, Chunhui & Li, Xiaolong & Di, Jia, 2024. "Big data analytics, firm risk and corporate policies: Evidence from China," Research in International Business and Finance, Elsevier, vol. 70(PB).
  53. Ruixi Long & Shuyang Jia, 2023. "Foreground or background my social responsibility: impact of the trade war on the readability of corporate social responsibility disclosures," Information Technology and Management, Springer, vol. 24(1), pages 79-97, March.
  54. Yuan, Xuchuan & Nishant, Rohit, 2021. "Understanding the complex relationship between R&D investment and firm growth: A chaos perspective," Journal of Business Research, Elsevier, vol. 129(C), pages 666-678.
  55. Gareeva Yuliya & Dranev Yury & Kucherov Alexander, 2018. "The Impact of Innovation Capital on Firm Values," HSE Working papers WP BRP 79/STI/2018, National Research University Higher School of Economics.
  56. Jaspersen, Stefan, 2021. "Mutual Fund Bets on Market Power," CFR Working Papers 16-07, University of Cologne, Centre for Financial Research (CFR), revised 2021.
  57. Daragh O'Leary & Justin Doran & Bernadette Power, 2022. "Intensity of competition and firm innovative behavior," Economics and Business Letters, Oviedo University Press, vol. 11(2), pages 53-69.
  58. Kooli, Maher & Zhang, Aoran & Zhao, Yunfei, 2022. "How IPO firms' product innovation strategy affects the likelihood of post-IPO acquisitions?," Journal of Corporate Finance, Elsevier, vol. 72(C).
  59. Cumming, Douglas J. & Nguyen, Giang & Nguyen, My, 2022. "Product market competition, venture capital, and the success of entrepreneurial firms," Journal of Banking & Finance, Elsevier, vol. 144(C).
  60. Cornett, Marcia Millon & Erhemjamts, Otgontsetseg & Tehranian, Hassan, 2019. "Competitive environment and innovation intensity," Global Finance Journal, Elsevier, vol. 41(C), pages 44-59.
  61. Arif Khan, Muhammad & Qin, Xuezhi & Jebran, Khalil & Ullah, Irfan, 2020. "Uncertainty and R&D investment: Does product market competition matter?," Research in International Business and Finance, Elsevier, vol. 52(C).
  62. Gatchev, Vladimir A. & Pirinsky, Christo A. & Venugopal, Buvaneshwaran, 2022. "A language-based approach to measuring creative exploration," Research Policy, Elsevier, vol. 51(1).
  63. Muhammad Arif Khan & Meng Bin & Chunlin Wang & Hazrat Bilal & Arshad Ali Khan & Irfan Ullah & Amjad Iqbal & Mohib Ur Rahman, 2023. "Impact of R&D on Firm Performance: Do Ownership Structure and Product Market Competition Matter?," SAGE Open, , vol. 13(4), pages 21582440231, November.
  64. Zhang, Xiaoqian & Yu, Mingqiang & Chen, Gaoquan, 2020. "Does mixed-ownership reform improve SOEs' innovation? Evidence from state ownership," China Economic Review, Elsevier, vol. 61(C).
  65. Chen, Yugang & Lu, Jihua & Ma, Weidong & Kumar, Satish & Shahab, Yasir, 2024. "Dispersion in news sentiment and M&As outcomes," Research in International Business and Finance, Elsevier, vol. 71(C).
  66. Senarathne Chamil W. & Long Wei, 2019. "Industry Competition and Common Stock Returns," Management Sciences. Nauki o Zarządzaniu, Sciendo, vol. 24(3), pages 24-35, September.
  67. Lu, Sean, 2020. "The explanatory power of R&D for the stock returns in the Chinese equity market," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
  68. Babar, Md. & Habib, Ahsan, 2021. "Product market competition in accounting, finance, and corporate governance: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 73(C).
  69. Konan Chan & Mei‐Xuan Li & Chu‐Bin Lin & Yanzhi Wang, 2022. "Organization capital effect in stock returns—The role of R&D," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1237-1263, July.
  70. Bereskin, Fred & Hsu, Po-Hsuan & Latham, William & Wang, Huijun, 2023. "So Sue Me! The cross section of stock returns related to patent infringement allegations," Journal of Banking & Finance, Elsevier, vol. 148(C).
  71. Fu, Tong & Jian, Ze, 2018. "Property rights protection, financial access and corporate R&D: Evidence from a large representative sample of Chinese firms," Economic Systems, Elsevier, vol. 42(2), pages 332-345.
  72. Liu, Yong-Chin & Chen, Hsiang-Ju & Su, Ming-Chang, 2017. "Product market competition, type of mergers, and post-merger performance in Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 46(PB), pages 292-308.
  73. Tong Fu & Ze Jian & Youwei Li, 2023. "How state ownership affects corporate R&D: An inverted‐U‐shaped relationship," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 3183-3197, July.
  74. Chen, Zhibin & Xu, Yibin & Tian, Zongtao & Meng, Xu, 2022. "The Impact of Social Insurance Law on Corporate Innovation: Evidence from a quasi-natural experiment," Economic Modelling, Elsevier, vol. 111(C).
  75. Guanming He & Yun Sun & April Zhichao Li, 2024. "Does analysts’ industrial concentration affect the quality of their forecasts?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 38(1), pages 37-91, March.
  76. Chiu, Junmao & Chen, Chin-Ho & Cheng, Chung-Chieh & Hung, Shih-Chang, 2021. "Knowledge capital, CEO power, and firm value: Evidence from the IT industry," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
  77. Huong Le & Andros Gregoriou & Tung Nguyen, 2023. "Advertising, product market competition and stock returns," Review of Quantitative Finance and Accounting, Springer, vol. 60(4), pages 1605-1628, May.
  78. Cheng, Jie & Huang, Dan & Wu, Yanling, 2023. "Managerial perception on competition and strategic R&D decisions1," Economic Modelling, Elsevier, vol. 123(C).
  79. Li, Tianpei (Constance) & Walton, Stephanie, 2023. "Is there a dark side of competition? Product market competition and auditor-client contracting," Advances in accounting, Elsevier, vol. 62(C).
  80. Machokoto, Michael & Gyimah, Daniel & Ntim, Collins G., 2021. "Do peer firms influence innovation?," The British Accounting Review, Elsevier, vol. 53(5).
  81. Li, Scott & Liu, Qianqiu & Refalo, James, 2020. "Industry classification, product market competition, and firm characteristics," Finance Research Letters, Elsevier, vol. 36(C).
  82. Liuyang Ren & Xi Zhong & Liangyong Wan, 2022. "Defending the shell: differential effects of delisting pressure on R&D intensity and bribery expenditure," Review of Managerial Science, Springer, vol. 16(5), pages 1437-1470, July.
  83. Brandão, Luiz E. & Fernandes, Gláucia & Dyer, James S., 2018. "Valuing multistage investment projects in the pharmaceutical industry," European Journal of Operational Research, Elsevier, vol. 271(2), pages 720-732.
  84. Liu, Xin & Yin, Chengxi & Zheng, Weinan, 2021. "The invisible burden," Journal of Financial Markets, Elsevier, vol. 52(C).
  85. Blajer-Gołębiewska, Anna & Honecker, Lukas & Nowak, Sabina, 2024. "Investor sentiment response to COVID-19 outbreak-related news: A sectoral analysis of US firms," The North American Journal of Economics and Finance, Elsevier, vol. 71(C).
  86. Liu Yang & Junting Tan & Weiyi Xia & Zhaomei Chi & Han Qin & Quanxin Gan & Qin Yang, 2022. "Corporate Performance, Market-Industry Competition and Enterprise Environmental-Protection Investment," Sustainability, MDPI, vol. 14(9), pages 1-19, May.
  87. Wang, Ting & Xu, Jiani & Yang, Liuyong, 2024. "Financial geographic density and corporate financial asset holdings: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
  88. Lin, Yan & Liu, Yijia & Chan, Kam C., 2021. "Political connections and product market competition: Effects and channels," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 801-816.
  89. Tze Chuan (Chewie) Ang & Tarun Chordia & Vivian Van-Anh Mai & Harminder Singh, 2022. "The Marketing Capability Premium [Formulation and estimation of stochastic frontier production function models]," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 12(4), pages 918-959.
  90. Zhang, Zhou, 2023. "Competition, investment reversibility, and equity risk premium," Journal of Banking & Finance, Elsevier, vol. 154(C).
  91. Nidhi Kaicker & Radhika Aggarwal, 2023. "Market Structure and Firm Level Returns: The Indian Evidence," International Journal of Global Business and Competitiveness, Springer, vol. 18(1), pages 59-69, June.
  92. Khoa Dang Duong & Tran Ngoc Huynh & Linh Thi Diem Truong, 2025. "How do intangible assets and financial constraints affect stock returns in Vietnam before and during the COVID‐19 pandemic?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 315-329, January.
  93. Zhou, Xiaoxiao & Dai, Mengsi & Ma, Xiaowei & Charles, Vincent & Shahzad, Umer & Zhao, Xin, 2024. "Economic policy uncertainty and the inhibitory effect of firms' green technology innovation," Global Finance Journal, Elsevier, vol. 60(C).
  94. Dachen Sheng & Heather Montgomery, 2022. "Should Firms in Emerging Markets Invest in R&D? Evidence from China’s Manufacturing Sector," JRFM, MDPI, vol. 15(11), pages 1-17, November.
  95. Leung, Woon Sau & Evans, Kevin P. & Mazouz, Khelifa, 2020. "The R&D anomaly: Risk or mispricing?," Journal of Banking & Finance, Elsevier, vol. 115(C).
  96. Martins, António Miguel & Cró, Susana, 2022. "Airline stock markets reaction to the COVID-19 outbreak and vaccines: An event study," Journal of Air Transport Management, Elsevier, vol. 105(C).
  97. Brice Kamguia & Joseph Keneck‐Massil & Henri Njangang & Sosson Tadadjeu, 2024. "Sophistication gap between countries: The effect of research and development expenditure," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 32(3), pages 739-778, July.
  98. Kim, JooMan & Yang, Insun & Yang, Taeyong & Koveos, Peter, 2021. "The impact of R&D intensity, financial constraints, and dividend payout policy on firm value," Finance Research Letters, Elsevier, vol. 40(C).
  99. Bui Quang Tuyen & Mai Thanh Lan & Ta Huy Hung & Do Vu Phuong Anh, 2025. "The influence of innovation on firm risk: the moderating role of social networks," Risk Management, Palgrave Macmillan, vol. 27(1), pages 1-21, February.
  100. Xiang, Erwei & Gasbarro, Dominic & Cullen, Grant & Ruan, Wenjuan, 2020. "Does R&D expenditure volatility affect stock return?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(3).
  101. Yu, Gun Jea & Hong, KiHoon, 2016. "Patents and R&D expenditure in explaining stock price movements," Finance Research Letters, Elsevier, vol. 19(C), pages 197-203.
  102. Chen Wang & Jack Strauss & Lei Zheng, 2021. "High-Speed Railway Opening and Corporate Fraud," Sustainability, MDPI, vol. 13(23), pages 1-23, December.
  103. Chen, Li-Yu & Lai, Jung-Ho & Chang, Shao-Chi, 2017. "The long-term performance of new product introductions," Finance Research Letters, Elsevier, vol. 20(C), pages 162-169.
  104. Liu, Yurou, 2023. "Judicial independence and crash risk: Evidence from a natural experiment in China," Journal of Corporate Finance, Elsevier, vol. 83(C).
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