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The effect of R&D investment on firm value: An examination of US manufacturing and service industries

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  1. Netty Merdiaty & Neil Aldrin & Delon Y N Runtu, 2019. "Role of servant leadership on quality of work life (QWL) and work conflict with adversity quotient as mediator," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 8(6), pages 88-95, October.
  2. Jaehong Lee & Young Soo Yang, 2019. "International Strategy, R&D Intensity, and Sustainable Earnings of Biotech Firms," Sustainability, MDPI, vol. 11(17), pages 1-17, September.
  3. Kroes, James R. & Manikas, Andrew S., 2014. "Cash flow management and manufacturing firm financial performance: A longitudinal perspective," International Journal of Production Economics, Elsevier, vol. 148(C), pages 37-50.
  4. Ali Ostadhashemi & Muhammad Esmaeil Fadaei Nejad, 2019. "To study moderating role of ownership structure on R&D expenditure policies on accounting performance and market value," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 6(01), pages 1-18, March.
  5. Yi Feng & Mohammad Zoynul Abedin & Yunqiang Yin & Dujuan Wang & Edwin Tai Chiu Cheng & Kristof Coussement, 2025. "An adaptive heterogeneous ensemble learning method for multi-dimensional company performance decision-making," Annals of Operations Research, Springer, vol. 353(2), pages 693-725, October.
  6. Karakoç, Bahadır, 2025. "Credit where it's due: The synergy of trade credit and innovation in R&D-driven firms," International Journal of Production Economics, Elsevier, vol. 283(C).
  7. Iordanis Kalaitzoglou & Hui Pan & Jacek Niklewski, 2021. "Corporate social responsibility: How much is enough? A higher dimension perspective of the relationship between financial and social performance," Annals of Operations Research, Springer, vol. 306(1), pages 209-245, November.
  8. Chang, Kai & Xue, Chenqi & Zhang, Huijia & Zeng, Yonghong, 2022. "The effects of green fiscal policies and R&D investment on a firm's market value: New evidence from the renewable energy industry in China," Energy, Elsevier, vol. 251(C).
  9. Herman Belgraver & Ernst Verwaal, 2018. "Organizational capital, production factor resources, and relative firm size in strategic equity alliances," Small Business Economics, Springer, vol. 50(4), pages 825-849, April.
  10. Mithun Nandy, 2020. "Is There Any Impact of R&D on Financial Performance? Evidence from Indian Pharmaceutical Companies," FIIB Business Review, , vol. 9(4), pages 319-334, December.
  11. Afrifa, Godfred Adjapong & Amankwah-Amoah, Joseph & Yamoah, Fred & Acquaye, Adolf & Syllias, Johnny & Quaye, Enoch Nii Boi, 2022. "Regional development, innovation systems and service companies’ performance," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
  12. Hsiao, Shu-Hua, 2014. "PTE, innovation capital and firm value interactions in the biotech medical industry," Journal of Business Research, Elsevier, vol. 67(12), pages 2636-2644.
  13. Başak Dalgıç & Burcu Fazlıoğlu, 2021. "Innovation and firm growth: Turkish manufacturing and services SMEs," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 11(3), pages 395-419, September.
  14. Suh, Yongyoon & Kim, Moon-Soo, 2014. "Internationally leading SMEs vs. internationalized SMEs: Evidence of success factors from South Korea," International Business Review, Elsevier, vol. 23(1), pages 115-129.
  15. Nur LISTIANI & Supramono SUPRAMONO, 2020. "Sustainable Growth Rate: Between Fixed Asset Growth and Firm Value," Management and Economics Review, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 5(1), pages 147-159, June.
  16. Fan Ren, 2024. "Does Government Environmental Concern Affect Enterprise Sustainable Development? Evidence from China," Sustainability, MDPI, vol. 16(21), pages 1-21, November.
  17. Mariya V. Podshivalova & Sattar K.Kh. Almrshed, 2021. "Managing the innovation potential of small high-tech enterprises," Upravlenets, Ural State University of Economics, vol. 12(4), pages 16-27, September.
  18. Chaeho Chase Lee & Hohyun Kim & Erdal Atukeren, 2024. "The Impact of Knowledge Capital and Organization Capital on Stock Performance during Economic Crises: The Moderating Role of a Generalist CEO," JRFM, MDPI, vol. 17(5), pages 1-27, May.
  19. Vithessonthi, Chaiporn & Racela, Olimpia C., 2016. "Short- and long-run effects of internationalization and R&D intensity on firm performance," Journal of Multinational Financial Management, Elsevier, vol. 34(C), pages 28-45.
  20. Chen, Yiqi & Ibhagui, Oyakhilome W., 2019. "R&D-firm performance nexus: New evidence from NASDAQ listed firms," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
  21. Lee, Chien-Chiang & Wang, Chih-Wei & Liu, Fengyun, 2024. "Does green credit promote the performance of new energy companies and how? The role of R&D investment and financial development," Renewable Energy, Elsevier, vol. 235(C).
  22. Lin Liang & Yan Li & Dongheng Han, 2025. "The Dual-Pathway Effect of Organizational Resilience on Firm Market Value in China: A Double-Edged Sword," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(4), pages 14528-14552, October.
  23. Machokoto, Michael & Gyimah, Daniel & Kadzima, Marvelous & Kamuriwo, Dzidziso Samuel, 2025. "Ripple effects of innovation: How does peer influence shape corporate innovation across countries?," The British Accounting Review, Elsevier, vol. 57(4).
  24. Gilseung Ahn & You-Jin Park & Sun Hur, 2017. "Probabilistic Graphical Framework for Estimating Collaboration Levels in Cloud Manufacturing," Sustainability, MDPI, vol. 9(2), pages 1-17, February.
  25. Edson Vengesai, 2023. "Unveiling the Role of Investment Tangibility on Financial Leverage: Insights from African-Listed Firms," Risks, MDPI, vol. 11(11), pages 1-19, November.
  26. Oscar Andrés Acuña-Muñoz, 2021. "Design and validation of an instrument for measuring socio-cultural and demographic factors that impact the adoption of an innovative financial service," TEC Empresarial, School of Business, Costa Rica Institute of Technology (ITCR), vol. 15(2), pages 68-98.
  27. KOVAC Ivana, 2020. "Importance of Technological Capabilities for Achievement Competitive Advantage of Croatian Export Firms," Journal of Economic and Social Development, Clinical Journals Press, vol. 7(01), pages 01-06.
  28. Jian Hou & Jiancheng Chen & Hongfeng Song & Gang Wang, 2018. "Are Non-R&D Innovation Activities Actually Effective for Innovation Sustainability? Empirical Study from Chinese High-Tech Industry," Sustainability, MDPI, vol. 11(1), pages 1-14, December.
  29. Wenbin Sun & Rahul Govind, 2022. "A New Understanding of Marketing and “Doing Good”: Marketing’s Power in the TMT and Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 176(1), pages 89-109, February.
  30. Muhammad Usman Yousaf & Muhammad Kashif Khurshid & Aftab Ahmed & Muhammad Zulfiqar, 2019. "Empirical investigation of relationship between research and development intensity and firm performance: The role of ownership structure and board structure," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 6(02), pages 1-27, June.
  31. Parast, Mahour M., 2022. "Toward a contingency perspective of organizational and supply chain resilience," International Journal of Production Economics, Elsevier, vol. 250(C).
  32. Zhaoyang Guo & Siyu Hou & Qingchang Li, 2020. "Corporate Social Responsibility and Firm Value: The Moderating Effects of Financial Flexibility and R&D Investment," Sustainability, MDPI, vol. 12(20), pages 1-17, October.
  33. Alam, Ashraful & Uddin, Moshfique & Yazdifar, Hassan & Shafique, Sujana & Lartey, Theophilus, 2020. "R&D investment, firm performance and moderating role of system and safeguard: Evidence from emerging markets," Journal of Business Research, Elsevier, vol. 106(C), pages 94-105.
  34. Evans Opoku-Mensah & Yuming Yin & Bismark Addai, 2021. "Do Mature Firms Gain Higher Economic Value from R&D Investment?," Journal of Industry, Competition and Trade, Springer, vol. 21(2), pages 211-223, June.
  35. Shamir, Noam & Zvilichovsky, David, 2022. "Dynamic reputation, project selection and market efficiency: The importance of small projects," International Journal of Production Economics, Elsevier, vol. 248(C).
  36. Nguyen, Phong Thanh & Nguyen, Linh Thi My, 2022. "Understanding platform market value through decentralization governance — An integrative model from signaling and mechanism design theory," Technological Forecasting and Social Change, Elsevier, vol. 183(C).
  37. Hou, Ruiqi & de Koster, René & Yu, Yugang, 2018. "Service investment for online retailers with social media—Does it pay off?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 118(C), pages 606-628.
  38. Ugur, Mehmet & Trushin, Eshref & Solomon, Edna, 2016. "Inverted-U relationship between R&D intensity and survival: Evidence on scale and complementarity effects in UK data," Research Policy, Elsevier, vol. 45(7), pages 1474-1492.
  39. Machokoto, Michael & Gyimah, Daniel & Ntim, Collins G., 2021. "Do peer firms influence innovation?," The British Accounting Review, Elsevier, vol. 53(5).
  40. Govindan, Kannan & Rajeev, A. & Padhi, Sidhartha S. & Pati, Rupesh K., 2020. "Supply chain sustainability and performance of firms: A meta-analysis of the literature," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 137(C).
  41. Kseniia Boiko, 2022. "R&D activity and firm performance: mapping the field," Management Review Quarterly, Springer, vol. 72(4), pages 1051-1087, December.
  42. Rath, Badri Narayan, 2018. "Productivity growth and efficiency change: Comparing manufacturing- and service-based firms in India," Economic Modelling, Elsevier, vol. 70(C), pages 447-457.
  43. Siyuan Wang & Linglan Huang, 2022. "A Study of the Relationship between Corporate Culture and Corporate Sustainable Performance: Evidence from Chinese SMEs," Sustainability, MDPI, vol. 14(13), pages 1-22, June.
  44. Nguyen, Minh Hong & Trinh, Vu Quang, 2023. "U.K. economic policy uncertainty and innovation activities: A firm-level analysis," Journal of Economics and Business, Elsevier, vol. 123(C).
  45. Woo Sung Kim & Kunsu Park & Sang Hoon Lee & Hongyoung Kim, 2018. "R&D Investments and Firm Value: Evidence from China," Sustainability, MDPI, vol. 10(11), pages 1-17, November.
  46. Murat Ocak & Derya Fındık, 2019. "The Impact of Intangible Assets and Sub-Components of Intangible Assets on Sustainable Growth and Firm Value: Evidence from Turkish Listed Firms," Sustainability, MDPI, vol. 11(19), pages 1-23, September.
  47. Yoon‐Hee Ha & John Byrne & Hae‐Seok Lee & Ye‐Jin Lee & Dong‐Hwan Kim, 2020. "Assessing the impact of R&D policy on PV market development: The case of South Korea," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 9(2), March.
  48. Ana Santos & Ana Bandeira & Patrícia Ramos, 2024. "The Impact of Research and Development Investment on the Performance of Portuguese Companies," Risks, MDPI, vol. 12(8), pages 1-13, August.
  49. Brent Lao & Sheng Yi, 2021. "Financial misreporting and peer firms' operational efficiency," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 387-413, March.
  50. Dejan Ravšelj & Aleksander Aristovnik, 2020. "The Impact of R&D Expenditures on Corporate Performance: Evidence from Slovenian and World R&D Companies," Sustainability, MDPI, vol. 12(5), pages 1-20, March.
  51. Peng Xiao & Xiaoxia Sun, 2022. "Does internationalization strategy promote enterprise innovation performance?—The moderating effect of environmental complexity," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 1721-1733, September.
  52. Tang, Hui-Wen & Chang, Chong-Chuo, 2024. "CEO overconfidence, risk-taking, and firm value: Influence of incentive compensation and financial constraints," The North American Journal of Economics and Finance, Elsevier, vol. 69(PA).
  53. Gunday, Gurhan & Ulusoy, Gunduz & Kilic, Kemal & Alpkan, Lutfihak, 2011. "Effects of innovation types on firm performance," International Journal of Production Economics, Elsevier, vol. 133(2), pages 662-676, October.
  54. Singh, Ashutosh & Bag, Surajit & Choi, Tsan-Ming & Munjal, Surender, 2024. "Managing risk concerns with ordered backlogs in the semiconductor industry: An empirical study," International Journal of Production Economics, Elsevier, vol. 275(C).
  55. Juan Vicente García Manjón & Rafael Mompó & Judith Redoli, 2016. "Accelerating Innovation in Small and Medium-Sized Enterprises in the ICT Services Sector," SAGE Open, , vol. 6(3), pages 21582440166, September.
  56. Sun, Xian & Xiong, Xiaoyan, 2025. "ESG performance and corporate innovation," Research in International Business and Finance, Elsevier, vol. 76(C).
  57. Parast, Mahour Mellat, 2020. "The impact of R&D investment on mitigating supply chain disruptions: Empirical evidence from U.S. firms," International Journal of Production Economics, Elsevier, vol. 227(C).
  58. Junmin Wang, 2019. "Legal Unfairness, Entrepreneurship And Innovation In China," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 24(03), pages 1-30, September.
  59. Ramadani, Veland & Hisrich, Robert D. & Abazi-Alili, Hyrije & Dana, Léo-Paul & Panthi, Laxman & Abazi-Bexheti, Lejla, 2019. "Product innovation and firm performance in transition economies: A multi-stage estimation approach," Technological Forecasting and Social Change, Elsevier, vol. 140(C), pages 271-280.
  60. Adcock, Christopher & Hua, Xiuping & Mazouz, Khelifa & Yin, Shuxing, 2014. "Does the stock market reward innovation? European stock index reaction to negative news during the global financial crisis," Journal of International Money and Finance, Elsevier, vol. 49(PB), pages 470-491.
  61. Guo, Feng & Zou, Bo & Zhang, Xiaofei & Bo, Qingwen & Li, Kai, 2020. "Financial slack and firm performance of SMMEs in China: Moderating effects of government subsidies and market-supporting institutions," International Journal of Production Economics, Elsevier, vol. 223(C).
  62. Rubén Martínez-Alonso & María J. Martínez-Romero & Alfonso A. Rojo-Ramírez, 2019. "Examining the Impact of Innovation Forms on Sustainable Economic Performance: The Influence of Family Management," Sustainability, MDPI, vol. 11(21), pages 1-22, November.
  63. Madhuritha Murali & Parthajit Kayal & Prantik Bagchi, 2026. "Innovating for Sustained Growth: The Impact of R&D and Intangible Assets on the Performance of Indian Companies," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 25(1), pages 114-143, March.
  64. Namryoung Lee & Jaehong Lee, 2019. "R & D Intensity and Dividend Policy: Evidence from South Korea’s Biotech Firms," Sustainability, MDPI, vol. 11(18), pages 1-21, September.
  65. L. M. Daphne Yiu & Hugo K. S. Lam & Andy C. L. Yeung & T. C. E. Cheng, 2020. "Enhancing the Financial Returns of R&D Investments through Operations Management," Production and Operations Management, Production and Operations Management Society, vol. 29(7), pages 1658-1678, July.
  66. Ljiljana Bozic, 2020. "Sources of Business Growth at Different Levels of Innovativeness: Case of Firms in EU Countries," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 18(2 (Summer), pages 127-145.
  67. 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.
  68. Claudia Magali Solarte Solarte & Gloria Alicia Rivera Vallejo & Sandra Lucía Bolaños Delgado & Luis Eduardo Benavides Pupiales, 2022. "Diagnóstico de la innovación en el sector de producción de alimentos y bebidas de Pasto," Revista Tendencias, Universidad de Narino, vol. 23(2), pages 78-99.
  69. 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.
  70. Wei‐Kang Wang & Wen‐Min Lu & Qian Long Kweh & Hoang Tu Nhi Truong, 2020. "What do U.S. biopharmaceutical companies get from patents and research and development spikes for their dynamic corporate performance?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(5), pages 762-770, July.
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