The determinants of R&D Investment:A Test of the Life Cycle Hypothesis

• Main Authors: Che-jen Hu, 胡哲仁
• Other Authors: none
• Format: Others
• Language: en_US
• Online Access: http://ndltd.ncl.edu.tw/handle/75653116441043707381

碩士 === 國立中正大學 === 會計與資訊科技所 === 96 === This study examines the moderating effects of firm life cycle stages on the relationship between three determinants (firm size, leverage and industry concentration) and R&D spending. This research is based on the financial data about Taiwanese Electronics Industry provided by the Taiwan Economics Journal. The empirical results indicate as follows. The negative impact of firm size on R&D spending is significant only when firms are at the growth stage. The negative impacts of leverage on R&D spending are significant across three life cycle stages. The strongest negative effect is discovered at the stagnant stage. And the positive impacts of industry concentration on R&D spending are also significant across three life cycle stages. But the positive effects are stronger at the growth stage than at the stagnant stage.