The influence of IPO on the relationship between a firm’s R&D and its performance

• Main Authors: Wei-Lun Liu, 劉瑋侖
• Other Authors: Shih-Min Lo
• Format: Others
• Language: en_US
• Online Access: http://ndltd.ncl.edu.tw/handle/52476180790747820242

碩士 === 國立暨南國際大學 === 國際企業學系 === 98 === This study uses a recent 25-year panel data of 1,333 IPO firms in Taiwan TSE and OTC stock markets, from 1985 to 2009, to conceive a model covering the triple connection of firm R&D, IPO, and its financial performance. The first theme for this research is about the relationship between firm R&D and financing performance. The other two topics to engage in is whether IPO provides a moderating effect to the relationship between R&D and firm performance, and the direct effect provided by IPO on firm performance, which seldom being discussed in previous studies. To investigate the difference between TSE and OTC markets in Taiwan, two dummy variables are added in regression models to represent for listing on the two different markets. According to empirical result, last-year R&D is negatively associated with current firm performance, while current R&D provides a positive effect. It is also proved that IPO negatively moderates the influence of R&D on firm performance in OTC market, while in TSE this effect is a positive one. And the direct effect of IPO on firm performance is negative in both TSE and OTC markets.