Exploring the Dynamic Relationship between R&D Expenditure and Firm Performance - The Case of the Electronic Industry

• Main Authors: Liu, Huei-Hsien, 劉慧賢
• Other Authors: Ding, Cherng
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/kfn7pp

碩士 === 國立交通大學 === 管理學院經營管理學程 === 106 === In an era of rapid change in modern science and technology, the importance of R&D investment has been rising, and relevant research topics have also been increasing. The positive effects of R&D expenditure on profitability, revenue, and market value have been widely discussed in the literature. However, the time factor was rarely taken into account. The purpose of this study is to address the dynamic relationship between R&D expenditure and firm performance. Data were collected from the Taiwan Economic Times (TEJ) database for the electronic industry in Taiwan for the recent five years (2012-2016). The results have indicated that the relationship between the change in R&D expenditure and the change in ROE/ROA is significantly negative. Moreover, the dynamic relationship between R&D expenditure and ROE/ROA is moderated by the industry type. We have summarized research findings and discussed some implications.