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The impact of R&D tax incentive programs on the performance of innovative companies

机译：研发税收激励计划对创新型公司绩效的影响

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Purpose - This study aims to explore the influence of corporate taxation on the performance of innovative companies under various research and development (R&D) tax incentive programs. Design/methodology/approach - The empirical model is based on the data of 520 companies for period 2007-2016. This model includes return on assets as the main proxy for performance and effective tax rate as a main explanatory variable. Controlling for other known determinants, the authors divide the sample into the subsamples to control for the various R&D tax incentive programs. The fact that the model includes the lagged explanatory variable of performance the Blundell-Bond model was applied. Findings - The authors found evidence that corporate taxation has a significant impact on performance, but the direction could be ambiguous. Impact of the corporate tax rate on performance in general sample is significantly negative, which is consistent with results obtained by authors for the non-innovative companies. However, for further examination, the authors use subsamples of companies with different R&D tax incentive programs. The effect of corporate tax becomes positive under the patent box program only. Moreover, under various R&D tax incentive program, the impact of main control variables has changed. Therefore, the authors conclude that not only corporate taxation but also R&D tax incentive programs significantly influence the performance of innovative companies. Research limitations/implications - The data are limited due to fragmented information disclosure about the R&D tax incentive program used. Thus, a different data set might reveal new information and correlation between variable on the same topic. Moreover, the authors do not cover all R&D tax incentive programs, which are specified for companies and countries. However, the study fills the gap between corporate taxation, performance and innovative companies. As the significant result was found the further research is important. The study contributes not only in the field of research but also a practical one. The choice of R&D tax incentive program influences main indicators of companies' performance so it may change the behavior of the investors and decision-making managers of the companies. Originality/value - Given the increasing interest in the topic of innovative companies, this study fills the gap between corporate taxation in innovative companies and performance. In addition, the importance of R&D tax incentive programs as a feature of innovative companies was found.
机译：目的-这项研究旨在探讨在各种研究与开发（R＆D）税收激励计划下，公司税收对创新型公司绩效的影响。设计/方法/方法-实证模型基于520家公司2007-2016年的数据。该模型将资产收益率作为业绩的主要替代指标，并将有效税率作为主要的解释变量。为了控制其他已知的决定因素，作者将样本划分为子样本，以控制各种研发税收优惠计划。该模型包括对性能的滞后解释变量的事实，因此应用了Blundell-Bond模型。调查结果-作者发现有证据表明公司税会对绩效产生重大影响，但方向可能不明确。一般样本中公司税率对业绩的影响是显着的负面影响，这与作者对非创新公司的结果一致。但是，为进一步检查，作者使用了具有不同研发税收激励计划的公司的子样本。仅在“专利盒”计划下，公司税的影响才变得积极。此外，在各种研发税收激励计划下，主要控制变量的影响已经改变。因此，作者得出的结论是，不仅公司税收而且研发税收激励计划也对创新公司的业绩产生重大影响。研究局限性/含义-由于所使用的研发税收激励计划的信息披露分散，因此数据有限。因此，不同的数据集可能揭示同一主题上新的信息和变量之间的相关性。此外，作者并未涵盖针对公司和国家/地区指定的所有研发税收优惠计划。但是，该研究填补了公司税收，绩效和创新型公司之间的空白。由于发现了重要的结果，进一步的研究很重要。该研究不仅在研究领域做出贡献，而且在实践领域也做出了贡献。研发税收激励计划的选择会影响公司绩效的主要指标，因此可能会改变投资者和公司决策者的行为。原创性/价值-鉴于对创新型公司主题的兴趣日益浓厚，本研究填补了创新型公司的公司税收与绩效之间的空白。此外，还发现了研发税收激励计划作为创新型公司特色的重要性。

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