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首页> 外文期刊>International Journal of Innovation and Technology Management >R&D EXPENDITURE VOLATILITY AND FIRM PERFORMANCE: ORGANIZATIONAL AND ENVIRONMENTAL CONTEXTS
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R&D EXPENDITURE VOLATILITY AND FIRM PERFORMANCE: ORGANIZATIONAL AND ENVIRONMENTAL CONTEXTS

机译：研发支出的波动性和企业绩效：组织和环境环境

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摘要

A common view is that organizational slack diminishes firm performance by providing management the opportunity to invest in pet projects or to engage in empire-building. An opposing perspective argues that organizational slack enhances innovation by enabling firms to invest in promising new R&D projects as soon as they are discovered, or to maintain R&D during operating shortfalls. In this paper, we identify empirically a context within which organizational slack enhances firm performance. Recent research indicates that firms that proactively manage their R&D functions by frequently and substantially modifying R&D expenditure over time are superior performers. I find that higher levels of organizational slack increase the positive relationship between R&D expenditure volatility and firm performance. Evidence presented herein suggests that firms with superior access to discretionary funds held as slack use these resources to fund nascent R&D projects and to mitigate uncertainty, thus driving more commercially valuable innovation. This is one of the few studies providing empirical evidence of the practical value of organizational slack.
机译：普遍的看法是，组织松弛会通过为管理层提供投资宠物项目或进行帝国建设的机会来降低公司的绩效。一种相反的观点认为，组织松弛可以使公司在发现新的R＆D项目后立即进行投资，或者在运营缺口期间保持R＆D，从而增强创新。在本文中，我们从经验上确定了组织松弛可以增强公司绩效的环境。最近的研究表明，通过随时间推移频繁地大量修改研发支出而主动管理其研发职能的公司表现优异。我发现，较高的组织松弛水平会增加R＆D支出波动与公司绩效之间的正相关关系。本文提供的证据表明，拥有闲置的自由支配资金的企业可以利用这些资源为新生的R＆D项目提供资金并减轻不确定性，从而推动更具商业价值的创新。这是为组织松弛的实用价值提供经验证据的少数研究之一。

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