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首页> 外文期刊>Journal of Business Research >How does inconsistent negative performance feedback affect the R&D investments of firms? A study of publicly listed firms
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How does inconsistent negative performance feedback affect the R&D investments of firms? A study of publicly listed firms

机译：不一致的负面绩效反馈如何影响公司的研发投资？关于公开上市公司的研究

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摘要

We analyze the innovation incentives of firms in a model in which a firm's R&D investment is endogenous to performance comparisons due to performance feedback from historical and social comparisons. Performance feedback reveals relevant information to managers, improves their real decisions, and enhances their innovation efforts. This feedback effect has an asymmetric effect on R&D investing behavior: inconsistent (consistent) performance feedback decreases (increases) the R&D intensity of the firm. Such inconsistency gives rise to an endogenous limit to problemistic searches, whereby managers will refrain from initiating problemistic searches and increase R&D investment based on inconsistent negative performance feedback. Thus, inconsistent feedback is incorporated more slowly into R&D investments than consistent feedback, potentially leading to low R&D investment. Moreover, family control strengthens this asymmetry. Compared with non-family firms, the negative impact of inconsistent negative feedback on R&D investment is stronger in family firms.
机译：我们分析了一个模型中公司的创新激励措施，其中公司的研发投资是由于历史和社会比较的绩效反馈而对性能比较的内容。绩效反馈显示管理者的相关信息，提高了他们的实际决策，并提高了他们的创新努力。该反馈效果对研发投资行为具有不对称影响：不一致（一致）性能反馈降低（增加）该公司的研发强度。这种不一致导致了对问题主义搜索的内源性限制，由此管理人员将不引发问题搜索并根据不一致的负面性能反馈提高研发投资。因此，不一致的反馈更慢地进入研发投资，而不是一致的反馈，可能导致低研发投资。此外，家庭控制增强了这种不对称性。与非家庭企业相比，家庭公司不一致的负面反馈对研发投资的负面影响更强。

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