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Differences in the impact of R&D intensity and R&D internationalization on firm performance - Mediating role of innovation performance

机译:研发强度与研发国际化对企业绩效影响的差异 - 中调解绩效作用

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This paper investigates the mediating role of innovation performance in the effects of R&D intensity and R&D internationalization on firm performance, using 1540 firm-year observations from a balanced panel of 385 privately-owned firms listed on the Shanghai and Shenzhen stock exchanges. Results show a negative effect of R&D intensity on short-term (profitability) and positive effect on long-term (firm value) financial performance but no significant effect on export (sales) performance. In contrast, R&D internationalization has a positive effect on export performance but no significant effect on short- or long-term financial performance. Moreover, innovation performance (number of patents) partially mediates the impact of R&D intensity and R&D internationalization on firm performance and these effects vary based on firm age and size. Besides extending current literature on R&D investments, these results have useful implications for firms especially those from emerging markets with international R&D operations or those aiming to internationalize their R&D activities.
机译:本文调查了创新绩效在研发强度和研发国际化对企业绩效影响的影响中的调解作用,使用了来自上海和深圳股票交易所的385家私营公司的平衡小组的1540年的持平板绩效。结果显示R&D强度对短期(盈利)的负面影响,以及对长期(坚实的价值)财务业绩的积极影响,对出口(销售)表现没有显着影响。相比之下,研发国际化对出口业绩具有积极影响,但对短期或长期财务表现没有显着影响。此外,创新性能(专利数量)部分地调解研发强度和研发国际化对公司性能的影响,这些效果根据公司年龄和规模而有所不同。除了在研发投资上延长当前文献之外,这些结果对于企业特别有助于尤其是来自具有国际研发业务的新兴市场或旨在国际化其研发活动的人。

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