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首页> 外文期刊>Management research >Determinants of R&D on European high technology industry: panel data evidence
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Determinants of R&D on European high technology industry: panel data evidence

机译：欧洲高科技产业研发的决定因素：面板数据证据

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摘要

Purpose - As high-tech industries are the main responsible for research and development (R&D), the purpose of this paper is to investigate some of the possible determinants of R&D investment in this type of industry. Design/methodology/approach - The analysis is based on a sample of European high-tech industries represented both by countries of civil law origin and common law origin. The authors used data from 155 high-tech firms in the period between 2011 and 2016. The sample was collected from Amadeus database. The panel data methodology was used to test the dependence of R&D expenses ratio according to different variables. Specifically, the authors have used the generalized method of moments (GMM) estimation method. Findings - The results point out that there are differences in the explanation of the R&D ratio depending on whether the authors are dealing with countries of civil legal origin or common legal origin. The evidence also suggests that the intangible assets, contrary to the expect result, have a negative influence on R&D. Probably in this recovery time, as de global financial crisis and the sovereign debt crisis for Eurozone countries, the high-tech firms are using their intangible assets to create value and not for more investments in R&D. Companies are not renewing their asset stocks. Originality/value - As high-tech companies are traditionally rich in R&D, this research can contribute with additional pieces to the knowledge of the factors that contribute to this. Thereby, this study may be interesting for managers, investors and civil society. This study adds value as it is unique in addressing this topic on this new dimension, with respect to the sample and indicators presented.
机译：目的 - 随着高新技术产业的主要负责研究和开发（研发），本文的目的是调查这种类型的研发投资的一些可能的决定因素。设计/方法/方法 - 分析是基于民法起源国家各国代表的欧洲高新技术产业样本。作者在2011年和2016年之间的期间使用了来自155家高科技公司的数据。来自Amadeus数据库中的样品。面板数据方法用于根据不同变量测试R＆D费用比率的依赖性。具体而言，作者使用了矩阵（GMM）估计方法的广义方法。调查结果 - 结果指出，根据提交人是否正在处理民事法律来源或共同法律来源的国家，对研发比的解释存在差异。有证据表明，与预期结果相反，无形资产对研发产生负面影响。可能在这次恢复时间，作为欧元区国家的全球金融危机和主权债务危机，高科技公司正在利用他们的无形资产来创造价值，而不是在研发方面的更多投资。公司不会更新其资产股票。原创性/价值 - 随着高科技公司传统上丰富的研发，该研究可以贡献额外的作品，以了解贡献这一点。因此，该研究可能对管理人员，投资者和民间社会有趣。本研究增加了价值，因为它在解决此新维度的情况下是独一无二的，而是关于所呈现的示例和指示符。

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  • 来源
    《Management research》 |2020年第3期|285-305|共21页
  • 作者

    Maria Neves; Joao Branco;

  • 作者单位

    Department of Finance Instituto Politecnhco de Coimbra Instituto Superior de Contabilidade e Administracao de Coimbra Coimbra Portugal and Universidade de Tras-os-Montes e Alto Douro CETRAD Portugal;

    Department of Mathematics Instituto Politecnico de Coimbra Instituto Superior de Engenharia de Coimbra Coimbra and University of Coimbra CMUC Portugal;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    RD; High technology industry; GMM system;

    机译：研发;高科技产业;GMM系统;

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