R&D expenditures, ultimate ownership and future performance: Evidence from China

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• 作者：Wang Ruiqi ^{wangruiqi0811@126.com} ; Fangjun Wang ; ^{wangfangjun@mail.xjtu.edu.cn} ; Luying Xu ^{xuly13@stu.xjtu.edu.cn} ; Changhong Yuan ^{chyuan@mail.xjtu.edu.cn}
• 关键词：R&D expenditures ; Ultimate ownership ; Voting rights ; Future performance ; Fuzzy-set Qualitative Comparative Analysis
• 刊名：Journal of Business Research
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：71
• 期：Complete
• 页码：47-54
• 全文大小：689 K
• 卷排序：71

文摘

This study examines the relationship between R&D expenditures and future performance, as well as the moderating effects of ultimate ownership on the relationship. Using a sample of 772 Chinese listed firms from 2007 to 2012, this study shows that R&D expenditures are positively related to firms' future performance and that the R&D expenditures of SOEs lead to better future performance than those of non-SOEs. In addition, the results also reveal that voting rights of ultimate owners positively moderate the R&D-performance relationship. We also adopt fuzzy-set Qualitative Comparative Analysis (fsQCA) to reveal the interdependent and interrelated nature of the explanatory predictors of future performance. The results of fsQCA further indicate that large-sized SOEs with concentrated ownership could attain higher future performance on R&D investments if there are more patent applications and capital and operating spending. These findings complement the R&D performance literature by simultaneously considering the combinatory effect of ultimate ownership and control ability.