The Impact of Research and Development Investment on the Performance of Portuguese Companies

被引：0
|
作者：
Santos, Ana [1 ]
Bandeira, Ana [2 ]
Ramos, Patricia [2 ,3 ]
机构：
[1] Polytech Porto, ISCAP, P-4465004 Porto, Portugal
[2] Polytech Porto, ISCAP, CEOSPP, P-4465004 Porto, Portugal
[3] INESC TEC, P-4200465 Porto, Portugal
来源：
RISKS | 2024年 / 12卷 / 08期
关键词：
intangible assets; investment; R&D; financial performance; generalized method of moments; INTANGIBLE ASSETS; DEVELOPMENT INTENSITY; CORPORATE GOVERNANCE; EXPENDITURE;
D O I：
10.3390/risks12080126
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the impact of Research and Development (R&D) investment on the performance of Portuguese companies, specifically addressing the gap in understanding how R&D influences a company's value and performance. We employ a dynamic panel data model estimated using the Generalized Method of Moments (GMM) to account for potential endogeneity issues. This approach allows us to analyze the influence of R&D investment on the Return on Operating Assets (ROA) for Portuguese companies with significant R&D investments between 2012 and 2019. The analysis reveals that while R&D investment itself may not have a statistically significant short-term impact on ROA, lagged financial performance, leverage, asset turnover ratio, and accounts payable turnover all demonstrate a statistically significant relationship with the dependent variable.
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页数：13
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