دانلود رایگان مقاله لاتین عملکرد مالی در شرکت از سایت الزویر
عنوان فارسی مقاله:
پیکره بندی تصمیمات استراتژیک تحقیق و توسعه و عملکرد مالی در شرکت های کوچک و متوسط
عنوان انگلیسی مقاله:
Configurations of strategic R&D decisions and financial performance in small-sized and medium-sized firms
سال انتشار : 2017
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بخشی از مقاله انگلیسی:
2. Literature review
The literature review presents insights into the relationship between R&D and the financial performance of firms. Next, it addresses the theoretical arguments linking the four strategic R&D decisions to the firm’s financial performance. It concludes by presenting the research framework. 2.1. R&D and the firm’s financial performance In comparison with innovation, the relationship between R&D investments and firm performance needs to be seen in a longer-term perspective. Lantz and Sahut (2005) report a short-term negative relationship between R&D investments and financial return. They highlight the role of R&D expenditures to ‘announce’ the strategic positioning of firms, but also indicate that these expenditures can significantly decrease financial performance in terms of net income, return and risk. Lome et al. (2016) report differences in the correlation between R&D and the firm’s revenue growth depending on the time-lag under consideration. They report stronger effects after a three year time period. Innovating firms, in general, have strong growth, but potentially incur problems of liquidity and even bankruptcy, in particular if these firms are small and do not have the financial strength to absorb a crisis. This is especially the case in specialized laboratories in the manufacturing industry and for technological companies whose activities are based on the economic exploitation of R&D results (Lantz & Sahut, 2005). Also, involuntary spillovers can allow competitors to gain competitive advantage at a lower cost by means of imitation. Cañibano et al. (2000) report a positive relationship between R&D expenditures and future firm profits, whereas Sundaram et al. (1996) arrive at the opposite conclusion. One of the factors explaining different results is that the findings depend on the period of study (Lantz & Sahut, 2005). Recessions represent one of the most significant environmental threats to an organization’s continued profitability and survival (Pearce & Michael, 2006), and a firm’s effective management of financial resources may be particularly amplified within such a context. Two opposite views exist (Audia & Greve, 2006). According to prospect theory, risk-taking will be stimulated when facing impending losses implicated by threatening environments (Kahneman & Tversky, 1979). By contrast, threat-rigidity suggests risk aversion behaviour and a tendency to focus on protection of the organization’s position (Sitkin & Pablo, 1992). Latham and Braun (2009) reveal an important timing dimension. They find that firms with a higher degree of slack resources react more slowly to economic shocks, but by transferring resources to strategic activities (especially R&D) during recession, managers can smooth over shortterm disturbances in the environment and speed recovery to secure a post-recessionary head start.
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کلمات کلیدی:
PDF]The effect of agency banking on financial performance of small and ... erepository.uonbi.ac.ke/.../Githemo_The%20effect%20of%20agency%20banking%2... by MW Githemo - 2014 - Cited by 2 - Related articles THE EFFECT OF AGENCY BANKING ON FINANCIAL. PERFORMANCE OF SMALL AND MEDIUM SIZED. ENTERPRISES IN NAIROBI COUNTY. GITHEMO ... What really happens to small and medium-sized enterprises in a ... journals.sagepub.com/doi/abs/10.1177/0266242613512513 by M Cowling - 2015 - Cited by 42 - Related articles Beck T, Demirguc-Kunt A (2006) Small and medium-size enterprises: Access to finance as a growth ... London: HM Revenue & Customs. , Google Scholar. Finance and Small and Medium-Sized Enterprise Development www.gdrc.org/icm/micro/fin-sme.html by P Cook - Cited by 173 - Related articles Interest in the role of small and medium-sized enterprises (SMEs) in the ... show a large number of small enterprises fail because of non-financial reasons (Liedholm, .... As a result time series work on the small scale sector is relatively scarce. [PDF]Internationalization and performance of small- and medium-sized ... www.rcmewhu.com/upload/file/20150528/20150528102818_0886.pdf by N Pangarkar - 2008 - Cited by 228 - Related articles May 28, 2015 - medium-sized enterprises (SMEs) in Singapore can be contrasted with the .... enhancing their revenue as well as profit potential. (Luostarinen ... [PDF]Effects of the budgetary process on SME's performance - Iiste . org www.iiste.org/Journals/index.php/RJFA/article/viewFile/24576/25153 Medium sized firms showed a greater growth in their sales as compared to the smaller sized firms. Key Words: Small and Medium Enterprises, Budgeting, Firm Performance, ..... The bigger the firm size, the more financial managers responded. Searches related to financial performance in small-sized and medium-sized firms financial management practices of smes impact of accounting records on performance of business organization financial management practices of small business accounting record keeping and performance of small scale business units financial management practices survey questionnaire accounting for small and medium enterprises
