The paradox of research and development productivity and firm growth: Empirical evidence from publicly listed firms in the United Kingdom

IF 3.4 3区 管理学 Q2 MANAGEMENT European Management Review Pub Date : 2024-04-05 DOI:10.1111/emre.12647
Alaa Abed
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Abstract

This research aims to investigate the intricate association between research and development (R&D) productivity, specifically assessed through Total Factor Productivity (TFP), and various dimensions of firm growth. Our analysis provides a comprehensive examination of different aspects of growth, including sales, productivity, and employment growth. In addition, we investigate the role of R&D investment in conjunction with R&D productivity to provide clear insights into this multifaceted relationship. Although conventional wisdom suggests a positive relationship between R&D and firm growth, our empirical exploration reveals a more intricate reality. Using 164 non‐financial firms listed on the FTSE 350, our findings indicate that while R&D indeed contributes significantly to firm growth, the nature of this influence is contingent upon the specific dimension of growth under consideration and the adopted empirical models. For example, our baseline model shows a positive relationship between R&D productivity and sales and productivity growth. However, this result does not hold for employment growth. This study makes a substantial contribution to the existing body of research on R&D by illuminating the indirect intricacies of this relationship, offering practical insights for both scholars and industry professionals navigating the complex landscape of R&D‐induced growth within the economic milieu.
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研发生产力与企业增长的悖论:来自英国上市公司的经验证据
本研究旨在探讨研究与开发(R&D)生产率(具体通过全要素生产率(TFP)进行评估)与企业增长各方面之间错综复杂的联系。我们的分析全面考察了增长的不同方面,包括销售额、生产率和就业增长。此外,我们还研究了研发投资与研发生产率之间的作用,从而为这种多方面的关系提供清晰的见解。尽管传统观点认为研发与企业增长之间存在正相关关系,但我们的实证探索揭示了更为错综复杂的现实。通过对 164 家在英国富时 350 指数上市的非金融企业的研究,我们的发现表明,虽然研发确实对企业增长有显著贡献,但这种影响的性质取决于所考虑的具体增长维度和所采用的实证模型。例如,我们的基准模型显示,研发生产率与销售额和生产率增长之间存在正相关关系。然而,这一结果在就业增长方面并不成立。本研究阐明了这种关系的间接复杂性,为学者和行业专业人士在经济环境中应对研发诱导增长的复杂局面提供了实用的见解,从而对现有的研发研究做出了重大贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.20
自引率
13.50%
发文量
52
期刊介绍: The European Management Review is an international journal dedicated to advancing the understanding of management in private and public sector organizations through empirical investigation and theoretical analysis. The European Management Review provides an international forum for dialogue between researchers, thereby improving the understanding of the nature of management in different settings and promoting the transfer of research results to management practice. Although one of the European Management Review"s aims is to foster the general advancement of management scholarship among European scholars and/or those academics interested in European management issues.
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