{"title":"生存还是死亡:研究与发展视角下的破产风险分析","authors":"Augustine Tarkom, Nacasius U. Ujah","doi":"10.1080/08853908.2022.2111381","DOIUrl":null,"url":null,"abstract":"ABSTRACT Arguably, R&D remains one of the main drivers for signaling, and its essence in reducing bankruptcy risk (BR) is critical. We revisit the literature and debate and find that since 1982, R&D investment has, on average, been increasing at an annual rate of 0.033%, while BR has been decreasing at an annual rate of 9.02%. Empirically, we find consistent evidence that R&D investment reduces BR. Also, firms with a higher likelihood of bankruptcy have a higher marginal benefit from incremental investment in R&D. Additional results suggest that capital structure and other signaling strategies matter in how R&D affects BR.","PeriodicalId":35638,"journal":{"name":"International Trade Journal","volume":null,"pages":null},"PeriodicalIF":1.3000,"publicationDate":"2022-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Do or Die: Analysis of Bankruptcy Risk from a Research and Development Perspective\",\"authors\":\"Augustine Tarkom, Nacasius U. Ujah\",\"doi\":\"10.1080/08853908.2022.2111381\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT Arguably, R&D remains one of the main drivers for signaling, and its essence in reducing bankruptcy risk (BR) is critical. We revisit the literature and debate and find that since 1982, R&D investment has, on average, been increasing at an annual rate of 0.033%, while BR has been decreasing at an annual rate of 9.02%. Empirically, we find consistent evidence that R&D investment reduces BR. Also, firms with a higher likelihood of bankruptcy have a higher marginal benefit from incremental investment in R&D. Additional results suggest that capital structure and other signaling strategies matter in how R&D affects BR.\",\"PeriodicalId\":35638,\"journal\":{\"name\":\"International Trade Journal\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.3000,\"publicationDate\":\"2022-08-17\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Trade Journal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/08853908.2022.2111381\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Trade Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/08853908.2022.2111381","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
Do or Die: Analysis of Bankruptcy Risk from a Research and Development Perspective
ABSTRACT Arguably, R&D remains one of the main drivers for signaling, and its essence in reducing bankruptcy risk (BR) is critical. We revisit the literature and debate and find that since 1982, R&D investment has, on average, been increasing at an annual rate of 0.033%, while BR has been decreasing at an annual rate of 9.02%. Empirically, we find consistent evidence that R&D investment reduces BR. Also, firms with a higher likelihood of bankruptcy have a higher marginal benefit from incremental investment in R&D. Additional results suggest that capital structure and other signaling strategies matter in how R&D affects BR.
期刊介绍：
The International Trade Journal is a refereed interdisciplinary journal published for the enhancement of research in international trade. Its editorial objective is to provide a forum for the scholarly exchange of research findings in,and significant empirical, conceptual, or theoretical contributions to the field. The International Trade Journal welcomes contributions from researchers in academia as well as practitioners of international trade broadly defined.
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