A Study on the Effect of Corporate Slack Resource on the Relationship between R&D Investment and Business Performance

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· 저자명 : 장련, 이천국, 김민지

초록

The main purpose of this paper is to investigate both the lag effect of R&D investment on and the moderating effect of the three heterogeneous slack resources including available, recoverable and potential slack on this relationship. Based on the panel data from 116 listed companies of the three provinces in Northeast China with A share from 2010-2019, fixed effect hierarchical regression model is applied to examine the lag effect and moderating effect. The empirical results show that R&D intensity of current year is negatively related with business performance from the three provinces in Northeast China, however, this negative effect declines gradually from the cases of lag one period to lag three periods. In particular, for the four-year lagged case, R&D intensity shows significant positive impact on business performance. Moreover, available slack resource and potential slack resource positively moderate the relationship between R&D intensity and business performance measured by return on asset and return on sales while recoverable slack resource has negative moderating effect on the relationship between R&D intensity and return on sales. These empirical results implicates that enterprises should continually focus on R&D investment even though it can’t bring immediate return, and in the meanwhile, take the three heterogeneous slack resources differently to improve the return from R&D investment.

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