R&D and Tobin's q in an emerging financial market: the case of the Athens Stock Exchange

Abstract

New insight into the biogenetic origin of stenusine 1, the spreading agent of the beetle Stenus comma, is gained from the results of a one‐pot synthesis of the natural and the racemic compound [Eq. (1)]. On the basis of these results a plausible biogenetic pathway to 1 is proposed.

R &D investments and profitability during the crisis: evidence from Greece

“…At first we considered the time lag effect of R&D investments on financial performance. As documented by Parcharidis and Varsakelis (2010), Mezghanni (2011) and Zhang et al (2014), R&D investments are long-term projects and so they take time to prosper and produce positive results on corporate performance and profitability. Thus, following the above mentioned studies both models were re-estimated using 1 and 2 year lags of the R&D investments and expenses variables.…”

“…First, the majority of studies on this topic have been focusing on rather stable periods and these results could not be generalized during economic recessions (Lome et al, 2016). Also, we extend the study by Parcharidis and Varsakelis (2010) by considering the capitalization of R&D in non-listed companies' balance sheets and not only R&D expenses, since firms that capitalize R&D tend to expect future long-term economic benefits from such projects. Our study is free from such survivorship bias by including the vast majority of corporations is Greece utilizing 3,332 firmyear observations.…”

“…R&D investments could be considered as a crucial resource for creating innovation and further develop knowledge capabilities (Lome et al, 2016). Parcharidis and Varsakelis (2010) argue that R&D investments improve the firms' future prospects via two channels, first the output of R&D activities such as products or services and second the improvement of corporate absorptive capacity which allows the firm to assimilate new knowledge and further improve processes efficiently. Empirical studies on this topic have indicated a positive association between R&D investments and corporate performance, pointing R&D activities as a positive predictor of firm revenue growth (Del Monte and Papagni, 2003), productivity (Wang and Tsai, 2004), market value performance (Wang et al, 2017), and profitability (Lome et al, 2016;Nemlioglu and Mallick, 2017).…”

“…I nnovation capabilities have become a determinant factor of a country's prosperity and growth within international competition (Solow, 1957;Grossman and Helpman, 1991). R&D investments have been considered by corporations, economists, and policy-makers as a significant determinant of economic growth, since the development of the economy is closely related to the capacity of firms to innovate (Parcharidis and Varsakelis, 2010;Cruz-Castro et al, 2018;Yun et al, 2018). Yun et al (2018) argue that the ability of firms' to innovate are closely connected to their ability to value new information, assimilate new ideas, collaborate with other institutions, and commercialize those ideas (Hall, 2010(Hall, , 2011.…”

أثر کثافة البحث والتطویر على الأداء المالی وقیمة الشرکة: دراسة تطبیقیة على شرکات الأدویة المدرجة فی البورصة المصریة (باللغة الانجلیزیة)

“…Olibe, (2010); Parcharidis and Varsakelis, (2010); and Gupta et al, (2017) pointed out that there is a positive relationship between R&D intensity and firm value. On the other side, Kim et al, (2018), andNaik et al, (2012) indicated that relation between R&D and firm value takes U shape.…”