The interaction of R&D intensity and firm age: Empirical evidence from technology-based growth companies in the German “Neuer Markt”
This study examines the technology strategies of 88 technology-based growth companies that went public on the German “Neuer Markt” between 1997 and 2002. The regression analyses show significant positive effects of R&D on growth but negative effects on profitability. The data suggests that firm...
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| Veröffentlicht in: | Journal of high technology management research 2009, Vol.20 (1), p.19-30 |
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| container_title | Journal of high technology management research |
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| creator | Wöhrl, R. Hüsig, S. Dowling, M. |
| description | This study examines the technology strategies of 88 technology-based growth companies that went public on the German “Neuer Markt” between 1997 and 2002. The regression analyses show significant positive effects of R&D on growth but negative effects on profitability. The data suggests that firm age is a moderating factor influencing whether technology investments lead to higher growth or profitability in the life cycle of technology-based growth companies. In our sample, higher R&D intensity led to increased sales growth but lower return on sales, but the growth effect was negative and the impact on profitability positive. These results support the significance of company life cycle theories for formulating technology strategies, which suggests that different stages in the development of technology-based firms call for specific levels of R&D intensity to sustain growth and profitability. |
| doi_str_mv | 10.1016/j.hitech.2009.02.006 |
| format | Article |
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The regression analyses show significant positive effects of R&D on growth but negative effects on profitability. The data suggests that firm age is a moderating factor influencing whether technology investments lead to higher growth or profitability in the life cycle of technology-based growth companies. In our sample, higher R&D intensity led to increased sales growth but lower return on sales, but the growth effect was negative and the impact on profitability positive. 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These results support the significance of company life cycle theories for formulating technology strategies, which suggests that different stages in the development of technology-based firms call for specific levels of R&D intensity to sustain growth and profitability.</description><subject>Financial performance</subject><subject>Firm age</subject><subject>Firm performance</subject><subject>Growth industries</subject><subject>High tech industries</subject><subject>Profitability</subject><subject>R&D</subject><subject>R&D investment</subject><subject>Regression analysis</subject><subject>Research & development</subject><subject>Studies</subject><subject>Technological planning</subject><subject>Technology strategy</subject><issn>1047-8310</issn><issn>1879-1638</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2009</creationdate><recordtype>article</recordtype><recordid>eNp9kMlOHDEQhltRIrEkb8DByiG3bspLL84hEgICSCRIETlbbnf1jCfT9mB7iObGkYcgL8eT4GE451Sl0r-ovqI4olBRoM3xoprbhGZeMQBZAasAmnfFPu1aWdKGd-_zDqItO05hrziIcQEAnDO2XzzezpFYlzBok6x3xI_k15ez15OLNm2IdgMZbZiInuFXcj6tbLBGLwne2wGdQTIGP5FtvfNLP9uUvY44kFnwf9OcGD-ttLMYcyJJuesCw6QdeX54-olrDOSHDn_S88O_j8WHUS8jfnqbh8Xv7-e3p5fl9c3F1enJdWk4sFRy2hjTCxhZ3UrBJVBouKEtimEQjeF6oL3oDEUpaM9MJ2vRy04aWjNet23LD4vPu9xV8HdrjEkt_Dq4XKkyPcG6TtRZJHYiE3yMAUe1CnbSYaMoqC1ytVA75FuTVMBURp5t33Y2zA_cWwwqGrtlNNiAJqnB2_8HvACRQI3c</recordid><startdate>2009</startdate><enddate>2009</enddate><creator>Wöhrl, R.</creator><creator>Hüsig, S.</creator><creator>Dowling, M.</creator><general>Elsevier Inc</general><general>Elsevier Science Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>JQ2</scope></search><sort><creationdate>2009</creationdate><title>The interaction of R&D intensity and firm age: Empirical evidence from technology-based growth companies in the German “Neuer Markt”</title><author>Wöhrl, R. ; Hüsig, S. ; Dowling, M.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c302t-316ccb40f257943901063c17e4dd46c3ad1b48c1e941b2c8954b989c152357773</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2009</creationdate><topic>Financial performance</topic><topic>Firm age</topic><topic>Firm performance</topic><topic>Growth industries</topic><topic>High tech industries</topic><topic>Profitability</topic><topic>R&D</topic><topic>R&D investment</topic><topic>Regression analysis</topic><topic>Research & development</topic><topic>Studies</topic><topic>Technological planning</topic><topic>Technology strategy</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Wöhrl, R.</creatorcontrib><creatorcontrib>Hüsig, S.</creatorcontrib><creatorcontrib>Dowling, M.</creatorcontrib><collection>CrossRef</collection><collection>ProQuest Computer Science Collection</collection><jtitle>Journal of high technology management research</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Wöhrl, R.</au><au>Hüsig, S.</au><au>Dowling, M.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The interaction of R&D intensity and firm age: Empirical evidence from technology-based growth companies in the German “Neuer Markt”</atitle><jtitle>Journal of high technology management research</jtitle><date>2009</date><risdate>2009</risdate><volume>20</volume><issue>1</issue><spage>19</spage><epage>30</epage><pages>19-30</pages><issn>1047-8310</issn><eissn>1879-1638</eissn><abstract>This study examines the technology strategies of 88 technology-based growth companies that went public on the German “Neuer Markt” between 1997 and 2002. 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| ispartof | Journal of high technology management research, 2009, Vol.20 (1), p.19-30 |
| issn | 1047-8310 1879-1638 |
| language | eng |
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| source | ScienceDirect Journals (5 years ago - present) |
| subjects | Financial performance Firm age Firm performance Growth industries High tech industries Profitability R&D R&D investment Regression analysis Research & development Studies Technological planning Technology strategy |
| title | The interaction of R&D intensity and firm age: Empirical evidence from technology-based growth companies in the German “Neuer Markt” |
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