메뉴 건너뛰기




Volumn 50, Issue 2, 2003, Pages 141-150

The return on R&D versus capital expenditures in pharmaceutical and chemical industries

Author keywords

Capital expenditures; Corporate strategy; Firm performance; Market value; Net margin; Operating margin; Parks regression; Research and development (R D); Resource based theory; Sales growth; Tobin's Q

Indexed keywords

CHEMICAL INDUSTRY; DRUG PRODUCTS; INVESTMENTS; MARKETING; MATHEMATICAL MODELS; PERFORMANCE; REGRESSION ANALYSIS; SALES; STRATEGIC PLANNING;

EID: 0038271976     PISSN: 00189391     EISSN: None     Source Type: Journal    
DOI: 10.1109/TEM.2003.810828     Document Type: Article
Times cited : (44)

References (46)
  • 1
    • 49049140143 scopus 로고
    • Formulation and estimation of dynamic models using panel data
    • Jan.
    • T. W. Anderson and C. Hsiao, "Formulation and estimation of dynamic models using panel data," J. Econometrics, vol. 18, pp. 47-82, Jan. 1982.
    • (1982) J. Econometrics , vol.18 , pp. 47-82
    • Anderson, T.W.1    Hsiao, C.2
  • 2
    • 0011780755 scopus 로고
    • Research development costs and returns: The U.S. pharmaceutical industry
    • Jan./Feb.
    • M. N. Baily, "Research development costs and returns: The U.S. pharmaceutical industry," J. Pol. Econ., pp. 70-85, Jan./Feb. 1972.
    • (1972) J. Pol. Econ. , pp. 70-85
    • Baily, M.N.1
  • 3
    • 84896930624 scopus 로고
    • Firm resources and sustained competitive advantage
    • J. Barney, "Firm resources and sustained competitive advantage," J. Manage., vol. 17, no. 1, pp. 99-120, 1991.
    • (1991) J. Manage. , vol.17 , Issue.1 , pp. 99-120
    • Barney, J.1
  • 4
    • 84974183585 scopus 로고
    • What to do (and not to do) with time-series cross-section data
    • Sept.
    • N. Beck and J. N. Katz, "What to do (and not to do) with time-series cross-section data," Amer. Pol. Sci. Rev., vol. 89, pp. 634-647, Sept. 1995.
    • (1995) Amer. Pol. Sci. Rev. , vol.89 , pp. 634-647
    • Beck, N.1    Katz, J.N.2
  • 5
    • 0032635023 scopus 로고    scopus 로고
    • Information technology effects on firm performance as measured by Tobin's Q
    • June
    • A. S. Bharadwaj, S. G. Bharadwaj, and B. R. Konsynski, "Information technology effects on firm performance as measured by Tobin's Q," Manage. Sci., vol. 45, pp. 1008-1024, June 1999.
    • (1999) Manage. Sci. , vol.45 , pp. 1008-1024
    • Bharadwaj, A.S.1    Bharadwaj, S.G.2    Konsynski, B.R.3
  • 6
    • 0012489954 scopus 로고
    • Research and development activity and profitability: A distributed lag analysis
    • B. Branch, "Research and development activity and profitability: A distributed lag analysis," J. Pol. Econ., vol. 82, pp. 999-1011, 1974.
    • (1974) J. Pol. Econ. , vol.82 , pp. 999-1011
    • Branch, B.1
  • 7
    • 0002437998 scopus 로고
    • Sales growth and R&D in the chemical industry
    • Mar./Apr.
    • M. S. Brenner and B. M. Rushton, "Sales Growth and R&D in the Chemical Industry," Res. Technol. Manage., vol. 32, pp. 8-15, Mar./Apr. 1989.
    • (1989) Res. Technol. Manage. , vol.32 , pp. 8-15
    • Brenner, M.S.1    Rushton, B.M.2
  • 8
    • 21844519267 scopus 로고
    • A simple approximation of Tobin's Q
    • K. H. Chung and S. W. Pruitt, "A simple approximation of Tobin's Q," Fin. Manage., vol. 23, pp. 70-74, 1994.
    • (1994) Fin. Manage. , vol.23 , pp. 70-74
    • Chung, K.H.1    Pruitt, S.W.2
  • 9
    • 0000704920 scopus 로고
    • R&D, market structure, and profits: A value-based approach
    • Nov.
    • R. A. Connolly and H. Hirschey, "R&D, market structure, and profits: A value-based approach," Rev. Econ. Stat., vol. 66, pp. 682-686, Nov. 1984.
    • (1984) Rev. Econ. Stat. , vol.66 , pp. 682-686
    • Connolly, R.A.1    Hirschey, H.2
  • 10
    • 0000857363 scopus 로고
    • Asset stock accumulation and sustainability of competitive advantage
    • I. Dierickx and K. Cool, "Asset stock accumulation and sustainability of competitive advantage," Manage. Sci., vol. 35, no. 12, pp. 1504-1511, 1989.
    • (1989) Manage. Sci. , vol.35 , Issue.12 , pp. 1504-1511
    • Dierickx, I.1    Cool, K.2
  • 11
    • 0037645318 scopus 로고
    • Revisiting corporate R&D spending during a recession
    • July/Aug.
    • S. S. Dugal and G. K. Morbey, "Revisiting corporate R&D spending during a recession," Res. Technol. Manage., vol. 38, pp. 23-27, July/Aug. 1995.
    • (1995) Res. Technol. Manage. , vol.38 , pp. 23-27
    • Dugal, S.S.1    Morbey, G.K.2
  • 12
    • 0000344244 scopus 로고
    • Gaining comparative advantage through discretionary expenditures: The returns to R&D and advertising
    • Sept.
    • G. Erickson and R. Jacobson, "Gaining comparative advantage through discretionary expenditures: The returns to R&D and advertising," Manage. Sci., vol. 38, pp. 1264-1279, Sept. 1992.
    • (1992) Manage. Sci. , vol.38 , pp. 1264-1279
    • Erickson, G.1    Jacobson, R.2
  • 13
    • 0038320825 scopus 로고    scopus 로고
    • Strategic value of technology and brand equity for multinational firms
    • F. J. Contractor, Ed. Westport, CT: Quorum
    • D. H. Gobeli, C. S. Mishra, and H. F. Koenig, "Strategic value of technology and brand equity for multinational firms," in Valuation of Intangible Assets in Global Operations, F. J. Contractor, Ed. Westport, CT: Quorum, 2001, pp. 321-333.
    • (2001) Valuation of Intangible Assets in Global Operations , pp. 321-333
    • Gobeli, D.H.1    Mishra, C.S.2    Koenig, H.F.3
  • 14
    • 0038659516 scopus 로고
    • An analysis of U.S. international competitiveness in pharmaceuticals
    • H. Grabowski, "An analysis of U.S. international competitiveness in pharmaceuticals," Manag. Decision Econ., pp. 27-33, 1989.
    • (1989) Manag. Decision Econ. , pp. 27-33
    • Grabowski, H.1
  • 15
    • 0018007336 scopus 로고
    • Industrial research and development, intangible capital stocks, and firm profit rates
    • Autumn
    • H. Grabowski and D. Mueller, "Industrial research and development, intangible capital stocks, and firm profit rates," Bell J. Econ., vol. 9, pp. 328-343, Autumn 1978.
    • (1978) Bell J. Econ. , vol.9 , pp. 328-343
    • Grabowski, H.1    Mueller, D.2
  • 16
    • 0001647605 scopus 로고
    • A new look at the returns and risks to pharmaceutical R&D
    • July
    • H. Grabowski and J. Vernon, "A new look at the returns and risks to pharmaceutical R&D," Manage. Sci., vol. 36, pp. 804-821, July 1990.
    • (1990) Manage. Sci. , vol.36 , pp. 804-821
    • Grabowski, H.1    Vernon, J.2
  • 17
    • 0028558896 scopus 로고
    • Returns to R&D on new drug untroductions in the 1980s
    • ____, "Returns to R&D on new drug untroductions in the 1980s," J. Health Econ., vol. 13, pp. 383-406, 1994.
    • (1994) J. Health Econ. , vol.13 , pp. 383-406
    • Grabowski, H.1    Vernon, J.2
  • 18
    • 84968099966 scopus 로고
    • The resource-based theory of competitive advantage: Implications for strategy formulation
    • Spring
    • R. M. Grant, "The resource-based theory of competitive advantage: Implications for strategy formulation," Calif. Manage. Rev., pp. 114-135, Spring 1991.
    • (1991) Calif. Manage. Rev. , pp. 114-135
    • Grant, R.M.1
  • 19
    • 0001156664 scopus 로고
    • Institutional ownership and corporate R&D in the computer industry
    • S. B. Graves, "Institutional ownership and corporate R&D in the computer industry," Acad. Manage. J, vol. 31, pp. 417-428, 1988.
    • (1988) Acad. Manage. J , vol.31 , pp. 417-428
    • Graves, S.B.1
  • 20
    • 0000617644 scopus 로고
    • Research cost and social returns: Hybrid corn and related inovations
    • Z. Griliches, "Research cost and social returns: Hybrid corn and related inovations," J. Pol. Econ., vol. 66, pp. 419-431, 1958.
    • (1958) J. Pol. Econ. , vol.66 , pp. 419-431
    • Griliches, Z.1
  • 21
    • 0002999769 scopus 로고
    • Issues in assessing the contribution of research and development to productivity growth
    • ____, "Issues in assessing the contribution of research and development to productivity growth," Bell J. Econ., vol. 10, pp. 92-116, 1979.
    • (1979) Bell J. Econ. , vol.10 , pp. 92-116
    • Griliches, Z.1
  • 22
    • 33847015546 scopus 로고
    • Market value, R&D, and patents
    • ____, "Market value, R&D, and patents," Econ. Lett., vol. 7, pp. 183-187, 1981.
    • (1981) Econ. Lett. , vol.7 , pp. 183-187
    • Griliches, Z.1
  • 25
    • 84989085762 scopus 로고
    • The strategic analysis of intangible resources
    • R. Hall, "The strategic analysis of intangible resources," Strat. Manage. J., vol. 13, pp. 137-144, 1992.
    • (1992) Strat. Manage. J. , vol.13 , pp. 137-144
    • Hall, R.1
  • 26
    • 84971698875 scopus 로고
    • Politics, institutions, and welfare spending in industrialized democracies, 1960-82
    • Sept.
    • A. M. Hicks and D. H. Swank, "Politics, institutions, and welfare spending in industrialized democracies, 1960-82," Amer. Pol. Sci. Rev., vol. 86, pp. 658-674, Sept. 1992.
    • (1992) Amer. Pol. Sci. Rev. , vol.86 , pp. 658-674
    • Hicks, A.M.1    Swank, D.H.2
  • 27
    • 0028560578 scopus 로고
    • R&D and internal finance: A panel study of small firms in high-tech industries
    • C. P. Himmelberg and B. C. Petersen, "R&D and internal finance: A panel study of small firms in high-tech industries," Rev. Econ. Stat., 76, pp. 38-51, 1994.
    • (1994) Rev. Econ. Stat. , vol.76 , pp. 38-51
    • Himmelberg, C.P.1    Petersen, B.C.2
  • 28
    • 0002286405 scopus 로고
    • Technological opportunity and spillovers of R&D: Evidence from firms' patents, profits, and market value
    • Dec.
    • A. B. Jaffe, "Technological opportunity and spillovers of R&D: Evidence from firms' patents, profits, and market value," Amer. Econ. Rev., vol. 76, pp. 984-1001, Dec. 1986.
    • (1986) Amer. Econ. Rev. , vol.76 , pp. 984-1001
    • Jaffe, A.B.1
  • 29
    • 0032028947 scopus 로고    scopus 로고
    • R&D: Foundation for innovation
    • Mar./Apr.
    • J. E. Jankowski, "R&D: Foundation for innovation," Res. Technol. Manage., vol. 41, pp. 14-20, Mar./Apr. 1998.
    • (1998) Res. Technol. Manage. , vol.41 , pp. 14-20
    • Jankowski, J.E.1
  • 30
    • 0030079993 scopus 로고    scopus 로고
    • The capitalization, amortization, and value-relevance of R&D
    • B. Lev and T. Sougiannis, "The capitalization, amortization, and value-relevance of R&D," J. Account. Econ., vol. 21, pp. 107-138, 1996.
    • (1996) J. Account. Econ. , vol.21 , pp. 107-138
    • Lev, B.1    Sougiannis, T.2
  • 32
    • 0000657351 scopus 로고
    • Basic research and productivity increase in manufacturing
    • ____, "Basic research and productivity increase in manufacturing," Amer. Econ. Rev., vol. 70, pp. 863-873, 1980.
    • (1980) Amer. Econ. Rev. , vol.70 , pp. 863-873
    • Mansfield, E.1
  • 34
    • 0032334693 scopus 로고    scopus 로고
    • Managerial incentives, internalization, and market valuation of multinational firms
    • C. Mishra and D. Gobeli, "Managerial incentives, internalization, and market valuation of multinational firms," J. Int. Bus. Stud., vol. 29, pp. 583-597, 1998.
    • (1998) J. Int. Bus. Stud. , vol.29 , pp. 583-597
    • Mishra, C.1    Gobeli, D.2
  • 35
    • 0002773743 scopus 로고
    • R&D: Its relationship to company performance
    • G. K. Morbey, "R&D: Its relationship to company performance," J. Prod. Innov. Manage., vol. 5, pp. 191-200, 1988.
    • (1988) J. Prod. Innov. Manage. , vol.5 , pp. 191-200
    • Morbey, G.K.1
  • 36
    • 0027739023 scopus 로고
    • Relative cohort size and fertility: The socio-political context of the easterlin effect
    • August
    • F.C. Pampel, "Relative cohort size and fertility: The socio-political context of the easterlin effect," Amer. Sociol. Rev., vol. 58, pp. 496-513, August 1993.
    • (1993) Amer. Sociol. Rev. , vol.58 , pp. 496-513
    • Pampel, F.C.1
  • 37
    • 0000807706 scopus 로고
    • Efficient estimation of a system of regression equations when disturbances are both correlated
    • June
    • R. W. Parks, "Efficient estimation of a system of regression equations when disturbances are both correlated," J. Amer. Stat. Assoc., vol. 62, pp. 500-509, June 1967.
    • (1967) J. Amer. Stat. Assoc. , vol.62 , pp. 500-509
    • Parks, R.W.1
  • 38
    • 0000748060 scopus 로고
    • Alternative constructions of Tobin's Q: An empirical examination
    • S. B. Perfect and K. W. Wiles, "Alternative constructions of Tobin's Q: An empirical examination," J. Empir. Fin., vol. 1, pp. 313-341, 1994.
    • (1994) J. Empir. Fin. , vol.1 , pp. 313-341
    • Perfect, S.B.1    Wiles, K.W.2
  • 39
    • 0003189799 scopus 로고    scopus 로고
    • What is strategy
    • Nov.-Dec.
    • M. E. Porter, "What is strategy," Harv. Bus. Rev., pp. 61-78, Nov.-Dec. 1996.
    • (1996) Harv. Bus. Rev. , pp. 61-78
    • Porter, M.E.1
  • 40
    • 0020367956 scopus 로고
    • The lag structure of returns to research and development
    • D. Ravenscraft and F. M. Scherer, "The lag structure of returns to research and development," Appl. Econ., vol. 14, pp. 603-620, 1982.
    • (1982) Appl. Econ. , vol.14 , pp. 603-620
    • Ravenscraft, D.1    Scherer, F.M.2
  • 41
    • 0027508449 scopus 로고
    • Setting the record straight: The office of technology assessment report - Pharmaceutical R&D costs, risks, and rewards
    • Oct.
    • A. M. Sapienza, "Setting the record straight: The office of technology assessment report - Pharmaceutical R&D costs, risks, and rewards," Drug Develop. Res., vol. 30, no. 2, pp. 56-60, Oct. 1993.
    • (1993) Drug Develop. Res. , vol.30 , Issue.2 , pp. 56-60
    • Sapienza, A.M.1
  • 42
    • 0000658103 scopus 로고
    • Corporate inventive output, profit and growth
    • F. M. Scherer, "Corporate inventive output, profit and growth," J. Pol. Econ., vol. 73, pp. 290-297, 1965.
    • (1965) J. Pol. Econ. , vol.73 , pp. 290-297
    • Scherer, F.M.1
  • 44
    • 0031673687 scopus 로고    scopus 로고
    • When product development performance makes a difference: A statistical analysis in the electronics industry
    • Jan.
    • T. Terwiesch, C. Loch, and M. Niederkofler, "When product development performance makes a difference: A statistical analysis in the electronics industry," J. Prod. Innov. Manage., vol. 15, pp. 3-15, Jan. 1998.
    • (1998) J. Prod. Innov. Manage. , vol.15 , pp. 3-15
    • Terwiesch, T.1    Loch, C.2    Niederkofler, M.3
  • 45
    • 21844487721 scopus 로고
    • The cash flow/investment relationship: Evidence from U.S. manufacturing firms
    • S. Vogt, "The cash flow/investment relationship: Evidence from U.S. manufacturing firms," Fin. Manage., vol. 23, pp. 3-20, 1994.
    • (1994) Fin. Manage. , vol.23 , pp. 3-20
    • Vogt, S.1
  • 46
    • 0031234846 scopus 로고    scopus 로고
    • R&D, firm size and innovation outputs: Are Japanese firms efficient in product development
    • Sept.
    • R. Wakasugi and F. Koyata, "R&D, firm size and innovation outputs: Are Japanese firms efficient in product development," J. Prod. Innov. Manage., vol. 14, pp. 381-390, Sept. 1997.
    • (1997) J. Prod. Innov. Manage. , vol.14 , pp. 381-390
    • Wakasugi, R.1    Koyata, F.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.