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| Tekijä: | Ciftci, M. Cready, W.M. |
| Otsikko: | Scale effects of R&D as reflected in earnings and returns |
| Lehti: | Journal of Accounting & Economics
2011 : JUN, VOL. 52:1, p. 62-80 |
| Asiasana: | profitability production investments r&d production rate of return |
| Kieli: | eng |
| Tiivistelmä: | Conceptually based on returns to scale, this study explores how R&D-related earnings performance and earnings variability depend upon the size of the firm. We find the positive association between future earnings and R&D intensity increasing with firm size, and the positive relation between the volatility of future earnings and R&D intensity decreasing with firm size, consistent with R&D productivity's scale benefits. It is also shown that R&D scale is connected with lower market returns, consistent with the idea of R&D investment risk declineing with scale. |
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