Comparison of adjustment speeds in target research and development and capital investment: What did the financial crisis of 2007 change?
dc.contributor.author | Coldbeck, B. | * |
dc.contributor.author | Ozkan, Aydin | * |
dc.date.accessioned | 2017-12-15T10:00:32Z | |
dc.date.available | 2017-12-15T10:00:32Z | |
dc.date.issued | 2018-03 | |
dc.identifier.citation | Coldbeck B and Ozkan A (2018) Comparison of adjustment speeds in target research and development and capital investment: What did the financial crisis of 2007 change? Journal of Business Research. 84: 1-10. | en_US |
dc.identifier.uri | http://hdl.handle.net/10454/14224 | |
dc.description | No | en_US |
dc.description.abstract | This paper investigates the dynamics of R&D and capital investment using a large sample of US firms during the period 2002–2016. A partial adjustment approach is employed with a specific focus on the impact of the financial crisis on target adjustment speed. Evidence suggests that firms have a target in both types of investment and adjust to it at varying speeds. Specifically, firms adjusted to the capital investment target faster than to R&D investment. However, firms increased the adjustment speed in R&D investment significantly during the crisis, and it has remained at similar levels during the post-crisis period. The changes in adjustment speeds can be explained by several firm-specific characteristics that are related to the ability of firms to raise internal finance. | en_US |
dc.language.iso | en | en_US |
dc.relation.isreferencedby | https://doi.org/10.1016/j.jbusres.2017.10.042 | en_US |
dc.subject | R&D; Capital investment; Speed of adjustment; Financial crisis | en_US |
dc.title | Comparison of adjustment speeds in target research and development and capital investment: What did the financial crisis of 2007 change? | en_US |
dc.status.refereed | Yes | en_US |
dc.date.Accepted | 2017-10-17 | |
dc.date.application | 2017-11-08 | |
dc.type | Article | en_US |
dc.type.version | No full-text in the repository | en_US |