دانلود رایگان مقاله پیکربندی بندی تصمیم استراتژی تحقیق عملکرد مالی شرکت

ABSTRACT

This paper links the strategic decisions made in R&D during the financially turbulent period of 2009 to the firm’s financial health in the period 2010–2013. The focus is on decisions made in R&D-active small and medium-sized enterprises in terms of absorptive capacity, open innovation, type of R&D, and the organizational structuring of R&D. Based on a representative set of R&D-active firms in Belgium, qualitative comparative analysis reveals that the outcomes in terms of financial performance related to optimal con- figurations of strategic R&D decisions depend on the firm’s size and on the time-lag under consideration. Managers in small-sized firms are advised to pay particular attention to a more functionally-structured R&D approach in configurations of strategic R&D decisions. To increase medium-term financial performance, managers in medium-sized firms benefit from more engagement in research-oriented activities, more in-house innovation, and the enhancement of absorptive capacity in sets of strategic R&D decisions.

5. Conclusions and limitations

The literature on the relationship between R&D and financial performance at firm level is inconclusive. Some studies (e.g. Xu & Tang, 2010) report a positive relationship, whereas others (e.g. Lantz & Sahut, 2005; Li et al., 2008) find a short-term negative relationship between R&D investments and financial return.Methodological issues with regard to the use of indicators (Klingenberg et al., 2013) and the time-frame under consideration (Latham & Braun, 2009; Pearce & Michael, 2006) turn out to be important determinants to explain these contrasting findings.