Customer structure and R&D investment: Based on innovative trait

Wenxin Cui and Cuixia Qiao

Finance Research Letters, 2024, vol. 66, issue C

Abstract: This paper selects China's A-share listed companies in the manufacturing industry from 2017 to 2022 as a research sample to explore the relationship between customer structure and enterprise R&D investment. It is found that customer concentration has a significant negative impact on the R&D investment of manufacturing enterprises, and the mediating effect of enterprise financing constraints is significant; the main customers of enterprises with innovative traits can promote the R&D investment of enterprises, and the moderating effect of customer innovative traits is significant.

Keywords: Customer structure; Corporate innovation; Innovative customer traits; Financing constraints (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324007475

DOI: 10.1016/j.frl.2024.105717

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