Research on the relationship between R&D investment, corporate governance and corporate performance --an empirical analysis based on listed pharmaceutical manufacturing enterprises

Dongqi Wan, Yao Yang and Yuanfei Kong

International Review of Economics & Finance, 2025, vol. 102, issue C

Abstract: The study focuses on pharmaceutical manufacturing enterprises listed on the Shanghai and Shenzhen Stock exchanges from 2012 to 2022, analysing the impact of research and development (R&D) investment on corporate performance. It also explores the potential intermediary effect of corporate governance as well as the heterogeneity between Chemical Pharmaceutical listed enterprises and Traditional Chinese Medicine listed enterprises in pharmaceutical manufacturing enterprises. The findings indicate that R&D investment can enhance the performance of pharmaceutical manufacturing enterprises, with corporate governance playing a mediating role in this process. Further analysis reveals that R&D investment contributes to promoting performance in Traditional Chinese Medicine enterprises and plays a significant promoting role in Chemical Pharmaceutical enterprises.

Keywords: Pharmaceutical manufacturing listed enterprises; R&D investment; Corporate governance; Corporate performance (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:102:y:2025:i:c:s1059056025005325

DOI: 10.1016/j.iref.2025.104369

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