The impact of Research and Development (R&D) spending on firm value: Empirical evidence from SouthEast Asia

Le Tung

No 8c34f, OSF Preprints from Center for Open Science

Abstract: This paper aims to examine the effect of R&D spending on firm value in Vietnam, an emerging economy with a rapid economic growth rate. The study data includes 343 companies covering the period of 2010-2018. Different from previous studies, the firm value is represented by both Tobin’s Q and stock price variables. Two econometrics models are Pooled-OLS regression and quantile regression with fixed effect employed to investigate the effect of R&D spending on firm value in the study sample. First, the Pooled-OLS regression techniques provide robust evidence of R&D spending on firm value which is measured by Tobin’s Q and stock price. Second, the quantile regressions indicate that R&D spending shows a stronger effect with better-performance firms, however, the empirical evidence confirms that the impact of R&D spending on stock price is quite faint. This study contributes some new evidence to support the efficient management of companies in emerging countries.

Date: 2020-10-29
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:8c34f

DOI: 10.31219/osf.io/8c34f

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