Firm size and the effect of R&D on Tobin's q
Significant market value effects of research and development (R&D) are generally apparent, but aggregate evidence has the potential to obscure meaningful differences according to firm size. Consistent with findings reported by Chauvin and Hirschey (1993) for the late 1980s, valuation effects of R&D remain somewhat greater for larger as opposed to smaller firms.
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Document Type: Research Article
UNC Kenan-Flagler Business School, University of North Carolina-Chapel Hill, CB3490, McColl Building, Chapel Hill, NC 27599-3490, USA. , Email: [email protected]
School of Business, University of Kansas, 1300 Sunnyside Avenue, Lawrence, KS 66045-2003, USA. , Email: [email protected]
Publication date: 2005-03-01