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

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  • , Le Thanh Tung

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.

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  • , Le Thanh Tung, 2020. "The impact of Research and Development (R&D) spending on firm value: Empirical evidence from SouthEast Asia," OSF Preprints 8c34f, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:8c34f
    DOI: 10.31219/osf.io/8c34f
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