4 research outputs found

    Effects Of Firm Uncertainty On Association R&D Expenditure And Firm Performance: Evidence From Korea

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    R&D expenditures not only improve competitiveness but also develop future growth engines. Previous studies have been conducted in relation to the relationships between R&D expenditures and individual corporate characteristics. We examine differences in the effects of firms’ R&D expenditures on firm performance (earnings persistence, earnings growth, firm value) among the firms’ uncertainty levels. In this study, 9,767 firm-year observations that settle their account end December listed on the Korea Stock Exchange (KSE) from 2002 to 2011 were empirically analyzed. The empirical findings of the study are as follows. First, R&D expenditures of firms with higher uncertainty levels had larger effects on earnings persistence than those of firms with lower uncertainty levels. Second, R&D expenditures of firms with higher uncertainty levels had larger effects on earnings growth than those of firms with lower uncertainty levels. Finally, the R&D expenditures of firms with higher uncertainty levels had larger effects on firm value than those of firms with lower uncertainty levels. Given these results. Both uncertainty and R&D expenditures can be regarded as being determined in the long term. We contribute to existing research in three main respects. First, reflecting firms’ uncertainty levels when analyzing the effects of R&D expenditures on firm performance (earnings persistence, earnings growth, firm value) is essential. Second, the characteristics of firms’ accounting and financial characteristics should be considered when determining R&D expenditures. Third, the fact that R&D expenditures affect firm performance according to firms’ uncertainty levels is helpful when managers make decisions on R&D expenditures

    The Effects Of Business Strategy On The Association Between R&D Expenditure And Future Firm Performance

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    Research and Development (R&D) expenditure is one of the most essential factors for firm’s sustainable growth. Business strategy describes long-term business planning of a company, and chosen business strategy will have a significant impact on the financial status and performance of a firm. This study examines whether the business strategy affects the association between R&D and firm performance, defined as earnings persistence, earnings growth, and firm value. Like Jermias (2008), product differentiation and cost leadership strategies are classified by the cluster analysis using three ratios: R&D intensity, asset turnover, and profit margin ratio. Our findings are as follows. (1) the effect of R&D expenditure on earnings persistence according to the business strategy appeared to be almost insignificant. (2) the effects of R&D expenditure on earnings growth up to three consecutive years are stronger in firms with product differentiation strategy than in firms with cost leadership strategy. These results indicate that R&D are more important and have greater impacts on future performance for product differentiation firms than for cost leadership firms. (3) R&D expenditure of product differentiation firms are more closely related to the firm value than R&D expenditure of cost leadership firms. The results of this study will be useful to practitioners when they are making R&D-related decisions based on their business planning. Also, this study provides useful empirical results to financial analysts and accounting academics when they are analyzing profitability and firm value

    The 2021 flexible and printed electronics roadmap

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    This roadmap includes the perspectives and visions of leading researchers in the key areas of flexible and printable electronics. The covered topics are broadly organized by the device technologies (sections 1–9), fabrication techniques (sections 10–12), and design and modeling approaches (sections 13 and 14) essential to the future development of new applications leveraging flexible electronics (FE). The interdisciplinary nature of this field involves everything from fundamental scientific discoveries to engineering challenges; from design and synthesis of new materials via novel device design to modelling and digital manufacturing of integrated systems. As such, this roadmap aims to serve as a resource on the current status and future challenges in the areas covered by the roadmap and to highlight the breadth and wide-ranging opportunities made available by FE technologies

    The 2021 flexible and printed electronics roadmap

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    This roadmap includes the perspectives and visions of leading researchers in the key areas of flexible and printable electronics. The covered topics are broadly organized by the device technologies (sections 1–9), fabrication techniques (sections 10–12), and design and modeling approaches (sections 13 and 14) essential to the future development of new applications leveraging flexible electronics (FE). The interdisciplinary nature of this field involves everything from fundamental scientific discoveries to engineering challenges; from design and synthesis of new materials via novel device design to modelling and digital manufacturing of integrated systems. As such, this roadmap aims to serve as a resource on the current status and future challenges in the areas covered by the roadmap and to highlight the breadth and wide-ranging opportunities made available by FE technologies
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