A double-edged sword: The effects of R&D intensity and capitalization on institutional investment in entrepreneurial firms
Frontiers in Psychology 13 (2022)
Abstract
Studies show that research and development may not always benefit entrepreneurial firms. This paper focuses on the double-edged effect of R&D activities on attracting institutional investment in entrepreneurial firms. Based on a panel dataset of 700 listed entrepreneurial firms in ChiNext, we document: an inverted-U relationship between R&D intensity and future institutional investment, which we argue is evidence that institutional investors are concerned about R&D overinvestment; an inverted-U relationship between R&D capitalization and future institutional investment, which we argue shows suspicion of the institutional investors towards high R&D capitalization. Furthermore, by splitting institutional investors into venture capitals and non-venture capitals, we confirm that VCs have higher acceptance of both R&D intensity and capitalization as VCs have more expertise to alleviate a certain level of risks.Author's Profile
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References found in this work
Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility.Maretno Harjoto, Hoje Jo & Yongtae Kim - 2017 - Journal of Business Ethics 146 (1):77-109.
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Founder Management and Innovation: An Empirical Analysis Based on the Theory of Planned Behavior and Fuzzy-Set Qualitative Comparative Analysis.Chun-Ai Ma, Rong Xiao, Heng-Yu Chang & Guang-Rui Song - 2022 - Frontiers in Psychology 13.
The Effect of Venture Capital on Enterprise Benefit According to the Heterogeneity of Human Capital of Entrepreneur.Xin Jin, Puyang Zheng, Ziqi Zhong & Yali Cao - 2020 - Frontiers in Psychology 11.
Role of Venture Capital in Enterprise Innovation Under Psychological Capital and Heterogeneity of Entrepreneur Capital.Chenjing Zhang & Mancang di MaoWang - 2020 - Frontiers in Psychology 11.
