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The relationship between research an...

Mank, Darrel Aloysius.

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The relationship between research and development spending and shareholder returns in high technology industries.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The relationship between research and development spending and shareholder returns in high technology industries./
Author:	Mank, Darrel Aloysius.
Description:	95 p.
Notes:	Adviser: Donald D. Myers.
Contained By:	Dissertation Abstracts International63-05B.
Subject:	Business Administration, Management. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3053628
ISBN:	0493690565

The relationship between research and development spending and shareholder returns in high technology industries.
Mank, Darrel Aloysius.

The relationship between research and development spending and shareholder returns in high technology industries. - 95 p.

Adviser: Donald D. Myers.

Thesis (Ph.D.)--University of Missouri - Rolla, 2002.

This research explores the relationship between stockholder value creation and corporate R&D spending levels in fast-paced, high technology industries. R&D expenditures, expressed as a percent of revenues at the firm level, are correlated to the return to shareholders in later years. The semiconductor, computer, and software industries were selected as fast-paced industries. The pharmaceutical industry, a high-technology industry with a longer new product development and introduction cycle than the fast-paced industries, was chosen for comparison.

ISBN: 0493690565Subjects--Topical Terms:

626628
Business Administration, Management.

The relationship between research and development spending and shareholder returns in high technology industries.
LDR:02546nam 2200313 a 45 001 933709
005 20110506
008 110506s2002 eng d
020 $a 0493690565
035 $a (UnM)AAI3053628
035 $a AAI3053628
040 $a UnM $c UnM
100 1 $a Mank, Darrel Aloysius. $3 1257440
245 1 0 $a The relationship between research and development spending and shareholder returns in high technology industries.
300 $a 95 p.
500 $a Adviser: Donald D. Myers.
500 $a Source: Dissertation Abstracts International, Volume: 63-05, Section: B, page: 2466.
502 $a Thesis (Ph.D.)--University of Missouri - Rolla, 2002.
520 $a This research explores the relationship between stockholder value creation and corporate R&D spending levels in fast-paced, high technology industries. R&D expenditures, expressed as a percent of revenues at the firm level, are correlated to the return to shareholders in later years. The semiconductor, computer, and software industries were selected as fast-paced industries. The pharmaceutical industry, a high-technology industry with a longer new product development and introduction cycle than the fast-paced industries, was chosen for comparison.
520 $a The years 1992–1994 were used to set the firms' routine R&D spending levels as a percent of revenues. Stockholder returns by firm were calculated as the compound annual return over the years 1993–1997, including both share price changes and reinvested dividends.
520 $a The industries with a fast-paced rate of change were found to have a negative relationship between routine R&D spending intensity and the actual stockholder returns experienced in succeeding years. The comparison industry, pharmaceuticals, tended to have a positive relationship between firm R&D intensity and the subsequent shareholder returns. The consistently negative correlation between firm R&D intensity and compound annual returns to shareholders in the fast-paced industries suggests that firms in those industries are overspending on R&D at the expense of their shareholders. The results of this work may have strategy implications for setting and managing R&D budgets in fast-paced technology firms.
590 $a School code: 0135.
650 4 $a Business Administration, Management. $3 626628
650 4 $a Economics, Finance. $3 626650
650 4 $a Engineering, General. $3 1020744
690 $a 0454
690 $a 0508
690 $a 0537
710 2 0 $a University of Missouri - Rolla. $3 1025712
773 0 $t Dissertation Abstracts International $g 63-05B.
790 $a 0135
790 1 0 $a Myers, Donald D., $e advisor
791 $a Ph.D.
792 $a 2002
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3053628