رابطه بین نااطمینانی خاص شرکت و سرمایه‌گذاری در تحقیق و توسعه تحت شرایط رقابتی: روش گشتاورهای تعمیم‌یافته سیستمی دو مرحله‌ای

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار حسابداری، گروه تحصیلات تکمیلی حسابداری و حسابرسی، دانشکده مدیریت، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران

2 کارشناس ارشد حسابداری، گروه حسابداری، دانشکده مدیریت و اقتصاد، واحد علوم و تحقیقات تهران، دانشگاه آزاد اسلامی، تهران، ایران.

چکیده

هدف مطالعه حاضر بررسی تأثیر نااطمینانی خاص شرکت بر سرمایه‌گذاری در تحقیق ‌و‌ توسعه و تأثیر رقابت در بازار محصول بر این رابطه است. جامعه آماری غربال شده پژوهش شامل 156 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1393 تا 1400 است. برای تحلیل داده‌ها از مدل‌های رگرسیون چند متغیره به روش گشتاورهای تعمیم‌یافته سیستمی دو مرحله‌ای جهت کنترل مشکل احتمالی درون‌زایی استفاده شده است. یافته‌ها نشان دادند نااطمینانی خاص شرکت رابطه منفی معنادار با سرمایه‌گذاری در تحقیق و توسعه دارد. به‌این ترتیب شرکت‌ها با افزایش نااطمینانی، سرمایه‌گذاری در تحقیق و توسعه را کاهش می‌دهند که این امر با مبانی استدلالی نظریه گزینش واقعی هم‌‌راستا است؛ طبق این دیدگاه، با توجه به ماهیت برگشت‌ناپذیری سرمایه‌گذاری در تحقیق و توسعه، شرکت‌ها سرمایه‌گذاری در تحقیق و توسعه را تحت شرایط نااطمینانی زیاد، کاهش می‌دهند. از طرفی رقابت در بازار محصول رابطه مثبت معنادار با سرمایه‌گذاری در تحقیق و توسعه دارد. به علاوه، رقابت در بازار محصول، رابطه منفی بین نااطمینانی خاص شرکت و سرمایه‌گذاری در تحقیق و توسعه را به طور معنادار تعدیل می‌کند و سبب تضعیف رابطه منفی نااطمینانی و سرمایه‌گذاری در تحقیق و توسعه می‌شود. این نتایج هم‌راستا با مبانی استدلالی نظریه گزینش رشد استراتژیکی است. طبق این دیدگاه، شرکت‌ها در فضای رقابتی تحت نااطمینانی زیاد با فشار بیشتری برای بقا در بازار مواجه هستند و به منظور کسب مزیت رقابتی نسبت به شرکت‌های رقیب، به شدت در پروژه‌های تحقیق و توسعه سرمایه‌گذاری می‌کنند که براین اساس رقابت، اثرات نااطمینانی بر تحقیق و توسعه را کاهش می‌دهد.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Firm-Specific Uncertainty and R&D Investment under Competition: Two-Step System Generalized Method of Moments

نویسندگان [English]

  • Mohammad Hassani 1
  • Rebwar Hussein Salih 2
1 Assistant Professor in Accounting, Department of Accounting & Auditing, Faculty of Management, North Tehran Branch, Islamic Azad University, Tehran, Iran
2 Master in Accounting, Department of Accounting, Faculty of Management & Economics, Science & Research Branch, Islamic Azad University, Tehran, Iran.
چکیده [English]

This study investigated the effect of firm-specific uncertainty on research & development investment; and the role of product market competition in this regard. The statistical research population includes 156 firms listed in Tehran Securities and Exchange from March 2015 to March 2022. It is used the multivariate regression models applying the dynamic panel data technique to test the hypotheses. Controlling for the endogeneity problem, it use the two-step system Generalized Method of Moments estimator to estimate the models. The findings showed that firm-specific uncertainty has a negative and significant effect on research & development investment; so, firms reduce research & development investment when firm-specific uncertainty increases, which is consistent with the real option theory. Therefore, considering the irreversible nature of R&D investment, firms reduce research & development investment under high uncertainty. On the other hand, product market competition has a positive and significant effect on research & development investment. In addition, product market competition significantly modulates the negative impact of firm-specific uncertainty on research & development investment, so leads to weakening the intensity of negative relationship between research & development investment and firm-specific uncertainty. These results are consistent with the theory of strategic growth options. According to this view, in a competitive environment under high uncertainty, firms face more pressure to survive in the market and invest heavily in research and development projects in order to gain a competitive advantage over competing firms; so, competition reduces the effect of uncertainty on research and development investment.

کلیدواژه‌ها [English]

  • Uncertainty
  • Research &
  • Development
  • Competition
  • Two-Stage Generalized Method of Moments System

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پژوهش‌های راهبردی بودجه و مالیه
دوره 4، شماره 4 - شماره پیاپی 16
فصلنامه زمستان
دی 1402
صفحه 147-177

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  • تاریخ دریافت: 22 مهر 1402
  • تاریخ بازنگری: 24 آبان 1402
  • تاریخ پذیرش: 21 آذر 1402

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