The size, concentration and evolution of corporate R&D spending in U.S. firms from 1976 to 2010: Evidence and implications

The use of research and development (R&D) spending as an empirical proxy for managerial discretion, information asymmetry and growth opportunities, is pervasive in empirical corporate finance research. Underlying this is the implicit assumption that firms choose levels of R&D to maximize val...

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Bibliographic Details
Published in:Journal of corporate finance (Amsterdam, Netherlands) Netherlands), 2012-06, Vol.18 (3), p.496-518
Main Authors: Hirschey, Mark, Skiba, Hilla, Wintoki, M. Babajide
Format: Article
Language:English
Subjects:
1976-2010
Capital expenditures
Corporate finance
Corporate profit
Earnings
Information asymmetry
Profitability
R&D
Research & development
Research & development expenditures
Research and development
Studies
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