The Different Effects of Firm Resources on Firm Performance under Volatility: An Examination Using Big Dataopen access
- Authors
- Piao, Xuelian; Choi, MyeongCheol
- Issue Date
- Sep-2022
- Publisher
- HINDAWI LTD
- Citation
- DISCRETE DYNAMICS IN NATURE AND SOCIETY, v.2022
- Journal Title
- DISCRETE DYNAMICS IN NATURE AND SOCIETY
- Volume
- 2022
- URI
- https://scholarworks.bwise.kr/gachon/handle/2020.sw.gachon/85669
- DOI
- 10.1155/2022/6151667
- ISSN
- 1026-0226
- Abstract
- According to the resource-based view, research and development (R&D) and advertising are critical resources firms use to improve their performance. This study aims to clarify the different effects of R&D and advertising on firm performance using distinct criteria-firm value and firm profitability. It also verifies whether the effects of R&D and advertising apply in a volatile environment. We run panel data regression models with a big data sample of manufacturing firms publicly listed on the Korea Composite Stock Price Index over an extended period of 27years. We find that R&D has more positive effects on firm value than advertising, while advertising has more positive effects on firm profitability than R & D; these relationships are consistent even when volatility is considered. This suggests that firms should mix and match their investments between R&D and advertising resources for improved effectiveness and efficiency, and these resources should be accumulated and exploited consistently regardless of environmental dynamics.
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