Abstract
Divergent empirical evidence on the impact of positive performance feedback on corporate research and development (R&D) investment obtained by prior studies may be due to the possible model misspecification. In this study, theoretically, we construct an S-shaped impact of positive performance feedback on corporate R&D investment from the lenses of learning by doing and slack search mechanisms of the behavioral theory of the firm, and empirically, find strong evidence for the S shape by including the quadratic and cubic terms in the model based on the data from Chinese listed firms from 2010 to 2020.
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