Journal of Northeastern University(Social Science) ›› 2022, Vol. 24 ›› Issue (2): 15-24.DOI: 10.15936/j.cnki.1008-3758.2022.02.003

• Economics and Management • Previous Articles     Next Articles

Performance-Aspiration Gap and Corporate R&D Investment: Re-estimation Based on Generalized Propensity Score Matching

LI Kongyue, WANG Yu, LIU Xinheng   

  1. (School of Business, Sun Yat-sen University, Guangzhou 510275, China)
  • Revised:2020-11-11 Accepted:2020-11-11 Published:2022-05-18
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Abstract: Based on a sample of China's listed corporates from 2009 to 2018, combined with the method of generalized propensity score matching (GPSM) and various robustness tests, theoretical analysis as well as empirical testing on the relationship between corporate performance-aspiration gap and its R&D investment were conducted, which effectively solved the existing endogenous problems in the previous research. It was found that corporates' performance-aspiration gap is beneficial to corporate R&D investment, and the historical performance-aspiration gap has a significant inverted U-shaped effect on corporate R&D investment, while the relationship between industrial performance-aspiration gap and corporate R&D investment is linear. Besides, the heterogeneity test shows that both the CEO-chairman duality and the degree of regional marketization play a significant positive regulatory role in this relationship.

Key words: performance-aspiration gap; corporate innovation; R&D investment; generalized propensity score matching (GPSM)

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