Research and development investment strategy and market performance

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Tsung-Chi Liu
Yi-Jen Chen
Cite this article:  Liu, T., & Chen, Y. (2010). Research and development investment strategy and market performance. Social Behavior and Personality: An international journal, 38(2), 227-236.


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In this study, we aimed to analyze research and development (R&D) business strategy with regard to investment funded by the government or by the business itself in relation to market performance. Because these 2 types of subsidized and nonsubsidized R&D may have important implications for market performance, it is worth considering their differences. In this paper empirical evidence is provided of the relationships among government-funded R&D, private enterprise-funded R&D, and market performance in innovation projects. Regression analysis was used to test the hypotheses using a sample of 500 projects. The results indicate that market performance of businesses that fund their own R&D is statistically and significantly greater than that of high investment by government in R&D. Finally, managerial implications and possible future research directions are discussed.

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