Hai, Benlu; Gao, Qingzhu; Yin, Ximing; Chen, Jin - In: Chinese Management Studies 14 (2019) 2, pp. 411-431
Purpose: Significant increase or decrease in research and development (R&D) expenditure may have an immense impact on market value. Based on the punctuated equilibrium theory, this paper aims to empirically analyze the impact of R&D volatilities on market value and the moderating effect of...