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R&D investment behavior of US pharmaceutical firms

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JIRÁSEK Michal

Rok publikování 2017
Druh Článek v odborném periodiku
Časopis / Zdroj International Journal of Innovation Science
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
www https://www.emerald.com/insight/content/doi/10.1108/IJIS-08-2016-0030/full/html
Doi http://dx.doi.org/10.1108/IJIS-08-2016-0030
Obor Řízení, správa a administrativa
Klíčová slova Innovation management; R&D investment; Behavioral theory of the firm; US pharmaceutical firms
Popis Purpose – The behavioral theory of the firm (BTOF) has been used to explain the research and development (R&D) investment behavior of firms in numerous multi industry studies. However, their partially contradictory results point to the possible need for a single industry perspective that would reduce heterogeneity of business trends, models and other characteristics. This study aims to test this theoretical assumption within the challenging context of the US pharmaceutical industry. Design/methodology/approach – The research uses data from 20 firms, which number among the largest in the US pharmaceutical industry, over the period 2002-2014. These data are analyzed using fixed- and random-effect panel models. Findings – The findings generally support the need for a thorough understanding of the industry under study and its specific characteristics. The firms analyzed in this research behave slightly differently from theoretical assumptions, and it is argued that this is caused by industry specific factors. Moreover, the use of two separate aspiration measures – for historical and social aspirations – is supported as it provides more in-depth insight into the firms’ behavior.
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