TY  - JOUR
T1  - The Return on R&D Versus Capital Expenditures in the Pharmaceutical and Chemistry Industies
JF  - IEEE Transactions on Engineering Management
Y1  - 2003
A1  - Hsieh,Ping-Hung
A1  - Mishra,C. S.
A1  - Gobeli,Dave
KW  - Strategy & Entrepreneurship
KW  - Supply Chain
AB  - The impact of research and development (R&D) on firm performance is generally agreed to be positive, but the nature and extent of this impact share little agreement in the previous research. Using an improved, time series, cross-sectional regression model that accounts for both contemporaneous and firm-specific serial correlation, as well as the feedback between firm profitability and investments, our study compares the rate of return from a dollar investment on R&D to a dollar investment on fixed assets in pharmaceutical and chemical industries. We find positive associations of R&D intensity and all variables of firm performance (net margin, operating margin, sales growth, and market value). We find that an investment in R&D earns an operating margin return much higher than the industry cost of capital. We also find that the effect of an investment in R&D on the firm's market value is about twice as much the effect of an investment in fixed assets. These findings have implications for corporate investment strategies, indicating that additional R&D investment is more likely to provide a firm with a unique and sustainable competitive advantage.
VL  - 50
CP  - 2
U2  - a
U4  - 646096896
ID  - 646096896
ER  - 

TY  - JOUR
T1  - The Effectiveness of Long Term, Accounting-based Incentive Plans
JF  - Journal of Managerial Issues
Y1  - 2000
A1  - Mishra,C. S.
A1  - Gobeli,Dave
A1  - May,D.
KW  - Strategy & Entrepreneurship
VL  - 12
CP  - 1
U2  - a
U4  - 646088704
ID  - 646088704
ER  - 

TY  - JOUR
T1  - Strategic Value of Corporate Venture Capital Programs
JF  - Journal of Private Equity
Y1  - 2000
A1  - Gobeli,Dave
A1  - Mishra,C. S.
KW  - Strategy & Entrepreneurship
AB  - Corporate venturing activities, driven largely by the need to be competitive in the Internet Age, have out-paced the accompanying theory on how such programs can create value. This article presents a framework for understanding value creation through a firm's venture capital programs. The framework includes two stages of value creation: a firm creates value through building technology equity and brand equity, and then corporate venturing programs can multiply this value. A mediating variable, free cash flow level, is included to allow for effective use of venture funds.
U2  - a
U4  - 646090752
ID  - 646090752
ER  -