Impact of R&D Expenditure on Stock Performance: The Mediation of CapEx and Moderation of Firm Age
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Impact of R&D Expenditure on Stock Performance: The Mediation of CapEx and Moderation of Firm Age
Dr. A. Thiruchelvi1, Samyuktha Sree T2, Navis Millingtonia G3, Sarabesh Dorairajan B4, Hariharan
Yuvaraj5, Jaisurya G6, Anandhapadmanabhan7
Department of Management Studies, CEG Campus, Anna University -
Abstract - This study investigates the relationship between R&D intensity and stock performance,considering CapEx as a mediator and firm age as a moderator. Regression and mediation analyses reveal that higher R&D spending is associated with improved cumulative returns, but the effect is not uniformly strong across firms. CapEx investments and firm age partially influence this relationship. Findings suggest that while R&D is a positive driver of stock performance, other strategic and organizational factors must also be managed carefully to maximize returns.
Key Words: R&D intensity, CapEx, firm age, cumulative returns, stock performance.
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