Impact of R&D Expenditure on Stock Performance: The Mediation of CapEx and Moderation of Firm Age
- Version
- Download 16
- File Size 318.05 KB
- File Count 1
- Create Date 7 May 2025
- Last Updated 7 May 2025
Impact of R&D Expenditure on Stock Performance: The Mediation of CapEx and Moderation of Firm Age
Authors:
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.
Download