Eintrag weiter verarbeiten
External Financing, R&D Intensity, and Firm Value in Biotechnology Companies
Gespeichert in:
| Zeitschriftentitel: | Sustainability |
|---|---|
| Personen und Körperschaften: | , |
| In: | Sustainability, 11, 2019, 15, S. 4141 |
| Format: | E-Article |
| Sprache: | Englisch |
| veröffentlicht: |
MDPI AG
|
| Schlagwörter: |
| author_facet |
Lee, Namryoung Lee, Jaehong Lee, Namryoung Lee, Jaehong |
|---|---|
| author |
Lee, Namryoung Lee, Jaehong |
| spellingShingle |
Lee, Namryoung Lee, Jaehong Sustainability External Financing, R&D Intensity, and Firm Value in Biotechnology Companies Management, Monitoring, Policy and Law Renewable Energy, Sustainability and the Environment Geography, Planning and Development |
| author_sort |
lee, namryoung |
| spelling |
Lee, Namryoung Lee, Jaehong 2071-1050 MDPI AG Management, Monitoring, Policy and Law Renewable Energy, Sustainability and the Environment Geography, Planning and Development http://dx.doi.org/10.3390/su11154141 <jats:p>Focusing on biotechnology firms, this study analyzes the relationship between the level of intensity of the research and development (R&D) conducted by a firm, the debt financing decisions the firm makes, and the overall value of the firm. The data presented shows that, although most firms are unlikely to acquire financing from the debt market, the opposite is true for firms in the biotechnology industry. One reason for this divergence may be the belief among biotechnology firms that their future commercial success depends on their ability to develop new products, resulting in a strategy of intense R&D. Furthermore, an examination of firm values reveals that while most firm values are negatively correlated with leverage and R&D intensity, biotechnology firm values show no such correlation, implying that biotechnology firms prioritize sustainable commercial success no matter the source of financing.</jats:p> External Financing, R&D Intensity, and Firm Value in Biotechnology Companies Sustainability |
| doi_str_mv |
10.3390/su11154141 |
| facet_avail |
Online Free |
| finc_class_facet |
Wirtschaftswissenschaften Geographie Technik |
| format |
ElectronicArticle |
| fullrecord |
blob:ai-49-aHR0cDovL2R4LmRvaS5vcmcvMTAuMzM5MC9zdTExMTU0MTQx |
| id |
ai-49-aHR0cDovL2R4LmRvaS5vcmcvMTAuMzM5MC9zdTExMTU0MTQx |
| institution |
DE-Gla1 DE-Zi4 DE-15 DE-Pl11 DE-Rs1 DE-105 DE-14 DE-Ch1 DE-L229 DE-D275 DE-Bn3 DE-Brt1 DE-Zwi2 DE-D161 |
| imprint |
MDPI AG, 2019 |
| imprint_str_mv |
MDPI AG, 2019 |
| issn |
2071-1050 |
| issn_str_mv |
2071-1050 |
| language |
English |
| mega_collection |
MDPI AG (CrossRef) |
| match_str |
lee2019externalfinancingrampdintensityandfirmvalueinbiotechnologycompanies |
| publishDateSort |
2019 |
| publisher |
MDPI AG |
| recordtype |
ai |
| record_format |
ai |
| series |
Sustainability |
| source_id |
49 |
| title |
External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_unstemmed |
External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_full |
External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_fullStr |
External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_full_unstemmed |
External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_short |
External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_sort |
external financing, r&d intensity, and firm value in biotechnology companies |
| topic |
Management, Monitoring, Policy and Law Renewable Energy, Sustainability and the Environment Geography, Planning and Development |
| url |
http://dx.doi.org/10.3390/su11154141 |
| publishDate |
2019 |
| physical |
4141 |
| description |
<jats:p>Focusing on biotechnology firms, this study analyzes the relationship between the level of intensity of the research and development (R&D) conducted by a firm, the debt financing decisions the firm makes, and the overall value of the firm. The data presented shows that, although most firms are unlikely to acquire financing from the debt market, the opposite is true for firms in the biotechnology industry. One reason for this divergence may be the belief among biotechnology firms that their future commercial success depends on their ability to develop new products, resulting in a strategy of intense R&D. Furthermore, an examination of firm values reveals that while most firm values are negatively correlated with leverage and R&D intensity, biotechnology firm values show no such correlation, implying that biotechnology firms prioritize sustainable commercial success no matter the source of financing.</jats:p> |
| container_issue |
15 |
| container_start_page |
0 |
| container_title |
Sustainability |
| container_volume |
11 |
| format_de105 |
Article, E-Article |
| format_de14 |
Article, E-Article |
| format_de15 |
Article, E-Article |
| format_de520 |
Article, E-Article |
| format_de540 |
Article, E-Article |
| format_dech1 |
Article, E-Article |
| format_ded117 |
Article, E-Article |
| format_degla1 |
E-Article |
| format_del152 |
Buch |
| format_del189 |
Article, E-Article |
| format_dezi4 |
Article |
| format_dezwi2 |
Article, E-Article |
| format_finc |
Article, E-Article |
| format_nrw |
Article, E-Article |
| _version_ |
1792336236033081347 |
| geogr_code |
not assigned |
| last_indexed |
2024-03-01T14:57:12.185Z |
| geogr_code_person |
not assigned |
| openURL |
url_ver=Z39.88-2004&ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fvufind.svn.sourceforge.net%3Agenerator&rft.title=External+Financing%2C+R%26amp%3BD+Intensity%2C+and+Firm+Value+in+Biotechnology+Companies&rft.date=2019-07-31&genre=article&issn=2071-1050&volume=11&issue=15&pages=4141&jtitle=Sustainability&atitle=External+Financing%2C+R%26D+Intensity%2C+and+Firm+Value+in+Biotechnology+Companies&aulast=Lee&aufirst=Jaehong&rft_id=info%3Adoi%2F10.3390%2Fsu11154141&rft.language%5B0%5D=eng |
| SOLR | |
| _version_ | 1792336236033081347 |
| author | Lee, Namryoung, Lee, Jaehong |
| author_facet | Lee, Namryoung, Lee, Jaehong, Lee, Namryoung, Lee, Jaehong |
| author_sort | lee, namryoung |
| container_issue | 15 |
| container_start_page | 0 |
| container_title | Sustainability |
| container_volume | 11 |
| description | <jats:p>Focusing on biotechnology firms, this study analyzes the relationship between the level of intensity of the research and development (R&D) conducted by a firm, the debt financing decisions the firm makes, and the overall value of the firm. The data presented shows that, although most firms are unlikely to acquire financing from the debt market, the opposite is true for firms in the biotechnology industry. One reason for this divergence may be the belief among biotechnology firms that their future commercial success depends on their ability to develop new products, resulting in a strategy of intense R&D. Furthermore, an examination of firm values reveals that while most firm values are negatively correlated with leverage and R&D intensity, biotechnology firm values show no such correlation, implying that biotechnology firms prioritize sustainable commercial success no matter the source of financing.</jats:p> |
| doi_str_mv | 10.3390/su11154141 |
| facet_avail | Online, Free |
| finc_class_facet | Wirtschaftswissenschaften, Geographie, Technik |
| format | ElectronicArticle |
| format_de105 | Article, E-Article |
| format_de14 | Article, E-Article |
| format_de15 | Article, E-Article |
| format_de520 | Article, E-Article |
| format_de540 | Article, E-Article |
| format_dech1 | Article, E-Article |
| format_ded117 | Article, E-Article |
| format_degla1 | E-Article |
| format_del152 | Buch |
| format_del189 | Article, E-Article |
| format_dezi4 | Article |
| format_dezwi2 | Article, E-Article |
| format_finc | Article, E-Article |
| format_nrw | Article, E-Article |
| geogr_code | not assigned |
| geogr_code_person | not assigned |
| id | ai-49-aHR0cDovL2R4LmRvaS5vcmcvMTAuMzM5MC9zdTExMTU0MTQx |
| imprint | MDPI AG, 2019 |
| imprint_str_mv | MDPI AG, 2019 |
| institution | DE-Gla1, DE-Zi4, DE-15, DE-Pl11, DE-Rs1, DE-105, DE-14, DE-Ch1, DE-L229, DE-D275, DE-Bn3, DE-Brt1, DE-Zwi2, DE-D161 |
| issn | 2071-1050 |
| issn_str_mv | 2071-1050 |
| language | English |
| last_indexed | 2024-03-01T14:57:12.185Z |
| match_str | lee2019externalfinancingrampdintensityandfirmvalueinbiotechnologycompanies |
| mega_collection | MDPI AG (CrossRef) |
| physical | 4141 |
| publishDate | 2019 |
| publishDateSort | 2019 |
| publisher | MDPI AG |
| record_format | ai |
| recordtype | ai |
| series | Sustainability |
| source_id | 49 |
| spelling | Lee, Namryoung Lee, Jaehong 2071-1050 MDPI AG Management, Monitoring, Policy and Law Renewable Energy, Sustainability and the Environment Geography, Planning and Development http://dx.doi.org/10.3390/su11154141 <jats:p>Focusing on biotechnology firms, this study analyzes the relationship between the level of intensity of the research and development (R&D) conducted by a firm, the debt financing decisions the firm makes, and the overall value of the firm. The data presented shows that, although most firms are unlikely to acquire financing from the debt market, the opposite is true for firms in the biotechnology industry. One reason for this divergence may be the belief among biotechnology firms that their future commercial success depends on their ability to develop new products, resulting in a strategy of intense R&D. Furthermore, an examination of firm values reveals that while most firm values are negatively correlated with leverage and R&D intensity, biotechnology firm values show no such correlation, implying that biotechnology firms prioritize sustainable commercial success no matter the source of financing.</jats:p> External Financing, R&D Intensity, and Firm Value in Biotechnology Companies Sustainability |
| spellingShingle | Lee, Namryoung, Lee, Jaehong, Sustainability, External Financing, R&D Intensity, and Firm Value in Biotechnology Companies, Management, Monitoring, Policy and Law, Renewable Energy, Sustainability and the Environment, Geography, Planning and Development |
| title | External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_full | External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_fullStr | External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_full_unstemmed | External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_short | External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| title_sort | external financing, r&d intensity, and firm value in biotechnology companies |
| title_unstemmed | External Financing, R&D Intensity, and Firm Value in Biotechnology Companies |
| topic | Management, Monitoring, Policy and Law, Renewable Energy, Sustainability and the Environment, Geography, Planning and Development |
| url | http://dx.doi.org/10.3390/su11154141 |