The stock market in the driver's seat! implications for R&D and marketing / Anindita Chakravarty in Management science, Vol. 57 N° 9 (Septembre 2011)  

Public ISBD [article]  inManagement science > Vol. 57 N° 9 (Septembre 2011) . - pp. 1594-1609 Titre : The stock market in the driver's seat! implications for R&D and marketing Type de document : texte imprimé Auteurs : Anindita Chakravarty, Auteur ; Rajdeep Grewal, Auteur Année de publication : 2011 Article en page(s) : pp. 1594-1609 Note générale : Management Langues : Anglais (eng) Mots-clés : Finance Marketing Research and development Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The budgets for research and development (R&D) and marketing should be determined by managers to attain product market advantages. However, in response to investor expectations for short-term stock returns, managers may modify these budgets myopically to avoid unexpected short-term earnings shortfalls, at the cost of long-term profitability. We propose that the past behavior of firm stock returns and volatility may create investor expectations of short-term financial performance, which drives managers to modify either R&D or marketing budgets or both. In the context of high-technology firms, a Bayesian vector autoregression model, supported by content analysis, shows that few firms exhibit high levels of managerial myopia by simultaneously cutting both R&D and marketing budgets; instead, firms display moderate myopic reactions, in the form of unanticipated decreases in R&D budgets but increased budgets for marketing functions. The tendency to manage myopically in response to past stock returns and volatility increases as firm size or industry concentration decrease. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/9.toc [article] The stock market in the driver's seat! implications for R&D and marketing [texte imprimé] / Anindita Chakravarty, Auteur ; Rajdeep Grewal, Auteur . - 2011 . - pp. 1594-1609. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 9 (Septembre 2011) . - pp. 1594-1609 Mots-clés : Finance Marketing Research and development Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The budgets for research and development (R&D) and marketing should be determined by managers to attain product market advantages. However, in response to investor expectations for short-term stock returns, managers may modify these budgets myopically to avoid unexpected short-term earnings shortfalls, at the cost of long-term profitability. We propose that the past behavior of firm stock returns and volatility may create investor expectations of short-term financial performance, which drives managers to modify either R&D or marketing budgets or both. In the context of high-technology firms, a Bayesian vector autoregression model, supported by content analysis, shows that few firms exhibit high levels of managerial myopia by simultaneously cutting both R&D and marketing budgets; instead, firms display moderate myopic reactions, in the form of unanticipated decreases in R&D budgets but increased budgets for marketing functions. The tendency to manage myopically in response to past stock returns and volatility increases as firm size or industry concentration decrease. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/9.toc

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