Market orientation and investment decision of firms

기업의 시장지향성과 투자의사결정

  • 표경민 (건양대학교 글로벌경영대학 세무학과)
  • Received : 2019.09.09
  • Accepted : 2019.11.03
  • Published : 2019.12.31


This paper is aim to test how market orientation is related to the investment decision making. After controlling for firm-specific factors, this study finds a significantly positive relationship between market orientation and R&D expenditures, especially firms with high ratio of intangible assets and low ratio of abnormal inventory assets. Under conditions of low quality of earnings, the negative relation between market orientation and R&D expenditures is enhanced in electronic related industries. This indicates that the relation between market orientation and R&D expenditures may exhibit more reasonable patterns for investment decision of firms in technology driven business environment.


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