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The result shows that the lagging firm can focus on certain self-interested technologies to realize the leap of key technologies in research and development (R&amp;D) under the high degree selection condition independently. In addition, different initial investment shares affect the portfolio strategy.<\/jats:p>","DOI":"10.3233\/jifs-223463","type":"journal-article","created":{"date-parts":[[2023,6,6]],"date-time":"2023-06-06T13:28:38Z","timestamp":1686058118000},"page":"3181-3200","source":"Crossref","is-referenced-by-count":0,"title":["R&amp;D portfolio strategy on new spectrum in 5G invested by lagging firms"],"prefix":"10.1177","volume":"45","author":[{"given":"Ji","family":"Wang","sequence":"first","affiliation":[{"name":"School of Management, Shanghai University, Shanghai, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Chunming","family":"Xu","sequence":"additional","affiliation":[{"name":"Shanghai International College of Intellectual Property, Tongji University, Shanghai, 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